Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 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 | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UVSP | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 29,362,569 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 772,823,181 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 46,721 | $ 48,757 |
Interest-earning deposits with other banks | 28,688 | 9,068 |
Investment securities held-to-maturity (fair value $55,320 and $24,871 at December 31, 2017 and 2016, respectively) | 55,564 | 24,881 |
Investment securities available-for-sale | 398,518 | 443,637 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 27,204 | 24,869 |
Loans held for sale | 1,642 | 5,890 |
Loans and leases held for investment | 3,620,067 | 3,285,886 |
Less: Reserve for loan and lease losses | (21,555) | (17,499) |
Net loans and leases held for investment | 3,598,512 | 3,268,387 |
Premises and equipment, net | 61,797 | 63,638 |
Goodwill | 172,559 | 172,559 |
Other intangibles, net of accumulated amortization and fair value adjustments of $21,825 and $17,597 at December 31, 2017 and 2016, respectively | 13,909 | 16,651 |
Bank owned life insurance | 108,246 | 99,948 |
Accrued interest receivable and other assets | 41,502 | 52,243 |
Total assets | 4,554,862 | 4,230,528 |
LIABILITIES | ||
Noninterest-bearing deposits | 1,040,026 | 918,337 |
Interest-bearing deposits: | ||
Demand deposits | 1,109,438 | 909,963 |
Savings deposits | 830,706 | 803,078 |
Time deposits | 574,749 | 626,189 |
Total deposits | 3,554,919 | 3,257,567 |
Short-term borrowings | 105,431 | 196,171 |
Long-term debt | 155,828 | 127,522 |
Subordinated notes | 94,331 | 94,087 |
Accrued interest payable and other liabilities | 40,979 | 49,972 |
Total liabilities | 3,951,488 | 3,725,319 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at December 31, 2017 and 2016; 31,556,799 and 28,911,799 shares issued at December 31, 2017 and 2016, respectively; 29,334,859 and 26,589,353 shares outstanding at December 31, 2017 and 2016, respectively | 157,784 | 144,559 |
Additional paid-in capital | 290,133 | 230,494 |
Retained earnings | 216,761 | 194,516 |
Accumulated other comprehensive loss, net of tax benefit | (17,771) | (19,454) |
Treasury stock, at cost; 2,221,940 and 2,322,446 shares at December 31, 2017 and 2016, respectively | (43,533) | (44,906) |
Total shareholders’ equity | 603,374 | 505,209 |
Total liabilities and shareholders’ equity | $ 4,554,862 | $ 4,230,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 55,320 | $ 24,871 |
Accumulated amortization and fair value adjustments on other intangibles | $ 21,825 | $ 17,597 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 31,556,799 | 28,911,799 |
Common stock, shares outstanding | 29,334,859 | 26,589,353 |
Treasury stock, shares | 2,221,940 | 2,322,446 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and fees on loans and leases: | |||
Taxable | $ 143,176 | $ 110,119 | $ 86,792 |
Exempt from federal income taxes | 8,442 | 7,545 | 6,452 |
Total interest and fees on loans and leases | 151,618 | 117,664 | 93,244 |
Interest and dividends on investment securities: | |||
Taxable | 7,343 | 5,380 | 4,671 |
Exempt from federal income taxes | 2,274 | 2,712 | 3,447 |
Interest on deposits with other banks | 280 | 61 | 95 |
Interest and dividends on other earning assets | 1,500 | 790 | 526 |
Total interest income | 163,015 | 126,607 | 101,983 |
Interest expense | |||
Interest on demand deposits | 3,917 | 1,902 | 1,474 |
Interest on savings deposits | 2,089 | 1,052 | 533 |
Interest on time deposits | 5,271 | 4,261 | 4,000 |
Interest on short-term borrowings | 904 | 748 | 35 |
Interest on long-term debt and subordinated notes | 7,658 | 4,419 | 2,023 |
Total interest expense | 19,839 | 12,382 | 8,065 |
Net interest income | 143,176 | 114,225 | 93,918 |
Provision for loan and lease losses | 9,892 | 4,821 | 3,802 |
Net interest income after provision for loan and lease losses | 133,284 | 109,404 | 90,116 |
Noninterest income | |||
Trust fee income | 8,055 | 7,741 | 7,908 |
Service charges on deposit accounts | 5,482 | 4,691 | 4,230 |
Investment advisory commission and fee income | 13,454 | 11,424 | 10,817 |
Insurance commission and fee income | 14,788 | 14,603 | 13,885 |
Other service fee income | 8,656 | 7,836 | 7,335 |
Bank owned life insurance income | 3,988 | 2,931 | 1,295 |
Net gain on sales of investment securities | 48 | 518 | 1,265 |
Net gain on mortgage banking activities | 4,023 | 6,027 | 4,838 |
Other income | 746 | 192 | 852 |
Total noninterest income | 59,240 | 55,963 | 52,425 |
Noninterest expense | |||
Salaries, benefits and commissions | 75,908 | 70,879 | 58,106 |
Net occupancy | 10,433 | 9,638 | 8,430 |
Equipment | 4,118 | 3,489 | 3,159 |
Data processing | 8,500 | 6,981 | 4,660 |
Professional fees | 5,325 | 4,547 | 3,839 |
Marketing and advertising | 1,485 | 2,015 | 2,253 |
Deposit insurance premiums | 1,636 | 1,713 | 1,730 |
Intangible expenses | 2,582 | 5,528 | 2,567 |
Acquisition-related costs | 0 | 10,257 | 1,047 |
Integration costs | 0 | 5,667 | 1,490 |
Restructuring charges | 0 | 1,731 | 1,642 |
Other expense | 20,726 | 19,536 | 16,592 |
Total noninterest expense | 130,713 | 141,981 | 105,515 |
Income before income taxes | 61,811 | 23,386 | 37,026 |
Income taxes | 17,717 | 3,881 | 9,758 |
Net income | $ 44,094 | $ 19,505 | $ 27,268 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.64 | $ 0.85 | $ 1.39 |
Diluted (in dollars per share) | 1.64 | 0.84 | 1.39 |
Dividends declared | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Income before income taxes | $ 61,811 | $ 23,386 | $ 37,026 |
Net unrealized gains (losses) on available-for-sale investment securities, Before Tax Amount | |||
Net unrealized holding gains (losses) arising during the period, Before Tax Amount | 1,474 | (6,245) | (2,283) |
Less: reclassification adjustment for net gains on sales realized in net income, Before Tax Amount | (48) | (518) | (1,265) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Before Tax Amount | 0 | 0 | 5 |
Total net unrealized gains (losses) on available-for-sale investment securities, Before Tax Amount | 1,426 | (6,763) | (3,543) |
Cash flow hedge derivative, Before Tax Amount | |||
Net change in fair value of interest rate swap, Before Tax Amount | 49 | (86) | (574) |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Before Tax Amount | 182 | 308 | 377 |
Total cash flow hedge derivative, Before Tax Amount | 231 | 222 | (197) |
Defined benefit pension plans, Before Tax Amount | |||
Net unrealized (losses) gains arising during the period, Before Tax Amount | (14) | (155) | (797) |
Less: amortization of net actuarial loss included in net periodic pension costs, Before Tax Amount | 1,227 | 1,321 | 1,362 |
Less: accretion of prior service cost included in net periodic pension costs, Before Tax Amount | (282) | (283) | (280) |
Less: reclassification adjustment for net losses realized in net income | 0 | 1,434 | 0 |
Total defined benefit pension plans, Before Tax Amount | 931 | 2,317 | 285 |
Other comprehensive income (loss), Before Tax Amount | 2,588 | (4,224) | (3,455) |
Total comprehensive income (loss), Before Tax Amount | 64,399 | 19,162 | 33,571 |
Income taxes | 17,717 | 3,881 | 9,758 |
Net unrealized gains (losses) on available-for-sale investment securities, Tax Expense (Benefit) | |||
Net unrealized holding gains (losses) arising during the period, Tax Expense (Benefit) | 516 | (2,186) | (799) |
Less: reclassification adjustment for net gains on sales realized in net income, Tax Expense (Benefit) | (17) | (181) | (443) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Tax Expense (Benefit) | 0 | 0 | 2 |
Total net unrealized gains (losses) on available-for-sale investment securities, Tax Expense (Benefit) | 499 | (2,367) | (1,240) |
Cash flow hedge derivative, Tax Expense (Benefit) | |||
Net change in fair value of interest rate swap, Tax Expense (Benefit) | 17 | (30) | (201) |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Tax Expense (Benefit) | 64 | 108 | 132 |
Total cash flow hedge derivative, Tax Expense (Benefit) | 81 | 78 | (69) |
Defined benefit pension plans, Tax Expense (Benefit) | |||
Net unrealized (losses) gains arising during the period, Tax Expense (Benefit) | (5) | (54) | (279) |
Less: amortization of net actuarial loss included in net periodic pension costs, Tax Expense (Benefit) | 429 | 462 | 477 |
Less: accretion of prior service cost included in net periodic pension costs, Tax Expense (Benefit) | (99) | (99) | (98) |
Less: reclassification adjustment for net losses realized in net income, Tax Expense (Benefit) | 0 | 502 | 0 |
Total defined benefit pension plans, Tax Expense (Benefit) | 325 | 811 | 100 |
Other comprehensive income (loss), Tax Expense (Benefit) | 905 | (1,478) | (1,209) |
Total comprehensive income (loss), Tax Expense (Benefit) | 18,622 | 2,403 | 8,549 |
Net income | 44,094 | 19,505 | 27,268 |
Net unrealized gains (losses) on available-for-sale investment securities, Net of Tax Amount | |||
Net unrealized holding gains (losses) arising during the period, Net of Tax Amount | 958 | (4,059) | (1,484) |
Less: reclassification adjustment for net gains on sales realized in net income, Net of Tax Amount | (31) | (337) | (822) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Net of Tax Amount | 0 | 0 | 3 |
Total net unrealized gains (losses) on available-for-sale investment securities, Net of Tax Amount | 927 | (4,396) | (2,303) |
Cash flow hedge derivative, Net of Tax Amount | |||
Net change in fair value of interest rate swap, Net of Tax Amount | 32 | (56) | (373) |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Net of Tax Amount | 118 | 200 | 245 |
Total cash flow hedge derivative, Net of Tax Amount | 150 | 144 | (128) |
Defined benefit pension plans, Net of Tax Amount | |||
Net unrealized (losses) gains arising during the period, Net of Tax Amount | (9) | (101) | (518) |
Less: amortization of net actuarial loss included in net periodic pension costs, Net of Tax Amount | 798 | 859 | 885 |
Less: accretion of prior service cost included in net periodic pension costs, Net of Tax Amount | (183) | (184) | (182) |
Less: Reclassification adjustment for net losses realized in net income, Net of Tax Amount | 0 | 932 | 0 |
Total defined benefit pension plans, Net of Tax Amount | 606 | 1,506 | 185 |
Other comprehensive income (loss), Net of Tax Amount | 1,683 | (2,746) | (2,246) |
Total comprehensive income (loss), Net of Tax Amount | $ 45,777 | $ 16,759 | $ 25,022 |
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, 2014 | $ 284,554 | $ 91,332 | $ 62,980 | $ 181,851 | $ (14,462) | $ (37,147) |
Beginning balance, shares at Dec. 31, 2014 | 16,221,607 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 27,268 | $ 0 | 0 | 27,268 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | (2,246) | 0 | 0 | 0 | (2,246) | 0 |
Cash dividends declared ($0.80 per share) | (15,673) | 0 | 0 | (15,673) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,434 | $ 0 | 52 | 0 | 0 | 2,382 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 123,391 | |||||
Stock Issued During Period, Value, Acquisitions | 76,666 | $ 18,939 | 57,727 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Acquisitions | 3,787,866 | |||||
Exercise of stock options | 461 | $ 0 | (54) | 0 | 0 | 515 |
Exercise of stock options, shares | 27,999 | |||||
Stock-based compensation | 1,421 | $ 0 | 1,421 | 0 | 0 | 0 |
Net tax benefit on stock-based compensation | 31 | 0 | 31 | 0 | 0 | 0 |
Purchases of treasury stock | (13,342) | $ 0 | 0 | 0 | 0 | (13,342) |
Purchases of treasury stock, shares | (675,754) | |||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (877) | 0 | 0 | 877 |
Restricted stock awards granted, net of cancellations, shares | 45,821 | |||||
Ending balance at Dec. 31, 2015 | 361,574 | $ 110,271 | 121,280 | 193,446 | (16,708) | (46,715) |
Ending balance, shares at Dec. 31, 2015 | 19,530,930 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 19,505 | $ 0 | 0 | 19,505 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | (2,746) | 0 | 0 | 0 | (2,746) | 0 |
Cash dividends declared ($0.80 per share) | (18,435) | 0 | 0 | (18,435) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,472 | $ 0 | 59 | 0 | 0 | 2,413 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 115,269 | |||||
Stock Issued During Period, Value, Acquisitions | 144,146 | $ 34,288 | 109,858 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Acquisitions | 6,857,529 | |||||
Exercise of stock options | 4,968 | $ 0 | 59 | 0 | 0 | 4,909 |
Exercise of stock options, shares | 261,050 | |||||
Stock-based compensation | 2,084 | $ 0 | 2,084 | 0 | 0 | 0 |
Purchases of treasury stock | (8,359) | $ 0 | 0 | 0 | 0 | (8,359) |
Purchases of treasury stock, shares | (328,271) | |||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (2,846) | 0 | 0 | 2,846 |
Restricted stock awards granted, net of cancellations, shares | 152,846 | |||||
Ending balance at Dec. 31, 2016 | 505,209 | $ 144,559 | 230,494 | 194,516 | (19,454) | (44,906) |
Ending balance, shares at Dec. 31, 2016 | 26,589,353 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,094 | $ 0 | 0 | 44,094 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | 1,683 | 0 | 0 | 0 | 1,683 | 0 |
Cash dividends declared ($0.80 per share) | (21,849) | 0 | 0 | (21,849) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,413 | $ 0 | 181 | 0 | 0 | 2,232 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 82,694 | |||||
Stock Issued During Period, Value, Acquisitions | 70,501 | $ 13,225 | 57,276 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Acquisitions | 2,645,000 | |||||
Exercise of stock options | $ 1,676 | $ 0 | (119) | 0 | 0 | 1,795 |
Exercise of stock options, shares | 92,370 | 92,370 | ||||
Stock-based compensation | $ 3,166 | $ 0 | 3,166 | 0 | 0 | 0 |
Purchases of treasury stock | (3,519) | $ 0 | 0 | 0 | 0 | (3,519) |
Purchases of treasury stock, shares | (119,798) | |||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (865) | 0 | 0 | 865 |
Restricted stock awards granted, net of cancellations, shares | 45,240 | |||||
Ending balance at Dec. 31, 2017 | $ 603,374 | $ 157,784 | $ 290,133 | $ 216,761 | $ (17,771) | $ (43,533) |
Ending balance, shares at Dec. 31, 2017 | 29,334,859 | 29,334,859 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 44,094 | $ 19,505 | $ 27,268 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan and lease losses | 9,892 | 4,821 | 3,802 |
Depreciation of premises and equipment | 5,561 | 4,089 | 3,757 |
Net gain on sales of investment securities | (48) | (518) | (1,265) |
Net gain on mortgage banking activities | (4,023) | (6,027) | (4,838) |
Bank owned life insurance income | (3,988) | (2,931) | (1,295) |
Net amortization on investment securities | 1,838 | 1,853 | 1,284 |
Amortization, fair market value adjustments and capitalization of mortgage servicing rights | (87) | (521) | (368) |
Net accretion of acquisition accounting fair value adjustments | (3,022) | (2,779) | (2,048) |
Stock-based compensation | 3,166 | 2,084 | 1,421 |
Intangible expenses | 2,582 | 5,528 | 2,567 |
Other adjustments to reconcile net income to cash provided by operating activities | (80) | 659 | (133) |
Deferred tax expense | 7,483 | 942 | 3,816 |
Originations of loans held for sale | (143,993) | (258,202) | (209,464) |
Proceeds from the sale of loans held for sale | 152,734 | 262,948 | 212,613 |
Contributions to pension and other postretirement benefit plans | (2,295) | (2,261) | (2,271) |
(Increase) decrease in accrued interest receivable and other assets | (1,369) | 1,956 | 3,055 |
Increase in accrued interest payable and other liabilities | 215 | 2,160 | 1,442 |
Net cash provided by operating activities | 68,660 | 33,306 | 39,343 |
Cash flows from investing activities: | |||
Net cash paid due to acquisitions | 0 | (94,835) | (2,967) |
Net capital expenditures | (3,961) | (12,644) | (5,890) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 23,265 | 21,000 | 13,000 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 94,903 | 110,927 | 79,482 |
Proceeds from sales of securities available-for-sale | 7,069 | 77,290 | 77,308 |
Purchases of investment securities held-to-maturity | 54,149 | 5,071 | 0 |
Purchases of investment securities available-for-sale | (58,484) | (80,476) | (162,722) |
Proceeds from sale of loans transferred to held for sale | 0 | 0 | 4,000 |
Proceeds from sale of portfolio loans | 0 | 2,435 | 0 |
Net increase in loans and leases | (338,481) | (337,961) | (181,037) |
Net (increase) decrease in interest-earning deposits | (19,620) | 35,004 | (16,954) |
Net increase in other investments | (2,335) | (11,773) | (3,718) |
Proceeds from sales of other real estate owned | 3,996 | 885 | 14 |
Net decrease in federal funds sold | 0 | 0 | 17,442 |
Purchases of bank owned life insurance | (7,271) | 0 | (8,000) |
Proceeds from bank owned life insurance | 2,961 | 662 | 0 |
Net cash used in investing activities | (352,107) | (294,557) | (190,042) |
Cash flows from financing activities: | |||
Net increase in deposits | 297,792 | 125,425 | 147,572 |
Net (decrease) increase in short-term borrowings | (90,740) | 123,207 | (17,763) |
Proceeds from issuance of long-term debt | 95,000 | 20,000 | 0 |
Repayments of long-term debt | (65,000) | (15,000) | 0 |
Proceeds from issuance of subordinated notes | 0 | 44,515 | 49,267 |
Payment of contingent consideration on acquisitions | (5,413) | (2,552) | (2,631) |
Proceeds from public offering of common stock | 70,501 | 0 | 0 |
Purchases of treasury stock | (3,519) | (8,359) | (13,342) |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,413 | 2,472 | 2,434 |
Proceeds from exercise of stock options, including excess tax benefits | 1,676 | 4,968 | 534 |
Cash dividends paid | (21,299) | (17,024) | (15,011) |
Net cash provided by financing activities | 281,411 | 277,652 | 151,060 |
Net decrease (increase) in cash and due from banks | (2,036) | 16,401 | 361 |
Cash and due from banks at beginning of year | 48,757 | 32,356 | 31,995 |
Cash and due from banks at end of period | 46,721 | 48,757 | 32,356 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 21,493 | 13,982 | 8,099 |
Cash paid for income taxes, net of refunds | 12,599 | 8,053 | 2,142 |
Non cash transactions: | |||
Transfer of loans to other real estate owned | 729 | 2,347 | 320 |
Transfer of loans to loans held for sale | 0 | 0 | 4,000 |
Assets acquired through acquisitions | 0 | 1,090,395 | 425,185 |
Liabilities assumed through acquisitions | 0 | 911,316 | 389,795 |
Contingent consideration recorded as goodwill | $ 0 | $ 0 | $ 1,525 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization Univest Corporation of Pennsylvania (the Corporation) through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic commercial and consumer banking services and provides a full range of banking and trust services to its customers. The Bank wholly owns Univest Capital, Inc., which provides lease financing, and Delview, Inc., who through its subsidiaries, Univest Investments, Inc., Univest Insurance, Inc. and Girard Partners provides financial planning, investment management, investment advisory, insurance products and brokerage services. Univest Investments, Inc., Univest Insurance, Inc. and Univest Capital, Inc. were formed to enhance the traditional banking and trust services provided by the Bank, along with the acquisition of Girard Partners. At December 31, 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. For more detailed discussion and financial information on the business segments, see Note 23 “Segment Reporting.” The Bank serves Bucks, Berks, Chester, Delaware, Lancaster, Lehigh, Montgomery, Northampton and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey through forty-one banking offices and provides banking and trust services to the residents and employees of fourteen retirement communities. Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries; the Corporation’s primary subsidiary is the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale, reserve for loan and lease losses and purchase accounting. Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2017 or 2016 . Securities not classified as held-to-maturity or trading are designated securities available-for-sale and carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. 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. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. 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 evaluates its equity securities for other-than-temporary impairment. In addition, effective January 1, 2018, in accordance with ASU No. 2016-01, equity securities are measured at fair value with changes in fair value recognized in net income. See "Recent Accounting Pronouncements" for additional information. Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2017 and 2016 , the Bank held $14.6 million , respectively, in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the FHLB, and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held FHLB stock of $12.5 million and $10.1 million at December 31, 2017 and 2016 , respectively. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and evaluated for other-than-temporary impairment. The Corporation determined there was no other-than-temporary impairment of its investments in these stocks at December 31, 2017 or 2016 . Loans Held for Sale The Corporation originates mortgage loans for investment and for sale. At origination, a mortgage loan is identified as either for sale or for investment. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Net unrealized losses are recognized by charges to non-interest income. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. Loans and Leases Loans and leases are stated at the principal amount less net deferred fees and unearned discount. Interest income on commercial loans, real estate loans excluding residential real estate loans, and consumer loans is recorded on the outstanding balance method, using actual interest rates applied to daily principal balances. Interest on residential real estate loans is recorded based on the outstanding balance using the actual interest rate based upon a monthly interest calculation. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the net deferred fees is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement or when a loan or lease is classified as a troubled debt restructuring. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. Acquired Loans Acquired loan portfolios are initially recorded at the acquisition date fair value. The fair value is based on guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs are utilized to value the portfolio and include the use of present value techniques employing cash flow estimates and incorporate assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information is not available, the Corporation uses assumptions in an effort to determine reasonable fair value. Specifically, management utilizes three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used are: 1) interest rate loan fair value analysis; 2) general credit fair value analysis; and 3) specific credit fair value analysis. There is no carryover related allowance for loan losses. For loans acquired without evidence of credit quality deterioration, the fair value adjustments to reflect the fair value of the loans and the fair value adjustments to reflect the general credit risk of the loan portfolio are substantially recognized as interest income on a level yield amortization method based upon the expected life of the loan. Subsequent to the acquisition, 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. For loans acquired with evidence of credit quality deterioration, the Corporation prepares a specific credit fair value adjustment. Management reviews the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition are reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount. The accretable discount amount is recognized over the life of the loans on a level yield basis as an adjustment to yield. Any disposals of loans, including sales of loans, payments in full or foreclosures result in the derecognition of the loan at its carrying value with differences in actual results reflected in interest income. 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. Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank establishes a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the experience, ability, and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. In addition, the Bank's primary examiner, as a regular part of their examination process, may require the Bank to increase the level of reserves. Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets or, for leasehold improvements, over the life of the related lease if less than the estimated useful life of the asset. The estimated useful life for new buildings constructed on land owned is forty years . For new buildings constructed on leased land, the estimated useful life is the lesser of twenty-five years (fifteen years if the cost is less than $750 thousand) or the initial term including anticipated renewable terms . The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Land improvements are considered to have estimated useful lives of the lesser of fifteen years or the lease term including anticipated renewable terms. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. When assets are retired, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts. Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years . Customer related intangibles are amortized over their estimated useful lives of five to twelve years. Covenants not to compete are amortized over their three to five -year contractual lives on a straight-line basis. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. There can be no assurance that future impairment analyses will not result in a charge to earnings. Mortgage servicing rights are recognized as separate assets when loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amount. The Corporation also records servicing rights on Small Business Administration (SBA) loans. Bank Owned Life Insurance The Corporation has invested in bank-owned life insurance (BOLI). BOLI involves the purchasing of life insurance by the Corporation for certain employees. The Corporation is the owner and beneficiary of the policies, however certain policies include split-dollar endorsements. Under these endorsements, beneficiaries of the insured individuals are entitled to a portion of the proceeds from the policy upon death of the insured. The life insurance investment is carried at the net cash surrender value of the underlying policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. Other Real Estate Owned Other real estate owned (OREO) represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is originally stated at an amount equal to the fair value of the property, less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. The amount, if any, by which the carrying amount of the loan plus recorded accrued interest (the recorded loan amount) exceeds the fair value less cost to sell of the OREO, the loss is charged against the reserve for loan and lease losses at the time of foreclosure or repossession. If the fair value less cost to sell of the OREO asset when taken into possession is greater than the recorded loan amount, the excess is first applied as a recovery against any prior charge-offs of the loan and any remaining gain is recorded as other noninterest income. Subsequently, OREO will be reported at the lower of the original cost and the current the fair value less cost to sell. Subsequent write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. 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. Overages and subsequent carrying costs are expensed as incurred. Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying forecasted transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. 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. 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. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are “more likely than not.” If management determines that the Corporation is not more likely than not, to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a non-deductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act reduces the Corporation's federal tax rate from 35% to 21% effective January 1, 2018. See Note 12, "Income Taxes" for additional information. Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands) 2017 2016 2015 Numerator: Net income $ 44,094 $ 19,505 $ 27,268 Net income allocated to unvested restricted stock (409 ) (167 ) (204 ) Net income allocated to common shares $ 43,685 $ 19,338 $ 27,064 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 26,606 22,871 19,491 Effect of dilutive securities—employee stock options 102 60 31 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 26,708 22,931 19,522 Basic earnings per share $ 1.64 $ 0.85 $ 1.39 Diluted earnings per share $ 1.64 $ 0.84 $ 1.39 Average anti-dilutive options excluded from computation of diluted earnings per share 169 280 496 |
Common Stock Issuance Common St
Common Stock Issuance Common Stock Issuance | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock Issuance | Common Stock Issuance On December 6, 2017, the Corporation completed its public offering of 2,645,000 shares of common stock at a price of $28.25 per share, including 345,000 shares of common stock purchased by the underwriters pursuant to their over-allotment option, which was exercised in full. The net proceeds of the offering after deducting underwriting discounts and commissions and offering expenses were $70.5 million . As a result of the stock issuance, common stock increased by $13.2 million and additional paid-in capital increased by $57.3 million . |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts The Bank maintains reserve balances under Federal Reserve Bank requirements. The reserve requirement at December 31, 2017 and 2016 was $6.7 million and $6.6 million , respectively, and was satisfied by vault cash held at the Bank’s branches. The average balances at the Federal Reserve Bank of Philadelphia were $24.5 million and $10.2 million for the years ended December 31, 2017 and 2016 , respectively. The Corporation maintains interest-earning deposit accounts at other financial institutions and pledges certain deposits as collateral for credit derivatives and interest rate swap agreements. Deposits pledged at December 31, 2017 and 2016 were $400 thousand and $50 thousand , respectively. See Note 17, "Derivative Instruments and Hedging Activities" for additional information. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , by contractual maturity within each type: At December 31, 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 $ 6,995 $ — $ (77 ) $ 6,918 $ — $ — $ — $ — 6,995 — (77 ) 6,918 — — — — Residential mortgage-backed securities: After 5 years to 10 years 8,944 — (51 ) 8,893 — — — — Over 10 years 39,625 44 (160 ) 39,509 5,071 — (3 ) 5,068 48,569 44 (211 ) 48,402 5,071 — (3 ) 5,068 Corporate bonds: Within 1 year — — — — 19,810 2 (9 ) 19,803 — — — — 19,810 2 (9 ) 19,803 Total $ 55,564 $ 44 $ (288 ) $ 55,320 $ 24,881 $ 2 $ (12 ) $ 24,871 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 1,499 $ — $ (3 ) $ 1,496 $ 15,000 $ 20 $ — $ 15,020 After 1 year to 5 years 15,590 — (125 ) 15,465 17,265 — (19 ) 17,246 17,089 — (128 ) 16,961 32,265 20 (19 ) 32,266 State and political subdivisions: Within 1 year 2,721 1 (6 ) 2,716 964 — (1 ) 963 After 1 year to 5 years 16,787 33 (44 ) 16,776 18,705 38 (75 ) 18,668 After 5 years to 10 years 54,846 897 (73 ) 55,670 55,541 829 (426 ) 55,944 Over 10 years 3,120 15 — 3,135 12,663 226 (114 ) 12,775 77,474 946 (123 ) 78,297 87,873 1,093 (616 ) 88,350 Residential mortgage-backed securities: After 1 year to 5 years 3,913 12 (26 ) 3,899 6,086 — (66 ) 6,020 After 5 years to 10 years 51,428 5 (852 ) 50,581 23,479 — (622 ) 22,857 Over 10 years 133,237 87 (2,383 ) 130,941 174,388 99 (4,794 ) 169,693 188,578 104 (3,261 ) 185,421 203,953 99 (5,482 ) 198,570 Collateralized mortgage obligations: After 5 years to 10 years 2,103 — (82 ) 2,021 — — — — Over 10 years 1,567 14 — 1,581 4,659 — (105 ) 4,554 3,670 14 (82 ) 3,602 4,659 — (105 ) 4,554 Corporate bonds: Within 1 year 10,006 — (5 ) 10,001 250 — — 250 After 1 year to 5 years 24,885 20 (147 ) 24,758 35,923 34 (241 ) 35,716 After 5 years to 10 years 16,669 71 (296 ) 16,444 15,193 — (516 ) 14,677 Over 10 years 60,000 — (4,027 ) 55,973 60,000 27 (2,472 ) 57,555 111,560 91 (4,475 ) 107,176 111,366 61 (3,229 ) 108,198 Money market mutual funds: No stated maturity 5,985 — — 5,985 10,784 — — 10,784 5,985 — — 5,985 10,784 — — 10,784 Equity securities: No stated maturity 410 667 (1 ) 1,076 411 504 — 915 410 667 (1 ) 1,076 411 504 — 915 Total $ 404,766 $ 1,822 $ (8,070 ) $ 398,518 $ 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 December 31, 2017 and 2016 do not represent other-than-temporary impairments in management's judgment. Securities with a carrying value of $345.1 million and $356.7 million at December 31, 2017 and 2016 , respectively, were pledged to secure public deposits and other contractual obligations. In addition, securities of $1.8 million and $1.4 million were pledged to secure credit derivatives and interest rate swaps at December 31, 2017 and 2016 , respectively. See Note 17, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2017 , 2016 and 2015 : For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Securities available-for-sale: Proceeds from sales $ 7,069 $ 77,290 $ 77,308 Gross realized gains on sales 74 600 1,295 Gross realized losses on sales 26 82 30 Tax expense related to net realized gains on sales 17 181 443 The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the years ended December 31, 2017 , 2016 and 2015 . The Corporation realized other-than-temporary impairment charges to noninterest income of $0 thousand , $0 thousand , and $5 thousand on its equity portfolio during the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 and 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 December 31, 2017 and 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 investments before a recovery of carrying value. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2017 Securities Held-to-Maturity U.S. government corporations and agencies $ 6,919 $ (77 ) $ — $ — $ 6,919 $ (77 ) Residential mortgage-backed securities 40,881 (211 ) — — 40,881 (211 ) Total $ 47,800 $ (288 ) $ — $ — $ 47,800 $ (288 ) Securities Available-for-Sale U.S. government corporations and agencies $ 5,213 $ (38 ) $ 11,749 $ (90 ) $ 16,962 $ (128 ) State and political subdivisions 18,457 (91 ) 6,332 (32 ) 24,789 (123 ) Residential mortgage-backed securities 32,217 (210 ) 141,371 (3,051 ) 173,588 (3,261 ) Collateralized mortgage obligations — — 2,021 (82 ) 2,021 (82 ) Corporate bonds 18,464 (1,016 ) 71,957 (3,459 ) 90,421 (4,475 ) Equity securities — (1 ) 4 — 4 (1 ) Total $ 74,351 $ (1,356 ) $ 233,434 $ (6,714 ) $ 307,785 $ (8,070 ) 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 ) At December 31, 2017, gross unrealized losses for securities in an unrealized loss position for twelve months or longer, totaled $6.7 million . Four federal agency bonds, fourteen investment grade corporate bonds, 104 federal agency residential mortgage securities, and seven investment grade municipal bonds had respective unrealized loss positions of $90 thousand , $3.5 million , $3.1 million and $32 thousand , respectively. The fair value of these 129 securities fluctuate with changes in market conditions which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Corporation concluded these securities were not other-than-temporarily impaired. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories At December 31, 2017 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 833,100 $ 63,111 $ 896,211 Real estate-commercial 1,235,681 306,460 1,542,141 Real estate-construction 171,244 4,592 175,836 Real estate-residential secured for business purpose 250,800 91,167 341,967 Real estate-residential secured for personal purpose 260,654 60,920 321,574 Real estate-home equity secured for personal purpose 171,884 12,386 184,270 Loans to individuals 28,156 144 28,300 Lease financings 129,768 — 129,768 Total loans and leases held for investment, net of deferred income $ 3,081,287 $ 538,780 $ 3,620,067 Unearned lease income, included in the above table $ (14,243 ) $ — $ (14,243 ) Net deferred costs, included in the above table 4,669 — 4,669 Overdraft deposits included in the above table 222 — 222 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 December 31, 2017 totaled $538.8 million , including $424.1 million of loans from the Fox Chase acquisition and $114.7 million from the Valley Green Bank acquisition. At December 31, 2017 , loans acquired with deteriorated credit quality, or acquired credit impaired loans, totaled $1.6 million representing $792 thousand from the Fox Chase acquisition and $791 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 December 31, 2017 and 2016 were as follows: (Dollars in thousands) At December 31, 2017 At December 31, 2016 Outstanding principal balance $ 2,325 $ 8,993 Carrying amount 1,583 7,352 Allowance for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: For the Years Ended December 31, (Dollars in thousands) 2017 2016 Beginning of period $ 50 $ 144 Acquisition of credit impaired loans — 283 Reclassification from nonaccretable discount 891 1,329 Accretable yield amortized to interest income (926 ) (1,672 ) Disposals (4 ) (34 ) End of period $ 11 $ 50 The Corporation is a lessor of equipment under agreements expiring at various dates through the year 2029 . At December 31, 2017 and 2016 , the schedule of minimum lease payments receivable is as follows: At December 31, (Dollars in thousands) 2017 2016 Within 1 year $ 53,625 $ 56,872 After 1 year through 2 years 41,351 41,931 After 2 years through 3 years 27,411 28,340 After 3 years through 4 years 15,557 16,369 After 4 years through 5 years 5,375 6,753 Thereafter 692 444 Total future minimum lease payments receivable 144,011 150,709 Less: Unearned income (14,243 ) (15,970 ) Total lease financing receivables, net of unearned income $ 129,768 $ 134,739 Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and the recorded investment in loans and leases 90 days or more past due which are accruing interest at December 31, 2017 and 2016 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At December 31, 2017 Commercial, financial and agricultural $ 2,182 $ 1,440 $ 1,509 $ 5,131 $ 890,658 $ 422 $ 896,211 $ — Real estate—commercial real estate and construction: Commercial real estate 733 548 1,410 2,691 1,539,094 356 1,542,141 — Construction 1,970 — 365 2,335 173,501 — 175,836 — Real estate—residential and home equity: Residential secured for business purpose 1,651 315 1,355 3,321 338,061 585 341,967 162 Residential secured for personal purpose 4,368 1,118 23 5,509 315,845 220 321,574 — Home equity secured for personal purpose 1,414 333 464 2,211 182,059 — 184,270 148 Loans to individuals 221 139 195 555 27,745 — 28,300 195 Lease financings 1,143 392 1,855 3,390 126,378 — 129,768 256 Total $ 13,682 $ 4,285 $ 7,176 $ 25,143 $ 3,593,341 $ 1,583 $ 3,620,067 $ 761 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 Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2017 and 2016 . Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green. At December 31, 2017 2016 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 4,448 $ 921 $ — $ 5,369 $ 5,746 $ 967 $ — $ 6,713 Real estate—commercial real estate and construction: Commercial real estate 4,285 10,266 — 14,551 5,651 1,519 — 7,170 Construction 365 — — 365 — — — — Real estate—residential and home equity: Residential secured for business purpose 2,843 206 162 3,211 4,898 766 — 5,664 Residential secured for personal purpose 466 42 — 508 560 — 481 1,041 Home equity secured for personal purpose 511 — 148 659 525 — 171 696 Loans to individuals — — 195 195 — — 142 142 Lease financings 1,599 — 256 1,855 536 — 193 729 Total $ 14,517 $ 11,435 $ 761 $ 26,713 $ 17,916 $ 3,252 $ 987 $ 22,155 * Includes nonaccrual troubled debt restructured loans and lease modifications of $2.5 million and $1.8 million at December 31, 2017 and December 31, 2016 , respectively. Accruing troubled debt restructuring loans of $11.4 million includes incremental balances $9.2 million related to one borrower which was classified as troubled debt restructurings as the related loans were granted amortization period extensions during the second quarter of 2017. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2017 and 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. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency (60 days or more past due) and revolving stagnancy. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships exceeding $15 million or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion. 1. Cash Secured—No credit risk 2. Fully Secured—Negligible credit risk 3. Strong—Minimal credit risk 4. Satisfactory—Nominal credit risk 5. Acceptable—Moderate credit risk 6. Pre-Watch—Marginal, but stable credit risk 7. Special Mention—Potential weakness 8. Substandard—Well-defined weakness 9. Doubtful—Collection in-full improbable 10. Loss—Considered uncollectible Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 2,521 $ — $ 20,420 $ — $ 22,941 3. Strong 9,206 1,821 — — 11,027 4. Satisfactory 30,283 26,950 — 274 57,507 5. Acceptable 593,205 960,258 76,899 215,750 1,846,112 6. Pre-watch 179,990 209,844 72,168 29,738 491,740 7. Special Mention 4,027 12,974 1,392 296 18,689 8. Substandard 13,868 23,834 365 4,742 42,809 9. Doubtful — — — — — 10. Loss — — — — — Total $ 833,100 $ 1,235,681 $ 171,244 $ 250,800 $ 2,490,825 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 December 31, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 1,120 $ — $ — $ — $ 1,120 3. Strong — — — — — 4. Satisfactory 125 482 — — 607 5. Acceptable 49,949 183,490 — 73,402 306,841 6. Pre-watch 6,183 98,977 4,592 15,861 125,613 7. Special Mention 1,007 17,028 — — 18,035 8. Substandard 4,727 6,483 — 1,904 13,114 9. Doubtful — — — — — 10. Loss — — — — — Total $ 63,111 $ 306,460 $ 4,592 $ 91,167 $ 465,330 At 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 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 December 31, 2017 Performing $ 260,589 $ 171,527 $ 27,961 $ 127,913 $ 587,990 Nonperforming 65 357 195 1,855 2,472 Total $ 260,654 $ 171,884 $ 28,156 $ 129,768 $ 590,462 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 December 31, 2017 Performing $ 60,477 $ 12,084 $ 144 $ — $ 72,705 Nonperforming 443 302 — — 745 Total $ 60,920 $ 12,386 $ 144 $ — $ 73,450 At December 31, 2016 Performing $ 79,559 $ 14,857 $ 263 $ — $ 94,679 Nonperforming 872 — — — 872 Total $ 80,431 $ 14,857 $ 263 $ — $ 95,551 Risks associated with lending activities include, among other things, the impact of changes in interest rates and economic conditions, which may adversely impact the ability of borrowers to repay outstanding loans, and impact the value of the associated collateral. Commercial, financial and agricultural loans, commercial real estate loans, construction loans and residential real estate loans with a business purpose are generally perceived as having more risk of default than residential real estate loans with a personal purpose and consumer loans. These types of loans involve larger loan balances to a single borrower or groups of related borrowers. Commercial real estate loans may be affected to a greater extent than residential loans by adverse conditions in real estate markets or the economy because commercial real estate borrowers’ ability to repay their loans depends on successful development of their properties and factors affecting residential real estate borrowers. Commercial, financial and agricultural business loans are typically based on the borrowers’ ability to repay the loans from the cash flow of their businesses. These loans may involve greater risk because the availability of funds to repay each loan depends substantially on the success of the business itself. In addition, the collateral securing the loans often depreciates over time, is difficult to appraise and liquidate and fluctuates in value based on the success of the business. Risk of loss on a construction loan depends largely upon whether our initial estimate of the property’s value at completion of construction equals or exceeds the cost of the property construction (including interest). During the construction phase, a number of factors can result in delays and cost overruns. If estimates of value are inaccurate or if actual construction costs exceed estimates, the value of the property securing the loan may be insufficient to ensure full repayment when completed through a permanent loan or by seizure of collateral. Included in real estate-construction is track development financing. Risk factors related to track development financing include the demand for residential housing and the real estate valuation market. When projects move slower than anticipated, the properties may have significantly lower values than when the original underwriting was completed, resulting in lower collateral values to support the loan. Extended time frames also cause the interest carrying cost for a project to be higher than the builder projected, negatively impacting the builder’s profit and cash flow and, therefore, their ability to make principal and interest payments. Commercial real estate loans and residential real estate loans with a business purpose secured by owner-occupied properties are dependent upon the successful operation of the borrower’s business. If the operating company suffers difficulties in terms of sales volume and/or profitability, the borrower’s ability to repay the loan may be impaired. Loans secured by properties where repayment is dependent upon payment of rent by third party tenants or the sale of the property may be impacted by loss of tenants, lower lease rates needed to attract new tenants or the inability to sell a completed project in a timely fashion and at a profit. The Corporation originates fixed-rate and adjustable-rate real estate-residential mortgage loans and home equity loans that are secured by the underlying 1-to-4 family residential properties for personal purposes. Credit risk exposure in this area of lending is minimized by the evaluation of the credit worthiness of the borrower, including debt-to-equity ratios, credit scores and adherence to underwriting policies. Credit risk for direct consumer loans is controlled by strict adherence to underwriting standards that consider debt-to-income levels and the creditworthiness of the borrower and, if secured, collateral values. These loans are included within the portfolio of loans to individuals. The primary risks that are involved with lease financing receivables are credit underwriting and borrower industry concentrations. The Corporation has strict underwriting, review, and monitoring procedures in place to mitigate this risk. Risk also lies in the residual value of the underlying equipment. Residual values are subject to judgments as to the value of the underlying equipment that can be affected by changes in economic and market conditions and the financial viability of the residual guarantors and insurers. To the extent not guaranteed or assumed by a third party, or otherwise insured against, the Corporation bears the risk of ownership of the leased assets. This includes the risk that the actual value of the leased assets at the end of the lease term will be less than the residual value. The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses for the years ended December 31, 2017 , 2016 and 2015 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total For the Year Ended December 31, 2017 Reserve for loan and lease losses: Beginning balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Charge-offs (1,030 ) (232 ) (1,370 ) (196 ) (317 ) (3,992 ) N/A (7,137 ) Recoveries 801 5 54 99 136 206 N/A 1,301 (Recovery of provision) provision (66 ) 2,561 2,204 857 190 4,130 16 9,892 (Recovery of provision) provision for acquired credit impaired loans — — (1 ) 1 — — — — Ending balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 For the Year Ended December 31, 2016 Reserve for loan and lease losses: Beginning balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Charge-offs (4,827 ) (307 ) (522 ) (178 ) (395 ) (759 ) N/A (6,988 ) Recoveries 1,454 101 71 88 133 191 N/A 2,038 Provision (recovery of provision) 3,992 961 462 (489 ) 280 314 (874 ) 4,646 Provision (recovery of provision) for acquired credit impaired loans — 178 — (3 ) — — — 175 Ending balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 For the Year Ended December 31, 2015 Reserve for loan and lease losses: Beginning balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Charge-offs (4,793 ) (1,895 ) (179 ) (279 ) (549 ) (801 ) N/A (8,496 ) Recoveries 1,032 200 28 10 176 214 N/A 1,660 Provision (recovery of provision) 3,259 (684 ) 43 657 359 644 (655 ) 3,623 Provision for acquired credit impaired loans — 8 108 63 — — — 179 Ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 N/A – Not applicable During 2017, the Corporation recorded charge-offs of $2.8 million related to $5.0 million of software leases under a vendor referral program. These leases are personally guaranteed by 29 high net worth individuals. During 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 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. On September 25, 2017 , Univest Capital, Inc. entered into a Release and Settlement Agreement whereby Univest Capital, Inc. received $1.0 million based upon court approval of the Agreement and is eligible to receive up to an additional $1.3 million . Payment of the $1.3 million is subject to the individual guarantor's election of whether or not they will be subject to the Release and Settlement Agreement. It is expected this election process will be completed by March 31, 2018 and related funds are expected to be received by June 30, 2018. If a guarantor elects to be subject to the Release and Settlement Agreement, Univest Capital, Inc. shall receive a payment of $43 thousand per guarantor. If a guarantor elects not to be subject to the Release and Settlement Agreement, Univest Capital, Inc. has the right to pursue collection of the full amount owed, which ranges from $108 thousand to $228 thousand per guarantor, via the normal collection process. As of December 31, 2017, Univest Capital, Inc. has a receivable totaling $1.3 million related to this matter, which is recorded as a non-accruing lease receivable. The following presents, by portfolio segment, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method at December 31, 2017 and 2016 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At December 31, 2017 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 31 $ 99 $ 1 $ — $ — $ — N/A $ 131 Ending balance: collectively evaluated for impairment 6,711 9,740 1,660 1,754 373 1,132 54 21,424 Total ending balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 7,079 $ 16,919 $ 3,465 $ 1,019 $ — $ 1,250 $ 29,732 Ending balance: collectively evaluated for impairment 826,021 1,388,048 247,335 431,519 28,156 128,518 3,049,597 Loans measured at fair value — 1,958 — — — — 1,958 Acquired non-credit impaired loans 62,689 310,696 90,582 73,086 144 — 537,197 Acquired credit impaired loans 422 356 585 220 — — 1,583 Total ending balance $ 896,211 $ 1,717,977 $ 341,967 $ 505,844 $ 28,300 $ 129,768 $ 3,620,067 At December 31, 2016 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 19 $ 25 $ 191 $ — $ — $ — N/A $ 235 Ending balance: collectively evaluated for impairment 7,018 7,480 583 993 364 788 38 17,264 Total ending balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 11,077 $ 25,066 $ 6,687 $ 1,085 $ — $ — $ 43,915 Ending balance: collectively evaluated for impairment 652,144 1,027,406 145,244 357,274 30,110 134,739 2,346,917 Loans measured at fair value — 2,138 — — — — 2,138 Acquired non-credit impaired loans 159,456 489,473 141,353 95,019 263 — 885,564 Acquired credit impaired loans 589 5,710 784 269 — — 7,352 Total ending balance $ 823,266 $ 1,549,793 $ 294,068 $ 453,647 $ 30,373 $ 134,739 $ 3,285,886 N/A – Not applicable T he 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 (excludes Lease Financings) 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 December 31, 2017 and 2016 . The impaired loans exclude acquired credit impaired loans. At December 31, 2017 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 7,019 $ 8,301 $ 10,911 $ 12,561 Real estate—commercial real estate 15,621 16,507 24,469 25,342 Real estate—construction 365 365 — — Real estate—residential secured for business purpose 3,430 4,620 5,704 6,253 Real estate—residential secured for personal purpose 508 566 560 594 Real estate—home equity secured for personal purpose 511 523 525 528 Total impaired loans with no related reserve recorded $ 27,454 $ 30,882 $ 42,169 $ 45,278 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 60 $ 60 $ 31 $ 166 $ 166 $ 19 Real estate—commercial real estate 933 933 99 597 597 25 Real estate—residential secured for business purpose 35 37 1 983 1,105 191 Total impaired loans with a reserve recorded $ 1,028 $ 1,030 $ 131 $ 1,746 $ 1,868 $ 235 Total impaired loans: Commercial, financial and agricultural $ 7,079 $ 8,361 $ 31 $ 11,077 $ 12,727 $ 19 Real estate—commercial real estate 16,554 17,440 99 25,066 25,939 25 Real estate—construction 365 365 — — — — Real estate—residential secured for business purpose 3,465 4,657 1 6,687 7,358 191 Real estate—residential secured for personal purpose 508 566 — 560 594 — Real estate—home equity secured for personal purpose 511 523 — 525 528 — Total impaired loans $ 28,482 $ 31,912 $ 131 $ 43,915 $ 47,146 $ 235 Impaired loans includes 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 included other accruing impaired loans of $4.1 million and $23.3 million at December 31, 2017 and 2016 , respectively. Specific reserves on other accruing impaired loans were $99 thousand and $84 thousand at December 31, 2017 and 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. For the Years Ended December 31, 2017 2016 2015 (Dollars in thousands) Average Interest Additional Average Interest Additional Average Interest Additional Loans held for sale $ — $ — $ — $ — $ — $ — $ 1,832 $ — $ 110 Loans held for investment: Commercial, financial and agricultural 10,456 200 347 13,126 258 381 15,383 423 481 Real estate—commercial real estate 20,054 792 289 26,698 1,106 272 23,692 996 330 Real estate—construction 253 — 19 — — — 3,164 — 162 Real estate—residential secured for business purpose 3,801 65 169 4,084 67 207 3,805 144 161 Real estate—residential secured for personal purpose 614 3 39 498 2 24 729 2 43 Real estate—home equity secured for personal purpose 406 — 26 440 — 25 184 — 11 Total $ 35,584 $ 1,060 $ 889 $ 44,846 $ 1,433 $ 909 $ 48,789 $ 1,565 $ 1,298 * Includes interest income recognized on a cash basis for nonaccrual loans of $4 thousand , $8 thousand and $37 thousand for the years ended December 31, 2017 , 2016 and 2015 , respectively and interest income recognized on the accrual method for accruing impaired loans of $1.1 million , $1.4 million and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Any income accrued on 1-to-4 family residential properties after the loan becomes 90 days past due, which is not placed on non-accrual, is held in a reserve for uncollected interest. The reserve for uncollected interest was $3 thousand and $10 thousand at December 31, 2017 and 2016 , respectively. The Bank maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded. The reserve for these off-balance sheet credits was $390 thousand and $385 thousand at December 31, 2017 and 2016 , respectively. Impaired Leases The Corporation had impaired leases of $1.3 million with $0 thousand related reserve at December 31, 2017 . The Corporation had no impaired leases at December 31, 2016 . See discussion in Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2017 and 2016 : For the Years Ended December 31, 2017 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: Commercial, financial and agricultural 2 $ 1,127 $ 1,127 $ — — $ — $ — $ — Real estate—commercial real estate 1 328 328 — — — — — Real estate—residential secured for business purpose — — — — 1 313 312 — Real estate—residential secured for personal purpose — — — — 1 34 34 — Real estate—home equity secured for personal purpose — — — — 1 152 152 — Total 3 $ 1,455 $ 1,455 $ — 3 $ 499 $ 498 $ — The Corporation grants concessions to existing borrowers primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for up to one year . The goal when restructuring a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing troubled debt restructured loans are primarily comprised of loans on which interest is being accrued under the restructured terms, and the loans are current or less than ninety days past due. The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the years ended December 31, 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 For the Year Ended December 31, 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: Commercial, financial and agricultural — $ — — $ — 2 $ 1,127 2 $ 1,127 Real estate—commercial real estate — — 1 328 — — 1 328 Total — $ — 1 $ 328 2 $ 1,127 3 $ 1,455 For the Year Ended December 31, 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: Real estate—residential secured for business purpose — $ — 1 $ 312 — $ — 1 $ 312 Real estate—residential secured for personal purpose — — 1 34 — — 1 34 Real estate—home equity secured for personal purpose — — 1 152 — — 1 152 Total — $ — 3 $ 498 — $ — 3 $ 498 The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date: For the Years Ended December 31, 2017 2016 (Dollars in thousands) Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—residential secured for personal purpose — $ — 1 $ 34 Total — $ — 1 $ 34 The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at December 31, 2017 and 2016 : (Dollars in thousands) At December 31, 2017 At December 31, 2016 Real estate-residential secured for personal purpose $ 31 $ — Real estate-home |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2017 2016 Land and land improvements $ 15,402 $ 15,656 Premises and improvements 54,643 54,239 Furniture and equipment 33,675 32,948 Total cost 103,720 102,843 Less: accumulated depreciation (41,923 ) (39,205 ) Net book value $ 61,797 $ 63,638 The following table summarizes rental expense charged to operations for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Rental expense $ 3,938 $ 3,791 $ 3,167 Sublease rental income (227 ) (138 ) (195 ) Net rental expense $ 3,711 $ 3,653 $ 2,972 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has covenants not to compete agreements with certain individuals, 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 amortization of intangible assets for the years ended December 31, 2017 , 2016 and 2015 was $4.2 million , $4.1 million and $3.6 million , respectively. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2017 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units, was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2017 . There was no impairment of goodwill or other identifiable intangibles recorded during 2015 through 2017 . Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2017 and 2016 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2015 $ 78,574 $ 15,434 $ 18,649 $ 112,657 Addition to goodwill from acquisitions 59,902 — — 59,902 Balance at December 31, 2016 138,476 15,434 18,649 172,559 Addition to goodwill from acquisitions — — — — Balance at December 31, 2017 $ 138,476 $ 15,434 $ 18,649 $ 172,559 The following table reflects the components of intangible assets at the dates indicated: At December 31, 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 $ 580 $ 130 $ 710 $ 205 $ 505 Core deposit intangibles 6,788 2,135 4,653 6,788 1,004 5,784 Customer related intangibles 12,381 9,828 2,553 12,381 8,504 3,877 Servicing rights 15,855 9,282 6,573 14,369 7,884 6,485 Total amortized intangible assets $ 35,734 $ 21,825 $ 13,909 $ 34,248 $ 17,597 $ 16,651 The estimated aggregate amortization expense for covenants not to compete and core deposit and customer related intangibles for each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2018 $ 2,114 2019 1,565 2020 1,200 2021 923 2022 666 Thereafter 868 The Corporation has originated mortgage servicing rights, which are included in other intangible assets on the consolidated balance sheet. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are subject to impairment testing on a quarterly basis. The aggregate fair value of these rights was $10.0 million and $9.5 million at December 31, 2017 and 2016 , respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at December 31, 2017 and 2016 . The Corporation also records servicing rights on SBA loans. The value of these servicing rights was $21 thousand and $0 thousand at December 31, 2017 and 2016 , respectively. Changes in the servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Beginning of period $ 6,485 $ 5,877 $ 5,509 Servicing rights capitalized 1,487 2,049 1,674 Acquired servicing rights — 87 — Amortization of servicing rights (1,399 ) (1,528 ) (1,306 ) Changes in valuation allowance — — — End of period $ 6,573 $ 6,485 $ 5,877 Residential mortgage and SBA loans serviced for others $ 1,008,123 $ 965,729 $ 863,947 There was no activity in the valuation allowance for the years ended December 31, 2017 , 2016 and 2015 . The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousands) Amount 2018 $ 970 2019 841 2020 729 2021 628 2022 541 Thereafter 2,864 |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Accrued Interest Receivable and Other Assets | Accrued Interest Receivable and Other Assets The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2017 2016 Other real estate owned $ 1,843 $ 4,969 Accrued interest receivable 12,362 10,794 Accrued income and other receivables 3,872 7,751 Fair market value of derivative financial instruments 601 1,058 Other prepaid expenses 21,496 17,686 Net federal deferred tax assets 1,174 9,965 Other 154 20 Total accrued interest and other assets $ 41,502 $ 52,243 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits and their respective weighted average interest rate at December 31, 2017 and 2016 consist of the following: December 31, 2017 2016 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,040,026 — % $ 918,337 Demand deposits 0.43 1,109,438 0.17 909,963 Savings deposits 0.26 830,706 0.10 803,078 Time deposits 1.12 574,749 0.87 626,189 Total 0.38 % $ 3,554,919 0.24 % $ 3,257,567 The aggregate amount of time deposits in denominations of $100 thousand or more was $250.0 million at December 31, 2017 and $291.0 million at December 31, 2016 . Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Deposit insurance per account owner is currently up to $250 thousand. The aggregate amount of time deposits in denominations over $250 thousand was $118.4 million at December 31, 2017 and $151.7 million at December 31, 2016 . At December 31, 2017 , the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Due in 2018 $ 318,938 Due in 2019 141,545 Due in 2020 65,200 Due in 2021 11,232 Due in 2022 31,039 Thereafter 6,795 Total $ 574,749 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 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. Balance at End of Year Weighted Average Interest Rate Maximum Amount Outstanding at Month End During the Year Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year (Dollars in thousands) 2017 Short-term borrowings: FHLB borrowings $ 30,225 1.54 % $ 124,500 $ 50,063 1.10 % Federal funds purchased 55,000 1.56 95,000 32,282 1.05 Customer repurchase agreements 20,206 0.05 26,376 23,207 0.05 Long-term debt: FHLB advances $ 125,036 1.73 % $ 190,689 $ 155,073 1.43 % Security repurchase agreements 30,792 1.52 31,234 31,036 1.30 Subordinated notes $ 94,331 5.35 % $ 94,331 $ 94,208 5.35 % 2016 Short-term borrowings: FHLB borrowings $ 91,300 0.74 % $ 206,000 $ 50,757 0.58 % Federal funds purchased 80,000 0.81 125,000 24,783 0.61 Customer repurchase agreements 24,871 0.05 30,011 26,173 0.05 Other short-term borrowings* — — 79,960 1,525 18.83 Long-term debt: FHLB advances $ 96,248 0.94 % $ 96,471 $ 45,179 0.89 % Security repurchase agreements 31,274 0.91 31,475 15,786 0.93 Subordinated notes $ 94,087 5.36 % $ 94,087 $ 71,851 5.39 % *Other short-term borrowings during 2016 consisted of a short-term bridge loan with a correspondent bank and associated fees. The Corporation, through the Bank, has a credit facility with the FHLB with a maximum borrowing capacity of approximately $1.4 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 December 31, 2017 and 2016 , the Bank had outstanding short-term letters of credit with the FHLB totaling $234.2 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 December 31, 2017 and 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, holds collateral at the Federal Reserve Bank of Philadelphia in order to access their Discount Window Lending program. The collateral consisting of investment securities was valued at $52.0 million and $55.7 million at December 31, 2017 and 2016 , respectively. At December 31, 2017 and 2016 , the Corporation had no outstanding borrowings under this program. The Corporation has a $10.0 million line of credit with a correspondent bank. At December 31, 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 December 31, 2017 Weighted Average Rate 2018 $ 10,036 0.69 % 2019 10,000 1.35 2020 40,000 1.70 2021 55,000 1.94 2022 10,000 2.09 Thereafter — — Total $ 125,036 1.73 % Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of December 31, 2017 Weighted Average Rate 2018 $ 10,192 1.13 % 2019 10,266 1.70 2020 10,334 1.71 2021 — — 2022 — — Thereafter — — Total $ 30,792 1.52 % Long-term debt under security repurchase agreements totaling $25.7 million are variable based on the one-month LIBOR rate plus a spread. One borrowing for $5.1 million has a fixed interest rate and may be called by the lender based on the underlying agreement. Subordinated Debt On July 1, 2016, the Corporation completed the issuance of $45.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the "2016 Notes") due 2026 in a private placement transaction to institutional accredited investors. The net proceeds of the offering approximated $44.5 million . The 2016 Notes bear interest at an annual fixed rate of 5.00% from the date of issuance until June 30, 2021, or any early redemption date. From June 30, 2021 to the maturity date of June 30, 2026 (or any early redemption date), the 2016 Notes will bear interest at an annual rate equal to three-month LIBOR rate plus 3.90% . Beginning with the interest payment date of June 30, 2021, the Corporation has the option on each interest payment date, subject to approval of the Federal Reserve Board, to redeem the 2016 Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed 2016 Notes, plus accrued and unpaid interest to the date of the redemption. The Corporation may also redeem the 2016 Notes, in whole but not in part, at any time upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 Act events, subject in each case to the approval of the Federal Reserve. On March 30, 2015 , the Corporation completed the issuance of $50.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the "2015 Notes") due 2025 in a private placement transaction to institutional accredited investors. The net proceeds of the offering $49.3 million , The 2015 Notes bear interest at an annual fixed rate of 5.10% from the date of issuance until March 30, 2020, or any early redemption date. From March 30, 2020 to the maturity date of March 30, 2025 (or any early redemption date), the 2015 Notes will bear interest at an annual rate equal to the three-month LIBOR rate plus 3.544% . Beginning with the interest payment date of March 30, 2020, the Corporation has the option on each interest payment date, subject to approval of the Federal Reserve Board, to redeem the 2015 Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed 2015 Notes, plus accrued and unpaid interest to the date of the redemption. The Corporation may also redeem the 2015 Notes, in whole, at any time, or in part from time to time upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 Act events, subject in each case to the approval of the Federal Reserve. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. The debt issuance costs are included as a direct deduction from the debt liability and the costs are amortized to interest expense using the effective interest method. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Current: Federal $ 9,273 $ 2,400 $ 5,113 State 961 539 829 Deferred: Federal 7,350 909 3,877 State 133 33 (61 ) $ 17,717 $ 3,881 $ 9,758 The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Expected provision at statutory rate 35.0 % 35.0 % 35.0 % Difference resulting from: Tax exempt interest income, net of disallowance (6.1 ) (15.6 ) (9.5 ) Increase in value of bank owned life insurance assets (2.2 ) (4.2 ) (1.2 ) Stock-based compensation (1.0 ) (1.7 ) 0.5 Non-deductible merger-related expenses — 1.2 0.4 State income taxes, net of federal benefits 1.2 (1.5 ) 0.9 Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates 1.7 — — Changes in valuation allowance 0.5 3.1 0.4 Other (0.4 ) 0.3 (0.1 ) Effective tax rate 28.7 % 16.6 % 26.4 % On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (TCJA) was signed into law. The TCJA includes many provisions that will affect the Corporation's income tax expense, including reducing the Corporation's federal tax rate from 35% to 21% effective January 1, 2018. As a result of the rate reduction, the Corporation is required to re-measure, through income tax expense in the period of enactment, the deferred tax assets and liabilities using the enacted rate at which they are expected to be recovered or settled. The re-measurement of the Corporation's net deferred tax asset resulted in additional 2017 income tax expense of $1.1 million . Also, on December 22, 2017, the U.S. Securities and Exchange Commission (SEC) released Staff Accounting Bulletin No. 118 (SAB 118) to address any uncertainty or diversity of views in practice in accounting for the income tax effects of the TCJA in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete this accounting in the reporting period that includes the enactment date. SAB 118 allows for a measurement period not to extend beyond one year from the TCJA's enactment date to complete the necessary accounting. The Corporation recorded provisional amounts of deferred income taxes using reasonable estimates in four areas where information necessary to complete the accounting was not available, prepared, or analyzed: 1) The Corporation's deferred tax liability for temporary differences between the tax and financial reporting basis of fixed assets is principally due to the accelerated depreciation under the TCJA which allows for full expensing of qualified property purchased and placed in service after September 27, 2017. 2) The Corporation's deferred tax asset for temporary differences associated with accrued compensation is awaiting final determinations of amounts that will be paid and deducted on the 2017 income tax returns. 3) The Corporation's deferred tax liability for temporary differences associated with equity investments in partnerships is awaiting receipt of Schedules K-1 from outside preparers, which is necessary to determine the 2017 tax impact from these investments. 4) The Corporation's deferred tax liability for temporary differences related to its qualified pension plan is based upon actuarial reports from the Corporation's third party provider. However, the Corporation is still in the process of determining if a contribution related to the 2017 plan year will be made. The Corporation did not make any adjustments to deferred tax assets, representing future deductions for accrued compensation that may be subject to new limitations under Internal Revenue Code Section 162(m) which, generally, limits the annual deduction for certain compensation paid to certain employees to $1.0 million. There is uncertainty in applying the newly-enacted rules to existing contracts, and the Corporation is seeking further clarifications before completing its analysis. The Corporation will complete and record the income tax effects of these provisional items during the period the necessary information becomes available. This measurement period will not extend beyond December 22, 2018. Retained earnings include $6.0 million at December 31, 2017, 2016 and 2015, which was originally generated by Fox Chase Bank (acquired in 2016), for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain criteria prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act of 1996 eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Small Business Job Protection Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Corporation pays a cash dividend in excess of cumulative retained earnings or liquidates. During the year ended December 31, 2015, the Corporation recorded excess tax benefits resulting from the exercise or vesting of stock-based compensation to additional paid-in capital. The Corporation adopted ASU 2016-9, "Improvements to Employee Share-Based Payment Accounting", which was issued in March 2016. After adoption, all excess tax benefits and tax deficiencies are recorded as a component of income tax expense. At December 31, 2017 and 2016, the Corporation had no unrecognized tax benefits or accrued interest and penalties recorded. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. Interest and penalties are recorded in noninterest expense in the year they are assessed. For tax purposes, interest is treated as a deductible expense and penalties are treated as a non-deductible expense. The Corporation and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Pennsylvania and various other state and local jurisdictions. The Corporation and its subsidiaries are generally no longer subject to examination by federal, state and local taxing authorities for years prior to December 31, 2014 . Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred state taxes are combined with federal deferred taxes (net of the impact of deferred state tax on the deferred federal tax) and are shown in the table below by major category. The Corporation has a state net operating loss carry-forward of $52.6 million which will begin to expire after December 31, 2018 if not utilized. A valuation allowance at December 31, 2017 and 2016 was attributable to deferred tax assets generated in certain state jurisdictions for which management believes it is more likely than not that such deferred tax assets will not be realized. Other than the valuation allowance on certain state deferred assets, management has determined that no additional valuation allowance is necessary for deferred tax assets because it is more likely than not that these assets will be realized through carryback to taxable income in prior years, future reversals of existing temporary differences, and through future taxable income. The Corporation will continue to review the criteria related to the recognition of deferred tax assets on a regular basis. The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan and lease losses $ 4,643 $ 5,984 Deferred compensation 2,110 2,541 Actuarial adjustments on retirement benefits* 4,432 7,714 State net operating losses 4,166 2,725 Other-than-temporary impairments on equity securities 148 331 Net unrealized holding losses on securities available-for-sale and swaps* 1,316 2,762 Other deferred tax assets 1,243 5,712 Gross deferred tax assets 18,058 27,769 Valuation allowance (3,523 ) (2,341 ) Total deferred tax assets, net of valuation allowance 14,535 25,428 Deferred tax liabilities: Mortgage servicing rights 1,415 2,302 Retirement plans 4,304 6,265 Deferred loan fees and costs 2,614 615 Acquisition-related fair value adjustments 1,621 2,097 Intangible assets 1,513 1,491 Depreciation 1,102 1,401 Other deferred tax liabilities 792 1,692 Total deferred tax liabilities 13,361 15,863 Net deferred tax assets $ 1,174 $ 9,565 * Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 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 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan for the years ended December 31, 2017 , 2016 and 2015 was $1.4 million , $1.2 million , and $1.0 million , respectively. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP), which was established in 1981 prior to the existence of a 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. Expense recorded by the Corporation for the SNQPP for the years ended December 31, 2017 , 2016 and 2015 was $222 thousand , $52 thousand and $285 thousand , respectively. Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 47,389 $ 49,810 $ 2,968 $ 2,834 Service cost 524 661 48 46 Interest cost 1,927 2,071 118 133 Actuarial loss (gain) 3,169 413 (409 ) 36 Benefits paid (2,645 ) (2,400 ) (114 ) (81 ) Settlements — (3,166 ) — — Benefit obligation at end of year $ 50,364 $ 47,389 $ 2,611 $ 2,968 Change in plan assets: Fair value of plan assets at beginning of year $ 41,418 $ 41,490 $ — $ — Actual return on plan assets 5,799 3,314 — — Benefits paid (2,645 ) (2,400 ) (114 ) (81 ) Settlements — (3,166 ) — — Employer contribution and non-qualified benefit payments 2,181 2,180 114 81 Fair value of plan assets at end of year $ 46,753 $ 41,418 $ — $ — Funded status (3,611 ) (5,971 ) (2,611 ) (2,968 ) Unrecognized net actuarial loss 21,256 22,018 316 767 Unrecognized prior service costs (464 ) (746 ) — — Net amount recognized $ 17,181 $ 15,301 $ (2,295 ) $ (2,201 ) In the fourth quarter of 2016, the Corporation offered to vested participants in the pension plan, who were no longer employees, the option of a one-time lump-sum payment in lieu of any future benefits that would have been payable from the plan. As a result, lump-sum payments from the plan were $3.2 million and exceeded the service cost and interest cost for the year triggering a settlement. The settlement was measured as of December 31, 2016 because the majority of lump sum payments occurred during December 2016. The settlement cost was $1.4 million . The amount represents a reclassification of accumulated other comprehensive income to pension expense (included in salaries and benefit expense in the statement of income) and had no impact on shareholders' equity. Information for the pension plan with an accumulated benefit obligation in excess of the fair value of plan assets is shown below. The accumulated benefit obligation did not exceed the fair value of plan assets at December 31, 2017 but is shown for comparative purposes. At December 31, (Dollars in thousands) 2017 2016 Projected benefit obligation $ 48,104 $ 45,129 Accumulated benefit obligation 44,976 42,178 Fair value of plan assets 46,753 41,418 Components of net periodic benefit cost were as follows: Retirement Plans Other Post Retirement (Dollars in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 524 $ 661 $ 756 $ 48 $ 46 $ 59 Interest cost 1,927 2,071 1,953 118 133 110 Expected return on plan assets (3,074 ) (3,041 ) (3,100 ) — — — Amortization of net actuarial loss 1,185 1,296 1,308 42 25 54 Accretion of prior service cost (282 ) (283 ) (280 ) — — — Settlement cost — 1,434 — — — — Net periodic benefit cost $ 280 $ 2,138 $ 637 $ 208 $ 204 $ 223 (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2018 : Amortization of net actuarial loss $ 1,173 $ 225 Accretion of prior service cost (283 ) — During 2018 , the Corporation expects to contribute approximately $158 thousand to the Retirement Plans and approximately $80 thousand to Other Postretirement Benefits. The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2018 $ 2,745 $ 80 2019 2,786 85 2020 2,829 88 2021 2,899 91 2022 2,901 97 Years 2023-2027 14,987 608 Weighted-average assumptions used to determine benefit obligations at December 31, 2017 and 2016 were as follows: Retirement Plans Other Postretirement Benefits 2017 2016 2017 2016 Assumed discount rate 3.6 % 4.0 % 3.6 % 4.0 % Assumed salary increase rate 3.0 3.0 — — The benefit obligation for all plans at December 31, 2017 was based on the RP-2014 mortality table using the projection scale MP-2017 published by the Society of Actuaries. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2017 and 2016 were as follows. The discount rate was determined utilizing the Citigroup Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. Retirement Plans Other Postretirement Benefits 2017 2016 2017 2016 Assumed discount rate 4.0 % 4.3 % 4.0 % 4.3 % Assumed long-term rate of investment return 7.5 7.5 — — Assumed salary increase rate 3.0 3.0 — — The Corporation's pension plan asset allocation at December 31, 2017 and 2016 , by asset category was as follows: Percentage of Plan Assets at December 31, 2017 2016 Asset Category: Equity securities 64 % 61 % Debt securities 35 38 Other 1 1 Total 100 % 100 % Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 7.5% . Equity securities do not include any common stock of the Corporation. The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 18, “Fair Value Disclosures.” Fair Value Measurements at December 31, (Dollars in thousands) 2017 2016 Level 1: Mutual funds $ 31,144 $ 26,292 Short-term investments 515 549 Level 2: U.S. government obligations 4,910 3,544 Corporate bonds 5,974 6,468 Level 3: Certificates of deposit 4,210 4,565 Total fair value of plan assets $ 46,753 $ 41,418 The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2017 and 2016 : (Dollars in thousands) Balance at December 31, 2016 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2017 Certificates of deposit $ 4,565 $ — $ — $ 535 $ (890 ) $ 4,210 Total Level 3 assets $ 4,565 $ — $ — $ 535 $ (890 ) $ 4,210 (Dollars in thousands) Balance at December 31, 2015 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2016 Certificates of deposit $ 4,755 $ — $ — $ 675 $ (865 ) $ 4,565 Total Level 3 assets $ 4,755 $ — $ — $ 675 $ (865 ) $ 4,565 |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 12 Months Ended |
