Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-7617 | |
Entity Registrant Name | UNIVEST FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-1886144 | |
Entity Address, Address Line One | 14 North Main Street | |
Entity Address, City or Town | Souderton | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18964 | |
City Area Code | 215 | |
Local Phone Number | 721-2400 | |
Title of 12(b) Security | Common Stock, $5 par value | |
Trading Symbol | UVSP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,326,748 | |
Entity Central Index Key | 0000102212 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 68,072 | $ 61,573 |
Interest-earning deposits with other banks | 157,262 | 47,847 |
Cash and cash equivalents | 225,334 | 109,420 |
Investment securities held-to-maturity (fair value $186,644 and $141,575 at September 30, 2019 and December 31, 2018, respectively) | 183,845 | 142,634 |
Investment securities available-for-sale | 262,143 | 328,507 |
Investments in equity securities | 2,459 | 2,165 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 29,254 | 28,337 |
Loans held for sale | 2,893 | 1,754 |
Loans and leases held for investment | 4,251,933 | 4,006,574 |
Less: Reserve for loan and lease losses | (33,662) | (29,364) |
Net loans and leases held for investment | 4,218,271 | 3,977,210 |
Premises and equipment, net | 57,171 | 59,559 |
Operating lease right-of-use assets | 34,965 | |
Goodwill | 172,559 | 172,559 |
Other intangibles, net of accumulated amortization | 10,522 | 11,990 |
Bank owned life insurance | 114,037 | 111,599 |
Accrued interest receivable and other assets | 40,158 | 38,613 |
Total assets | 5,353,611 | 4,984,347 |
LIABILITIES | ||
Noninterest-bearing deposits | 1,198,425 | 1,055,919 |
Interest-bearing deposits | ||
Demand deposits | 1,644,546 | 1,377,171 |
Savings deposits | 776,920 | 782,766 |
Time deposits | 718,100 | 670,077 |
Total deposits | 4,337,991 | 3,885,933 |
Short-term borrowings | 18,970 | 189,768 |
Long-term debt | 160,128 | 145,330 |
Subordinated notes | 94,757 | 94,574 |
Operating lease liabilities | 38,116 | |
Accrued interest payable and other liabilities | 39,350 | 44,609 |
Total liabilities | 4,689,312 | 4,360,214 |
SHAREHOLDERS' EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at September 30, 2019 and December 31, 2018; 31,556,799 shares issued at September 30, 2019 and December 31, 2018; 29,312,534 and 29,270,852 shares outstanding at September 30, 2019 and December 31, 2018, respectively | 157,784 | 157,784 |
Additional paid-in capital | 294,556 | 292,401 |
Retained earnings | 279,158 | 248,167 |
Accumulated other comprehensive loss, net of tax benefit | (22,008) | (28,416) |
Treasury stock, at cost; 2,244,265 and 2,285,947 shares at September 30, 2019 and December 31, 2018, respectively | (45,191) | (45,803) |
Total shareholders’ equity | 664,299 | 624,133 |
Total liabilities and shareholders’ equity | $ 5,353,611 | $ 4,984,347 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 186,644 | $ 141,575 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 31,556,799 | 31,556,799 |
Common stock, shares outstanding | 29,312,534 | 29,270,852 |
Treasury stock, shares | 2,244,265 | 2,285,947 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and fees on loans and leases: | ||||
Taxable | $ 46,933 | $ 43,066 | $ 139,766 | $ 121,653 |
Exempt from federal income taxes | 2,774 | 2,501 | 8,216 | 7,269 |
Total interest and fees on loans and leases | 49,707 | 45,567 | 147,982 | 128,922 |
Interest and dividends on investment securities: | ||||
Taxable | 2,581 | 2,348 | 7,939 | 6,805 |
Exempt from federal income taxes | 315 | 459 | 1,147 | 1,404 |
Interest on deposits with other banks | 1,178 | 397 | 2,016 | 621 |
Interest and dividends on other earning assets | 519 | 484 | 1,640 | 1,497 |
Total interest income | 54,300 | 49,255 | 160,724 | 139,249 |
Interest expense | ||||
Interest on deposits | 9,434 | 6,278 | 26,748 | 14,511 |
Interest on short-term borrowings | 94 | 584 | 949 | 2,187 |
Interest on long-term debt and subordinated notes | 2,127 | 1,970 | 6,224 | 5,866 |
Total interest expense | 11,655 | 8,832 | 33,921 | 22,564 |
Net interest income | 42,645 | 40,423 | 126,803 | 116,685 |
Provision for loan and lease losses | 1,530 | 2,745 | 6,291 | 20,207 |
Net interest income after provision for loan and lease losses | 41,115 | 37,678 | 120,512 | 96,478 |