Dec. 31, 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 up to 3,355,786 options and restricted stock to employees and non-employee directors, 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 number of shares of common stock available for issuance under the plan is subject to adjustment, as described in the plan. This includes, in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure affecting the stock, substitution or adjustment shall be made in the aggregate number of shares reserved for issuance under the plan, in the number and option price of shares subject to outstanding options granted under the plan and in the number and price of shares subject to other awards, as described in the plan. The plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years ; and for restricted stock awards valued at not less than 100 percent of the fair market value at the date of award grant. The options issued in 2017 become exercisable and vest at 33.3 percent per year for each of the following three years and remain exercisable for a period not exceeding ten years from the date of grant. For the majority of the restricted stock awards, the shares vest based upon the Corporation’s performance with respect to certain financial measures over a three -year period. There were 2,484,320 share awards available for future grants at December 31, 2017 under the plan. At December 31, 2017 , there were 512,735 options to purchase common stock and 229,026 unvested restricted stock awards outstanding under the plan. The following is a summary of the Corporation’s stock option activity and related information for the year ended December 31, 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 December 31, 2017 Outstanding at December 31, 2016 504,908 $ 19.06 Granted 189,797 28.15 Expired (73,600 ) 22.69 Forfeited (16,000 ) 23.35 Exercised (92,370 ) 18.14 Outstanding at December 31, 2017 512,735 21.90 7.4 $ 3,170 Exercisable at December 31, 2017 160,593 17.80 5.6 1,646 The following is a summary of nonvested stock options at December 31, 2017 including changes during the year: (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 189,797 6.72 Vested (130,595 ) 6.06 Forfeited (16,000 ) 6.47 Nonvested stock options at December 31, 2017 352,142 6.47 The Corporation's estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee turnover. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury strip rate in effect at the time of grant. Expected volatility is based on the historical volatility of the Corporation’s stock over the expected life of the grant. The Corporation uses a straight-line accrual method to recognize stock-based compensation expense over the time-period it expects the options to vest. The Corporation recognizes compensation expense for stock options over the requisite service period based on the grant-date fair value of those awards expected to ultimately vest. The Corporation records forfeitures as they occur. The following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated: For the Years Ended December 31, 2017 2016 2015 Actual Range Weighted Average Actual Expected option life in years 6.9 7.6 - 8.2 7.9 8.0 Risk free interest rate 2.30 % 1.38% - 1.89% 1.87 % 1.64 % Expected dividend yield 2.84 % 3.80% - 4.19% 4.06 % 4.32 % Expected volatility 29.75 % 37.71% - 46.22% 45.82 % 49.38 % Fair value of options $6.72 $5.40 - $6.27 $6.23 $6.07 The following is a summary of nonvested restricted stock awards at December 31, 2017 including changes during the year: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2016 285,158 $ 19.74 Granted 61,823 28.08 Vested (101,372 ) 19.80 Forfeited (16,583 ) 20.22 Nonvested share awards at December 31, 2017 229,026 21.93 The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated: (Dollars in thousands, except per share data) For the Years Ended December 31, 2017 2016 2015 Shares granted 61,823 176,255 65,755 Weighted average grant date fair value $ 28.08 $ 20.60 $ 18.62 Intrinsic value of awards vested $ 2,954 $ 1,000 $ 749 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 December 31, 2017 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 1,280 1.7 Restricted stock awards 2,291 1.4 $ 3,571 1.5 The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Stock-based compensation expense: Stock options $ 910 $ 577 $ 528 Restricted stock awards 2,256 1,507 893 Employee stock purchase plan 64 67 53 Total $ 3,230 $ 2,151 $ 1,474 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 1,432 $ 1,135 $ 339 There were no significant modifications or accelerations to options or restricted stock awards during the period 2015 through 2017 . The Corporation typically issues shares for stock option exercises and grants of restricted stock awards from its treasury stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2014 $ 1,711 $ (157 ) $ (16,016 ) $ (14,462 ) Net Change (2,303 ) (128 ) 185 (2,246 ) Balance, December 31, 2015 (592 ) (285 ) (15,831 ) (16,708 ) Net Change (4,396 ) 144 1,506 (2,746 ) Balance, December 31, 2016 (4,988 ) (141 ) (14,325 ) (19,454 ) Net Change 927 150 606 1,683 Balance, December 31, 2017 $ (4,061 ) $ 9 $ (13,719 ) $ (17,771 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lending Operations The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. The Bank offers commercial, mortgage, and consumer credit products to customers in the normal course of business, which are detailed in Note 6. These products represent a diversified credit portfolio and are generally issued to borrowers within the Bank’s market area. Financial instruments with off-balance sheet risk include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated balance sheets. The Corporation's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Collateral is obtained based on management’s credit assessment of the customer. Standby letters of credit commit the Bank to make payments on behalf of customers when certain specified future events occur. They are primarily issued to support commercial paper, medium and long-term notes and debentures, including industrial revenue obligations. The approximate term is usually one year but some can be up to five years . Historically, substantially all standby letters of credit expire unfunded. If funded, the majority of the letters of credit carry current market interest rates if converted to loans. Because letters of credit are generally un-assignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The carrying amount is recorded as unamortized deferred fees and the exposure is considered in the reserve for credit risk. At December 31, 2017 , the maximum potential amount of future payments under letters of credit is $53.0 million . The current carrying amount of the contingent obligation is $278 thousand . This arrangement has credit risk essentially the same as that involved in extending loans to customers and is subject to the Bank’s normal credit policies. Collateral is obtained based on management’s credit assessment of the customer. The following schedule summarizes the Corporation’s off-balance sheet financial instruments at December 31, 2017 : (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 1,127,545 Performance letters of credit 27,634 Financial standby letters of credit 24,477 Other letters of credit 849 The Bank maintains a reserve in other liabilities for estimated losses associated with sold mortgages that may be repurchased. At December 31, 2017 , the reserve for sold mortgages was $293 thousand . Legal Proceedings 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. During 2017, the Corporation recorded charge-offs of $2.8 million related to $5.0 million of software leases under a vendor referral program. These leases are personally guaranteed by 29 high net worth individuals. During 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 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. On September 25, 2017 , Univest Capital, Inc. entered into a Release and Settlement Agreement whereby Univest Capital, Inc. received $1.0 million based upon court approval of the Agreement and is eligible to receive up to an additional $1.3 million . Payment of the $1.3 million is subject to the individual guarantor's election of whether or not they will be subject to the Release and Settlement Agreement. It is expected this election process will be completed by March 31, 2018 and related funds are expected to be received by June 30, 2018. If a guarantor elects to be subject to the Release and Settlement Agreement, Univest Capital, Inc. will receive a payment of $43 thousand per guarantor. If a guarantor elects not to be subject to the Release and Settlement Agreement, Univest Capital, Inc. has the right to pursue collection of the full amount owed, which ranges from $108 thousand to $228 thousand per guarantor, via the normal collection process. As of December 31, 2017, Univest Capital, Inc. has a receivable totaling $1.3 million related to this matter, which is recorded as a non-accruing lease receivable. Operating Leases At December 31, 2017 , the Corporation and its subsidiaries were obligated under non-cancelable leases for various premises. Portions of certain properties are subleased. A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2018 $ 3,535 2019 3,407 2020 3,468 2021 3,514 2022 3,431 Thereafter 44,320 Total $ 61,675 Service Contracts At December 31, 2017 , the Corporation had contracts with third-party providers to manage the Corporation's network operations, data processing and other related services. The projected amount of the Corporation's future minimum payments due for contracts with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2018 $ 5,497 2019 4,867 2020 4,348 2021 3,790 2022 2,047 Thereafter 406 Total $ 20,955 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 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 December 31, 2017 , approximately $62 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 December 31, 2017 . At December 31, 2017 , the notional amount of the interest rate swap was $17.8 million , with a positive fair value of $13 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 $523 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 December 31, 2017 , the Corporation has fifteen variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $75.6 million , and remaining maturities ranging from one to 10 years. At December 31, 2017 , the fair value of the swaps to the customers was a liability of $36 thousand and all swaps were in paying positions to the third-party financial institution. At December 31, 2017 , there were no material 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 December 31, 2017 and 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 December 31, 2017 Interest rate swap - cash flow hedge $ 17,836 $ 13 $ — Interest rate swap - fair value hedge 1,388 — Other liabilities 12 Total $ 19,224 $ 13 $ 12 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 December 31, 2017 and 2016 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2017 Interest rate swap $ 523 $ — Other liabilities $ 38 Credit derivatives 75,622 — Other liabilities 36 Interest rate locks with customers 27,411 Other assets 527 — Forward loan sale commitments 29,037 Other assets 61 — Total $ 132,593 $ 588 $ 74 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 Classification For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 182 $ 308 $ 377 Interest rate swap—fair value hedge—ineffectiveness Other noninterest income 7 9 — Net loss $ (175 ) $ (299 ) $ (377 ) The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Credit derivatives Other noninterest income $ 403 $ 93 $ — Interest rate locks with customers Net gain (loss) on mortgage banking activities (274 ) (288 ) 301 Forward loan sale commitments Net gain (loss) on mortgage banking activities (196 ) 359 10 Total $ (67 ) $ 164 $ 311 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2017 and 2016 : Accumulated Other At December 31, (Dollars in thousands) 2017 2016 Interest rate swap—cash flow hedge Fair value, net of taxes $ 9 $ (141 ) Total $ 9 $ (141 ) |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 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. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. 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. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does have not sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. Certain corporate bonds owned by the Corporation are classified as Level 3 as they are not traded in active markets. The fair value of each bond 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 December 31, 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 $51 thousand at December 31, 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 $301 thousand primarily during the second quarter of 2017. The following table presents the assets and liabilities measured at fair value on a recurring basis at December 31, 2017 and 2016 , classified using the fair value hierarchy: At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 16,961 $ — $ 16,961 State and political subdivisions — 78,297 — 78,297 Residential mortgage-backed securities — 185,421 — 185,421 Collateralized mortgage obligations — 3,602 — 3,602 Corporate bonds — 79,190 27,986 107,176 Money market mutual funds 5,985 — — 5,985 Equity securities 1,076 — — 1,076 Total available-for-sale securities 7,061 363,471 27,986 398,518 Loans* — — 1,958 1,958 Interest rate swap* — 13 — 13 Interest rate locks with customers* — 527 — 527 Forward loan sale commitments* — 61 — 61 Total assets $ 7,061 $ 364,059 $ 29,944 $ 401,064 Liabilities: Contingent consideration liability $ — $ — $ 339 $ 339 Interest rate swaps* — 50 — 50 Credit derivatives* — — 36 36 Total liabilities $ — $ 50 $ 375 $ 425 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 17, "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 year ended December 31, 2017 and 2016 . For the Year Ended December 31, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at December 31, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (792 ) $ 27,986 Loans 2,138 — — (137 ) — (43 ) 1,958 Credit derivatives (9 ) (430 ) — — — 403 (36 ) Net total $ 30,907 $ (430 ) $ — $ (137 ) $ — $ (432 ) $ 29,908 For the Year Ended December 31, 2016 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at December 31, 2016 Corporate bonds — — — — — — 28,778 Loans — 2,313 — (65 ) — (110 ) 2,138 Credit derivatives — (102 ) — — — 93 (9 ) Net total $ — $ 2,211 $ — $ (65 ) $ — $ (17 ) $ 30,907 The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2017 and 2016 : For the Year Ended December 31, 2017 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2017 Sterner Insurance Associates $ 331 $ — $ 30 $ (301 ) $ — Girard Partners 5,668 — 5,383 54 339 Total contingent consideration liability $ 5,999 $ — $ 5,413 $ (247 ) $ 339 For the Year Ended December 31, 2016 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2016 Sterner Insurance Associates $ 1,144 $ — $ 1,325 $ 512 $ 331 Girard Partners 4,241 — 967 2,394 5,668 John T. Fretz Insurance Agency 192 — 260 68 — Total contingent consideration liability $ 5,577 $ — $ 2,552 $ 2,974 $ 5,999 *Includes adjustments during the measurement period in accordance with ASC Topic 805. The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or impairment charges of individual assets. The following table represents assets measured at fair value on a non-recurring basis at December 31, 2017 and 2016 : At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 28,351 $ 28,351 Impaired leases held for investment — — 1,250 1,250 Other real estate owned — — 1,843 1,843 Total $ — $ — $ 30,194 $ 30,194 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 December 31, 2017 and 2016 . The disclosed fair values are classified using the fair value hierarchy. At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 75,409 $ — $ — $ 75,409 $ 75,409 Held-to-maturity securities — 55,320 — 55,320 55,564 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 27,204 Loans held for sale — 1,676 — 1,676 1,642 Net loans and leases held for investment — — 3,547,451 3,547,451 3,566,953 Servicing rights — — 10,046 10,046 6,573 Total assets $ 75,409 $ 56,996 $ 3,557,497 $ 3,689,902 $ 3,733,345 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,980,170 $ — $ — $ 2,980,170 $ 2,980,170 Time deposits — 574,737 — 574,737 574,749 Total deposits 2,980,170 574,737 — 3,554,907 3,554,919 Short-term borrowings — 105,431 — 105,431 105,431 Long-term debt — 156,834 — 156,834 155,828 Subordinated notes — 98,075 — 98,075 94,331 Total liabilities $ 2,980,170 $ 935,077 $ — $ 3,915,247 $ 3,910,509 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,414 ) $ — $ (2,414 ) $ — 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 N/A N/A N/A N/A 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 approximates those assets’ fair values. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy. Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy. 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 December 31, 2017 and 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 since credit risk is not an observable input. 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 December 31, 2017 , impaired loans held for investment had a carrying amount of $28.5 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 $1.3 million with no reserve at December 31, 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 small business administration (SBA) loans. At December 31, 2017 and December 31, 2016 , servicing rights had a carrying amount of $6.6 million and $6.5 million , respectively, 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. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2017 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units, was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2017 . There was no impairment of goodwill or identifiable intangibles recorded. 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. New appraisals are generally obtained on an annual basis. During 2017 , two properties had write-downs totaling $199 thousand and seven properties were sold at a net gain of $383 thousand which were both included in other noninterest income in the statement of income. 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 subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. Off-balance-sheet instruments: Fair values for the Corporation’s off-balance-sheet instruments are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing and are classified within Level 2 in the fair value hierarchy. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 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 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 (901 ) — (58 ) (959 ) Non-cash settlement — (228 ) — (228 ) Accrued at December 31, 2017 $ — $ — $ 23 $ 23 |
Share Repurchase Plan
Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Share Repurchase Plan | Share Repurchase Plan On October 23, 2013, the Corporation’s Board of Directors approved a stock repurchase plan for the repurchase of up to 800,000 shares of common stock, or approximately 5% of the shares outstanding. On May 27, 2015, the Corporation's Board of Directors approved an increase of 1,000,000 shares in the common shares available for repurchase under the Corporation's share repurchase program, or approximately 5% of the Corporation's common stock outstanding as of May 27, 2015. During the years ended December 31, 2017 , 2016 and 2015 , the Corporation repurchased 0 , 66,000 and 608,757 shares of common stock at a cost of $0.0 million , $ 1.4 million and $12.0 million , respectively, under the share repurchase program. Shares available for future repurchases under the plan totaled 1,014,246 at December 31, 2017 . Total shares outstanding at December 31, 2017 were 29,334,859 . At December 31, 2017 , the aggregate purchases recorded as treasury stock, at cost, on the Corporation's consolidated balance sheet was $43.5 million . The Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s and the Bank’s financial statements. Capital adequacy guidelines, and additionally for the Bank the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total capital, Tier 1 capital and Tier 1 common capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The new minimum capital requirements were effective on January 1, 2015. Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The capital conservation buffer requirements began to be phased in over a four -year period beginning January 1, 2016 with final phase in occurring 2019. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a four -year period beginning January 1, 2015 . Under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. During 2018, the Corporation and the Bank must hold a capital conservation buffer greater than 1.875% above its minimum risk-based capital requirements in order to avoid limitations on capital distributions. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer which would require Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50% beginning in the first quarter of 2019. The below table presents the Corporation's and Bank's actual and required capital ratios as of December 31, 2017 and December 31, 2016 under regulatory capital rules. On December 6, 2017, the Corporation completed its public offering of common stock which increased shareholders' equity by $70.5 million . As of December 31, 2017, the capital raised remained at the Corporation and was not contributed to the Bank. See Note 3, "Common Stock Issuance" for additional information. (Dollars in thousands) Actual For Capital Adequacy To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio At December 31, 2017 Total Capital (to Risk-Weighted Assets): Corporation $ 563,797 14.00 % $ 322,148 8.00 % $ 402,685 10.00 % Bank 464,851 11.62 320,003 8.00 400,004 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 447,228 11.11 241,611 6.00 322,148 8.00 Bank 442,613 11.07 240,002 6.00 320,003 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 447,228 11.11 181,208 4.50 261,745 6.50 Bank 442,613 11.07 180,002 4.50 260,002 6.50 Tier 1 Capital (to Average Assets): Corporation 447,228 10.48 170,753 4.00 213,441 5.00 Bank 442,613 10.45 169,453 4.00 211,816 5.00 At December 31, 2016 Total Capital (to Risk-Weighted Assets): Corporation $ 462,198 12.44 % $ 297,284 8.00 % $ 371,604 10.00 % Bank 436,435 11.85 294,679 8.00 368,349 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 349,942 9.42 222,963 6.00 297,284 8.00 Bank 418,266 11.36 221,010 6.00 294,679 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 349,942 9.42 167,222 4.50 241,543 6.50 Bank 418,266 11.36 165,757 4.50 239,427 6.50 Tier 1 Capital (to Average Assets): Corporation 349,942 8.84 158,410 4.00 198,013 5.00 Bank 418,266 10.64 157,254 4.00 196,567 5.00 At December 31, 2017 and December 31, 2016 , management believes that the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. The Corporation, like other bank holding companies, currently is required to maintain Tier 1 Capital and Total Capital equal to at least 6.0% and 8.0% , respectively, of its total risk-weighted assets (including various off-balance-sheet items). The Bank, like other depository institutions, is required to maintain similar capital levels under capital adequacy guidelines. During 2017, the Corporation and the Bank was required to hold a capital conservation buffer comprised of common equity Tier I capital above its minimum risk-based capital requirements in an amount greater than 1.250% of total risk-weighted assets in order to avoid limitations on capital distributions. For a depository institution to be considered “well capitalized” under the regulatory framework for prompt corrective action, Tier 1 and Total Capital ratios must be at least 8.0% and 10.0% on a risk-adjusted basis, respectively. At December 31, 2017 , the Bank is categorized as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Bank’s category. The Corporation will continue to analyze the impact of the phase in of the capital conservation buffer as well as the impact on new accounting rules, such as Lease Accounting (ASU No. 2016-02) and CECL (ASU No. 2016-13) on its regulatory capital ratios. See Note 1 to the financial statements included in Part II, Item 8 of this Form 10-K for additional information. Dividends and Other Restrictions The primary source of the Corporation’s dividends paid to its shareholders is from the earnings of the Bank paid to the Corporation in the form of dividends. The approval of the Federal Reserve Board of Governors is required for a state bank member in the Federal Reserve system to pay dividends if the total of all dividends declared in any calendar year exceeds the Bank’s net profits (as defined) for that year combined with its retained net profits for the preceding two calendar years. Under this formula, the Bank can declare dividends in 2018 without approval of the Federal Reserve Board of Governors of approximately $36.5 million plus an additional amount equal to the Bank’s net profits for 2018 up to the date of any such dividend declaration. Federal Reserve Board policy applicable to the holding company also provides that, as a general matter, a bank holding company should inform the Federal Reserve and should eliminate, defer or significantly reduce the holding company’s dividends if the holding company’s net income for the preceding four quarters, net of dividends paid during the period, is not sufficient to fully fund the dividends, the holding company’s prospective rate of earnings retention is inconsistent with capital needs and overall current and prospective financial condition, or the holding company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Federal Reserve Board policy also provides that a bank holding company should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period or that could result in a material adverse change to the organization’s capital structure. The Federal Reserve Act requires that the extension of credit by the Bank to certain affiliates, including the Corporation (parent), be secured by readily marketable securities, that the extension of credit to any one affiliate be limited to 10% of the Bank’s capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of the Bank’s capital and surplus. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Corporation has made loans and commitments to extend credit to certain directors and executive officers of the Corporation and companies in which directors have an interest (Related Parties). These loans and commitments have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with customers not related to the lender and did not involve more than the normal risk of collectability or present other unfavorable terms. The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2017 : (Dollars in thousands) Balance at January 1, 2017 $ 57,386 Additions 13,840 Amounts collected and other reductions (53,381 ) Balance at December 31, 2017 $ 17,845 The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2017 Commitments to extend credit $ 16,039 Deposits received 14,257 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At December 31, 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, consumer and mortgage banking, as well as lease financing. 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 tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2017 , 2016 and 2015 . (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2017 Interest income $ 162,982 $ 8 $ — $ 25 $ 163,015 Interest expense 14,802 — — 5,037 19,839 Net interest income (expense) 148,180 8 — (5,012 ) 143,176 Provision for loan and lease losses 9,892 — — — 9,892 Noninterest income 21,838 21,707 15,320 375 59,240 Intangible expenses 1,507 674 401 — 2,582 Other noninterest expense 100,670 13,732 11,667 2,062 128,131 Intersegment (revenue) expense* (1,059 ) 585 474 — — Income (expense) before income taxes 59,008 6,724 2,778 (6,699 ) 61,811 Income tax expense (benefit) 15,735 2,597 374 (989 ) 17,717 Net income (loss) $ 43,273 $ 4,127 $ 2,404 $ (5,710 ) $ 44,094 Total assets $ 4,466,301 $ 34,600 $ 27,846 $ 26,115 $ 4,554,862 Capital expenditures $ 7,731 $ 38 $ 222 $ 612 $ 8,603 For the Year Ended December 31, 2016 Interest income $ 126,571 $ 5 $ — $ 31 $ 126,607 Interest expense 8,224 — — 4,158 12,382 Net interest income (expense) 118,347 5 — (4,127 ) 114,225 Provision for loan and lease losses 4,821 — — — 4,821 Noninterest income 21,296 19,318 15,150 199 55,963 Intangible expenses 932 3,132 1,464 — 5,528 Acquisition-related and integration costs and restructuring charges 16,096 — — 1,559 17,655 Other noninterest expense 88,065 12,980 11,924 5,829 118,798 Intersegment (revenue) expense* (1,766 ) 788 978 — — Income (expense) before income taxes 31,495 2,423 784 (11,316 ) 23,386 Income tax expense (benefit) 6,510 857 348 (3,834 ) 3,881 Net income (loss) $ 24,985 $ 1,566 $ 436 $ (7,482 ) $ 19,505 Total assets $ 4,137,873 $ 35,061 $ 24,472 $ 33,122 $ 4,230,528 Capital expenditures $ 9,944 $ 29 $ 30 $ 1,660 $ 11,663 For the Year Ended December 31, 2015 Interest income $ 101,950 $ 1 $ — $ 32 $ 101,983 Interest expense 6,042 — — 2,023 8,065 Net interest income (expense) 95,908 1 — (1,991 ) 93,918 Provision for loan and lease losses 3,802 — — — 3,802 Noninterest income 18,934 18,874 14,396 221 52,425 Intangible expenses 293 410 1,864 — 2,567 Acquisition-related and integration costs and restructuring charges 1,992 — — 2,187 4,179 Other noninterest expense 78,122 12,276 10,849 (2,478 ) 98,769 Intersegment (revenue) expense* (2,115 ) 867 1,248 — — Income (expense) before income taxes 32,748 5,322 435 (1,479 ) 37,026 Income tax expense (benefit) 7,693 2,054 164 (153 ) 9,758 Net income (loss) $ 25,055 $ 3,268 $ 271 $ (1,326 ) $ 27,268 Capital expenditures $ 5,003 $ 19 $ 58 $ 1,650 $ 6,730 *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. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | Condensed Financial Information - Parent Company Only Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2017 2016 Assets: Cash and due from banks $ 73,756 $ 1,980 Investments in securities 1,077 914 Investments in subsidiaries, at equity in net assets: Bank 612,045 587,532 Non-banks — — Other assets 32,399 32,124 Total assets $ 719,277 $ 622,550 Liabilities: Dividends payable $ 5,866 $ 5,316 Subordinated notes 94,331 94,087 Other liabilities 15,706 17,938 Total liabilities 115,903 117,341 Shareholders' equity: 603,374 505,209 Total liabilities and shareholders' equity $ 719,277 $ 622,550 The Corporation’s condensed Balance Sheet at December 31, 2017 reflects the issuance of the Corporation's common stock related to the December 2017 public offering which increased shareholder's equity by $70.5 million . (Dollars in thousands) For the Years Ended December 31, Statements of Income 2017 2016 2015 Dividends from Bank $ 26,263 $ 94,042 $ 26,523 Dividends from non-bank — — — Net gain on sales of securities 3 23 285 Other income 24,740 18,663 18,428 Total operating income 51,006 112,728 45,236 Interest expense 5,037 4,158 2,023 Operating expenses 26,405 25,843 19,810 Income before income tax benefit and equity in undistributed income (loss) of subsidiaries 19,564 82,727 23,403 Income tax benefit (989 ) (3,834 ) (728 ) Income before equity in undistributed income (loss) of subsidiaries 20,553 86,561 24,131 Equity in undistributed income (loss) of subsidiaries: Bank 23,541 (67,056 ) 3,137 Non-banks — — — Net income $ 44,094 $ 19,505 $ 27,268 (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2017 2016 2015 Cash flows from operating activities: Net income $ 44,094 $ 19,505 $ 27,268 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net (income) loss of subsidiaries (23,541 ) 67,056 (3,137 ) Net gain on sales of securities (3 ) (23 ) (285 ) Bank owned life insurance income (343 ) (182 ) (5 ) Depreciation of premises and equipment 387 339 275 Stock based compensation 3,166 2,084 1,421 Contributions to pension and other postretirement benefit plans (2,295 ) (2,261 ) (2,271 ) (Increase) decrease in other assets (3,384 ) 1,098 (4,268 ) Increase (decrease) in other liabilities 4,101 213 2,027 Net cash provided by operating activities 22,182 87,829 21,025 Cash flow from investing activities: Investments in subsidiaries — (40,000 ) (30,000 ) Proceeds from sales of securities 3 38 708 Outlays for business acquisitions — (87,683 ) — Proceeds from bank owned life insurance 183 — — Other, net (364 ) (1,619 ) (1,640 ) Net cash used in investing activities (178 ) (129,264 ) (30,932 ) Cash flows from financing activities: Net decrease in short-term borrowings — (253 ) — Proceeds from issuance of subordinated notes — 44,515 49,267 Purchases of treasury stock (3,519 ) (8,359 ) (13,342 ) Proceeds from public offering of common stock 70,501 — — Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans 2,413 2,472 2,434 Proceeds from exercise of stock options, including excess tax benefits 1,676 4,968 534 Cash dividends paid (21,299 ) (17,024 ) (15,010 ) Net cash provided by financing activities 49,772 26,319 23,883 Net increase (decrease) in cash and due from financial institutions 71,776 (15,116 ) 13,976 Cash and due from financial institutions at beginning of year 1,980 17,096 3,120 Cash and due from financial institutions at end of year $ 73,756 $ 1,980 $ 17,096 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 4,800 $ 3,956 $ 1,275 Income tax, net of refunds received 11,600 6,675 1,770 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) The unaudited results of operations for the quarters for the years ended December 31, 2017 and 2016 were as follows: (Dollars and shares in thousands) 2017 Quarterly Financial Data: Fourth Third Second First Interest income $ 42,417 $ 42,172 $ 40,030 $ 38,396 Interest expense 5,711 5,285 4,730 4,113 Net interest income 36,706 36,887 35,300 34,283 Provision for loan and lease losses 1,992 2,689 2,766 2,445 Net interest income after provision for loan and lease losses 34,714 34,198 32,534 31,838 Noninterest income 14,152 14,109 16,009 14,970 Noninterest expense 33,440 32,695 32,548 32,030 Income before income taxes 15,426 15,612 15,995 14,778 Income taxes 5,162 4,416 4,217 3,922 Net income $ 10,264 $ 11,196 $ 11,778 $ 10,856 Per share data: Weighted average shares outstanding - basic earnings per share 27,254 26,437 26,380 26,345 Weighted average shares outstanding - diluted earnings per share 27,356 26,542 26,477 26,448 Basic earnings per share $ 0.37 $ 0.42 $ 0.44 $ 0.41 Diluted earnings per share $ 0.37 $ 0.42 $ 0.44 $ 0.41 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2016 Quarterly Financial Data: Fourth Third Second First Interest income $ 38,056 $ 36,705 $ 26,112 $ 25,734 Interest expense 3,884 3,836 2,451 2,211 Net interest income 34,172 32,869 23,661 23,523 Provision for loan and lease losses 2,250 1,415 830 326 Net interest income after provision for loan and lease losses 31,922 31,454 22,831 23,197 Noninterest income 13,994 14,137 14,001 13,831 Noninterest expense 38,430 47,066 29,546 26,939 Income before income taxes 7,486 (1,475 ) 7,286 10,089 Income taxes 568 (1,533 ) 2,046 2,800 Net income $ 6,918 $ 58 $ 5,240 $ 7,289 Per share data: Weighted average shares outstanding - basic earnings per share 26,300 26,273 19,434 19,402 Weighted average shares outstanding - diluted earnings per share 26,436 26,340 19,469 19,433 Basic earnings per share $ 0.27 $ — $ 0.27 $ 0.37 Diluted earnings per share $ 0.27 $ — $ 0.27 $ 0.37 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 The quarterly results for 2017 and 2016 include the acquisition of Fox Chase Bancorp on July 1, 2016. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization Univest Corporation of Pennsylvania (the Corporation) through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic commercial and consumer banking services and provides a full range of banking and trust services to its customers. The Bank wholly owns Univest Capital, Inc., which provides lease financing, and Delview, Inc., who through its subsidiaries, Univest Investments, Inc., Univest Insurance, Inc. and Girard Partners provides financial planning, investment management, investment advisory, insurance products and brokerage services. Univest Investments, Inc., Univest Insurance, Inc. and Univest Capital, Inc. were formed to enhance the traditional banking and trust services provided by the Bank, along with the acquisition of Girard Partners. At December 31, 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. For more detailed discussion and financial information on the business segments, see Note 23 “Segment Reporting.” The Bank serves Bucks, Berks, Chester, Delaware, Lancaster, Lehigh, Montgomery, Northampton and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey through forty-one banking offices and provides banking and trust services to the residents and employees of fourteen retirement communities. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries; the Corporation’s primary subsidiary is the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale, reserve for loan and lease losses and purchase accounting |