Disaggregation of Revenue [Line Items] | ||||
Insurance commission and fee income | 3,877 | 3,643 | 12,962 | 12,243 |
Bank owned life insurance income | 743 | 865 | 2,438 | 2,744 |
Net gain on sales of investment securities | 33 | 0 | 41 | 10 |
Net gain on mortgage banking activities | 1,629 | 754 | 2,908 | 2,412 |
Other income | 544 | 116 | 1,606 | 102 |
Total noninterest income | 16,599 | 14,861 | 49,252 | 45,757 |
Noninterest expense | ||||
Salaries, benefits and commissions | 22,785 | 20,321 | 66,438 | 61,033 |
Net occupancy | 2,475 | 2,515 | 7,687 | 7,805 |
Equipment | 1,088 | 1,042 | 3,143 | 3,132 |
Data processing | 2,624 | 2,339 | 7,765 | 6,662 |
Professional fees | 1,517 | 1,370 | 4,088 | 4,056 |
Marketing and advertising | 558 | 646 | 1,884 | 1,987 |
Deposit insurance premiums | (444) | 544 | 438 | 1,387 |
Intangible expenses | 378 | 479 | 1,221 | 1,685 |
Restructuring charges | 0 | 0 | 0 | 571 |
Other expense | 5,289 | 5,115 | 15,941 | 15,525 |
Total noninterest expense | 36,270 | 34,371 | 108,605 | 103,843 |
Income before income taxes | 21,444 | 18,168 | 61,159 | 38,392 |
Income tax expense | 3,782 | 3,204 | 10,950 | 6,221 |
Net income | $ 17,662 | $ 14,964 | $ 50,209 | $ 32,171 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.60 | $ 0.51 | $ 1.71 | $ 1.10 |
Diluted (in dollars per share) | $ 0.60 | $ 0.51 | $ 1.71 | $ 1.09 |
Trust fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 1,973 | $ 1,960 | $ 5,914 | $ 6,000 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,513 | 1,454 | 4,395 | 4,116 |
Investment advisory commission and fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 4,032 | 3,785 | 11,876 | 11,246 |
Other service fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 2,255 | $ 2,284 | $ 7,112 | $ 6,884 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Before Tax Amount | |||||
Income (loss), before tax amount | $ 21,444 | $ 18,168 | $ 61,159 | $ 38,392 | |
Net unrealized gains (losses) on available-for-sale investment securities, before tax amount | |||||
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, before tax | (219) | (1,122) | 7,834 | (9,371) | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (33) | 0 | (41) | (10) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, before tax | (252) | (1,122) | 7,793 | (9,381) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, before tax amount | |||||
Net unrealized holding (losses) gains arising during the period | (68) | 79 | (499) | 445 | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | (4) | 1 | (34) | 27 |
Other comprehensive income (loss), derivatives qualifying as hedges, before tax | (72) | 80 | (533) | 472 | |
Defined benefit pension plans, Before Tax Amount | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 294 | 281 | 882 | 844 |
Accretion of prior service cost included in net periodic pension costs | [3] | (45) | (70) | (136) | (212) |
Total defined benefit pension plans | 249 | 211 | 746 | 632 | |
Other comprehensive income (loss), before tax amount | (75) | (831) | 8,006 | (8,277) | |
Total comprehensive income (loss), before tax amount | 21,369 | 17,337 | 69,165 | 30,115 | |
Tax Expense (Benefit) | |||||
Income tax expense | 3,782 | 3,204 | 10,950 | 6,221 | |
Net unrealized gains (losses) on available-for-sale investment securities, tax expense (benefit) | |||||
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, tax | (46) | (236) | 1,645 | (1,968) | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (7) | 0 | (9) | (2) |
Total net unrealized losses on available-for-sale investment securities | (53) | (236) | 1,636 | (1,970) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, tax expense (benefit) | |||||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, tax | (14) | 17 | (105) | 93 | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | (1) | 0 | (7) | 6 |
Other comprehensive income (loss), derivatives qualifying as hedges, tax | (15) | 17 | (112) | 99 | |
Defined benefit pension plans, tax expense (benefit) | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 62 | 60 | 186 | 177 |
Accretion of prior service cost included in net periodic pension costs | [3] | (10) | (15) | (29) | (44) |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | 52 | 45 | 157 | 133 | |
Other comprehensive income (loss), tax expense (benefit) | (16) | (174) | 1,681 | (1,738) | |
Total comprehensive income (loss), tax expense (benefit) | 3,766 | 3,030 | 12,631 | 4,483 | |
Net of Tax Amount | |||||
Net income | 17,662 | 14,964 | 50,209 | 32,171 | |
Net unrealized gains (losses) on available-for-sale investment securities, net of tax amount | |||||
Net unrealized holding losses arising during the period | (173) | (886) | 6,189 | (7,403) | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (26) | 0 | (32) | (8) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, after tax | (199) | (886) | 6,157 | (7,411) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax amount | |||||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, net of tax | (54) | 62 | (394) | 352 | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | (3) | 1 | (27) | 21 |
Total net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (57) | 63 | (421) | 373 | |
Defined benefit pension plans, net of tax amount | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 232 | 221 | 696 | 667 |
Accretion of prior service cost included in net periodic pension costs | [3] | (35) | (55) | (107) | (168) |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax | 197 | 166 | 589 | 499 | |
Other comprehensive income (loss), net of tax amount | (59) | (657) | 6,325 | (6,539) | |
Total comprehensive income (loss), net of tax amount | $ 17,603 | $ 14,307 | $ 56,534 | $ 25,632 | |
[1] | (1) Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount). | ||||
[2] | (2) Included in interest expense on deposits on the consolidated statements of income (before tax amount). | ||||
[3] | (3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details. |
Condensed Consolidated Statem_3
Condensed 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] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2016-01 | $ 0 | $ 0 | $ 0 | $ 433 | $ (433) | $ 0 | |||
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2018-02 | 0 | 0 | 0 | 3,921 | (3,921) | 0 | |||
Beginning balance at Dec. 31, 2017 | 603,374 | $ 157,784 | 290,133 | 216,761 | (17,771) | (43,533) | |||
Beginning balance, shares at Dec. 31, 2017 | 29,334,859 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 32,171 | $ 0 | 0 | 32,171 | 0 | 0 | |||
Other comprehensive income, net of income tax | (6,539) | 0 | 0 | 0 | (6,539) | 0 | |||
Cash dividends declared | (17,629) | 0 | 0 | (17,629) | 0 | 0 | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 1,739 | $ 0 | 140 | 1 | 0 | 1,598 | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 62,271 | ||||||||
Exercise of stock options | 1,131 | $ 0 | (43) | 0 | 0 | 1,174 | |||
Exercise of stock options, shares | 59,750 | ||||||||
Stock-based compensation | 2,379 | $ 0 | 2,379 | 0 | 0 | 0 | |||
Purchases of treasury stock | (2,384) | $ 0 | 0 | 0 | 0 | (2,384) | |||
Purchases of treasury stock, shares | (83,977) | ||||||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (617) | 0 | 0 | 617 | |||
Restricted stock awards granted, net of cancellations, shares | 34,173 | ||||||||
Ending balance at Sep. 30, 2018 | $ 614,242 | $ 157,784 | 291,992 | 235,658 | (28,664) | (42,528) | |||
Ending balance, shares at Sep. 30, 2018 | 29,407,076 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends declared, per share | $ 0.60 | ||||||||
Beginning balance at Jun. 30, 2018 | $ 605,294 | $ 157,784 | 291,238 | 226,574 | (28,007) | (42,295) | |||
Beginning balance, shares at Jun. 30, 2018 | 29,406,450 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 14,964 | $ 0 | 0 | 14,964 | 0 | 0 | |||
Other comprehensive income, net of income tax | (657) | 0 | 0 | 0 | (657) | 0 | |||
Cash dividends declared | (5,880) | 0 | 0 | (5,880) | 0 | 0 | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 566 | $ 0 | 42 | 0 | 0 | 524 | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 20,332 | ||||||||
Exercise of stock options | 420 | $ 0 | (29) | 0 | 0 | 449 | |||
Exercise of stock options, shares | 22,760 | ||||||||
Stock-based compensation | 660 | $ 0 | 660 | 0 | 0 | 0 | |||
Purchases of treasury stock | (1,125) | $ 0 | 0 | 0 | 0 | (1,125) | |||
Purchases of treasury stock, shares | (39,624) | ||||||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | 81 | 0 | 0 | (81) | |||
Restricted stock awards granted, net of cancellations, shares | (2,842) | ||||||||
Ending balance at Sep. 30, 2018 | $ 614,242 | $ 157,784 | 291,992 | 235,658 | (28,664) | (42,528) | |||