Interest-earning Deposits with Other Banks | Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. |
Investment Securities | Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2017 or 2016 . Securities not classified as held-to-maturity or trading are designated securities available-for-sale and carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. 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. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. 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 evaluates its equity securities for other-than-temporary impairment. |
Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values | Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2017 and 2016 , the Bank held $14.6 million , respectively, in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the FHLB, and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held FHLB stock of $12.5 million and $10.1 million at December 31, 2017 and 2016 , respectively. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and evaluated for other-than-temporary impairment. The Corporation determined there was no other-than-temporary impairment of its investments in these stocks at December 31, 2017 or 2016 . |
Loans Held For Sale | Loans Held for Sale The Corporation originates mortgage loans for investment and for sale. At origination, a mortgage loan is identified as either for sale or for investment. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Net unrealized losses are recognized by charges to non-interest income. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. |
Loans and Leases | Loans and Leases Loans and leases are stated at the principal amount less net deferred fees and unearned discount. Interest income on commercial loans, real estate loans excluding residential real estate loans, and consumer loans is recorded on the outstanding balance method, using actual interest rates applied to daily principal balances. Interest on residential real estate loans is recorded based on the outstanding balance using the actual interest rate based upon a monthly interest calculation. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the net deferred fees is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement or when a loan or lease is classified as a troubled debt restructuring. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. |
Acquired Loans | Acquired Loans Acquired loan portfolios are initially recorded at the acquisition date fair value. The fair value is based on guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs are utilized to value the portfolio and include the use of present value techniques employing cash flow estimates and incorporate assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information is not available, the Corporation uses assumptions in an effort to determine reasonable fair value. Specifically, management utilizes three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used are: 1) interest rate loan fair value analysis; 2) general credit fair value analysis; and 3) specific credit fair value analysis. There is no carryover related allowance for loan losses. For loans acquired without evidence of credit quality deterioration, the fair value adjustments to reflect the fair value of the loans and the fair value adjustments to reflect the general credit risk of the loan portfolio are substantially recognized as interest income on a level yield amortization method based upon the expected life of the loan. Subsequent to the acquisition, 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. For loans acquired with evidence of credit quality deterioration, the Corporation prepares a specific credit fair value adjustment. Management reviews the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition are reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount. The accretable discount amount is recognized over the life of the loans on a level yield basis as an adjustment to yield. Any disposals of loans, including sales of loans, payments in full or foreclosures result in the derecognition of the loan at its carrying value with differences in actual results reflected in interest income. 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. |
Loan and Lease Fees | Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. |
Reserve for Loan and Lease Losses | Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank establishes a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the experience, ability, and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. In addition, the Bank's primary examiner, as a regular part of their examination process, may require the Bank to increase the level of reserves. |
Premises and Equipment | Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets or, for leasehold improvements, over the life of the related lease if less than the estimated useful life of the asset. The estimated useful life for new buildings constructed on land owned is forty years . For new buildings constructed on leased land, the estimated useful life is the lesser of twenty-five years (fifteen years if the cost is less than $750 thousand) or the initial term including anticipated renewable terms . The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Land improvements are considered to have estimated useful lives of the lesser of fifteen years or the lease term including anticipated renewable terms. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years . Customer related intangibles are amortized over their estimated useful lives of five to twelve years. Covenants not to compete are amortized over their three to five -year contractual lives on a straight-line basis. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. There can be no assurance that future impairment analyses will not result in a charge to earnings. Mortgage servicing rights are recognized as separate assets when loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amoun |
Bank Owned Life Insurance | Bank Owned Life Insurance The Corporation has invested in bank-owned life insurance (BOLI). BOLI involves the purchasing of life insurance by the Corporation for certain employees. The Corporation is the owner and beneficiary of the policies, however certain policies include split-dollar endorsements. Under these endorsements, beneficiaries of the insured individuals are entitled to a portion of the proceeds from the policy upon death of the insured. The life insurance investment is carried at the net cash surrender value of the underlying policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (OREO) represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is originally stated at an amount equal to the fair value of the property, less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. The amount, if any, by which the carrying amount of the loan plus recorded accrued interest (the recorded loan amount) exceeds the fair value less cost to sell of the OREO, the loss is charged against the reserve for loan and lease losses at the time of foreclosure or repossession. If the fair value less cost to sell of the OREO asset when taken into possession is greater than the recorded loan amount, the excess is first applied as a recovery against any prior charge-offs of the loan and any remaining gain is recorded as other noninterest income. Subsequently, OREO will be reported at the lower of the original cost and the current the fair value less cost to sell. Subsequent write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. 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. Overages and subsequent carrying costs are expensed as incurred. |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying forecasted transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. 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. 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. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. |
Income Taxes | Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are “more likely than not.” If management determines that the Corporation is not more likely than not, to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a non-deductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Effective December 31, 2009, the benefits previously accrued under the noncontributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion effective December 31, 2009, the plan provided benefits based on a formula of each participant’s final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits 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. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation’s measurement date for plan assets and obligation is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 prior to the existence of a 401(k) deferred salary savings, employee stock purchase and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. These non-qualified plans are accounted for under guidance for deferred compensation arrangements. |
Stock-Based Compensation | Stock-Based Compensation The fair value of share based awards is recognized as compensation expense over the vesting period based on the grant-date fair value of the awards. The Corporation uses the Black-Scholes Model to estimate the fair value of each option on the date of grant. The Black-Scholes Model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Corporation grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The Corporation grants both fixed and variable (performance-based) restricted stock. The performance-based restricted stock awards vest based upon the Corporation’s performance with respect to certain financial measures over a three -year period. The fair value of fixed restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. The fair value of the performance-based restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period adjusted for a probability factor of achieving the performance goals. |
Dividend Reinvestment and Employee Stock Purchase Plans | Dividend Reinvestment and Employee Stock Purchase Plans The Univest Dividend Reinvestment Plan allows for the issuance of 1,968,750 shares of common stock. During 2017 and 2016 , 60,602 and 86,350 shares, respectively, were issued under the dividend reinvestment plan, with 317,283 shares available for future purchase at December 31, 2017 . The 1996 Employee Stock Purchase Plan allows for the issuance of 984,375 shares of common stock. Employees may elect to make contributions to the plan in an aggregate amount not less than 2% or more than 10% of such employee’s total compensation. These contributions are then used to purchase stock during an offering period determined by the Corporation’s Employee Stock Purchase Plan Committee. The purchase price of the stock is 90% of the closing sale price on the last trading day of each quarter. Compensation expense is recognized as the discount is greater than 5% of the fair value. During 2017 and 2016 , 22,092 and 28,919 shares, respectively, were issued under the employee stock purchase plan, with 655,173 shares available for future purchase at December 31, 2017 . |
Marketing and Advertising Costs | Marketing and Advertising Costs The Corporation’s accounting policy is to expense marketing and advertising costs as incurred, when the advertisement first takes place, or over the expected useful life of the related asset. |
Statement of Cash Flows | Statement of Cash Flows The Corporation has defined those items included in the caption “Cash and due from banks” as cash and cash equivalents. |
Trust Assets | Assets under Management Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. |
Earnings per Share | Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if options on common shares had been exercised, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Corporation relate solely to outstanding stock options, and are determined using the treasury stock method. The effects of options to issue common stock are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU clarifies the accounting treatment of the reclassification of certain income tax effects within accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act. Among other changes, upon adoption of the ASU, an entity will be required to disclose a description of the accounting policy for releasing stranded income tax effects from accumulated other comprehensive income. The standard is required to be adopted for periods beginning after December 15, 2018 with early adoption available for any set of financial statements that have yet to be issued or made available for issuance. The Corporation expects to adopt ASU 2018-02 in its 2018 financial statements and upon adoption will reclassify stranded tax charges, totaling $3.9 million , from accumulated other comprehensive income to retained earnings. Additionally, in accordance with ASU 2016-01, stranded tax benefits related to unrealized net gains on equity securities, totaling $93 thousand , will be reclassified to retained earnings upon adoption on January 1, 2018. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. " The amendments in this update expand and refine hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Additional hedging strategies permitted for hedge accounting include: hedges of contractually-specified price components of commodity purchases or sales, hedges of the benchmark rate component of the contractual coupon cash flows of fixed-rate assets or liabilities, hedges of the portion of a closed portfolio of prepayable assets not expected to prepay, and partial-term hedges of fixed-rate assets or liabilities. The ASU amends the presentation and disclosure requirements and changes how entities assess effectiveness. The ASU eliminates the requirement to separately measure and report hedge ineffectiveness and requires all items that affect earnings be presented in the same income statement line as the hedged items. After initial qualification, the new guidance permits a qualitative effectiveness assessment for certain hedges instead of a quantitative test, such as a regression analysis, if the entity can reasonably support an expectation of high effectiveness throughout the term of the hedge. An initial quantitative test to establish that the hedge relationship is highly effective is still required. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public business entities, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. The amended presentation and disclosure guidance is required only prospectively. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In May 2017, the FASB issued 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 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. Effective January 1, 2018, components of net benefit cost other than the service cost component will be presented in the Corporation's income statement in other noninterest expense rather than in salaries, benefits and commission expense. 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 expect 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 all Corporation and Bank 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 requires 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 simplifies 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. 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 is required to 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) is required to 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, December 31, 2017 , the Corporation's equity portfolio had a carrying value of $1.1 million which included an unrealized net gain of $666 thousand . At December 31, 2017 , $433 thousand was recorded in accumulated other comprehensive income which represented the unrealized net gain, net of income taxes, based on the Corporation’s statutory tax rate as of December 31, 2017. Upon implementation using the prospective approach, the balance in accumulated other comprehensive income of $433 thousand will be reclassed to retained earnings. The carrying value of the equity securities 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)” and subsequent related updates. 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 requires 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. This guidance is effective for fiscal years and interim periods within those years, beginning after December 15, 2017. This guidance allows for adoption using the full retrospective method, with adjustment to each prior reporting period presented in accordance with the guidance on accounting changes, or the modified retrospective method, with a cumulative-effect adjustment to opening retained earnings. The Corporation plans to adopt the guidance effective January 1, 2018 and will use the modified retrospective method with a cumulative-effect adjustment to opening retained earnings, though no significant adjustments are expected at this time. The Corporation’s revenue is the sum of net interest income and noninterest income. The scope of the guidance excludes nearly all net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives. The Corporation determined that approximately 84% of non-interest income revenue in the year ended December 31, 2017 , is within the scope of the new standard. Non-interest income streams that are out of scope of the new standard include BOLI, sales of investment securities, mortgage banking activities, certain items within other service fee income such as mortgage servicing income, and certain items within other income. Management has reviewed contracts related to trust fee income, service charges on deposits, investment advisory commissions and fee income, insurance commission and fee income and certain items within other service fee income and other income and has not identified material changes to the timing or amount of revenue recognition. The Corporation will continue to evaluate changes that may be necessary to applicable disclosures of disaggregation of total revenue, information about performance obligations, information about key judgments and estimates and policy decisions regarding revenue recognition. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands) 2017 2016 2015 Numerator: Net income $ 44,094 $ 19,505 $ 27,268 Net income allocated to unvested restricted stock (409 ) (167 ) (204 ) Net income allocated to common shares $ 43,685 $ 19,338 $ 27,064 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 26,606 22,871 19,491 Effect of dilutive securities—employee stock options 102 60 31 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 26,708 22,931 19,522 Basic earnings per share $ 1.64 $ 0.85 $ 1.39 Diluted earnings per share $ 1.64 $ 0.84 $ 1.39 Average anti-dilutive options excluded from computation of diluted earnings per share 169 280 496 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , by contractual maturity within each type: At December 31, 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 $ 6,995 $ — $ (77 ) $ 6,918 $ — $ — $ — $ — 6,995 — (77 ) 6,918 — — — — Residential mortgage-backed securities: After 5 years to 10 years 8,944 — (51 ) 8,893 — — — — Over 10 years 39,625 44 (160 ) 39,509 5,071 — (3 ) 5,068 48,569 44 (211 ) 48,402 5,071 — (3 ) 5,068 Corporate bonds: Within 1 year — — — — 19,810 2 (9 ) 19,803 — — — — 19,810 2 (9 ) 19,803 Total $ 55,564 $ 44 $ (288 ) $ 55,320 $ 24,881 $ 2 $ (12 ) $ 24,871 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 1,499 $ — $ (3 ) $ 1,496 $ 15,000 $ 20 $ — $ 15,020 After 1 year to 5 years 15,590 — (125 ) 15,465 17,265 — (19 ) 17,246 17,089 — (128 ) 16,961 32,265 20 (19 ) 32,266 State and political subdivisions: Within 1 year 2,721 1 (6 ) 2,716 964 — (1 ) 963 After 1 year to 5 years 16,787 33 (44 ) 16,776 18,705 38 (75 ) 18,668 After 5 years to 10 years 54,846 897 (73 ) 55,670 55,541 829 (426 ) 55,944 Over 10 years 3,120 15 — 3,135 12,663 226 (114 ) 12,775 77,474 946 (123 ) 78,297 87,873 1,093 (616 ) 88,350 Residential mortgage-backed securities: After 1 year to 5 years 3,913 12 (26 ) 3,899 6,086 — (66 ) 6,020 After 5 years to 10 years 51,428 5 (852 ) 50,581 23,479 — (622 ) 22,857 Over 10 years 133,237 87 (2,383 ) 130,941 174,388 99 (4,794 ) 169,693 188,578 104 (3,261 ) 185,421 203,953 99 (5,482 ) 198,570 Collateralized mortgage obligations: After 5 years to 10 years 2,103 — (82 ) 2,021 — — — — Over 10 years 1,567 14 — 1,581 4,659 — (105 ) 4,554 3,670 14 (82 ) 3,602 4,659 — (105 ) 4,554 Corporate bonds: Within 1 year 10,006 — (5 ) 10,001 250 — — 250 After 1 year to 5 years 24,885 20 (147 ) 24,758 35,923 34 (241 ) 35,716 After 5 years to 10 years 16,669 71 (296 ) 16,444 15,193 — (516 ) 14,677 Over 10 years 60,000 — (4,027 ) 55,973 60,000 27 (2,472 ) 57,555 111,560 91 (4,475 ) 107,176 111,366 61 (3,229 ) 108,198 Money market mutual funds: No stated maturity 5,985 — — 5,985 10,784 — — 10,784 5,985 — — 5,985 10,784 — — 10,784 Equity securities: No stated maturity 410 667 (1 ) 1,076 411 504 — 915 410 667 (1 ) 1,076 411 504 — 915 Total $ 404,766 $ 1,822 $ (8,070 ) $ 398,518 $ 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 years ended December 31, 2017 , 2016 and 2015 : For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Securities available-for-sale: Proceeds from sales $ 7,069 $ 77,290 $ 77,308 Gross realized gains on sales 74 600 1,295 Gross realized losses on sales 26 82 30 Tax expense related to net realized gains on sales 17 181 443 |
Schedule of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at December 31, 2017 and 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 investments before a recovery of carrying value. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2017 Securities Held-to-Maturity U.S. government corporations and agencies $ 6,919 $ (77 ) $ — $ — $ 6,919 $ (77 ) Residential mortgage-backed securities 40,881 (211 ) — — 40,881 (211 ) Total $ 47,800 $ (288 ) $ — $ — $ 47,800 $ (288 ) Securities Available-for-Sale U.S. government corporations and agencies $ 5,213 $ (38 ) $ 11,749 $ (90 ) $ 16,962 $ (128 ) State and political subdivisions 18,457 (91 ) 6,332 (32 ) 24,789 (123 ) Residential mortgage-backed securities 32,217 (210 ) 141,371 (3,051 ) 173,588 (3,261 ) Collateralized mortgage obligations — — 2,021 (82 ) 2,021 (82 ) Corporate bonds 18,464 (1,016 ) 71,957 (3,459 ) 90,421 (4,475 ) Equity securities — (1 ) 4 — 4 (1 ) Total $ 74,351 $ (1,356 ) $ 233,434 $ (6,714 ) $ 307,785 $ (8,070 ) 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 ) At December 31, 2017, gross unrealized losses for securities in an unrealized loss position for twelve months or longer, totaled $6.7 million . Four federal agency bonds, fourteen investment grade corporate bonds, 104 federal agency residential mortgage securities, and seven investment grade municipal bonds had respective unrealized loss positions of $90 thousand , $3.5 million , $3.1 million and $32 thousand , respectively. The fair value of these 129 securities fluctuate with changes in market conditions which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Corporation concluded these securities were not other-than-temporarily impaired. |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | At December 31, 2017 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 833,100 $ 63,111 $ 896,211 Real estate-commercial 1,235,681 306,460 1,542,141 Real estate-construction 171,244 4,592 175,836 Real estate-residential secured for business purpose 250,800 91,167 341,967 Real estate-residential secured for personal purpose 260,654 60,920 321,574 Real estate-home equity secured for personal purpose 171,884 12,386 184,270 Loans to individuals 28,156 144 28,300 Lease financings 129,768 — 129,768 Total loans and leases held for investment, net of deferred income $ 3,081,287 $ 538,780 $ 3,620,067 Unearned lease income, included in the above table $ (14,243 ) $ — $ (14,243 ) Net deferred costs, included in the above table 4,669 — 4,669 Overdraft deposits included in the above table 222 — 222 |
Schedule of Impaired Loans | The outstanding principal balance and carrying amount for acquired credit impaired loans at December 31, 2017 and 2016 were as follows: (Dollars in thousands) At December 31, 2017 At December 31, 2016 Outstanding principal balance $ 2,325 $ 8,993 Carrying amount 1,583 7,352 Allowance for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: For the Years Ended December 31, (Dollars in thousands) 2017 2016 Beginning of period $ 50 $ 144 Acquisition of credit impaired loans — 283 Reclassification from nonaccretable discount 891 1,329 Accretable yield amortized to interest income (926 ) (1,672 ) Disposals (4 ) (34 ) End of period $ 11 $ 50 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 December 31, 2017 and 2016 . The impaired loans exclude acquired credit impaired loans. At December 31, 2017 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 7,019 $ 8,301 $ 10,911 $ 12,561 Real estate—commercial real estate 15,621 16,507 24,469 25,342 Real estate—construction 365 365 — — Real estate—residential secured for business purpose 3,430 4,620 5,704 6,253 Real estate—residential secured for personal purpose 508 566 560 594 Real estate—home equity secured for personal purpose 511 523 525 528 Total impaired loans with no related reserve recorded $ 27,454 $ 30,882 $ 42,169 $ 45,278 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 60 $ 60 $ 31 $ 166 $ 166 $ 19 Real estate—commercial real estate 933 933 99 597 597 25 Real estate—residential secured for business purpose 35 37 1 983 1,105 191 Total impaired loans with a reserve recorded $ 1,028 $ 1,030 $ 131 $ 1,746 $ 1,868 $ 235 Total impaired loans: Commercial, financial and agricultural $ 7,079 $ 8,361 $ 31 $ 11,077 $ 12,727 $ 19 Real estate—commercial real estate 16,554 17,440 99 25,066 25,939 25 Real estate—construction 365 365 — — — — Real estate—residential secured for business purpose 3,465 4,657 1 6,687 7,358 191 Real estate—residential secured for personal purpose 508 566 — 560 594 — Real estate—home equity secured for personal purpose 511 523 — 525 528 — Total impaired loans $ 28,482 $ 31,912 $ 131 $ 43,915 $ 47,146 $ 235 The following is a summary of the acquired impaired loans at July 1, 2016 resulting from the acquisition with Fox Chase: (Dollars in thousands) Contractually required principal and interest payments $ — Contractual cash flows not expected to be collected (nonaccretable difference) — Cash flows expected to be collected — Interest component of expected cash flows (accretable discount) — Fair value of loans acquired with a deterioration of credit quality $ — |
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2017 and 2016 , the schedule of minimum lease payments receivable is as follows: At December 31, (Dollars in thousands) 2017 2016 Within 1 year $ 53,625 $ 56,872 After 1 year through 2 years 41,351 41,931 After 2 years through 3 years 27,411 28,340 After 3 years through 4 years 15,557 16,369 After 4 years through 5 years 5,375 6,753 Thereafter 692 444 Total future minimum lease payments receivable 144,011 150,709 Less: Unearned income (14,243 ) (15,970 ) Total lease financing receivables, net of unearned income $ 129,768 $ 134,739 |
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 December 31, 2017 and 2016 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At December 31, 2017 Commercial, financial and agricultural $ 2,182 $ 1,440 $ 1,509 $ 5,131 $ 890,658 $ 422 $ 896,211 $ — Real estate—commercial real estate and construction: Commercial real estate 733 548 1,410 2,691 1,539,094 356 1,542,141 — Construction 1,970 — 365 2,335 173,501 — 175,836 — Real estate—residential and home equity: Residential secured for business purpose 1,651 315 1,355 3,321 338,061 585 341,967 162 Residential secured for personal purpose 4,368 1,118 23 5,509 315,845 220 321,574 — Home equity secured for personal purpose 1,414 333 464 2,211 182,059 — 184,270 148 Loans to individuals 221 139 195 555 27,745 — 28,300 195 Lease financings 1,143 392 1,855 3,390 126,378 — 129,768 256 Total $ 13,682 $ 4,285 $ 7,176 $ 25,143 $ 3,593,341 $ 1,583 $ 3,620,067 $ 761 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 Non-Performing Loans and Leases | The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2017 and 2016 . Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green. At December 31, 2017 2016 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 4,448 $ 921 $ — $ 5,369 $ 5,746 $ 967 $ — $ 6,713 Real estate—commercial real estate and construction: Commercial real estate 4,285 10,266 — 14,551 5,651 1,519 — 7,170 Construction 365 — — 365 — — — — Real estate—residential and home equity: Residential secured for business purpose 2,843 206 162 3,211 4,898 766 — 5,664 Residential secured for personal purpose 466 42 — 508 560 — 481 1,041 Home equity secured for personal purpose 511 — 148 659 525 — 171 696 Loans to individuals — — 195 195 — — 142 142 Lease financings 1,599 — 256 1,855 536 — 193 729 Total $ 14,517 $ 11,435 $ 761 $ 26,713 $ 17,916 $ 3,252 $ 987 $ 22,155 * Includes nonaccrual troubled debt restructured loans and lease modifications of $2.5 million and $1.8 million at December 31, 2017 and December 31, 2016 , respectively. |
Summary of Credit Quality Indicators | The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2017 and 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. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency (60 days or more past due) and revolving stagnancy. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships exceeding $15 million or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion. 1. Cash Secured—No credit risk 2. Fully Secured—Negligible credit risk 3. Strong—Minimal credit risk 4. Satisfactory—Nominal credit risk 5. Acceptable—Moderate credit risk 6. Pre-Watch—Marginal, but stable credit risk 7. Special Mention—Potential weakness 8. Substandard—Well-defined weakness 9. Doubtful—Collection in-full improbable 10. Loss—Considered uncollectible Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 2,521 $ — $ 20,420 $ — $ 22,941 3. Strong 9,206 1,821 — — 11,027 4. Satisfactory 30,283 26,950 — 274 57,507 5. Acceptable 593,205 960,258 76,899 215,750 1,846,112 6. Pre-watch 179,990 209,844 72,168 29,738 491,740 7. Special Mention 4,027 12,974 1,392 296 18,689 8. Substandard 13,868 23,834 365 4,742 42,809 9. Doubtful — — — — — 10. Loss — — — — — Total $ 833,100 $ 1,235,681 $ 171,244 $ 250,800 $ 2,490,825 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 (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2017 Performing $ 260,589 $ 171,527 $ 27,961 $ 127,913 $ 587,990 Nonperforming 65 357 195 1,855 2,472 Total $ 260,654 $ 171,884 $ 28,156 $ 129,768 $ 590,462 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 |
Summary of Activity in the Reserve for Loan and Lease Losses | The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses for the years ended December 31, 2017 , 2016 and 2015 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total For the Year Ended December 31, 2017 Reserve for loan and lease losses: Beginning balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Charge-offs (1,030 ) (232 ) (1,370 ) (196 ) (317 ) (3,992 ) N/A (7,137 ) Recoveries 801 5 54 99 136 206 N/A 1,301 (Recovery of provision) provision (66 ) 2,561 2,204 857 190 4,130 16 9,892 (Recovery of provision) provision for acquired credit impaired loans — — (1 ) 1 — — — — Ending balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 For the Year Ended December 31, 2016 Reserve for loan and lease losses: Beginning balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Charge-offs (4,827 ) (307 ) (522 ) (178 ) (395 ) (759 ) N/A (6,988 ) Recoveries 1,454 101 71 88 133 191 N/A 2,038 Provision (recovery of provision) 3,992 961 462 (489 ) 280 314 (874 ) 4,646 Provision (recovery of provision) for acquired credit impaired loans — 178 — (3 ) — — — 175 Ending balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 For the Year Ended December 31, 2015 Reserve for loan and lease losses: Beginning balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Charge-offs (4,793 ) (1,895 ) (179 ) (279 ) (549 ) (801 ) N/A (8,496 ) Recoveries 1,032 200 28 10 176 214 N/A 1,660 Provision (recovery of provision) 3,259 (684 ) 43 657 359 644 (655 ) 3,623 Provision for acquired credit impaired loans — 8 108 63 — — — 179 Ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 N/A – Not applicable During 2017, the Corporation recorded charge-offs of $2.8 million related to $5.0 million of software leases under a vendor referral program. These leases are personally guaranteed by 29 high net worth individuals. During 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 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. On September 25, 2017 , Univest Capital, Inc. entered into a Release and Settlement Agreement whereby Univest Capital, Inc. received $1.0 million based upon court approval of the Agreement and is eligible to receive up to an additional $1.3 million . Payment of the $1.3 million is subject to the individual guarantor's election of whether or not they will be subject to the Release and Settlement Agreement. It is expected this election process will be completed by March 31, 2018 and related funds are expected to be received by June 30, 2018. If a guarantor elects to be subject to the Release and Settlement Agreement, Univest Capital, Inc. shall receive a payment of $43 thousand per guarantor. If a guarantor elects not to be subject to the Release and Settlement Agreement, Univest Capital, Inc. has the right to pursue collection of the full amount owed, which ranges from $108 thousand to $228 thousand per guarantor, via the normal collection process. As of December 31, 2017, Univest Capital, Inc. has a receivable totaling $1.3 million related to this matter, which is recorded as a non-accruing lease receivable. The following presents, by portfolio segment, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method at December 31, 2017 and 2016 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At December 31, 2017 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 31 $ 99 $ 1 $ — $ — $ — N/A $ 131 Ending balance: collectively evaluated for impairment 6,711 9,740 1,660 1,754 373 1,132 54 21,424 Total ending balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 7,079 $ 16,919 $ 3,465 $ 1,019 $ — $ 1,250 $ 29,732 Ending balance: collectively evaluated for impairment 826,021 1,388,048 247,335 431,519 28,156 128,518 3,049,597 Loans measured at fair value — 1,958 — — — — 1,958 Acquired non-credit impaired loans 62,689 310,696 90,582 73,086 144 — 537,197 Acquired credit impaired loans 422 356 585 220 — — 1,583 Total ending balance $ 896,211 $ 1,717,977 $ 341,967 $ 505,844 $ 28,300 $ 129,768 $ 3,620,067 At December 31, 2016 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 19 $ 25 $ 191 $ — $ — $ — N/A $ 235 Ending balance: collectively evaluated for impairment 7,018 7,480 583 993 364 788 38 17,264 Total ending balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 11,077 $ 25,066 $ 6,687 $ 1,085 $ — $ — $ 43,915 Ending balance: collectively evaluated for impairment 652,144 1,027,406 145,244 357,274 30,110 134,739 2,346,917 Loans measured at fair value — 2,138 — — — — 2,138 Acquired non-credit impaired loans 159,456 489,473 141,353 95,019 263 — 885,564 Acquired credit impaired loans 589 5,710 784 269 — — 7,352 Total ending balance $ 823,266 $ 1,549,793 $ 294,068 $ 453,647 $ 30,373 $ 134,739 $ 3,285,886 N/A – Not applicable |