Ending balance, shares at Sep. 30, 2018 | 29,407,076 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends declared, per share | $ 0.20 | ||||||||
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2016-02 | $ (1,525) | [1] | $ 0 | 0 | (1,525) | [1] | 0 | 0 | |
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2017-12 | 0 | 0 | 0 | (83) | [1] | 83 | [1] | 0 | |
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2017-08 | (39) | [1] | 0 | 0 | (39) | [1] | 0 | 0 | |
Beginning balance at Dec. 31, 2018 | 624,133 | $ 157,784 | 292,401 | 248,167 | (28,416) | (45,803) | |||
Beginning balance, shares at Dec. 31, 2018 | 29,270,852 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 50,209 | $ 0 | 0 | 50,209 | 0 | 0 | |||
Other comprehensive income, net of income tax | 6,325 | 0 | 0 | 0 | 6,325 | 0 | |||
Cash dividends declared | (17,572) | 0 | 0 | (17,572) | 0 | 0 | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 1,669 | $ 0 | 114 | 1 | 0 | 1,554 | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 69,126 | ||||||||
Exercise of stock options | $ 1,005 | $ 0 | (170) | 0 | 0 | 1,175 | |||
Exercise of stock options, shares | 58,545 | 58,545 | |||||||
Stock-based compensation | $ 1,870 | $ 0 | 1,870 | 0 | 0 | 0 | |||
Purchases of treasury stock | (1,776) | $ 0 | 0 | 0 | 0 | (1,776) | |||
Purchases of treasury stock, shares | (68,640) | ||||||||
Cancellations of performance-based restricted stock awards | 0 | $ 0 | 341 | 0 | 0 | (341) | |||
Cancellation of performance-based restricted stock awards, shares | (17,349) | ||||||||
Ending balance at Sep. 30, 2019 | $ 664,299 | $ 157,784 | 294,556 | 279,158 | (22,008) | (45,191) | |||
Ending balance, shares at Sep. 30, 2019 | 29,312,534 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends declared, per share | $ 0.60 | ||||||||
Beginning balance at Jun. 30, 2019 | $ 651,670 | $ 157,784 | 293,947 | 267,357 | (21,949) | (45,469) | |||
Beginning balance, shares at Jun. 30, 2019 | 29,294,942 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 17,662 | $ 0 | 0 | 17,662 | 0 | 0 | |||
Other comprehensive income, net of income tax | (59) | 0 | 0 | 0 | (59) | 0 | |||
Cash dividends declared | (5,861) | 0 | 0 | (5,861) | 0 | 0 | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 534 | $ 0 | 37 | 0 | 0 | 497 | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 20,943 | ||||||||
Exercise of stock options | 314 | $ 0 | (68) | 0 | 0 | 382 | |||
Exercise of stock options, shares | 19,045 | ||||||||
Stock-based compensation | 640 | $ 0 | 640 | 0 | 0 | 0 | |||
Purchases of treasury stock | (601) | $ 0 | 0 | 0 | 0 | (601) | |||
Purchases of treasury stock, shares | (22,396) | ||||||||
Ending balance at Sep. 30, 2019 | $ 664,299 | $ 157,784 | $ 294,556 | $ 279,158 | $ (22,008) | $ (45,191) | |||
Ending balance, shares at Sep. 30, 2019 | 29,312,534 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends declared, per share | $ 0.20 | ||||||||
[1] | (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.60 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 50,209 | $ 32,171 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 6,291 | 20,207 |
Depreciation of premises and equipment | 3,983 | 4,180 |
Net amortization of investment securities premiums and discounts | 1,375 | 1,193 |
Net gain on sales of investment securities | (41) | (10) |
Net gain on mortgage banking activities | (2,908) | (2,412) |
Bank owned life insurance income | (2,438) | (2,744) |
Net accretion of acquisition accounting fair value adjustments | (312) | (838) |
Stock-based compensation | 1,918 | 2,379 |
Intangible expenses | 1,221 | 1,685 |
Other adjustments to reconcile net income to cash (used in) provided by operating activities | (599) | 117 |
Originations of loans held for sale | (139,744) | (118,106) |
Proceeds from the sale of loans held for sale | 140,906 | 122,283 |
Contributions to pension and other postretirement benefit plans | (199) | (3,199) |
(Increase) decrease in accrued interest receivable and other assets | (3,259) | 379 |
(Decrease) increase in accrued interest payable and other liabilities | (2,491) | 4,021 |
Net cash provided by operating activities | 53,912 | 61,306 |
Cash flows from investing activities: | ||
Net capital expenditures | (1,647) | (2,596) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 20,903 | 7,846 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 49,127 | 44,603 |
Proceeds from sales of securities available-for-sale | 24,987 | 1,010 |
Purchases of investment securities held-to-maturity | (62,919) | (60,784) |
Purchases of investment securities available-for-sale | (997) | (1,986) |
Proceeds from sales of money market mutual funds | 1,032 | 11,215 |
Purchases of money market mutual funds | (1,314) | (6,392) |
Net increase in other investments | (917) | (5,867) |
Net increase in loans and leases | (246,453) | (260,012) |
Proceeds from sales of other real estate owned | 670 | 362 |
Purchases of bank owned life insurance | 0 | (776) |
Proceeds from bank owned life insurance | 0 | 1,374 |
Net cash used in investing activities | (217,528) | (272,003) |
Cash flows from financing activities: | ||
Net increase in deposits | 452,101 | 265,260 |
Net decrease in short-term borrowings | (170,798) | (18,666) |
Proceeds from issuance of long-term debt | 25,000 | 0 |
Repayment of long-term debt | (10,000) | (10,000) |
Payment of contingent consideration on acquisitions | (97) | (67) |
Purchases of treasury stock | (1,776) | (2,384) |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,669 | 1,739 |
Proceeds from exercise of stock options | 1,005 | 1,131 |
Cash dividends paid | (17,574) | (17,615) |
Net cash provided by financing activities | 279,530 | 219,398 |
Net increase in cash and cash equivalents | 115,914 | 8,701 |
Cash and cash equivalents at beginning of year | 109,420 | 75,409 |
Cash and cash equivalents at end of period | 225,334 | 84,110 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 33,724 | 21,647 |
Cash paid for income taxes, net of refunds | 14,148 | 1,315 |
Transfer of loans to other real estate owned | $ 0 | $ 477 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month or nine-month period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or for any other period. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 28, 2019. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the reserve for loan and lease losses. Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, "Leases (Topic 842)" and subsequent related updates to revise the accounting for leases. Under the new guidance, lessees are required to recognize a lease liability and a right-of-use asset for all leases based on the present value of future lease payments using an estimated incremental borrowing rate. Lessor accounting activities are largely unchanged from existing lease accounting. Disclosures are 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. This new guidance was effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019 for the Corporation. The Corporation adopted this guidance, and subsequent related updates, on a modified retrospective basis through a cumulative-effect adjustment to retained earnings, representing the difference between the value of the Corporation’s lease liabilities and related right-of-use assets and the existing deferred rent liability, at January 1, 2019. The Corporation elected the package of practical expedients, which includes a provision which allows for the grandfathering of lease classification, among other items, and the hindsight practical expedient to determine the lease term. All leases in which the Corporation is the lessee were classified as operating leases and continue to be classified as such. On January 1, 2019, the Corporation recorded $39.6 million of operating lease liabilities and $36.6 million of related right-of-use assets and released $1.0 million of existing deferred rent liability. The resulting cumulative effect adjustment of $1.5 million, net of tax, was recorded to retained earnings at January 1, 2019. The initial and continued impact of the recording of operating lease assets had and will continue to have a negative impact on all Corporation and Bank regulatory capital ratios. Additionally, the Corporation early adopted (ASU) No. 2019-01, "Codification Improvements" , as of January 1, 2019, which serves as an update to (ASU) No. 2016-02, and is effective for the first interim period within annual periods beginning after December 15, 2019, or January 1, 2020, for the Corporation. See Note 4, "Loans and Leases" and Note 14, "Leases" for applicable disclosures including quantitative and qualitative information about the Corporation’s leases. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities " and subsequent related updates. 