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. For the Years Ended December 31, 2017 2016 2015 (Dollars in thousands) Average Interest Additional Average Interest Additional Average Interest Additional Loans held for sale $ — $ — $ — $ — $ — $ — $ 1,832 $ — $ 110 Loans held for investment: Commercial, financial and agricultural 10,456 200 347 13,126 258 381 15,383 423 481 Real estate—commercial real estate 20,054 792 289 26,698 1,106 272 23,692 996 330 Real estate—construction 253 — 19 — — — 3,164 — 162 Real estate—residential secured for business purpose 3,801 65 169 4,084 67 207 3,805 144 161 Real estate—residential secured for personal purpose 614 3 39 498 2 24 729 2 43 Real estate—home equity secured for personal purpose 406 — 26 440 — 25 184 — 11 Total $ 35,584 $ 1,060 $ 889 $ 44,846 $ 1,433 $ 909 $ 48,789 $ 1,565 $ 1,298 * Includes interest income recognized on a cash basis for nonaccrual loans of $4 thousand , $8 thousand and $37 thousand for the years ended December 31, 2017 , 2016 and 2015 , respectively and interest income recognized on the accrual method for accruing impaired loans of $1.1 million , $1.4 million and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Schedule of Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2017 and 2016 : For the Years Ended December 31, 2017 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: Commercial, financial and agricultural 2 $ 1,127 $ 1,127 $ — — $ — $ — $ — Real estate—commercial real estate 1 328 328 — — — — — Real estate—residential secured for business purpose — — — — 1 313 312 — Real estate—residential secured for personal purpose — — — — 1 34 34 — Real estate—home equity secured for personal purpose — — — — 1 152 152 — Total 3 $ 1,455 $ 1,455 $ — 3 $ 499 $ 498 $ — (Dollars in thousands) At December 31, 2017 At December 31, 2016 Foreclosed residential real estate $ 80 $ — The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at December 31, 2017 and 2016 : (Dollars in thousands) At December 31, 2017 At December 31, 2016 Real estate-residential secured for personal purpose $ 31 $ — Real estate-home equity secured for personal purpose — 180 Total $ 31 $ 180 |
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 years ended December 31, 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 For the Year Ended December 31, 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: Commercial, financial and agricultural — $ — — $ — 2 $ 1,127 2 $ 1,127 Real estate—commercial real estate — — 1 328 — — 1 328 Total — $ — 1 $ 328 2 $ 1,127 3 $ 1,455 For the Year Ended December 31, 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: Real estate—residential secured for business purpose — $ — 1 $ 312 — $ — 1 $ 312 Real estate—residential secured for personal purpose — — 1 34 — — 1 34 Real estate—home equity secured for personal purpose — — 1 152 — — 1 152 Total — $ — 3 $ 498 — $ — 3 $ 498 |
Accruing and Nonaccrual Troubled Debt Restructured Loans with Payment Defaults | The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date: For the Years Ended December 31, 2017 2016 (Dollars in thousands) Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—residential secured for personal purpose — $ — 1 $ 34 Total — $ — 1 $ 34 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2017 2016 Land and land improvements $ 15,402 $ 15,656 Premises and improvements 54,643 54,239 Furniture and equipment 33,675 32,948 Total cost 103,720 102,843 Less: accumulated depreciation (41,923 ) (39,205 ) Net book value $ 61,797 $ 63,638 |
Schedule of Rent Expense | The following table summarizes rental expense charged to operations for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Rental expense $ 3,938 $ 3,791 $ 3,167 Sublease rental income (227 ) (138 ) (195 ) Net rental expense $ 3,711 $ 3,653 $ 2,972 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2017 and 2016 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2015 $ 78,574 $ 15,434 $ 18,649 $ 112,657 Addition to goodwill from acquisitions 59,902 — — 59,902 Balance at December 31, 2016 138,476 15,434 18,649 172,559 Addition to goodwill from acquisitions — — — — Balance at December 31, 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 December 31, 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 $ 580 $ 130 $ 710 $ 205 $ 505 Core deposit intangibles 6,788 2,135 4,653 6,788 1,004 5,784 Customer related intangibles 12,381 9,828 2,553 12,381 8,504 3,877 Servicing rights 15,855 9,282 6,573 14,369 7,884 6,485 Total amortized intangible assets $ 35,734 $ 21,825 $ 13,909 $ 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 each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2018 $ 2,114 2019 1,565 2020 1,200 2021 923 2022 666 Thereafter 868 The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousands) Amount 2018 $ 970 2019 841 2020 729 2021 628 2022 541 Thereafter 2,864 |
Changes in Mortgage Servicing Rights | Changes in the servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Beginning of period $ 6,485 $ 5,877 $ 5,509 Servicing rights capitalized 1,487 2,049 1,674 Acquired servicing rights — 87 — Amortization of servicing rights (1,399 ) (1,528 ) (1,306 ) Changes in valuation allowance — — — End of period $ 6,573 $ 6,485 $ 5,877 Residential mortgage and SBA loans serviced for others $ 1,008,123 $ 965,729 $ 863,947 |
Activity in Valuation Allowance for Mortgage Servicing Rights | ctivity in the valuation allowance for the years ended December 31, 2017 , 2016 and 2015 . |
Accrued Interest Receivable a40
Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Details of Accrued Interest Receivable and Other Assets | The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2017 2016 Other real estate owned $ 1,843 $ 4,969 Accrued interest receivable 12,362 10,794 Accrued income and other receivables 3,872 7,751 Fair market value of derivative financial instruments 601 1,058 Other prepaid expenses 21,496 17,686 Net federal deferred tax assets 1,174 9,965 Other 154 20 Total accrued interest and other assets $ 41,502 $ 52,243 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule Of Maturities Of Time Deposits [Table Text Block] | At December 31, 2017 , the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Due in 2018 $ 318,938 Due in 2019 141,545 Due in 2020 65,200 Due in 2021 11,232 Due in 2022 31,039 Thereafter 6,795 Total $ 574,749 |
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits [Table Text Block] | Deposits and their respective weighted average interest rate at December 31, 2017 and 2016 consist of the following: December 31, 2017 2016 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,040,026 — % $ 918,337 Demand deposits 0.43 1,109,438 0.17 909,963 Savings deposits 0.26 830,706 0.10 803,078 Time deposits 1.12 574,749 0.87 626,189 Total 0.38 % $ 3,554,919 0.24 % $ 3,257,567 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 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. Balance at End of Year Weighted Average Interest Rate Maximum Amount Outstanding at Month End During the Year Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year (Dollars in thousands) 2017 Short-term borrowings: FHLB borrowings $ 30,225 1.54 % $ 124,500 $ 50,063 1.10 % Federal funds purchased 55,000 1.56 95,000 32,282 1.05 Customer repurchase agreements 20,206 0.05 26,376 23,207 0.05 Long-term debt: FHLB advances $ 125,036 1.73 % $ 190,689 $ 155,073 1.43 % Security repurchase agreements 30,792 1.52 31,234 31,036 1.30 Subordinated notes $ 94,331 5.35 % $ 94,331 $ 94,208 5.35 % 2016 Short-term borrowings: FHLB borrowings $ 91,300 0.74 % $ 206,000 $ 50,757 0.58 % Federal funds purchased 80,000 0.81 125,000 24,783 0.61 Customer repurchase agreements 24,871 0.05 30,011 26,173 0.05 Other short-term borrowings* — — 79,960 1,525 18.83 Long-term debt: FHLB advances $ 96,248 0.94 % $ 96,471 $ 45,179 0.89 % Security repurchase agreements 31,274 0.91 31,475 15,786 0.93 Subordinated notes $ 94,087 5.36 % $ 94,087 $ 71,851 5.39 % *Other short-term borrowings during 2016 consisted of a short-term bridge loan with a correspondent bank and associated fees. |
Schedule of Maturities of Long-term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of December 31, 2017 Weighted Average Rate 2018 $ 10,036 0.69 % 2019 10,000 1.35 2020 40,000 1.70 2021 55,000 1.94 2022 10,000 2.09 Thereafter — — Total $ 125,036 1.73 % |
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 December 31, 2017 Weighted Average Rate 2018 $ 10,192 1.13 % 2019 10,266 1.70 2020 10,334 1.71 2021 — — 2022 — — Thereafter — — Total $ 30,792 1.52 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Federal and State Income Taxes | The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Current: Federal $ 9,273 $ 2,400 $ 5,113 State 961 539 829 Deferred: Federal 7,350 909 3,877 State 133 33 (61 ) $ 17,717 $ 3,881 $ 9,758 |
Income Tax Provision Differences from Expected Statutory Provision | The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Expected provision at statutory rate 35.0 % 35.0 % 35.0 % Difference resulting from: Tax exempt interest income, net of disallowance (6.1 ) (15.6 ) (9.5 ) Increase in value of bank owned life insurance assets (2.2 ) (4.2 ) (1.2 ) Stock-based compensation (1.0 ) (1.7 ) 0.5 Non-deductible merger-related expenses — 1.2 0.4 State income taxes, net of federal benefits 1.2 (1.5 ) 0.9 Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates 1.7 — — Changes in valuation allowance 0.5 3.1 0.4 Other (0.4 ) 0.3 (0.1 ) Effective tax rate 28.7 % 16.6 % 26.4 % |
Components of Deferred Tax Assets and Liabilities | The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan and lease losses $ 4,643 $ 5,984 Deferred compensation 2,110 2,541 Actuarial adjustments on retirement benefits* 4,432 7,714 State net operating losses 4,166 2,725 Other-than-temporary impairments on equity securities 148 331 Net unrealized holding losses on securities available-for-sale and swaps* 1,316 2,762 Other deferred tax assets 1,243 5,712 Gross deferred tax assets 18,058 27,769 Valuation allowance (3,523 ) (2,341 ) Total deferred tax assets, net of valuation allowance 14,535 25,428 Deferred tax liabilities: Mortgage servicing rights 1,415 2,302 Retirement plans 4,304 6,265 Deferred loan fees and costs 2,614 615 Acquisition-related fair value adjustments 1,621 2,097 Intangible assets 1,513 1,491 Depreciation 1,102 1,401 Other deferred tax liabilities 792 1,692 Total deferred tax liabilities 13,361 15,863 Net deferred tax assets $ 1,174 $ 9,565 * Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Po44
Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Summary of Retirement Plans and Other Postretirement Benefits | Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 47,389 $ 49,810 $ 2,968 $ 2,834 Service cost 524 661 48 46 Interest cost 1,927 2,071 118 133 Actuarial loss (gain) 3,169 413 (409 ) 36 Benefits paid (2,645 ) (2,400 ) (114 ) (81 ) Settlements — (3,166 ) — — Benefit obligation at end of year $ 50,364 $ 47,389 $ 2,611 $ 2,968 Change in plan assets: Fair value of plan assets at beginning of year $ 41,418 $ 41,490 $ — $ — Actual return on plan assets 5,799 3,314 — — Benefits paid (2,645 ) (2,400 ) (114 ) (81 ) Settlements — (3,166 ) — — Employer contribution and non-qualified benefit payments 2,181 2,180 114 81 Fair value of plan assets at end of year $ 46,753 $ 41,418 $ — $ — Funded status (3,611 ) (5,971 ) (2,611 ) (2,968 ) Unrecognized net actuarial loss 21,256 22,018 316 767 Unrecognized prior service costs (464 ) (746 ) — — Net amount recognized $ 17,181 $ 15,301 $ (2,295 ) $ (2,201 ) |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for the pension plan with an accumulated benefit obligation in excess of the fair value of plan assets is shown below. The accumulated benefit obligation did not exceed the fair value of plan assets at December 31, 2017 but is shown for comparative purposes. At December 31, (Dollars in thousands) 2017 2016 Projected benefit obligation $ 48,104 $ 45,129 Accumulated benefit obligation 44,976 42,178 Fair value of plan assets 46,753 41,418 |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost were as follows: Retirement Plans Other Post Retirement (Dollars in thousands) 2017 2016 2015 2017 2016 2015 Service cost $ 524 $ 661 $ 756 $ 48 $ 46 $ 59 Interest cost 1,927 2,071 1,953 118 133 110 Expected return on plan assets (3,074 ) (3,041 ) (3,100 ) — — — Amortization of net actuarial loss 1,185 1,296 1,308 42 25 54 Accretion of prior service cost (282 ) (283 ) (280 ) — — — Settlement cost — 1,434 — — — — Net periodic benefit cost $ 280 $ 2,138 $ 637 $ 208 $ 204 $ 223 |
Expected Amortization Expense | (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2018 : Amortization of net actuarial loss $ 1,173 $ 225 Accretion of prior service cost (283 ) — |
Summary of Benefit Payments Expected to be Paid | The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2018 $ 2,745 $ 80 2019 2,786 85 2020 2,829 88 2021 2,899 91 2022 2,901 97 Years 2023-2027 14,987 608 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31, 2017 and 2016 were as follows: Retirement Plans Other Postretirement Benefits 2017 2016 2017 2016 Assumed discount rate 3.6 % 4.0 % 3.6 % 4.0 % Assumed salary increase rate 3.0 3.0 — — The benefit obligation for all plans at December 31, 2017 was based on the RP-2014 mortality table using the projection scale MP-2017 published by the Society of Actuaries. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2017 and 2016 were as follows. The discount rate was determined utilizing the Citigroup Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. Retirement Plans Other Postretirement Benefits 2017 2016 2017 2016 Assumed discount rate 4.0 % 4.3 % 4.0 % 4.3 % Assumed long-term rate of investment return 7.5 7.5 — — Assumed salary increase rate 3.0 3.0 — — |
Summary of Corporation's Pension Plan Asset Allocation | The Corporation's pension plan asset allocation at December 31, 2017 and 2016 , by asset category was as follows: Percentage of Plan Assets at December 31, 2017 2016 Asset Category: Equity securities 64 % 61 % Debt securities 35 38 Other 1 1 Total 100 % 100 % |
Major Categories of Assets in Corporation's Pension Plan | The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 18, “Fair Value Disclosures.” Fair Value Measurements at December 31, (Dollars in thousands) 2017 2016 Level 1: Mutual funds $ 31,144 $ 26,292 Short-term investments 515 549 Level 2: U.S. government obligations 4,910 3,544 Corporate bonds 5,974 6,468 Level 3: Certificates of deposit 4,210 4,565 Total fair value of plan assets $ 46,753 $ 41,418 |
Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 | The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2017 and 2016 : (Dollars in thousands) Balance at December 31, 2016 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2017 Certificates of deposit $ 4,565 $ — $ — $ 535 $ (890 ) $ 4,210 Total Level 3 assets $ 4,565 $ — $ — $ 535 $ (890 ) $ 4,210 (Dollars in thousands) Balance at December 31, 2015 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2016 Certificates of deposit $ 4,755 $ — $ — $ 675 $ (865 ) $ 4,565 Total Level 3 assets $ 4,755 $ — $ — $ 675 $ (865 ) $ 4,565 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 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 December 31, 2017 Outstanding at December 31, 2016 504,908 $ 19.06 Granted 189,797 28.15 Expired (73,600 ) 22.69 Forfeited (16,000 ) 23.35 Exercised (92,370 ) 18.14 Outstanding at December 31, 2017 512,735 21.90 7.4 $ 3,170 Exercisable at December 31, 2017 160,593 17.80 5.6 1,646 |
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at December 31, 2017 including changes during the year: (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 189,797 6.72 Vested (130,595 ) 6.06 Forfeited (16,000 ) 6.47 Nonvested stock options at December 31, 2017 352,142 6.47 |
Aggregated Assumptions Used to Estimate Fair Value of Options Granted | he following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated: For the Years Ended December 31, 2017 2016 2015 Actual Range Weighted Average Actual Expected option life in years 6.9 7.6 - 8.2 7.9 8.0 Risk free interest rate 2.30 % 1.38% - 1.89% 1.87 % 1.64 % Expected dividend yield 2.84 % 3.80% - 4.19% 4.06 % 4.32 % Expected volatility 29.75 % 37.71% - 46.22% 45.82 % 49.38 % Fair value of options $6.72 $5.40 - $6.27 $6.23 $6.07 |
Summary of Nonvested Restricted Stock Awards | ollowing is a summary of nonvested restricted stock awards at December 31, 2017 including changes during the year: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2016 285,158 $ 19.74 Granted 61,823 28.08 Vested (101,372 ) 19.80 Forfeited (16,583 ) 20.22 Nonvested share awards at December 31, 2017 229,026 21.93 |
Certain Information Regarding Restricted Stock | The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated: (Dollars in thousands, except per share data) For the Years Ended December 31, 2017 2016 2015 Shares granted 61,823 176,255 65,755 Weighted average grant date fair value $ 28.08 $ 20.60 $ 18.62 Intrinsic value of awards vested $ 2,954 $ 1,000 $ 749 |
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 December 31, 2017 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 1,280 1.7 Restricted stock awards 2,291 1.4 $ 3,571 1.5 |
Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Stock-based compensation expense: Stock options $ 910 $ 577 $ 528 Restricted stock awards 2,256 1,507 893 Employee stock purchase plan 64 67 53 Total $ 3,230 $ 2,151 $ 1,474 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 1,432 $ 1,135 $ 339 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2014 $ 1,711 $ (157 ) $ (16,016 ) $ (14,462 ) Net Change (2,303 ) (128 ) 185 (2,246 ) Balance, December 31, 2015 (592 ) (285 ) (15,831 ) (16,708 ) Net Change (4,396 ) 144 1,506 (2,746 ) Balance, December 31, 2016 (4,988 ) (141 ) (14,325 ) (19,454 ) Net Change 927 150 606 1,683 Balance, December 31, 2017 $ (4,061 ) $ 9 $ (13,719 ) $ (17,771 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-balance Sheet Financial Instruments | The following schedule summarizes the Corporation’s off-balance sheet financial instruments at December 31, 2017 : (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 1,127,545 Performance letters of credit 27,634 Financial standby letters of credit 24,477 Other letters of credit 849 |
Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases Net of Related Sublease Revenue | At December 31, 2017 , the Corporation and its subsidiaries were obligated under non-cancelable leases for various premises. Portions of certain properties are subleased. A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2018 $ 3,535 2019 3,407 2020 3,468 2021 3,514 2022 3,431 Thereafter 44,320 Total $ 61,675 |
Summary of Future Minimum Contractual Payments With Third-Party Providers | At December 31, 2017 , the Corporation had contracts with third-party providers to manage the Corporation's network operations, data processing and other related services. The projected amount of the Corporation's future minimum payments due for contracts with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2018 $ 5,497 2019 4,867 2020 4,348 2021 3,790 2022 2,047 Thereafter 406 Total $ 20,955 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 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 December 31, 2017 Interest rate swap - cash flow hedge $ 17,836 $ 13 $ — Interest rate swap - fair value hedge 1,388 — Other liabilities 12 Total $ 19,224 $ 13 $ 12 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 December 31, 2017 and 2016 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2017 Interest rate swap $ 523 $ — Other liabilities $ 38 Credit derivatives 75,622 — Other liabilities 36 Interest rate locks with customers 27,411 Other assets 527 — Forward loan sale commitments 29,037 Other assets 61 — Total $ 132,593 $ 588 $ 74 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 Classification For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 182 $ 308 $ 377 Interest rate swap—fair value hedge—ineffectiveness Other noninterest income 7 9 — Net loss $ (175 ) $ (299 ) $ (377 ) |
Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Credit derivatives Other noninterest income $ 403 $ 93 $ — Interest rate locks with customers Net gain (loss) on mortgage banking activities (274 ) (288 ) 301 Forward loan sale commitments Net gain (loss) on mortgage banking activities (196 ) 359 10 Total $ (67 ) $ 164 $ 311 |
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 December 31, 2017 and 2016 : Accumulated Other At December 31, (Dollars in thousands) 2017 2016 Interest rate swap—cash flow hedge Fair value, net of taxes $ 9 $ (141 ) Total $ 9 $ (141 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , classified using the fair value hierarchy: At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 16,961 $ — $ 16,961 State and political subdivisions — 78,297 — 78,297 Residential mortgage-backed securities — 185,421 — 185,421 Collateralized mortgage obligations — 3,602 — 3,602 Corporate bonds — 79,190 27,986 107,176 Money market mutual funds 5,985 — — 5,985 Equity securities 1,076 — — 1,076 Total available-for-sale securities 7,061 363,471 27,986 398,518 Loans* — — 1,958 1,958 Interest rate swap* — 13 — 13 Interest rate locks with customers* — 527 — 527 Forward loan sale commitments* — 61 — 61 Total assets $ 7,061 $ 364,059 $ 29,944 $ 401,064 Liabilities: Contingent consideration liability $ — $ — $ 339 $ 339 Interest rate swaps* — 50 — 50 Credit derivatives* — — 36 36 Total liabilities $ — $ 50 $ 375 $ 425 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 17, "Derivative Instruments." |
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 year ended December 31, 2017 and 2016 . For the Year Ended December 31, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at December 31, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (792 ) $ 27,986 Loans 2,138 — — (137 ) — (43 ) 1,958 Credit derivatives (9 ) (430 ) — — — 403 (36 ) Net total $ 30,907 $ (430 ) $ — $ (137 ) $ — $ (432 ) $ 29,908 |
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 year ended December 31, 2017 and 2016 . For the Year Ended December 31, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at December 31, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (792 ) $ 27,986 Loans 2,138 — — (137 ) — (43 ) 1,958 Credit derivatives (9 ) (430 ) — — — 403 (36 ) Net total $ 30,907 $ (430 ) $ — $ (137 ) $ — $ (432 ) $ 29,908 |
Contingent Consideration Liability Change in Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2017 and 2016 : For the Year Ended December 31, 2017 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2017 Sterner Insurance Associates $ 331 $ — $ 30 $ (301 ) $ — Girard Partners 5,668 — 5,383 54 339 Total contingent consideration liability $ 5,999 $ — $ 5,413 $ (247 ) $ 339 For the Year Ended December 31, 2016 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2016 Sterner Insurance Associates $ 1,144 $ — $ 1,325 $ 512 $ 331 Girard Partners 4,241 — 967 2,394 5,668 John T. Fretz Insurance Agency 192 — 260 68 — Total contingent consideration liability $ 5,577 $ — $ 2,552 $ 2,974 $ 5,999 |
Assets Measured at Fair Value on Non-Recurring Basis | The following table represents assets measured at fair value on a non-recurring basis at December 31, 2017 and 2016 : At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 28,351 $ 28,351 Impaired leases held for investment — — 1,250 1,250 Other real estate owned — — 1,843 1,843 Total $ — $ — $ 30,194 $ 30,194 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 December 31, 2017 and 2016 . The disclosed fair values are classified using the fair value hierarchy. At December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 75,409 $ — $ — $ 75,409 $ 75,409 Held-to-maturity securities — 55,320 — 55,320 55,564 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 27,204 Loans held for sale — 1,676 — 1,676 1,642 Net loans and leases held for investment — — 3,547,451 3,547,451 3,566,953 Servicing rights — — 10,046 10,046 6,573 Total assets $ 75,409 $ 56,996 $ 3,557,497 $ 3,689,902 $ 3,733,345 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,980,170 $ — $ — $ 2,980,170 $ 2,980,170 Time deposits — 574,737 — 574,737 574,749 Total deposits 2,980,170 574,737 — 3,554,907 3,554,919 Short-term borrowings — 105,431 — 105,431 105,431 Long-term debt — 156,834 — 156,834 155,828 Subordinated notes — 98,075 — 98,075 94,331 Total liabilities $ 2,980,170 $ 935,077 $ — $ 3,915,247 $ 3,910,509 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,414 ) $ — $ (2,414 ) $ — 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 N/A N/A N/A N/A 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 ) $ — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Roll Forward of Accrued Restructuring Expense | A roll-forward of the remaining accrued restructuring expense is as follows: (Dollars in thousands) Severance expenses Write-downs and retirements of fixed assets Lease cancellations Total Accrued at January 1, 2017 $ 901 $ 228 $ 81 $ 1,210 Payments (901 ) — (58 ) (959 ) Non-cash settlement — (228 ) — (228 ) Accrued at December 31, 2017 $ — $ — $ 23 $ 23 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total capital, Tier 1 capital and Tier 1 common capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The new minimum capital requirements were effective on January 1, 2015. Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The capital conservation buffer requirements began to be phased in over a four -year period beginning January 1, 2016 with final phase in occurring 2019. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a four -year period beginning January 1, 2015 . Under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. During 2018, the Corporation and the Bank must hold a capital conservation buffer greater than 1.875% above its minimum risk-based capital requirements in order to avoid limitations on capital distributions. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer which would require Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50% beginning in the first quarter of 2019. The below table presents the Corporation's and Bank's actual and required capital ratios as of December 31, 2017 and December 31, 2016 under regulatory capital rules. On December 6, 2017, the Corporation completed its public offering of common stock which increased shareholders' equity by $70.5 million . As of December 31, 2017, the capital raised remained at the Corporation and was not contributed to the Bank. See Note 3, "Common Stock Issuance" for additional information. (Dollars in thousands) Actual For Capital Adequacy To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio At December 31, 2017 Total Capital (to Risk-Weighted Assets): Corporation $ 563,797 14.00 % $ 322,148 8.00 % $ 402,685 10.00 % Bank 464,851 11.62 320,003 8.00 400,004 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 447,228 11.11 241,611 6.00 322,148 8.00 Bank 442,613 11.07 240,002 6.00 320,003 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 447,228 11.11 181,208 4.50 261,745 6.50 Bank 442,613 11.07 180,002 4.50 260,002 6.50 Tier 1 Capital (to Average Assets): Corporation 447,228 10.48 170,753 4.00 213,441 5.00 Bank 442,613 10.45 169,453 4.00 211,816 5.00 At December 31, 2016 Total Capital (to Risk-Weighted Assets): Corporation $ 462,198 12.44 % $ 297,284 8.00 % $ 371,604 10.00 % Bank 436,435 11.85 294,679 8.00 368,349 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 349,942 9.42 222,963 6.00 297,284 8.00 Bank 418,266 11.36 221,010 6.00 294,679 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 349,942 9.42 167,222 4.50 241,543 6.50 Bank 418,266 11.36 165,757 4.50 239,427 6.50 Tier 1 Capital (to Average Assets): Corporation 349,942 8.84 158,410 4.00 198,013 5.00 Bank 418,266 10.64 157,254 4.00 196,567 5.00 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Activity for Loans to Related Parties | The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2017 : (Dollars in thousands) Balance at January 1, 2017 $ 57,386 Additions 13,840 Amounts collected and other reductions (53,381 ) Balance at December 31, 2017 $ 17,845 |
Summary of Transactions with Related Parties | The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2017 Commitments to extend credit $ 16,039 Deposits received 14,257 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2017 , 2016 and 2015 . (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2017 Interest income $ 162,982 $ 8 $ — $ 25 $ 163,015 Interest expense 14,802 — — 5,037 19,839 Net interest income (expense) 148,180 8 — (5,012 ) 143,176 Provision for loan and lease losses 9,892 — — — 9,892 Noninterest income 21,838 21,707 15,320 375 59,240 Intangible expenses 1,507 674 401 — 2,582 Other noninterest expense 100,670 13,732 11,667 2,062 128,131 Intersegment (revenue) expense* (1,059 ) 585 474 — — Income (expense) before income taxes 59,008 6,724 2,778 (6,699 ) 61,811 Income tax expense (benefit) 15,735 2,597 374 (989 ) 17,717 Net income (loss) $ 43,273 $ 4,127 $ 2,404 $ (5,710 ) $ 44,094 Total assets $ 4,466,301 $ 34,600 $ 27,846 $ 26,115 $ 4,554,862 Capital expenditures $ 7,731 $ 38 $ 222 $ 612 $ 8,603 For the Year Ended December 31, 2016 Interest income $ 126,571 $ 5 $ — $ 31 $ 126,607 Interest expense 8,224 — — 4,158 12,382 Net interest income (expense) 118,347 5 — (4,127 ) 114,225 Provision for loan and lease losses 4,821 — — — 4,821 Noninterest income 21,296 19,318 15,150 199 55,963 Intangible expenses 932 3,132 1,464 — 5,528 Acquisition-related and integration costs and restructuring charges 16,096 — — 1,559 17,655 Other noninterest expense 88,065 12,980 11,924 5,829 118,798 Intersegment (revenue) expense* (1,766 ) 788 978 — — Income (expense) before income taxes 31,495 2,423 784 (11,316 ) 23,386 Income tax expense (benefit) 6,510 857 348 (3,834 ) 3,881 Net income (loss) $ 24,985 $ 1,566 $ 436 $ (7,482 ) $ 19,505 Total assets $ 4,137,873 $ 35,061 $ 24,472 $ 33,122 $ 4,230,528 Capital expenditures $ 9,944 $ 29 $ 30 $ 1,660 $ 11,663 For the Year Ended December 31, 2015 Interest income $ 101,950 $ 1 $ — $ 32 $ 101,983 Interest expense 6,042 — — 2,023 8,065 Net interest income (expense) 95,908 1 — (1,991 ) 93,918 Provision for loan and lease losses 3,802 — — — 3,802 Noninterest income 18,934 18,874 14,396 221 52,425 Intangible expenses 293 410 1,864 — 2,567 Acquisition-related and integration costs and restructuring charges 1,992 — — 2,187 4,179 Other noninterest expense 78,122 12,276 10,849 (2,478 ) 98,769 Intersegment (revenue) expense* (2,115 ) 867 1,248 — — Income (expense) before income taxes 32,748 5,322 435 (1,479 ) 37,026 Income tax expense (benefit) 7,693 2,054 164 (153 ) 9,758 Net income (loss) $ 25,055 $ 3,268 $ 271 $ (1,326 ) $ 27,268 Capital expenditures $ 5,003 $ 19 $ 58 $ 1,650 $ 6,730 *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. |
Condensed Financial Informati54
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2017 2016 Assets: Cash and due from banks $ 73,756 $ 1,980 Investments in securities 1,077 914 Investments in subsidiaries, at equity in net assets: Bank 612,045 587,532 Non-banks — — Other assets 32,399 32,124 Total assets $ 719,277 $ 622,550 Liabilities: Dividends payable $ 5,866 $ 5,316 Subordinated notes 94,331 94,087 Other liabilities 15,706 17,938 Total liabilities 115,903 117,341 Shareholders' equity: 603,374 505,209 Total liabilities and shareholders' equity $ 719,277 $ 622,550 The Corporation’s condensed Balance Sheet at December 31, 2017 reflects the issuance of the Corporation's common stock related to the December 2017 public offering which increased shareholder's equity by $70.5 million . |
Schedule of Condensed Income Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Income 2017 2016 2015 Dividends from Bank $ 26,263 $ 94,042 $ 26,523 Dividends from non-bank — — — Net gain on sales of securities 3 23 285 Other income 24,740 18,663 18,428 Total operating income 51,006 112,728 45,236 Interest expense 5,037 4,158 2,023 Operating expenses 26,405 25,843 19,810 Income before income tax benefit and equity in undistributed income (loss) of subsidiaries 19,564 82,727 23,403 Income tax benefit (989 ) (3,834 ) (728 ) Income before equity in undistributed income (loss) of subsidiaries 20,553 86,561 24,131 Equity in undistributed income (loss) of subsidiaries: Bank 23,541 (67,056 ) 3,137 Non-banks — — — Net income $ 44,094 $ 19,505 $ 27,268 |
Schedule of Condensed Cash Flow Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2017 2016 2015 Cash flows from operating activities: Net income $ 44,094 $ 19,505 $ 27,268 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net (income) loss of subsidiaries (23,541 ) 67,056 (3,137 ) Net gain on sales of securities (3 ) (23 ) (285 ) Bank owned life insurance income (343 ) (182 ) (5 ) Depreciation of premises and equipment 387 339 275 Stock based compensation 3,166 2,084 1,421 Contributions to pension and other postretirement benefit plans (2,295 ) (2,261 ) (2,271 ) (Increase) decrease in other assets (3,384 ) 1,098 (4,268 ) Increase (decrease) in other liabilities 4,101 213 2,027 Net cash provided by operating activities 22,182 87,829 21,025 Cash flow from investing activities: Investments in subsidiaries — (40,000 ) (30,000 ) Proceeds from sales of securities 3 38 708 Outlays for business acquisitions — (87,683 ) — Proceeds from bank owned life insurance 183 — — Other, net (364 ) (1,619 ) (1,640 ) Net cash used in investing activities (178 ) (129,264 ) (30,932 ) Cash flows from financing activities: Net decrease in short-term borrowings — (253 ) — Proceeds from issuance of subordinated notes — 44,515 49,267 Purchases of treasury stock (3,519 ) (8,359 ) (13,342 ) Proceeds from public offering of common stock 70,501 — — Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans 2,413 2,472 2,434 Proceeds from exercise of stock options, including excess tax benefits 1,676 4,968 534 Cash dividends paid (21,299 ) (17,024 ) (15,010 ) Net cash provided by financing activities 49,772 26,319 23,883 Net increase (decrease) in cash and due from financial institutions 71,776 (15,116 ) 13,976 Cash and due from financial institutions at beginning of year 1,980 17,096 3,120 Cash and due from financial institutions at end of year $ 73,756 $ 1,980 $ 17,096 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 4,800 $ 3,956 $ 1,275 Income tax, net of refunds received 11,600 6,675 1,770 |
Quarterly Financial Data (una55
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The unaudited results of operations for the quarters for the years ended December 31, 2017 and 2016 were as follows: (Dollars and shares in thousands) 2017 Quarterly Financial Data: Fourth Third Second First Interest income $ 42,417 $ 42,172 $ 40,030 $ 38,396 Interest expense 5,711 5,285 4,730 4,113 Net interest income 36,706 36,887 35,300 34,283 Provision for loan and lease losses 1,992 2,689 2,766 2,445 Net interest income after provision for loan and lease losses 34,714 34,198 32,534 31,838 Noninterest income 14,152 14,109 16,009 14,970 Noninterest expense 33,440 32,695 32,548 32,030 Income before income taxes 15,426 15,612 15,995 14,778 Income taxes 5,162 4,416 4,217 3,922 Net income $ 10,264 $ 11,196 $ 11,778 $ 10,856 Per share data: Weighted average shares outstanding - basic earnings per share 27,254 26,437 26,380 26,345 Weighted average shares outstanding - diluted earnings per share 27,356 26,542 26,477 26,448 Basic earnings per share $ 0.37 $ 0.42 $ 0.44 $ 0.41 Diluted earnings per share $ 0.37 $ 0.42 $ 0.44 $ 0.41 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2016 Quarterly Financial Data: Fourth Third Second First Interest income $ 38,056 $ 36,705 $ 26,112 $ 25,734 Interest expense 3,884 3,836 2,451 2,211 Net interest income 34,172 32,869 23,661 23,523 Provision for loan and lease losses 2,250 1,415 830 326 Net interest income after provision for loan and lease losses 31,922 31,454 22,831 23,197 Noninterest income 13,994 14,137 14,001 13,831 Noninterest expense 38,430 47,066 29,546 26,939 Income before income taxes 7,486 (1,475 ) 7,286 10,089 Income taxes 568 (1,533 ) 2,046 2,800 Net income $ 6,918 $ 58 $ 5,240 $ 7,289 Per share data: Weighted average shares outstanding - basic earnings per share 26,300 26,273 19,434 19,402 Weighted average shares outstanding - diluted earnings per share 26,436 26,340 19,469 19,433 Basic earnings per share $ 0.27 $ — $ 0.27 $ 0.37 Diluted earnings per share $ 0.27 $ — $ 0.27 $ 0.37 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)communityOfficesegmentshares | Dec. 31, 2016USD ($)shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue Recognition Non-interest Income Revenue Streams Within Scope of New Standard | 84.00% | ||
Number of reportable segments (in segments) | segment | 3 | ||
Number of banking offices (in offices) | Office | 41 | ||
Number of retirement communities with banking and trust services (in communities) | community | 14 | ||
Federal Reserve Bank stock | $ 14,600,000 | $ 14,600,000 | |
FHLB Stock | 12,500,000 | 10,100,000 | |
Other-than-temporary impairment of equity securities | $ 0 | $ 0 | |
Number of days loan or lease past due for nonaccrual of interest status | 90 days | ||
Property, Plant and Equipment, Useful Life, Conditional Cost | new buildings constructed on leased land, the estimated useful life is the lesser of twenty-five years (fifteen years if the cost is less than $750 thousand) or the initial term including anticipated renewable terms | ||
Maximum stock issuable under Univest Dividend Reinvestment Plan | shares | 1,968,750 | ||
Stock issued under Univest dividend reinvestment plan | shares | 60,602 | 86,350 | |
Shares available for future purchase under Univest dividend reinvestment plan | shares | 317,283 | ||
Maximum stock issuable under employees stock purchase plan | shares | 3,355,786 | ||
Nineteen Ninety Six Employee Stock Purchase Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum stock issuable under employees stock purchase plan | shares | 984,375 | ||
Minimum employees contributions to the purchase plan | 2.00% | ||
Maximum employees contributions to the purchase plan | 10.00% | ||
Employee Stock Purchase Plan, Percentage of Purchase Price of Stock Based on closing price on Last Trading Day of Each Quarter End | 90.00% | ||
Maximum discount from fair value to recognize compensation expense for employee stock purchase plan | 5.00% | ||
Stock issued under employee stock purchase plans | shares | 22,092 | 28,919 | |
Shares available for future purchase under employee stock purchase plans | shares | 655,173 | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 3 years | ||
Minimum [Member] | Customer Related [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 5 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 10 years | ||
Maximum [Member] | Core Deposits and Other Intangible Assets [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 15 years | ||
Maximum [Member] | Customer Related [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 12 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 5 years | ||
Building [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Building [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Threshold for useful life calculation | $ 750,000 | ||
Building [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Restricted Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 3 years | ||
Equity Securities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity Securities Available-for-Sale, Fair Value | $ 1,076,000 | $ 915,000 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 666,000 | ||
Available-For-Sale Securities, Accumulated Net Gain Net Of Taxes | $ 433,000 | ||
Scenario, Forecast [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of accumulated other comprehensive income to retained earnings | $ (3,900,000) | ||
Accounting Standards Update 2016-01 updated to Accounting Standards Update 2018-02 [Member] | Scenario, Forecast [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of accumulated other comprehensive income to retained earnings | $ 93,000 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 6,918 | $ 58 | $ 5,240 | $ 7,289 | $ 44,094 | $ 19,505 | $ 27,268 |
Net income allocated to unvested restricted stock | (409) | (167) | (204) | ||||||||
Net income allocated to common shares | $ 43,685 | $ 19,338 | $ 27,064 | ||||||||
Denominator for basic earnings per share—weighted-average shares outstanding | 27,254 | 26,437 | 26,380 | 26,345 | 26,300 | 26,273 | 19,434 | 19,402 | 26,606 | 22,871 | 19,491 |
Effect of dilutive securities—employee stock options | 102 | 60 | 31 | ||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 27,356 | 26,542 | 26,477 | 26,448 | 26,436 | 26,340 | 19,469 | 19,433 | 26,708 | 22,931 | 19,522 |
Basic earnings per share | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 0.27 | $ 0 | $ 0.27 | $ 0.37 | $ 1.64 | $ 0.85 | $ 1.39 |
Diluted earnings per share | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 0.27 | $ 0 | $ 0.27 | $ 0.37 | $ 1.64 | $ 0.84 | $ 1.39 |
Average anti-dilutive options excluded from computation of diluted earnings per share | 169 | 280 | 496 |
Common Stock Issuance Common 58
Common Stock Issuance Common Stock Issuance - Additional Information - USD ($) $ / shares in Units, $ in Thousands | Dec. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from public offering of common stock | $ 70,500 | $ 70,501 | $ 0 | $ 0 |
Common stock issued, price per share | $ 28.25 | |||
Public Offering [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock issued, shares | 2,645,000 | |||
Over-Allotment Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock issued, shares | 345,000 | |||
Common Stock [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period, new issues, value | $ 13,200 | |||
Additional Paid-in Capital [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period, new issues, value | $ 57,300 |
Restrictions on Cash and Due 59
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Reserve requirement at Federal Reserve Bank | $ 6,700 | $ 6,600 |
Average balances at Federal Reserve Bank | 24,500 | 10,200 |
Pledging requirement for credit derivatives and SWAP agreements - cash | $ 400 | $ 50 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 345,100 | $ 356,700 | |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 1,800 | $ 1,400 | |
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% | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 129 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 6,714 | $ 1,981 | |
Mortgage-Backed Securities [Domain] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 104 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 3,100 | ||
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other than temporary impairment charges | 0 | 0 | $ 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | ||
U.S. Government Corporations and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 4 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 90 | 0 | |
Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 14 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 3,459 | 1,896 | |
State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 7 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 32 | $ 6 |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 55,564 | $ 24,881 |
Securities Held-to-Maturity, Gross Unrealized Gains | 44 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | (288) | (12) |
Securities Held-to-Maturity, Fair Value | 55,320 | 24,871 |
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 404,766 | 451,311 |
Securities Available-for-Sale, Gross Unrealized Gains | 1,822 | 1,777 |
Securities Available-for-Sale, Gross Unrealized Losses | (8,070) | (9,451) |
Securities Available-for-Sale, Fair Value | 398,518 | 443,637 |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 1,499 | 15,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 20 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (3) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 1,496 | 15,020 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 15,590 | 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 | (125) | (19) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 15,465 | 17,246 |
Securities Available-for-Sale, Amortized Cost | 17,089 | 32,265 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 20 |
Securities Available-for-Sale, Gross Unrealized Losses | (128) | (19) |
Securities Available-for-Sale, Fair Value | 16,961 | 32,266 |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 2,721 | 964 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 1 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (6) | (1) |
Securities Available-for-Sale, Fair Value, Within 1 year | 2,716 | 963 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 16,787 | 18,705 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 33 | 38 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (44) | (75) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 16,776 | 18,668 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 54,846 | 55,541 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 897 | 829 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (73) | (426) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 55,670 | 55,944 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 3,120 | 12,663 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 15 | 226 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | (114) |
Securities Available-for-Sale, Fair Value, Over 10 years | 3,135 | 12,775 |
Securities Available-for-Sale, Amortized Cost | 77,474 | 87,873 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 946 | 1,093 |
Securities Available-for-Sale, Gross Unrealized Losses | (123) | (616) |
Securities Available-for-Sale, Fair Value | 78,297 | 88,350 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 3,913 | 6,086 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 12 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (26) | (66) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 3,899 | 6,020 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 51,428 | 23,479 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 5 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (852) | (622) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 50,581 | 22,857 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 133,237 | 174,388 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 87 | 99 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (2,383) | (4,794) |
Securities Available-for-Sale, Fair Value, Over 10 years | 130,941 | 169,693 |
Securities Available-for-Sale, Amortized Cost | 188,578 | 203,953 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 104 | 99 |
Securities Available-for-Sale, Gross Unrealized Losses | (3,261) | (5,482) |
Securities Available-for-Sale, Fair Value | 185,421 | 198,570 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 2,103 | 0 |
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 | (82) | 0 |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 2,021 | 0 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 1,567 | 4,659 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 14 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | (105) |
Securities Available-for-Sale, Fair Value, Over 10 years | 1,581 | 4,554 |
Securities Available-for-Sale, Amortized Cost | 3,670 | 4,659 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 14 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (82) | (105) |
Securities Available-for-Sale, Fair Value | 3,602 | 4,554 |
Corporate Bonds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 10,006 | 250 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (5) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 10,001 | 250 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 24,885 | 35,923 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 20 | 34 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (147) | (241) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 24,758 | 35,716 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 16,669 | 15,193 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 71 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (296) | (516) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 16,444 | 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 | (4,027) | (2,472) |
Securities Available-for-Sale, Fair Value, Over 10 years | 55,973 | 57,555 |
Securities Available-for-Sale, Amortized Cost | 111,560 | 111,366 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 91 | 61 |
Securities Available-for-Sale, Gross Unrealized Losses | (4,475) | (3,229) |
Securities Available-for-Sale, Fair Value | 107,176 | 108,198 |
Money Market Mutual Funds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 5,985 | 10,784 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Fair Value | 5,985 | 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 | 667 | 504 |
Equity Securities Available-for-Sale, Gross Unrealized Loss | (1) | 0 |
Equity Securities Available-for-Sale, Fair Value | 1,076 | 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 | 6,995 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | (77) | 0 |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 6,918 | 0 |
Securities Held-to-Maturity, Amortized Cost | 6,995 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (77) | 0 |
Securities Held-to-Maturity, Fair Value | 6,918 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-maturity, Amortized Cost, After 5 years to 10 years | 8,944 | 0 |
Securities Held-to-maturity, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Held-to-maturity, Gross Unrealized Losses, After 5 years to 10 years | (51) | 0 |
Securities Held-to-maturity, Fair Value, After 5 years to 10 years | 8,893 | 0 |
Securities Held-to-Maturity, Amortized Cost, Over 10 years | 39,625 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gains, Over 10 years | 44 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | (160) | (3) |
Securities Held-to-Maturity, Fair Value, Over 10 years | 39,509 | 5,068 |
Securities Held-to-Maturity, Amortized Cost | 48,569 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gains | 44 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (211) | (3) |
Securities Held-to-Maturity, Fair Value | 48,402 | 5,068 |
Corporate Bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, Within 1 year | 0 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains, Within 1 year | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses, Within 1 year | 0 | (9) |
Securities Held-to-Maturity, Fair Value, Within 1 year | 0 | 19,803 |
Securities Held-to-Maturity, Amortized Cost | 0 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (9) |
Securities Held-to-Maturity, Fair Value | $ 0 | $ 19,803 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Securities available-for-sale: | |||
Proceeds from sales | $ 7,069 | $ 77,290 | $ 77,308 |
Gross realized gains on sales | 74 | 600 | 1,295 |
Gross realized losses on sales | 26 | 82 | 30 |
Tax expense related to net realized gains on sales | $ 17 | $ 181 | $ 443 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | $ 47,800 | $ 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (288) | (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 | 47,800 | 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (288) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 74,351 | 305,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,356) | (7,470) |
Twelve Months or Longer, Fair Value | 233,434 | 36,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,714) | (1,981) |
Total, Fair Value | 307,785 | 342,019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (8,070) | (9,451) |
U.S. Government Corporations and Agencies [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 6,919 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (77) | |
Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 6,919 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (77) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 5,213 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (38) | (19) |
Twelve Months or Longer, Fair Value | 11,749 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (90) | 0 |
Total, Fair Value | 16,962 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (128) | (19) |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 18,457 | 40,771 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (91) | (610) |
Twelve Months or Longer, Fair Value | 6,332 | 423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (32) | (6) |
Total, Fair Value | 24,789 | 41,194 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (123) | (616) |
Residential Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 40,881 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (211) | (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 | 40,881 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (211) | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 32,217 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (210) | (5,482) |
Twelve Months or Longer, Fair Value | 141,371 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,051) | 0 |
Total, Fair Value | 173,588 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,261) | (5,482) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 2,012 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (26) |
Twelve Months or Longer, Fair Value | 2,021 | 2,542 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (82) | (79) |
Total, Fair Value | 2,021 | 4,554 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (82) | (105) |
Corporate Bonds [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 9,779 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | |
Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 9,779 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 18,464 | 58,535 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,016) | (1,333) |
Twelve Months or Longer, Fair Value | 71,957 | 33,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,459) | (1,896) |
Total, Fair Value | 90,421 | 91,639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,475) | $ (3,229) |
Equity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Twelve Months or Longer, Fair Value | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) | Mar. 31, 2018 | Sep. 25, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)guarantors | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | $ 538,780,000 | $ 895,054,000 | |||||
Carrying amount | 1,583,000 | 7,352,000 | |||||
Value of buyout for buyout leases | 1 | ||||||
Impaired Financing Receivable, Recorded Investment | $ 28,482,000 | ||||||
Measure taken to reduce the risk of difference in actual value and residual value of the leased assets at maturity | The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. | ||||||
Charge-offs | $ 7,137,000 | 6,988,000 | $ 8,496,000 | ||||
Nonaccrual Loans and Leases | 14,517,000 | 17,916,000 | |||||
Provision for loan losses | 9,892,000 | 4,646,000 | 3,623,000 | ||||
Impaired Financing Receivable, Related Allowance | 131,000 | 235,000 | |||||
Other accruing impaired loans | 4,100,000 | 23,300,000 | |||||
Specific reserves for other accruing impaired loans | $ 99,000 | 84,000 | |||||
Maximum modification period on short-term basis | 1 year | ||||||
Restructured loan past due period | 90 days | ||||||
Minimum [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Amount of Loan Relationship Balance, Loans Reviewed Annually | $ 1,000,000 | ||||||
Amount of Loan Relationship Balance, Reviewed Quarterly | 15,000,000 | ||||||
Maximum [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Amount of Loan Relationship Balance, Loans Reviewed on a Performance Basis | 1,000,000 | ||||||
Fox Chase Bank [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 424,100,000 | ||||||
Carrying amount | 792,000 | ||||||
Valley Green Bank [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 114,700,000 | ||||||
Carrying amount | 791,000 | ||||||
Lease Financings [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 0 | 0 | |||||
Impaired Financing Receivable, Recorded Investment | 1,300,000 | 0 | |||||
Charge-offs | 3,992,000 | 759,000 | 801,000 | ||||
Nonaccrual Loans and Leases | 1,599,000 | 536,000 | |||||
Provision for loan losses | 4,130,000 | $ 314,000 | $ 644,000 | ||||
Impaired Financing Receivable, Related Allowance | $ 0 | ||||||
Software Lease [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Charge-offs | $ 2,800,000 | ||||||
Nonaccrual Loans and Leases | 5,000,000 | $ 5,000,000 | |||||
Litigation Settlement, Number of Guarantors | guarantors | 29 | ||||||
Litigation Settlement, Settlement Agreement Date | September 25, 2017 | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,000,000 | ||||||
Litigation Settlement, Subject to Election, Payment Per Guarantor | $ 43,000 | ||||||
Accounts receivable | $ 1,300,000 | 1,300,000 | |||||
Software Lease [Member] | Minimum [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Litigation Settlement, Not Subject to Election, Payment Per Guarantor | 108,000 | ||||||
Software Lease [Member] | Maximum [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,300,000 | ||||||
Litigation Settlement, Not Subject to Election, Payment Per Guarantor | $ 228,000 | ||||||
Scenario, Forecast [Member] | Software Lease [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Litigation Settlement, Election Process Completion, Date | Mar. 31, 2018 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 3,081,287 | $ 2,390,832 |
Total Loans and Leases Held for Investment, Acquired | 538,780 | 895,054 |
Total Loans and Leases Held for Investment | 3,620,067 | 3,285,886 |
Unearned Lease Income, Originated | (14,243) | (15,970) |
Unearned Lease Income, Acquired | 0 | 0 |
Unearned lease income, included in the above table | (14,243) | (15,970) |
Net deferred costs, Originated | 4,669 | 4,503 |
Net deferred costs, Acquired | 0 | 0 |
Net deferred costs, included in the above table | 4,669 | 4,503 |
Overdraft Deposits, Originated | 222 | 84 |
Overdraft Deposits, Acquired | 0 | 0 |
Overdraft Deposits | 222 | 84 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 833,100 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 63,111 | 160,045 |
Total Loans and Leases Held for Investment | 896,211 | 823,266 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,235,681 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 306,460 | 465,368 |
Total Loans and Leases Held for Investment | 1,542,141 | 1,374,949 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 171,244 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 4,592 | 31,953 |
Total Loans and Leases Held for Investment | 175,836 | 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 | 250,800 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 91,167 | 142,137 |
Total Loans and Leases Held for Investment | 341,967 | 294,068 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 260,654 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 60,920 | 80,431 |
Total Loans and Leases Held for Investment | 321,574 | 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 | 171,884 | 147,982 |
Total Loans and Leases Held for Investment, Acquired | 12,386 | 14,857 |
Total Loans and Leases Held for Investment | 184,270 | 162,839 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 28,156 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 144 | 263 |
Total Loans and Leases Held for Investment | 28,300 | 30,373 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 129,768 | 134,739 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Total Loans and Leases Held for Investment | 129,768 | 134,739 |
Real Estate-Commercial and Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment | $ 1,717,977 | $ 1,549,793 |
Loans and Leases - Acquired Cre
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||
Outstanding principal balance | $ 2,325 | $ 8,993 |
Carrying amount | 1,583 | 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 |
Acquisition of credit impaired loans | 0 | 283 |
Reclassification from nonaccretable discount | 891 | 1,329 |
Accretable yield amortized to interest income | (926) | (1,672) |
Disposals | (4) | (34) |
End of period | $ 11 | $ 50 |
Loans and Leases - Lease Paymen
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Within 1 year | $ 53,625 | $ 56,872 |
After 1 year through 2 years | 41,351 | 41,931 |
After 2 years through 3 years | 27,411 | 28,340 |
After 3 years through 4 years | 15,557 | 16,369 |
After 4 years through 5 years | 5,375 | 6,753 |
Thereafter | 692 | 444 |
Total future minimum lease payments receivable | 144,011 | 150,709 |
Less: Unearned income | (14,243) | (15,970) |
Total lease financing receivables, net of unearned income | $ 129,768 | $ 134,739 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 25,143 | $ 23,165 |
Current | 3,593,341 | 3,255,369 |
Acquired credit impaired | 1,583 | 7,352 |
Loans and leases held for investment | 3,620,067 | 3,285,886 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 761 | 987 |
Valley Green Bank and Fox Chase Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired credit impaired | 1,583 | 7,352 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 13,682 | 10,625 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,285 | 4,804 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 7,176 | 7,736 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 5,131 | 3,127 |
Current | 890,658 | 819,550 |
Loans and leases held for investment | 896,211 | 823,266 |
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 | 422 | 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 | 2,182 | 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 | 1,440 | 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 | 1,509 | 1,335 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,691 | 5,633 |
Current | 1,539,094 | 1,363,606 |
Loans and leases held for investment | 1,542,141 | 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 | 356 | 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 | 733 | 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 | 548 | 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 | 1,410 | 2,591 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,335 | 202 |
Current | 173,501 | 174,642 |
Loans and leases held for investment | 175,836 | 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 | 1,970 | 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 | 3,321 | 3,357 |
Current | 338,061 | 289,927 |
Loans and leases held for investment | 341,967 | 294,068 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 162 | 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 | 585 | 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 | 1,651 | 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 | 315 | 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 | 1,355 | 1,539 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 5,509 | 5,027 |
Current | 315,845 | 285,512 |
Loans and leases held for investment | 321,574 | 290,808 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 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 | 220 | 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 | 4,368 | 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 | 1,118 | 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 | 23 | 879 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,211 | 1,380 |
Current | 182,059 | 161,459 |
Loans and leases held for investment | 184,270 | 162,839 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 148 | 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 | 1,414 | 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 | 333 | 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 | 464 | 521 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 555 | 561 |
Current | 27,745 | 29,812 |
Loans and leases held for investment | 28,300 | 30,373 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 195 | 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 | 221 | 324 |
Loans to Individuals [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 139 | 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 | 195 | 142 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,390 | 3,878 |
Current | 126,378 | 130,861 |
Loans and leases held for investment | 129,768 | 134,739 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 256 | 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 | 1,143 | 1,731 |
Lease Financings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 392 | 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 | $ 1,855 | $ 729 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Loans and Leases (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)borrowers | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | $ 14,517 | $ 17,916 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 11,435 | 3,252 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 761 | 987 | |
Total Nonperforming Loans and Leases | 26,713 | 22,155 | |
Nonaccrual Troubled Debt Restructured Loans And Lease Modifications | 2,500 | 1,800 | |
Number of Borrowers | borrowers | 1 | ||
Commercial, Financial and Agricultural [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 4,448 | 5,746 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 921 | 967 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Total Nonperforming Loans and Leases | 5,369 | 6,713 | |
Real Estate-Commercial [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 4,285 | 5,651 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 10,266 | 1,519 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Total Nonperforming Loans and Leases | 14,551 | 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 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Total Nonperforming Loans and Leases | 365 | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 2,843 | 4,898 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 206 | 766 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 162 | 0 | |
Total Nonperforming Loans and Leases | 3,211 | 5,664 | |
Real Estate-Residential Secured for Personal Purpose [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 466 | 560 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 42 | 0 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 481 | |
Total Nonperforming Loans and Leases | 508 | 1,041 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 511 | 525 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 148 | 171 | |
Total Nonperforming Loans and Leases | 659 | 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 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 195 | 142 | |
Total Nonperforming Loans and Leases | 195 | 142 | |
Lease Financings [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Nonaccrual Loans and Leases | 1,599 | 536 | |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 256 | 193 | |
Total Nonperforming Loans and Leases | 1,855 | 729 | |
Accrual Troubled Debt Restructuring Loans [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Pre- Restructuring Outstanding Recorded Investment | 9,206 | 1,960 | |
Accrual Troubled Debt Restructuring Loans [Member] | Commercial, Financial and Agricultural [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Pre- Restructuring Outstanding Recorded Investment | 0 | 1,545 | |
Accrual Troubled Debt Restructuring Loans [Member] | Real Estate-Commercial [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Pre- Restructuring Outstanding Recorded Investment | 9,206 | 0 | |
Accrual Troubled Debt Restructuring Loans [Member] | Real Estate-Residential Secured for Business Purpose [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 415 | |
Amortization Period Extension [Member] | Accrual Troubled Debt Restructuring Loans [Member] | |||
Non-Performing Loans and Leases [Line Items] | |||
Pre- Restructuring Outstanding Recorded Investment | $ 9,200 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 3,081,287 | $ 2,390,832 |
Total Loans and Leases Held for Investment, Acquired | 538,780 | 895,054 |
Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 22,941 | 14,148 |
Total Loans and Leases Held for Investment, Acquired | 1,120 | 583 |
Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 11,027 | 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 | 57,507 | 74,757 |
Total Loans and Leases Held for Investment, Acquired | 607 | 5,417 |
Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,846,112 | 1,386,253 |
Total Loans and Leases Held for Investment, Acquired | 306,841 | 533,598 |
Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 491,740 | 272,383 |
Total Loans and Leases Held for Investment, Acquired | 125,613 | 221,113 |
Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 18,689 | 32,772 |
Total Loans and Leases Held for Investment, Acquired | 18,035 | 14,023 |
Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 42,809 | 70,286 |
Total Loans and Leases Held for Investment, Acquired | 13,114 | 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 | 2,490,825 | 1,867,624 |
Total Loans and Leases Held for Investment, Acquired | 465,330 | 799,503 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 587,990 | 521,472 |
Total Loans and Leases Held for Investment, Acquired | 72,705 | 94,679 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,472 | 1,736 |
Total Loans and Leases Held for Investment, Acquired | 745 | 872 |
Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 590,462 | 523,208 |
Total Loans and Leases Held for Investment, Acquired | 73,450 | 95,551 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 833,100 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 63,111 | 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 | 2,521 | 272 |
Total Loans and Leases Held for Investment, Acquired | 1,120 | 583 |
Commercial, Financial and Agricultural [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 9,206 | 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 | 30,283 | 35,529 |
Total Loans and Leases Held for Investment, Acquired | 125 | 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 | 593,205 | 465,675 |
Total Loans and Leases Held for Investment, Acquired | 49,949 | 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 | 179,990 | 113,499 |
Total Loans and Leases Held for Investment, Acquired | 6,183 | 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 | 4,027 | 8,820 |
Total Loans and Leases Held for Investment, Acquired | 1,007 | 73 |
Commercial, Financial and Agricultural [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 13,868 | 24,446 |
Total Loans and Leases Held for Investment, Acquired | 4,727 | 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 | 833,100 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 63,111 | 160,045 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,235,681 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 306,460 | 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 | 1,821 | 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 | 26,950 | 38,861 |
Total Loans and Leases Held for Investment, Acquired | 482 | 1,018 |
Real Estate-Commercial [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 960,258 | 676,212 |
Total Loans and Leases Held for Investment, Acquired | 183,490 | 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 | 209,844 | 128,646 |
Total Loans and Leases Held for Investment, Acquired | 98,977 | 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 | 12,974 | 22,439 |
Total Loans and Leases Held for Investment, Acquired | 17,028 | 7,705 |
Real Estate-Commercial [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 23,834 | 41,378 |
Total Loans and Leases Held for Investment, Acquired | 6,483 | 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 | 1,235,681 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 306,460 | 465,368 |
Real Estate-Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 171,244 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 4,592 | 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 | 20,420 | 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 | 76,899 | 110,650 |
Total Loans and Leases Held for Investment, Acquired | 0 | 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 | 72,168 | 18,213 |
Total Loans and Leases Held for Investment, Acquired | 4,592 | 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 | 1,392 | 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 | 171,244 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 4,592 | 31,953 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 250,800 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 91,167 | 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 | 274 | 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 | 215,750 | 133,716 |
Total Loans and Leases Held for Investment, Acquired | 73,402 | 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 | 29,738 | 12,025 |
Total Loans and Leases Held for Investment, Acquired | 15,861 | 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 | 296 | 1,199 |
Total Loans and Leases Held for Investment, Acquired | 0 | 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 | 4,742 | 4,462 |
Total Loans and Leases Held for Investment, Acquired | 1,904 | 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 | 250,800 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 91,167 | 142,137 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 260,654 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 60,920 | 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 | 260,589 | 210,208 |
Total Loans and Leases Held for Investment, Acquired | 60,477 | 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 | 65 | 169 |
Total Loans and Leases Held for Investment, Acquired | 443 | 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 | 260,654 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 60,920 | 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 | 171,884 | 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 | 171,527 | 147,286 |
Total Loans and Leases Held for Investment, Acquired | 12,084 | 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 | 357 | 696 |
Total Loans and Leases Held for Investment, Acquired | 302 | 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 | 171,884 | 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 | 28,156 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 144 | 263 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,961 | 29,968 |
Total Loans and Leases Held for Investment, Acquired | 144 | 263 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 195 | 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 | 28,156 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 144 | 263 |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 129,768 | 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 | 127,913 | 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 | 1,855 | 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 | 129,768 | 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 (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 17,499 | $ 17,628 | $ 20,662 |
Charge-offs | (7,137) | (6,988) | (8,496) |
Recoveries | 1,301 | 2,038 | 1,660 |
Provision (recovery of provision) | 9,892 | 4,646 | 3,623 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 175 | 179 |
Ending balance | 21,555 | 17,499 | 17,628 |
Commercial, Financial and Agricultural [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 7,037 | 6,418 | 6,920 |
Charge-offs | (1,030) | (4,827) | (4,793) |
Recoveries | 801 | 1,454 | 1,032 |
Provision (recovery of provision) | (66) | 3,992 | 3,259 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 6,742 | 7,037 | 6,418 |
Real Estate-Commercial and Construction [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 7,505 | 6,572 | 8,943 |
Charge-offs | (232) | (307) | (1,895) |
Recoveries | 5 | 101 | 200 |
Provision (recovery of provision) | 2,561 | 961 | (684) |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 178 | 8 |
Ending balance | 9,839 | 7,505 | 6,572 |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 774 | 763 | 763 |
Charge-offs | (1,370) | (522) | (179) |
Recoveries | 54 | 71 | 28 |
Provision (recovery of provision) | 2,204 | 462 | 43 |
Provision (recovery of provision) for acquired credit impaired loans | (1) | 0 | 108 |
Ending balance | 1,661 | 774 | 763 |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 993 | 1,575 | 1,124 |
Charge-offs | (196) | (178) | (279) |
Recoveries | 99 | 88 | 10 |
Provision (recovery of provision) | 857 | (489) | 657 |
Provision (recovery of provision) for acquired credit impaired loans | 1 | (3) | 63 |
Ending balance | 1,754 | 993 | 1,575 |
Loans to Individuals [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 364 | 346 | 360 |
Charge-offs | (317) | (395) | (549) |
Recoveries | 136 | 133 | 176 |
Provision (recovery of provision) | 190 | 280 | 359 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 373 | 364 | 346 |
Lease Financings [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 788 | 1,042 | 985 |
Charge-offs | (3,992) | (759) | (801) |
Recoveries | 206 | 191 | 214 |
Provision (recovery of provision) | 4,130 | 314 | 644 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 1,132 | 788 | 1,042 |
Unallocated [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 38 | 912 | 1,567 |
Provision (recovery of provision) | 16 | (874) | (655) |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | $ 54 | $ 38 | $ 912 |
Loans and Leases - Reserve fo72
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | $ 131 | $ 235 | ||
Ending balance: collectively evaluated for impairment | 21,424 | 17,264 | ||
Total ending balance | 21,555 | 17,499 | $ 17,628 | $ 20,662 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 29,732 | 43,915 | ||
Ending balance: collectively evaluated for impairment | 3,049,597 | 2,346,917 | ||
Loans measured at fair value | 1,958 | 2,138 | ||
Acquired non-credit impaired loans | 537,197 | 885,564 | ||
Acquired credit impaired loans | 1,583 | 7,352 | ||
Total Loans and Leases Held for Investment | 3,620,067 | 3,285,886 | ||
Commercial, Financial and Agricultural [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 31 | 19 | ||
Ending balance: collectively evaluated for impairment | 6,711 | 7,018 | ||
Total ending balance | 6,742 | 7,037 | 6,418 | 6,920 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 7,079 | 11,077 | ||
Ending balance: collectively evaluated for impairment | 826,021 | 652,144 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 62,689 | 159,456 | ||
Acquired credit impaired loans | 422 | 589 | ||
Total Loans and Leases Held for Investment | 896,211 | 823,266 | ||
Real Estate-Commercial and Construction [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 99 | 25 | ||
Ending balance: collectively evaluated for impairment | 9,740 | 7,480 | ||
Total ending balance | 9,839 | 7,505 | 6,572 | 8,943 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 16,919 | 25,066 | ||
Ending balance: collectively evaluated for impairment | 1,388,048 | 1,027,406 | ||
Loans measured at fair value | 1,958 | 2,138 | ||
Acquired non-credit impaired loans | 310,696 | 489,473 | ||
Acquired credit impaired loans | 356 | 5,710 | ||
Total Loans and Leases Held for Investment | 1,717,977 | 1,549,793 | ||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 1 | 191 | ||
Ending balance: collectively evaluated for impairment | 1,660 | 583 | ||
Total ending balance | 1,661 | 774 | 763 | 763 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 3,465 | 6,687 | ||
Ending balance: collectively evaluated for impairment | 247,335 | 145,244 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 90,582 | 141,353 | ||
Acquired credit impaired loans | 585 | 784 | ||
Total Loans and Leases Held for Investment | 341,967 | 294,068 | ||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,754 | 993 | ||
Total ending balance | 1,754 | 993 | 1,575 | 1,124 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 1,019 | 1,085 | ||
Ending balance: collectively evaluated for impairment | 431,519 | 357,274 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 73,086 | 95,019 | ||
Acquired credit impaired loans | 220 | 269 | ||
Total Loans and Leases Held for Investment | 505,844 | 453,647 | ||
Loans to Individuals [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 373 | 364 | ||
Total ending balance | 373 | 364 | 346 | 360 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 28,156 | 30,110 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 144 | 263 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 28,300 | 30,373 | ||
Lease Financings [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,132 | 788 | ||
Total ending balance | 1,132 | 788 | 1,042 | 985 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 1,250 | 0 | ||
Ending balance: collectively evaluated for impairment | 128,518 | 134,739 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 0 | 0 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 129,768 | 134,739 | ||
Unallocated [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: collectively evaluated for impairment | 54 | 38 | ||
Total ending balance | $ 54 | $ 38 | $ 912 | $ 1,567 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | $ 27,454 | $ 42,169 |
Impaired loans with a reserve recorded, Recorded Investment | 1,028 | 1,746 |
Impaired loans with no related reserve, Unpaid Principal Balance | 30,882 | 45,278 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 1,030 | 1,868 |
Total impaired loans, Recorded Investment | 28,482 | |
Total impaired loans, Unpaid Principal Balance | 31,912 | 47,146 |
Impaired Financing Receivable, Related Allowance | 131 | 235 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 7,019 | 10,911 |
Impaired loans with a reserve recorded, Recorded Investment | 60 | 166 |
Impaired loans with no related reserve, Unpaid Principal Balance | 8,301 | 12,561 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 60 | 166 |
Total impaired loans, Recorded Investment | 7,079 | 11,077 |
Total impaired loans, Unpaid Principal Balance | 8,361 | 12,727 |
Impaired Financing Receivable, Related Allowance | 31 | 19 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 15,621 | 24,469 |
Impaired loans with a reserve recorded, Recorded Investment | 933 | 597 |
Impaired loans with no related reserve, Unpaid Principal Balance | 16,507 | 25,342 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 933 | 597 |
Total impaired loans, Recorded Investment | 16,554 | 25,066 |
Total impaired loans, Unpaid Principal Balance | 17,440 | 25,939 |
Impaired Financing Receivable, Related Allowance | 99 | 25 |
Real Estate-Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 365 | 0 |
Impaired loans with no related reserve, 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 reserve, Recorded Investment | 3,430 | 5,704 |
Impaired loans with a reserve recorded, Recorded Investment | 35 | 983 |
Impaired loans with no related reserve, Unpaid Principal Balance | 4,620 | 6,253 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 37 | 1,105 |
Total impaired loans, Recorded Investment | 3,465 | 6,687 |
Total impaired loans, Unpaid Principal Balance | 4,657 | 7,358 |
Impaired Financing Receivable, Related Allowance | 1 | 191 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 508 | 560 |
Impaired loans with no related reserve, Unpaid Principal Balance | 566 | 594 |
Total impaired loans, Recorded Investment | 508 | 560 |
Total impaired loans, Unpaid Principal Balance | 566 | 594 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 511 | 525 |
Impaired loans with no related reserve, Unpaid Principal Balance | 523 | 528 |
Total impaired loans, Recorded Investment | 511 | 525 |
Total impaired loans, Unpaid Principal Balance | 523 | 528 |
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 |
Loans and Leases - Tables for I
Loans and Leases - Tables for Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 35,584 | $ 44,846 | $ 48,789 |
Interest Income Recognized | 1,060 | 1,433 | 1,565 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 889 | 909 | 1,298 |
Loans Held For Sale [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 0 | 1,832 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 0 | 0 | 110 |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 10,456 | 13,126 | 15,383 |
Interest Income Recognized | 200 | 258 | 423 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 347 | 381 | 481 |
Real Estate-Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 20,054 | 26,698 | 23,692 |
Interest Income Recognized | 792 | 1,106 | 996 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 289 | 272 | 330 |
Real Estate-Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 253 | 0 | 3,164 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 19 | 0 | 162 |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 3,801 | 4,084 | 3,805 |
Interest Income Recognized | 65 | 67 | 144 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 169 | 207 | 161 |
Real Estate-Residential Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 614 | 498 | 729 |
Interest Income Recognized | 3 | 2 | 2 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 39 | 24 | 43 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 406 | 440 | 184 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | $ 26 | $ 25 | $ 11 |
Loans and Leases - Narrative fo
Loans and Leases - Narrative for Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Interest income recognized on a cash basis for nonaccrual loans | $ 4 | $ 8 | $ 37 |
Interest income recognized on accrual method for accruing impaired loans | 1,100 | 1,400 | $ 1,500 |
Reserve for uncollected interest | 3 | 10 | |
Off-balance Sheet Risks, Amount, Liability | $ 390 | $ 385 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 3 | 2 |
Pre- Restructuring Outstanding Recorded Investment | $ 9,206 | $ 1,960 |
Post- Restructuring Outstanding Recorded Investment | 9,206 | 1,960 |
Related Reserve | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 3 | 3 |
Pre- Restructuring Outstanding Recorded Investment | $ 1,455 | $ 499 |
Post- Restructuring Outstanding Recorded Investment | 1,455 | 498 |
Related Reserve | $ 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 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 1,127 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 1,127 | 0 |
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 |
Pre- Restructuring Outstanding Recorded Investment | $ 9,206 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 9,206 | 0 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 328 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 328 | 0 |
Related Reserve | $ 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 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 415 |
Post- Restructuring Outstanding Recorded Investment | 0 | 415 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 313 |
Post- Restructuring Outstanding Recorded Investment | 0 | 312 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 34 |
Post- Restructuring Outstanding Recorded Investment | 0 | 34 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 152 |
Post- Restructuring Outstanding Recorded Investment | 0 | 152 |
Related Reserve | $ 0 | $ 0 |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 3 | 2 |
Amount | $ | $ 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 |
Amount | $ | $ 0 | $ 415 |
Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 3 | 1 |
Amount | $ | $ 9,206 | $ 1,545 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 3 | 3 |
Amount | $ | $ 1,455 | $ 498 |
Nonaccrual Troubled Debt Restructured 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 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 3 |
Amount | $ | $ 328 | $ 498 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | 0 |
Amount | $ | $ 1,127 | $ 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] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | 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 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | 0 |
Amount | $ | $ 1,127 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured 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] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | |
Amount | $ | $ 1,127 | |
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 |
Amount | $ | $ 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 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 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 | |
Amount | $ | $ 9,206 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 328 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured 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-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 328 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 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 | |
Amount | $ | $ 415 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 312 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured 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 Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 312 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 34 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured 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 Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 34 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 152 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured 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-Home Equity Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 152 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 |
Loans and Leases - Accruing and
Loans and Leases - Accruing and Nonaccrual Troubled Debt Restructured Loans with Payment Defaults (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 34 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 34 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in the Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 31 | $ 180 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | 31 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 180 |
Loans and Leases - Foreclosed R
Loans and Leases - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Foreclosed residential real estate | $ 80 | $ 0 |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 103,720 | $ 102,843 |
Less: accumulated depreciation | (41,923) | (39,205) |
Net book value | 61,797 | 63,638 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 15,402 | 15,656 |
Premises and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 54,643 | 54,239 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 33,675 | $ 32,948 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Rental Expense Charged to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Rental expense | $ 3,938 | $ 3,791 | $ 3,167 |
Sublease rental income | (227) | (138) | (195) |
Net rental expense | $ 3,711 | $ 3,653 | $ 2,972 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 4,200,000 | $ 4,100,000 | $ 3,600,000 |
Goodwill | 172,559,000 | 172,559,000 | 112,657,000 |
Additional goodwill | 0 | 59,902,000 | |
Goodwill impairment | 0 | 0 | 0 |
Material impairments to identifiable intangible assets | 0 | 0 | $ 0 |
Mortgage Servicing Rights [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Aggregate fair value of mortgage servicing rights | $ 10,000,000 | $ 9,500,000 | |
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% | |
SBA Servicing Rights [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Aggregate fair value of mortgage servicing rights | $ 21,000 | $ 0 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 172,559 | $ 112,657 |
Goodwill, Acquired During Period | 0 | 59,902 |
Goodwill, Ending Balance | 172,559 | 172,559 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 138,476 | 78,574 |
Goodwill, Acquired During Period | 0 | 59,902 |
Goodwill, Ending Balance | 138,476 | 138,476 |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 15,434 | 15,434 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | 15,434 | 15,434 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 18,649 | 18,649 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | $ 18,649 | $ 18,649 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,734 | $ 34,248 |
Accumulated Amortization and Fair Value Adjustments | 21,825 | 17,597 |
Net Carrying Amount | 13,909 | 16,651 |
Covenants Not To Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 710 | 710 |
Accumulated Amortization and Fair Value Adjustments | 580 | 205 |
Net Carrying Amount | 130 | 505 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,788 | 6,788 |
Accumulated Amortization and Fair Value Adjustments | 2,135 | 1,004 |
Net Carrying Amount | 4,653 | 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 | 9,828 | 8,504 |
Net Carrying Amount | 2,553 | 3,877 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15,855 | 14,369 |
Accumulated Amortization and Fair Value Adjustments | 9,282 | 7,884 |
Net Carrying Amount | $ 6,573 | $ 6,485 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Covenants Not To Compete, Core Deposit and Customer Related Intangibles (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 2,114 |
2,019 | 1,565 |
2,020 | 1,200 |
2,021 | 923 |
2,022 | 666 |
Thereafter | $ 868 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Detail) - Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning of period | $ 6,485 | $ 5,877 | $ 5,509 |
Servicing rights capitalized | 1,487 | 2,049 | 1,674 |
Acquired servicing rights | 0 | 87 | 0 |
Amortization of servicing rights | (1,399) | (1,528) | (1,306) |
Changes in valuation allowance | 0 | 0 | 0 |
End of period | 6,573 | 6,485 | 5,877 |
Residential mortgage and SBA loans serviced for others | $ 1,008,123 | $ 965,729 | $ 863,947 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 2,114 |
2,019 | 1,565 |
2,020 | 1,200 |
2,021 | 923 |
2,022 | 666 |
Thereafter | 868 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 970 |
2,019 | 841 |
2,020 | 729 |
2,021 | 628 |
2,022 | 541 |
Thereafter | $ 2,864 |
Accrued Interest Receivable a89
Accrued Interest Receivable and Other Assets - Details of Accrued Interest Receivable and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Receivable and Other Assets [Abstract] | ||
Other real estate owned | $ 1,843 | $ 4,969 |
Accrued interest receivable | 12,362 | 10,794 |
Accrued income and other receivables | 3,872 | 7,751 |
Fair market value of derivative financial instruments | 601 | 1,058 |
Other prepaid expenses | 21,496 | 17,686 |
Net federal deferred tax assets | 1,174 | 9,965 |
Other Assets | 154 | 20 |
Total accrued interest and other assets | $ 41,502 | $ 52,243 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand or more | $ 250 | $ 291 |
Aggregate amount of time deposits in denominations over $250 thousand | $ 118.4 | $ 151.7 |
Deposits - Schedule of Componen
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 0.43% | 0.17% |
Savings deposits | 0.26% | 0.10% |
Time Deposits | 1.12% | 0.87% |
Deposits | 0.38% | 0.24% |
Deposits | ||
Noninterest-bearing deposits | $ 1,040,026 | $ 918,337 |
Demand deposits | 1,109,438 | 909,963 |
Savings deposits | 830,706 | 803,078 |
Time deposits | 574,749 | 626,189 |
Total deposits | $ 3,554,919 | $ 3,257,567 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Due in 2018 | $ 318,938 | |
Due in 2019 | 141,545 | |
Due in 2020 | 65,200 | |
Due in 2021 | 11,232 | |
Due in 2022 | 31,039 | |
Thereafter | 6,795 | |
Time deposits | $ 574,749 | $ 626,189 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jul. 01, 2016 | Mar. 30, 2015 | Jun. 29, 2026 | Mar. 30, 2025 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 1,400,000,000 | |||||
Outstanding short term letters of credit | 234,200,000 | $ 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 Discount Window Lending program | 52,000,000 | 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 | |||||
Securities Sold under Agreements to Repurchase [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt with fixed interest rate | 5,100,000 | |||||
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt with variable interest rate | $ 25,700,000 | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt | $ 45,000,000 | |||||
Net proceeds of debt | $ 44,500,000 | |||||
Annual fixed rate of interest | 5.00% | |||||
Redemption price percentage of principal amount of redeemed debt | 100.00% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread of interest rate (LIBOR) | 3.90% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt | $ 50,000,000 | |||||
Net proceeds of debt | $ 49,300,000 | |||||
Annual fixed rate of interest | 5.10% | |||||
Redemption price percentage of principal amount of redeemed debt | 100.00% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread of interest rate (LIBOR) | 3.544% |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 105,431 | $ 196,171 |
Balance at End of Year | $ 155,828 | $ 127,522 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 1.73% | 0.94% |
Maximum Amount Outstanding at Month End During the Year | $ 190,689 | $ 96,471 |
Average Amount Outstanding During the Year | $ 155,073 | $ 45,179 |
Weighted Average Interest Rate During the Year | 1.43% | 0.89% |
Balance at End of Year | $ 125,036 | $ 96,248 |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 1.52% | 0.91% |
Maximum Amount Outstanding at Month End During the Year | $ 31,234 | $ 31,475 |
Average Amount Outstanding During the Year | $ 31,036 | $ 15,786 |
Weighted Average Interest Rate During the Year | 1.30% | 0.93% |
Balance at End of Year | $ 30,792 | $ 31,274 |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 5.35% | 5.36% |
Maximum Amount Outstanding at Month End During the Year | $ 94,331 | $ 94,087 |
Average Amount Outstanding During the Year | $ 94,208 | $ 71,851 |
Weighted Average Interest Rate During the Year | 5.35% | 5.39% |
Balance at End of Year | $ 94,331 | $ 94,087 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 30,225 | $ 91,300 |
Weighted Average Interest Rate | 1.54% | 0.74% |
Maximum Amount Outstanding at Month End During the Year | $ 124,500 | $ 206,000 |
Average Amount Outstanding During the Year | $ 50,063 | $ 50,757 |
Weighted Average Interest Rate During the Year | 1.10% | 0.58% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 55,000 | $ 80,000 |
Weighted Average Interest Rate | 1.56% | 0.81% |
Maximum Amount Outstanding at Month End During the Year | $ 95,000 | $ 125,000 |
Average Amount Outstanding During the Year | $ 32,282 | $ 24,783 |
Weighted Average Interest Rate During the Year | 1.05% | 0.61% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 20,206 | $ 24,871 |
Weighted Average Interest Rate | 0.05% | 0.05% |
Maximum Amount Outstanding at Month End During the Year | $ 26,376 | $ 30,011 |
Average Amount Outstanding During the Year | $ 23,207 | $ 26,173 |
Weighted Average Interest Rate During the Year | 0.05% | 0.05% |
Short-term Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 0 | |
Weighted Average Interest Rate | 0.00% | |
Maximum Amount Outstanding at Month End During the Year | $ 79,960 | |
Average Amount Outstanding During the Year | $ 1,525 | |
Weighted Average Interest Rate During the Year | 18.83% |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
2,018 | $ 10,036 |
2,019 | 10,000 |
2,020 | 40,000 |
2,021 | 55,000 |
2,022 | 10,000 |
Thereafter | 0 |
Total Advances | $ 125,036 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
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% |
2022 Weighted average interest rate | 2.09% |
Thereafter Weighted average interest rate | 0.00% |
Weighted average interest rate | 1.73% |
Borrowings - Schedule of Matu96
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at End of Year | $ 155,828 | $ 127,522 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,018 | 10,192 | |
2,019 | 10,266 | |
2,020 | 10,334 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 0 | |
Balance at End of Year | $ 30,792 | $ 31,274 |
Long-term Debt, Other Disclosures [Abstract] | ||
2018 Weighted average interest rate | 1.13% | |
2019 Weighted average interest rate | 1.70% | |
2020 Weighted average interest rate | 1.71% | |
2021 Weighted average interest rate | 0.00% | |
2022 Weighted average interest rate | 0.00% | |
Thereafter Weighted average interest rate | 0.00% | |
Weighted average interest rate | 1.52% | 0.91% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Federal (net of state benefit) - enactment of tax reform | $ 1,100,000 | ||
Amount for which no federal income tax provision has been made | 6,000,000 | $ 6,000,000 | $ 6,000,000 |
Unrecognized Tax Benefits | 0 | 0 | |
Accrued Interest Or Penalties | 0 | $ 0 | |
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 52,600,000 | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2018 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax years | 2,014 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and State Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 9,273 | $ 2,400 | $ 5,113 | ||||||||
State | 961 | 539 | 829 | ||||||||
Deferred: | |||||||||||
Federal | 7,350 | 909 | 3,877 | ||||||||
State | 133 | 33 | (61) | ||||||||
Provision for federal and state income taxes, total | $ 5,162 | $ 4,416 | $ 4,217 | $ 3,922 | $ 568 | $ (1,533) | $ 2,046 | $ 2,800 | $ 17,717 | $ 3,881 | $ 9,758 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Differences from Expected Statutory Provision (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected provision at statutory rate | 35.00% | 35.00% | 35.00% |
Difference resulting from: | |||
Tax exempt interest income, net of disallowance | (6.10%) | (15.60%) | (9.50%) |
Increase in value of bank owned life insurance assets | (2.20%) | (4.20%) | (1.20%) |
Stock-based compensation | (1.00%) | (1.70%) | 0.50% |
Non-deductible merger-related expenses | 0.00% | 1.20% | 0.40% |
State income taxes, net of federal benefits | 1.20% | (1.50%) | 0.90% |
Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates | 1.70% | 0.00% | 0.00% |
Changes in valuation allowance | 0.50% | 3.10% | 0.40% |
Other | (0.40%) | 0.30% | (0.10%) |
Provision for income taxes - effective income tax rate | 28.70% | 16.60% | 26.40% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 4,643 | $ 5,984 |
Deferred compensation | 2,110 | 2,541 |
Actuarial adjustments on retirement benefits | 4,432 | 7,714 |
State net operating losses | 4,166 | 2,725 |
Other-than-temporary impairments on equity securities | 148 | 331 |
Net unrealized holding losses on securities available-for-sale and swaps | 1,316 | 2,762 |
Other deferred tax assets | 1,243 | 5,712 |
Gross deferred tax assets | 18,058 | 27,769 |
Valuation allowance | (3,523) | (2,341) |
Total deferred tax assets, net of valuation allowance | 14,535 | 25,428 |
Deferred tax liabilities: | ||
Mortgage servicing rights | 1,415 | 2,302 |
Retirement plans | 4,304 | 6,265 |
Deferred loan fees and costs | 2,614 | 615 |
Acquisition-related fair value adjustments | 1,621 | 2,097 |
Intangible assets | 1,513 | 1,491 |
Depreciation | 1,102 | 1,401 |
Other deferred tax liabilities | 792 | 1,692 |
Total deferred tax liabilities | 13,361 | 15,863 |
Net deferred tax assets | $ 1,174 | $ 9,565 |
Retirement Plans and Other P101
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee hire date no longer eligible for noncontributory retirement plan | Dec. 8, 2009 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.50% | ||
Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 222 | $ 52 | $ 285 |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 4.00% | 4.30% | |
Settlements | $ 0 | $ (3,166) | |
Settlement cost | 0 | $ 1,434 | 0 |
Expected employer contributions for next fiscal year | $ 158 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.50% | 7.50% | |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 4.00% | 4.30% | |
Settlements | $ 0 | $ 0 | |
Settlement cost | 0 | $ 0 | 0 |
Expected employer contributions for next fiscal year | $ 80 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 0.00% | 0.00% | |
Deferred Salary Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 1,400 | $ 1,200 | $ 1,000 |
Retirement Plans and Other P102
Retirement Plans and Other Postretirement Benefits - Summary of Retirement Plans and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 41,418 | ||
Fair value of plan assets at end of year | 46,753 | $ 41,418 | |
Retirement Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 47,389 | 49,810 | |
Service cost | 524 | 661 | $ 756 |
Interest cost | 1,927 | 2,071 | 1,953 |
Actuarial loss (gain) | 3,169 | 413 | |
Benefits paid | (2,645) | (2,400) | |
Settlements | 0 | 3,166 | |
Benefit obligation at end of year | 50,364 | 47,389 | 49,810 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 41,418 | 41,490 | |
Actual return on plan assets | 5,799 | 3,314 | |
Settlements | 0 | 3,166 | |
Employer contribution and non-qualified benefit payments | 2,181 | 2,180 | |
Fair value of plan assets at end of year | 46,753 | 41,418 | 41,490 |
Funded status | (3,611) | (5,971) | |
Unrecognized net actuarial loss | 21,256 | 22,018 | |
Unrecognized prior service costs | (464) | (746) | |
Net amount recognized | 17,181 | 15,301 | |
Other Post Retirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,968 | 2,834 | |
Service cost | 48 | 46 | 59 |
Interest cost | 118 | 133 | 110 |
Actuarial loss (gain) | (409) | 36 | |
Benefits paid | (114) | (81) | |
Settlements | 0 | 0 | |
Benefit obligation at end of year | 2,611 | 2,968 | 2,834 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Settlements | 0 | 0 | |
Employer contribution and non-qualified benefit payments | 114 | 81 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (2,611) | (2,968) | |
Unrecognized net actuarial loss | 316 | 767 | |
Unrecognized prior service costs | 0 | 0 | |
Net amount recognized | $ (2,295) | $ (2,201) |
Retirement Plans and Other P103
Retirement Plans and Other Postretirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 48,104 | $ 45,129 |
Accumulated benefit obligation | 44,976 | 42,178 |
Fair value of plan assets | $ 46,753 | $ 41,418 |
Retirement Plans and Other P104
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 524 | $ 661 | $ 756 |
Interest cost | 1,927 | 2,071 | 1,953 |
Expected return on plan assets | (3,074) | (3,041) | (3,100) |
Amortization of net actuarial loss | 1,185 | 1,296 | 1,308 |
Accretion of prior service cost | (282) | (283) | (280) |
Settlement cost | 0 | 1,434 | 0 |
Net periodic benefit (income) cost | 280 | 2,138 | 637 |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 48 | 46 | 59 |
Interest cost | 118 | 133 | 110 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 42 | 25 | 54 |
Accretion of prior service cost | 0 | 0 | 0 |
Settlement cost | 0 | 0 | 0 |
Net periodic benefit (income) cost | $ 208 | $ 204 | $ 223 |
Retirement Plans and Other P105
Retirement Plans and Other Postretirement Benefits - Expected Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 1,173 |
Accretion of prior service cost | (283) |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | 225 |
Accretion of prior service cost | $ 0 |
Retirement Plans and Other P106
Retirement Plans and Other Postretirement Benefits - Summary of Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 2,745 |
2,019 | 2,786 |
2,020 | 2,829 |
2,021 | 2,899 |
2,022 | 2,901 |
Years 2023-2027 | 14,987 |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 80 |
2,019 | 85 |
2,020 | 88 |
2,021 | 91 |
2,022 | 97 |
Years 2023-2027 | $ 608 |
Retirement Plans and Other P107
Retirement Plans and Other Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed long-term rate of investment return | 7.50% | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 3.60% | 4.00% |
Assumed salary increase rate | 3.00% | 3.00% |
Assumed discount rate | 4.00% | 4.30% |
Assumed long-term rate of investment return | 7.50% | 7.50% |
Assumed salary increase rate | 3.00% | 3.00% |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 3.60% | 4.00% |
Assumed salary increase rate | 0.00% | 0.00% |
Assumed discount rate | 4.00% | 4.30% |
Assumed long-term rate of investment return | 0.00% | 0.00% |
Assumed salary increase rate | 0.00% | 0.00% |
Retirement Plans and Other P108
Retirement Plans and Other Postretirement Benefits - Summary of Corporation's Pension Plan Asset Allocation (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 64.00% | 61.00% |
Debt Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 35.00% | 38.00% |
Other [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 1.00% | 1.00% |
Retirement Plans and Other P109
Retirement Plans and Other Postretirement Benefits - Major Categories of Assets in Corporation's Pension Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 46,753 | $ 41,418 |
Mutual Fund [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 31,144 | 26,292 |
Short-term Investments [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 515 | 549 |
U.S. Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 4,910 | 3,544 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 5,974 | 6,468 |
Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 4,210 | $ 4,565 |
Retirement Plans and Other P110
Retirement Plans and Other Postretirement Benefits - Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | $ 4,565 | $ 4,755 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 535 | 675 |
Maturities/ Redemptions | (890) | (865) |
Ending Balance | 4,210 | 4,565 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | 4,565 | 4,755 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 535 | 675 |
Maturities/ Redemptions | (890) | (865) |
Ending Balance | $ 4,210 | $ 4,565 |
Stock-Based Incentive Plan - Ad
Stock-Based Incentive Plan - Additional Information (Detail) - shares | Jul. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share awards authorized for issuance | 3,355,786 | |||
Purchase price of common shares as a percentage of fair market value | 100.00% | |||
Contractual term | 10 years | |||
Percent of optioned shares become exercisable each year from one to three years | 33.30% | |||
Options to purchase common stock outstanding | 512,735 | 504,908 | ||
Unvested restricted stock awards outstanding under the plan | 229,026 | 285,158 | ||
2013 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards available for future grant | 2,484,320 | |||
2003 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock awards outstanding under the plan | 229,026 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over which optioned shares become exercisable | 3 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over which optioned shares become exercisable | 10 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price of common shares as a percentage of fair market value | 100.00% | |||
Period over which optioned shares become exercisable | 3 years | |||
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 - St
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Shares Under Option | |
Shares Under Option, Outstanding, Beginning balance | shares | 504,908 |
Shares Under Option, Granted | shares | 189,797 |
Shares Under Option, Expired | shares | (73,600) |
Shares Under Option, Forfeited | shares | (16,000) |
Shares Under Option, Exercised | shares | (92,370) |
Share Under Option, Outstanding, Ending balance | shares | 512,735 |
Shares Under Options, Exercisable at December 31 | shares | 160,593 |
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 | 22.69 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 23.35 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 18.14 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 21.90 |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2016 | $ / shares | $ 17.80 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2016 | 7 years 4 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2016 | 5 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2017 | $ | $ 3,170 |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ | $ 1,646 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 189,797 | ||
Nonvested Stock Options, Vested | (130,595) | ||
Nonvested Stock Options, Forfeited | (16,000) | ||
Nonvested Stock Options, Ending balance | 352,142 | 308,940 | |
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 | $ 6.23 | $ 6.07 |
Weighted Average Grant Date Fair Value, Vested | 6.06 | ||
Weighted Average Grant Date Fair Value, Forfeited | 6.47 | ||
Weighted Average Grant Date Fair Value, Ending balance | $ 6.47 | $ 6.15 |
Stock-Based Incentive Plan - Ag
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected option life in years | 8 years | ||
Expected option life in years - weighted average | 6 years 10 months 24 days | 7 years 10 months 24 days | |
Risk free interest rate | 1.64% | ||
Risk free interest rate - weighted average | 2.30% | 1.87% | |
Expected dividend yield | 4.32% | ||
Expected dividend yield - weighted average | 2.84% | 4.06% | |
Expected volatility | 49.38% | ||
Expected volatility - weighted average | 29.75% | 45.82% | |
Fair value of options | $ 6.72 | $ 6.23 | $ 6.07 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected option life in years | 7 years 7 months 6 days | ||
Risk free interest rate | 1.38% | ||
Expected dividend yield | 3.80% | ||
Expected volatility | 37.71% | ||
Fair value of options | $ 5.40 | ||
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 -115
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards (Detail) | 12 Months Ended |
Dec. 31, 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 | (101,372) |
Nonvested Share Awards, Forfeited | shares | (16,583) |
Nonvested Share awards, Ending balance | shares | 229,026 |
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 | 19.80 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 20.22 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 21.93 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 176,255 | 65,755 |
Weighted average grant date fair value | $ 28.08 | $ 20.60 | $ 18.62 |
Intrinsic value of awards vested | $ 2,954 | $ 1,000 | $ 749 |
Stock-Based Incentive Plan - Sc
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 3,571 |
Weighted-Average Period Remaining (Years) | 1 year 6 months |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 1,280 |
Weighted-Average Period Remaining (Years) | 1 year 8 months 12 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 2,291 |
Weighted-Average Period Remaining (Years) | 1 year 4 months 24 days |
Stock-Based Incentive Plan - Co
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation expense: | |||
Total Expense | $ 3,230 | $ 2,151 | $ 1,474 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 1,432 | 1,135 | 339 |
Stock Options [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 910 | 577 | 528 |
Restricted Stock Awards [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 2,256 | 1,507 | 893 |
Employee Stock Purchase Plan [Member] | |||
Stock-based compensation expense: | |||
Total Expense | $ 64 | $ 67 | $ 53 |
Accumulated Other Comprehens119
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | $ (19,454) | $ (16,708) | $ (14,462) |
Net Change | 1,683 | (2,746) | (2,246) |
Ending balance | (17,771) | (19,454) | (16,708) |
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | (4,988) | (592) | 1,711 |
Net Change | 927 | (4,396) | (2,303) |
Ending balance | (4,061) | (4,988) | (592) |
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | (141) | (285) | (157) |
Net Change | 150 | 144 | (128) |
Ending balance | 9 | (141) | (285) |
Net Change Related to Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | (14,325) | (15,831) | (16,016) |
Net Change | 606 | 1,506 | 185 |
Ending balance | $ (13,719) | $ (14,325) | $ (15,831) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Mar. 31, 2018 | Sep. 25, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)guarantors | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Off-balance Sheet Risks, Amount, Liability | $ 390 | $ 385 | |||||
Reserve for sold mortgages | 293 | ||||||
Charge-offs | 7,137 | 6,988 | $ 8,496 | ||||
Nonaccrual Loans and Leases | 14,517 | $ 17,916 | |||||
Letter of Credit [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Current carrying amount of the contingent obligation | $ 278 | ||||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Term of letter of credit | 1 year | ||||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Term of letter of credit | 5 years | ||||||
Maximum [Member] | Letter of Credit [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Off-balance Sheet Risks, Amount, Liability | $ 53,000 | ||||||
Software Lease [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Charge-offs | $ 2,800 | ||||||
Nonaccrual Loans and Leases | 5,000 | $ 5,000 | |||||
Litigation Settlement, Number of Guarantors | guarantors | 29 | ||||||
Litigation Settlement, Settlement Agreement Date | September 25, 2017 | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,000 | ||||||
Litigation Settlement, Subject to Election, Payment Per Guarantor | $ 43 | ||||||
Accounts receivable | $ 1,300 | 1,300 | |||||
Software Lease [Member] | Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Litigation Settlement, Not Subject to Election, Payment Per Guarantor | 108 | ||||||
Software Lease [Member] | Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,300 | ||||||
Litigation Settlement, Not Subject to Election, Payment Per Guarantor | $ 228 | ||||||
Scenario, Forecast [Member] | Software Lease [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Litigation Settlement, Election Process Completion, Date | Mar. 31, 2018 |
Commitments and Contingencie121
Commitments and Contingencies - Off-balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 390 | $ 385 |
Commitments to Extend Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 1,127,545 | |
Performance Letters Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 27,634 | |
Standby Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 24,477 | |
Other Letters Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 849 |
Commitments and Contingencie122
Commitments and Contingencies - Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 3,535 |
2,019 | 3,407 |
2,020 | 3,468 |
2,021 | 3,514 |
2,022 | 3,431 |
Thereafter | 44,320 |
Total | $ 61,675 |
Commitments and Contingencie123
Commitments and Contingencies - Summary of Future Minimum Contractual Payments With Third-Party Providers (Details) - Third-party providers [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum payments contractually due [Abstract] | |
2,018 | $ 5,497 |
2,019 | 4,867 |
2,020 | 4,348 |
2,021 | 3,790 |
2,022 | 2,047 |
Thereafter | 406 |
Contractual Obligation | $ 20,955 |
Derivative Instruments and H124
Derivative Instruments and Hedging Activities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)instrument | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Loans receivable with fixed rates | $ 29,100,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 19,224,000 | $ 19,993,000 | |
Derivative Assets | 13,000 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 132,593,000 | 107,448,000 | |
Derivative Assets | $ 588,000 | 1,058,000 | |
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 | $ 523,000 | 622,000 | |
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
Derivative spread on floating rate | 2.24% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 0 | 0 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative asset notional amount | $ 20,000,000 | ||
Derivative fixed interest rate | 2.10% | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 62,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 17,836,000 | 18,566,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 13,000 | 0 | |
Interest Rate Swap [Member] | Fair Value Hedging [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 | $ 1,388,000 | 1,427,000 | |
Loans receivable fixed interest rate (percentage) | 5.83% | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
Derivative spread on floating rate | 3.50% | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 0 | 0 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 75,622,000 | 27,919,000 | |
Derivative number of instruments held | instrument | 15 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 1 year | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 0 | $ 0 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | $ 36,000 |
Derivative Instruments and H125
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | $ 19,224 | $ 19,993 | |
Derivative Assets | 13 | 0 | |
Derivative Liabilities | 12 | 254 | |
Net loss | (175) | (299) | $ (377) |
Gain (loss) recognized in other comprehensive income (loss) | 9 | (141) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 17,836 | 18,566 | |
Gain (loss) recognized in other comprehensive income (loss) | 9 | (141) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 182 | 308 | 377 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 13 | 0 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 217 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 1,388 | 1,427 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 7 | 9 | $ 0 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 0 | 0 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | $ 12 | $ 37 |
Derivative Instruments and H126
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | $ 132,593 | $ 107,448 | |
Derivative Assets | 588 | 1,058 | |
Derivative Liabilities | 74 | 74 | |
Derivative instruments not designated as hedging instruments gain (loss), net | 67 | (164) | $ (311) |
Interest Rate Swap [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 523 | 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 | |
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 | 38 | 65 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 75,622 | 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 | 403 | 93 | 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 | |
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 | 36 | 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 | 27,411 | 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 | 274 | 288 | (301) |
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 | 527 | 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 | |
Forward Loan Sale Commitments [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 29,037 | 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 | 196 | (359) | $ (10) |
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 | 61 | 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 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)loanproperty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Contingent Consideration from New Acquisition | $ 0 | $ 0 | $ 1,525,000 | |
Adjustment of Contingent Consideration | (247,000) | 2,974,000 | ||
Valuation adjustments for loans held for sale | 0 | 0 | ||
Carrying value of impaired loans held for investment | 28,482,000 | |||
Valuation allowance of impaired loans held for investment | 131,000 | 235,000 | ||
Mortgage Servicing Rights Carrying Amount Before Valuation Allowance | 6,600,000 | 6,500,000 | ||
Mortgage Servicing Rights Valuation Allowance | 0 | 0 | ||
Goodwill impairment | 0 | 0 | $ 0 | |
Impairment of intangible assets | $ 0 | |||
Number of properties written-down | property | 2 | |||
OREO write-downs | $ 199,000 | |||
Number of properties sold | property | 7 | |||
Net gains on sales of other real estate owned | $ 383,000 | |||
Reversal of other noninterest expense | $ 301,000 | |||
Sterner Insurance Associates Inc [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Contingent Consideration from New Acquisition | 0 | 0 | ||
Adjustment of Contingent Consideration | (301,000) | 512,000 | ||
Girard Partners [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Contingent Consideration from New Acquisition | 0 | 0 | ||
Adjustment of Contingent Consideration | 54,000 | 2,394,000 | ||
John T Fretz Insurance Agency [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Contingent Consideration from New Acquisition | 0 | |||
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 held for investment | 28,500,000 | 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 held for investment | 1,300,000 | $ 0 | ||
Valuation allowance of impaired loans held for investment | $ 0 | |||
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [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 | $ 51,000 | |||
Commercial Loan [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of loans | loan | 2 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Total available-for-sale securities | $ 398,518 | $ 443,637 |
Total assets | 1,958 | 2,138 |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Total available-for-sale securities | 398,518 | 443,637 |
Net loans and leases held for investment | 1,958 | 2,138 |
Total assets | 401,064 | 446,833 |
Liabilities: | ||
Total liabilities | 425 | 6,327 |
Fair Value Measured on Recurring Basis [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 36 | 9 |
Fair Value Measured on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 16,961 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 78,297 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 185,421 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 3,602 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 107,176 | 108,198 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 5,985 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 1,076 | 915 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 527 | 801 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 339 | 5,999 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 13 | |
Liabilities: | ||
Derivative liabilities | 50 | 319 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 61 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Total available-for-sale securities | 7,061 | 11,699 |
Net loans and leases held for investment | 0 | 0 |
Total assets | 7,061 | 11,699 |
Liabilities: | ||
Total 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 | 5,985 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 1,076 | 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] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities | 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 | 363,471 | 403,160 |
Net loans and leases held for investment | 0 | 0 |
Total assets | 364,059 | 404,218 |
Liabilities: | ||
Total liabilities | 50 | 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 | 16,961 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 78,297 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 185,421 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 3,602 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 79,190 | 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 | 527 | 801 |
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] | ||
Assets: | ||
Derivative assets | 13 | |
Liabilities: | ||
Derivative liabilities | 50 | 319 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 61 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Total available-for-sale securities | 27,986 | 28,778 |
Net loans and leases held for investment | 1,958 | 2,138 |
Total assets | 29,944 | 30,916 |
Liabilities: | ||
Total liabilities | 375 | 6,008 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 36 | 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 | 27,986 | 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] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 339 | 5,999 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities | 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Balance at December 31, 2016 | $ 30,907 | $ 0 |
Purchases/additions | (430) | 2,211 |
Sales | 0 | 0 |
Payments received | (137) | (65) |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (432) | (17) |
Balance at December 31, 2017 | 29,908 | 30,907 |
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) | 0 |
Purchases/additions | (430) | (102) |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | 403 | 93 |
Balance at December 31, 2017 | (36) | (9) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at December 31, 2016 | 28,778 | 0 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (792) | 0 |
Balance at December 31, 2017 | 27,986 | 28,778 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at December 31, 2016 | 2,138 | 0 |
Purchases/additions | 0 | 2,313 |
Sales | 0 | 0 |
Payments received | (137) | (65) |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (43) | (110) |
Balance at December 31, 2017 | $ 1,958 | $ 2,138 |
Fair Value Disclosures - Contin
Fair Value Disclosures - Contingent Consideration Liability Change in Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | $ 5,999 | $ 5,577 | |
Contingent Consideration from New Acquisition | 0 | 0 | $ 1,525 |
Payment of Contingent Consideration | 5,413 | 2,552 | |
Adjustment of Contingent Consideration | (247) | 2,974 | |
Ending Balance | 339 | 5,999 | 5,577 |
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 | 30 | 1,325 | |
Adjustment of Contingent Consideration | (301) | 512 | |
Ending Balance | 0 | 331 | 1,144 |
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 | 5,383 | 967 | |
Adjustment of Contingent Consideration | 54 | 2,394 | |
Ending Balance | 339 | 5,668 | 4,241 |
John T Fretz Insurance Agency [Member] | |||
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | $ 0 | 192 | |
Contingent Consideration from New Acquisition | 0 | ||
Payment of Contingent Consideration | 260 | ||
Adjustment of Contingent Consideration | 68 | ||
Ending Balance | $ 0 | $ 192 |
Fair Value Disclosures - Ass131
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 1,958 | $ 2,138 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 28,351 | 43,680 |
Impaired leases held for investment | 1,250 | |
Other real estate owned | 1,843 | 4,969 |
Total assets | 30,194 | 48,649 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities 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 and Liabilities 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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 28,351 | 43,680 |
Impaired leases held for investment | 1,250 | |
Other real estate owned | 1,843 | 4,969 |
Total assets | $ 30,194 | $ 48,649 |
Fair Value Disclosures - Ass132
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Held-to-maturity securities | $ 55,320 | $ 24,871 |
Total assets | 1,958 | 2,138 |
Deposits: | ||
Time deposits | 574,749 | 626,189 |
Subordinated notes | 94,331 | 94,087 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 75,409 | 57,825 |
Held-to-maturity securities | 55,320 | 24,871 |
Loans held for sale | 1,676 | 5,943 |
Net loans and leases held for investment | 3,547,451 | 3,193,886 |
Servicing rights | 10,046 | 9,548 |
Total assets | 3,689,902 | 3,292,073 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,980,170 | 2,631,378 |
Time deposits | 574,737 | 628,096 |
Total deposits | 3,554,907 | 3,259,474 |
Short-term borrowings | 105,431 | 195,572 |
Long-term debt | 156,834 | 130,157 |
Subordinated notes | 98,075 | 95,188 |
Total liabilities | 3,915,247 | 3,680,391 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,414) | (2,218) |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 75,409 | 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 | 75,409 | 57,825 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,980,170 | 2,631,378 |
Time deposits | 0 | 0 |
Total deposits | 2,980,170 | 2,631,378 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 2,980,170 | 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 | 55,320 | 24,871 |
Loans held for sale | 1,676 | 5,943 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 56,996 | 30,814 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 574,737 | 628,096 |
Total deposits | 574,737 | 628,096 |
Short-term borrowings | 105,431 | 195,572 |
Long-term debt | 156,834 | 130,157 |
Subordinated notes | 98,075 | 95,188 |
Total liabilities | 935,077 | 1,049,013 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,414) | (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 | 3,547,451 | 3,193,886 |
Servicing rights | 10,046 | 9,548 |
Total assets | 3,557,497 | 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 | 75,409 | 57,825 |
Held-to-maturity securities | 55,564 | 24,881 |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 27,204 | 24,869 |
Loans held for sale | 1,642 | 5,890 |
Net loans and leases held for investment | 3,566,953 | 3,222,569 |
Servicing rights | 6,573 | 6,485 |
Total assets | 3,733,345 | 3,342,519 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,980,170 | 2,631,378 |
Time deposits | 574,749 | 626,189 |
Total deposits | 3,554,919 | 3,257,567 |
Short-term borrowings | 105,431 | 196,171 |
Long-term debt | 155,828 | 127,522 |
Subordinated notes | 94,331 | 94,087 |
Total liabilities | 3,910,509 | 3,675,347 |
Off-Balance-Sheet: | ||
Commitments to extend credit | $ 0 | $ 0 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Officeleasecenter | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 1,731 | $ 1,642 | |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of financial centers closed | center | 5 | |||
Number of administrative offices closed | Office | 2 | |||
Restructuring charges | $ 3,400 | |||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of leases exited | lease | 1 |
Restructuring Charges - Roll Fo
Restructuring Charges - Roll Forward of Accrued Restructuring Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2017 | $ 1,210 | ||
Restructuring charges | 0 | $ 1,731 | $ 1,642 |
Payments | (959) | ||
Non-cash settlement | (228) | ||
Accrued at December 31, 2017 | 23 | 1,210 | |
Severance expenses | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2017 | 901 | ||
Payments | (901) | ||
Non-cash settlement | 0 | ||
Accrued at December 31, 2017 | 0 | 901 | |
Write-downs and retirements of fixed assets | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2017 | 228 | ||
Payments | 0 | ||
Non-cash settlement | (228) | ||
Accrued at December 31, 2017 | 0 | 228 | |
Lease cancellations | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2017 | 81 | ||
Payments | (58) | ||
Non-cash settlement | 0 | ||
Accrued at December 31, 2017 | $ 23 | $ 81 |
Share Repurchase Plan - Additi
Share Repurchase Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 27, 2015 | Oct. 23, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Shares repurchased during period, shares | 0 | 66,000 | 608,757 | ||
Shares Repurchase Plan, Share repurchased during period, cost | $ 0 | $ 1,400 | $ 12,000 | ||
Stock Repurchase Plan, Remaining number of shares authorized to be repurchased | 1,014,246 | ||||
Shares, Outstanding | 29,334,859 | ||||
Treasury Stock, Value | $ 43,533 | $ 44,906 | |||
2013 Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 1,000,000 | ||||
Share Repurchase Plan, Percentage of shares authorized to be repurchased | 5.00% | 5.00% | |||
2013 Plan [Member] | Maximum [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 800,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Dec. 06, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2016 | Jul. 31, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Tier 1 Capital to Risk Weighted Assets | 11.11% | 9.42% | ||||
Total Capital to Risk Weighted Assets | 14.00% | 12.44% | ||||
Proceeds from public offering of common stock | $ 70.5 | |||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | ||||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | ||||
Amount available for dividend distribution without prior approval from Regulatory Agency | $ 36.5 | |||||
Percentage of Bank's capital and surplus of which extensions of credit to a single affiliate are limited | 10.00% | |||||
Percentage of Bank's capital and surplus of which extensions of credit to all affiliates are limited | 20.00% | |||||
Basel III New Requirements [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Common Equity Tier 1 capital minimum buffer percent | 2.50% | |||||
Capital conservation buffer requirement phase in period in years | 4 years | |||||
Minimum Capital Requirements Effective Date | Jan. 1, 2015 | |||||
Basel III New Requirements [Member] | Scenario, Forecast [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Capital Conservation Buffer Above Minimum Risk-based Capital Requirements | 1.875% | |||||
Bank [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Tier 1 Capital to Risk Weighted Assets | 11.07% | 11.36% | ||||
Total Capital to Risk Weighted Assets | 11.62% | 11.85% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | ||||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | ||||
Minimum [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 1.25% | |||||
Minimum [Member] | Scenario, Forecast [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Tier 1 Capital to Risk Weighted Assets | 8.50% | |||||
Total Capital to Risk Weighted Assets | 10.50% | |||||
Minimum [Member] | Bank [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 1.25% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 563,797 | $ 462,198 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 14.00% | 12.44% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 322,148 | $ 297,284 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 402,685 | $ 371,604 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 447,228 | $ 349,942 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 11.11% | 9.42% |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 241,611 | $ 222,963 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 322,148 | $ 297,284 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 447,228 | $ 349,942 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 11.11% | 9.42% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 181,208 | $ 167,222 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 261,745 | $ 241,543 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 447,228 | $ 349,942 |
Tier 1 Capital (to Average Assets) Actual, Ratio | 10.48% | 8.84% |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 170,753 | $ 158,410 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 213,441 | $ 198,013 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Bank [Member] | ||
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 464,851 | $ 436,435 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 11.62% | 11.85% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 320,003 | $ 294,679 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 400,004 | $ 368,349 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 442,613 | $ 418,266 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 11.07% | 11.36% |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 240,002 | $ 221,010 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 320,003 | $ 294,679 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 442,613 | $ 418,266 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 11.07% | 11.36% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 180,002 | $ 165,757 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 260,002 | $ 239,427 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 442,613 | $ 418,266 |
Tier 1 Capital (to Average Assets) Actual, Ratio | 10.45% | 10.64% |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 169,453 | $ 157,254 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 211,816 | $ 196,567 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Activity for Loans to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Related Party Transactions [Roll Forward] | |
Beginning Balance | $ 57,386 |
Additions | 13,840 |
Amounts collected and other reductions | (53,381) |
Ending Balance | $ 17,845 |
Related Party Transactions -139
Related Party Transactions - Summary of Transactions with Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Commitments to Extend Credit [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 16,039 |
Deposits Received [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 14,257 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments (in segments) | segment | 3 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 42,417 | $ 42,172 | $ 40,030 | $ 38,396 | $ 38,056 | $ 36,705 | $ 26,112 | $ 25,734 | $ 163,015 | $ 126,607 | $ 101,983 |
Interest expense | 5,711 | 5,285 | 4,730 | 4,113 | 3,884 | 3,836 | 2,451 | 2,211 | 19,839 | 12,382 | 8,065 |
Net interest income | 36,706 | 36,887 | 35,300 | 34,283 | 34,172 | 32,869 | 23,661 | 23,523 | 143,176 | 114,225 | 93,918 |
Provision for loan and lease losses | 1,992 | 2,689 | 2,766 | 2,445 | 2,250 | 1,415 | 830 | 326 | 9,892 | 4,821 | 3,802 |
Noninterest income | 14,152 | 14,109 | 16,009 | 14,970 | 13,994 | 14,137 | 14,001 | 13,831 | 59,240 | 55,963 | 52,425 |
Intangible expenses | 2,582 | 5,528 | 2,567 | ||||||||
Acquisition-related and integration costs and restructuring charges | 17,655 | 4,179 | |||||||||
Other noninterest expense | 128,131 | 118,798 | 98,769 | ||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||
Income before income taxes | 15,426 | 15,612 | 15,995 | 14,778 | 7,486 | (1,475) | 7,286 | 10,089 | 61,811 | 23,386 | 37,026 |
Income taxes | 5,162 | 4,416 | 4,217 | 3,922 | 568 | (1,533) | 2,046 | 2,800 | 17,717 | 3,881 | 9,758 |
Net income | 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | 6,918 | $ 58 | $ 5,240 | $ 7,289 | 44,094 | 19,505 | 27,268 |
Total assets | 4,554,862 | 4,230,528 | 4,554,862 | 4,230,528 | |||||||
Capital expenditures | 8,603 | 11,663 | 6,730 | ||||||||
Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 162,982 | 126,571 | 101,950 | ||||||||
Interest expense | 14,802 | 8,224 | 6,042 | ||||||||
Net interest income | 148,180 | 118,347 | 95,908 | ||||||||
Provision for loan and lease losses | 9,892 | 4,821 | 3,802 | ||||||||
Noninterest income | 21,838 | 21,296 | 18,934 | ||||||||
Intangible expenses | 1,507 | 932 | 293 | ||||||||
Acquisition-related and integration costs and restructuring charges | 16,096 | 1,992 | |||||||||
Other noninterest expense | 100,670 | 88,065 | 78,122 | ||||||||
Intersegment (revenue) expense | (1,059) | (1,766) | (2,115) | ||||||||
Income before income taxes | 59,008 | 31,495 | 32,748 | ||||||||
Income taxes | 15,735 | 6,510 | 7,693 | ||||||||
Net income | 43,273 | 24,985 | 25,055 | ||||||||
Total assets | 4,466,301 | 4,137,873 | 4,466,301 | 4,137,873 | |||||||
Capital expenditures | 7,731 | 9,944 | 5,003 | ||||||||
Wealth Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 8 | 5 | 1 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net interest income | 8 | 5 | 1 | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 21,707 | 19,318 | 18,874 | ||||||||
Intangible expenses | 674 | 3,132 | 410 | ||||||||
Acquisition-related and integration costs and restructuring charges | 0 | 0 | |||||||||
Other noninterest expense | 13,732 | 12,980 | 12,276 | ||||||||
Intersegment (revenue) expense | 585 | 788 | 867 | ||||||||
Income before income taxes | 6,724 | 2,423 | 5,322 | ||||||||
Income taxes | 2,597 | 857 | 2,054 | ||||||||
Net income | 4,127 | 1,566 | 3,268 | ||||||||
Total assets | 34,600 | 35,061 | 34,600 | 35,061 | |||||||
Capital expenditures | 38 | 29 | 19 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net interest income | 0 | 0 | 0 | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 15,320 | 15,150 | 14,396 | ||||||||
Intangible expenses | 401 | 1,464 | 1,864 | ||||||||
Acquisition-related and integration costs and restructuring charges | 0 | 0 | |||||||||
Other noninterest expense | 11,667 | 11,924 | 10,849 | ||||||||
Intersegment (revenue) expense | 474 | 978 | 1,248 | ||||||||
Income before income taxes | 2,778 | 784 | 435 | ||||||||
Income taxes | 374 | 348 | 164 | ||||||||
Net income | 2,404 | 436 | 271 | ||||||||
Total assets | 27,846 | 24,472 | 27,846 | 24,472 | |||||||
Capital expenditures | 222 | 30 | 58 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 25 | 31 | 32 | ||||||||
Interest expense | 5,037 | 4,158 | 2,023 | ||||||||
Net interest income | (5,012) | (4,127) | (1,991) | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 375 | 199 | 221 | ||||||||
Intangible expenses | 0 | 0 | 0 | ||||||||
Acquisition-related and integration costs and restructuring charges | 1,559 | 2,187 | |||||||||
Other noninterest expense | 2,062 | 5,829 | (2,478) | ||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||
Income before income taxes | (6,699) | (11,316) | (1,479) | ||||||||
Income taxes | (989) | (3,834) | (153) | ||||||||
Net income | (5,710) | (7,482) | (1,326) | ||||||||
Total assets | $ 26,115 | $ 33,122 | 26,115 | 33,122 | |||||||
Capital expenditures | $ 612 | $ 1,660 | $ 1,650 |
Condensed Financial Informat141
Condensed Financial Information - Parent Company Only - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | |||||
Cash and due from banks | $ 46,721 | $ 48,757 | $ 32,356 | $ 31,995 | |
Investments in subsidiaries, at equity in net assets: | |||||
Other assets | 154 | 20 | |||
Total assets | 4,554,862 | 4,230,528 | |||
Liabilities: | |||||
Subordinated notes | 94,331 | 94,087 | |||
Other liabilities | 40,979 | 49,972 | |||
Total liabilities | 3,951,488 | 3,725,319 | |||
Shareholders' equity: | 603,374 | 505,209 | 361,574 | 284,554 | |
Total liabilities and shareholders’ equity | 4,554,862 | 4,230,528 | |||
Proceeds from public offering of common stock | $ 70,500 | 70,501 | 0 | 0 | |
Parent Company [Member] | |||||
Assets: | |||||
Cash and due from banks | 73,756 | 1,980 | 17,096 | $ 3,120 | |
Investments in securities | 1,077 | 914 | |||
Investments in subsidiaries, at equity in net assets: | |||||
Bank | 612,045 | 587,532 | |||
Non-banks | 0 | 0 | |||
Other assets | 32,399 | 32,124 | |||
Total assets | 719,277 | 622,550 | |||
Liabilities: | |||||
Dividends payable | 5,866 | 5,316 | |||
Subordinated notes | 94,331 | 94,087 | |||
Other liabilities | 15,706 | 17,938 | |||
Total liabilities | 115,903 | 117,341 | |||
Shareholders' equity: | 603,374 | 505,209 | |||
Total liabilities and shareholders’ equity | 719,277 | 622,550 | |||
Proceeds from public offering of common stock | $ 70,501 | $ 0 | $ 0 |
Condensed Financial Informat142
Condensed Financial Information - Parent Company Only - Schedule of Condensed Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statements of Income | |||||||||||
Net gain on sales of investment securities | $ 48 | $ 518 | $ 1,265 | ||||||||
Interest expense | $ 5,711 | $ 5,285 | $ 4,730 | $ 4,113 | $ 3,884 | $ 3,836 | $ 2,451 | $ 2,211 | 19,839 | 12,382 | 8,065 |
Income before income taxes | 15,426 | 15,612 | 15,995 | 14,778 | 7,486 | (1,475) | 7,286 | 10,089 | 61,811 | 23,386 | 37,026 |
Income taxes | 5,162 | 4,416 | 4,217 | 3,922 | 568 | (1,533) | 2,046 | 2,800 | 17,717 | 3,881 | 9,758 |
Equity in undistributed income (loss) of subsidiaries: | |||||||||||
Net income | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 6,918 | $ 58 | $ 5,240 | $ 7,289 | 44,094 | 19,505 | 27,268 |
Parent Company [Member] | |||||||||||
Statements of Income | |||||||||||
Dividends from Bank | 26,263 | 94,042 | 26,523 | ||||||||
Dividends from non-bank | 0 | 0 | 0 | ||||||||
Net gain on sales of investment securities | 3 | 23 | 285 | ||||||||
Other income | 24,740 | 18,663 | 18,428 | ||||||||
Total operating income | 51,006 | 112,728 | 45,236 | ||||||||
Interest expense | 5,037 | 4,158 | 2,023 | ||||||||
Operating expenses | 26,405 | 25,843 | 19,810 | ||||||||
Income before income taxes | 19,564 | 82,727 | 23,403 | ||||||||
Income taxes | (989) | (3,834) | (728) | ||||||||
Income before equity in undistributed income (loss) of subsidiaries | 20,553 | 86,561 | 24,131 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | |||||||||||
Bank | 23,541 | (67,056) | 3,137 | ||||||||
Non-banks | 0 | 0 | 0 | ||||||||
Net income | $ 44,094 | $ 19,505 | $ 27,268 |
Condensed Financial Informat143
Condensed Financial Information - Parent Company Only - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) $ in Thousands | Dec. 06, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash flows from operating activities: | ||||||||||||
Net income | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 6,918 | $ 58 | $ 5,240 | $ 7,289 | $ 44,094 | $ 19,505 | $ 27,268 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net gain on sales of investment securities | (48) | (518) | (1,265) | |||||||||
Bank owned life insurance income | (3,988) | (2,931) | (1,295) | |||||||||
Depreciation of premises and equipment | 5,561 | 4,089 | 3,757 | |||||||||
Stock-based compensation | 3,166 | 2,084 | 1,421 | |||||||||
Contributions to pension and other postretirement benefit plans | (2,295) | (2,261) | (2,271) | |||||||||
(Increase) decrease in other assets | (1,369) | 1,956 | 3,055 | |||||||||
Increase in accrued interest payable and other liabilities | 215 | 2,160 | 1,442 | |||||||||
Net cash provided by operating activities | 68,660 | 33,306 | 39,343 | |||||||||
Cash flows from investing activities: | ||||||||||||
Outlays for business acquisitions | 0 | (94,835) | (2,967) | |||||||||
Proceeds from bank owned life insurance | 2,961 | 662 | 0 | |||||||||
Net cash used in investing activities | (352,107) | (294,557) | (190,042) | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of subordinated notes | 0 | 44,515 | 49,267 | |||||||||
Purchases of treasury stock | (3,519) | (8,359) | (13,342) | |||||||||
Proceeds from public offering of common stock | $ 70,500 | 70,501 | 0 | 0 | ||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,413 | 2,472 | 2,434 | |||||||||
Cash dividends paid | (21,299) | (17,024) | (15,011) | |||||||||
Net cash provided by financing activities | 281,411 | 277,652 | 151,060 | |||||||||
Net increase (decrease) in cash and due from financial institutions | (2,036) | 16,401 | 361 | |||||||||
Cash and due from banks at beginning of year | 48,757 | 32,356 | 48,757 | 32,356 | 31,995 | |||||||
Cash and due from banks at end of period | 46,721 | 48,757 | 46,721 | 48,757 | 32,356 | |||||||
Cash paid during the year for: | ||||||||||||
Interest | 21,493 | 13,982 | 8,099 | |||||||||
Income tax, net of refunds received | 12,599 | 8,053 | 2,142 | |||||||||
Parent Company [Member] | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | 44,094 | 19,505 | 27,268 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed net (income) loss of subsidiaries | (23,541) | 67,056 | (3,137) | |||||||||
Net gain on sales of investment securities | (3) | (23) | (285) | |||||||||
Bank owned life insurance income | (343) | (182) | (5) | |||||||||
Depreciation of premises and equipment | 387 | 339 | 275 | |||||||||
Stock-based compensation | 3,166 | 2,084 | 1,421 | |||||||||
Contributions to pension and other postretirement benefit plans | (2,295) | (2,261) | (2,271) | |||||||||
(Increase) decrease in other assets | (3,384) | 1,098 | (4,268) | |||||||||
Increase in accrued interest payable and other liabilities | 4,101 | 213 | 2,027 | |||||||||
Net cash provided by operating activities | 22,182 | 87,829 | 21,025 | |||||||||
Cash flows from investing activities: | ||||||||||||
Investments in subsidiaries | 0 | (40,000) | (30,000) | |||||||||
Proceeds from sales of securities | 3 | 38 | 708 | |||||||||
Outlays for business acquisitions | 0 | (87,683) | 0 | |||||||||
Proceeds from bank owned life insurance | 183 | 0 | 0 | |||||||||
Other, net | (364) | (1,619) | (1,640) | |||||||||
Net cash used in investing activities | (178) | (129,264) | (30,932) | |||||||||
Cash flows from financing activities: | ||||||||||||
Net decrease in short-term borrowings | 0 | (253) | 0 | |||||||||
Proceeds from issuance of subordinated notes | 0 | 44,515 | 49,267 | |||||||||
Purchases of treasury stock | (3,519) | (8,359) | (13,342) | |||||||||
Proceeds from public offering of common stock | 70,501 | 0 | 0 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,413 | 2,472 | 2,434 | |||||||||
Proceeds from exercise of stock options, including excess tax benefits | 1,676 | 4,968 | 534 | |||||||||
Cash dividends paid | (21,299) | (17,024) | (15,010) | |||||||||
Net cash provided by financing activities | 49,772 | 26,319 | 23,883 | |||||||||
Net increase (decrease) in cash and due from financial institutions | 71,776 | (15,116) | 13,976 | |||||||||
Cash and due from banks at beginning of year | $ 1,980 | $ 17,096 | 1,980 | 17,096 | 3,120 | |||||||
Cash and due from banks at end of period | $ 73,756 | $ 1,980 | 73,756 | 1,980 | 17,096 | |||||||
Cash paid during the year for: | ||||||||||||
Interest | 4,800 | 3,956 | 1,275 | |||||||||
Income tax, net of refunds received | $ 11,600 | $ 6,675 | $ 1,770 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 42,417 | $ 42,172 | $ 40,030 | $ 38,396 | $ 38,056 | $ 36,705 | $ 26,112 | $ 25,734 | $ 163,015 | $ 126,607 | $ 101,983 |
Interest expense | 5,711 | 5,285 | 4,730 | 4,113 | 3,884 | 3,836 | 2,451 | 2,211 | 19,839 | 12,382 | 8,065 |
Net interest income | 36,706 | 36,887 | 35,300 | 34,283 | 34,172 | 32,869 | 23,661 | 23,523 | 143,176 | 114,225 | 93,918 |
Provision for loan and lease losses | 1,992 | 2,689 | 2,766 | 2,445 | 2,250 | 1,415 | 830 | 326 | 9,892 | 4,821 | 3,802 |
Net interest income after provision for loan and lease losses | 34,714 | 34,198 | 32,534 | 31,838 | 31,922 | 31,454 | 22,831 | 23,197 | 133,284 | 109,404 | 90,116 |
Noninterest income | 14,152 | 14,109 | 16,009 | 14,970 | 13,994 | 14,137 | 14,001 | 13,831 | 59,240 | 55,963 | 52,425 |
Total noninterest expense | 33,440 | 32,695 | 32,548 | 32,030 | 38,430 | 47,066 | 29,546 | 26,939 | 130,713 | 141,981 | 105,515 |
Income before income taxes | 15,426 | 15,612 | 15,995 | 14,778 | 7,486 | (1,475) | 7,286 | 10,089 | 61,811 | 23,386 | 37,026 |
Income taxes | 5,162 | 4,416 | 4,217 | 3,922 | 568 | (1,533) | 2,046 | 2,800 | 17,717 | 3,881 | 9,758 |
Net income | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 6,918 | $ 58 | $ 5,240 | $ 7,289 | $ 44,094 | $ 19,505 | $ 27,268 |
Weighted average shares outstanding - basic earnings per share | 27,254 | 26,437 | 26,380 | 26,345 | 26,300 | 26,273 | 19,434 | 19,402 | 26,606 | 22,871 | 19,491 |
Weighted average shares outstanding - diluted earnings per share | 27,356 | 26,542 | 26,477 | 26,448 | 26,436 | 26,340 | 19,469 | 19,433 | 26,708 | 22,931 | 19,522 |
Net income per share: | |||||||||||
Basic (in dollars per share) | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 0.27 | $ 0 | $ 0.27 | $ 0.37 | $ 1.64 | $ 0.85 | $ 1.39 |
Diluted (in dollars per share) | 0.37 | 0.42 | 0.44 | 0.41 | 0.27 | 0 | 0.27 | 0.37 | 1.64 | 0.84 | 1.39 |
Dividends per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 |