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. 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. The amendments in this guidance permit the use of the Overnight Index Swap rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes to facilitate the LIBOR to SOFR transition. This guidance was 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. The amended presentation and disclosure guidance was required only prospectively. The Corporation adopted this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. The Corporation recorded a cumulative-effect adjustment of $83 thousand related to ineffectiveness on a cash flow hedge, which was reclassified from retained earnings to accumulated other comprehensive income, effective January 1, 2019. 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 rather than the maturity of the security. Securities within the scope of this guidance are those that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. At December 31, 2018, the Corporation had $11.3 million of callable debt securities. The Corporation adopted this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. The Corporation recorded a cumulative-effect adjustment resulting in a reduction in the unamortized premium balance for certain callable debt securities of $49 thousand and a reduction in retained earnings of approximately $39 thousand, net of tax, for the incremental amortization. Recent Accounting Pronouncements Yet to Be Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. 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 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 reserve for loan and lease losses will increase upon adoption of CECL and that the increased reserve level will decrease shareholders' equity and impact regulatory capital and ratios. The Corporation anticipates that the Corporation and the Bank will continue to be well capitalized after the adoption of CECL. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. ASU No. 2019-04 is effective for the Corporation for reporting periods beginning January 1, 2020. The Corporation does not expect the adoption of the amendments related to Topics 815 and 825 will have a material impact on the Corporation's financial statements. For additional detail related to amendments to Topic 326, see previous discussion of ASU No. 2016-13. In August 2018, the FASB issued ASU No. 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies disclosures relating to investments in certain entities that calculate net asset value. Additional disclosures required by this ASU include: 1) change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and 2) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The prospective method of transition is required for the new disclosure requirements. The other amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years or January 1, 2020 for the Corporation. Early adoption is permitted. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements but will result in revised disclosures for fair value. 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. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In August 2018, the FASB issued ASU No. 2018-14, " Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years ending after December 15, 2020 or December 31, 2020 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings Per Share | Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock awards outstanding 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, and if restricted stock units were vested. Potential common shares that may be issued by the Corporation relate to outstanding stock options and restricted stock units, and are determined using the treasury stock method. The effects of options to issue common stock and unvested restricted stock units are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. Anti-dilutive options are those options with weighted average exercise prices in excess of the weighted average market value. Anti-dilutive restricted stock units are those with hypothetical repurchases of shares, under the treasury stock method, exceeding the average restricted stock units outstanding for the periods presented. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income $ 17,662 $ 14,964 $ 50,209 $ 32,171 Net income allocated to unvested restricted stock awards (58) (86) (186) (225) Net income allocated to common shares $ 17,604 $ 14,878 $ 50,023 $ 31,946 Denominator: Weighted average shares outstanding 29,306 29,402 29,290 29,387 Average unvested restricted stock awards (95) (170) (111) (204) Denominator for basic earnings per share —weighted-average shares outstanding 29,211 29,232 29,179 29,183 Effect of dilutive securities—employee stock options and restricted stock units 74 86 64 92 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,285 29,318 29,243 29,275 Basic earnings per share $ 0.60 $ 0.51 $ 1.71 $ 1.10 Diluted earnings per share $ 0.60 $ 0.51 $ 1.71 $ 1.09 Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share 323 359 326 315 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments 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 September 30, 2019 and December 31, 2018, by contractual maturity within each type: At September 30, 2019 At December 31, 2018 (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 $ 6,997 $ 60 $ — $ 7,057 $ 6,996 $ — $ (104) $ 6,892 6,997 60 — 7,057 6,996 — (104) 6,892 Residential mortgage-backed securities: After 5 years to 10 years 9,720 116 — 9,836 11,573 — (135) 11,438 Over 10 years 167,128 2,770 (147) 169,751 124,065 287 (1,107) 123,245 176,848 2,886 (147) 179,587 135,638 287 (1,242) 134,683 Total $ 183,845 $ 2,946 $ (147) $ 186,644 $ 142,634 $ 287 $ (1,346) $ 141,575 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 301 $ — $ (2) $ 299 $ 15,108 $ — $ (90) $ 15,018 After 1 year to 5 years — — — — 303 — (6) 297 301 — (2) 299 15,411 — (96) 15,315 State and political subdivisions: Within 1 year 350 1 — 351 5,900 4 (6) 5,898 After 1 year to 5 years 5,809 42 — 5,851 15,459 36 (56) 15,439 After 5 years to 10 years 33,809 375 — 34,184 43,923 318 (163) 44,078 39,968 418 — 40,386 65,282 358 (225) 65,415 Residential mortgage-backed securities: Within 1 year 48 2 — 50 — — — — After 1 year to 5 years 1,082 14 (2) 1,094 5,799 3 (70) 5,732 After 5 years to 10 years 36,892 78 (130) 36,840 49,904 6 (1,381) 48,529 Over 10 years 87,317 404 (468) 87,253 100,873 26 (3,398) 97,501 125,339 498 (600) 125,237 156,576 35 (4,849) 151,762 Collateralized mortgage obligations: After 5 years to 10 years 1,403 — (23) 1,380 1,677 — (78) 1,599 Over 10 years 1,131 12 — 1,143 1,305 — (16) 1,289 2,534 12 (23) 2,523 2,982 — (94) 2,888 Corporate bonds: Within 1 year 11,303 — (13) 11,290 7,806 — (68) 7,738 After 1 year to 5 years 29,109 536 (45) 29,600 18,508 1 (332) 18,177 After 5 years to 10 years — — — — 16,146 — (392) 15,754 Over 10 years 60,000 — (7,192) 52,808 60,000 — (8,542) 51,458 100,412 536 (7,250) 93,698 102,460 1 (9,334) 93,127 Total $ 268,554 $ 1,464 $ (7,875) $ 262,143 $ 342,711 $ 394 $ (14,598) $ 328,507 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. Securities with a carrying value of $363.4 million and $344.2 million at September 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and other contractual obligations. In addition, securities of $14.1 million and $296 thousand were pledged to secure credit derivatives and interest rate swaps at September 30, 2019 and December 31, 2018, respectively. See Note 11, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Securities available-for-sale: Proceeds from sales $ 24,987 $ 1,010 Gross realized gains on sales 65 10 Gross realized losses on sales 24 — Tax expense related to net realized gains on sales 9 2 At September 30, 2019 and December 31, 2018, there were no reportable investments in any single 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 September 30, 2019 and December 31, 2018 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 and there is no other-than temporary impairment of the securities. 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 September 30, 2019 Securities Held-to-Maturity Residential mortgage-backed securities $ 20,960 $ (147) $ — $ — $ 20,960 $ (147) Total $ 20,960 $ (147) $ — $ — $ 20,960 $ (147) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 299 $ (2) $ 299 $ (2) Residential mortgage-backed securities 33,830 (147) 51,166 (453) 84,996 (600) Collateralized mortgage obligations — — 1,380 (23) 1,380 (23) Corporate bonds 1,000 — 68,553 (7,250) 69,553 (7,250) Total $ 34,830 $ (147) $ 121,398 $ (7,728) $ 156,228 $ (7,875) At December 31, 2018 Securities Held-to-Maturity U.S. government corporations and agencies $ — $ — $ 6,892 $ (104) $ 6,892 $ (104) Residential mortgage-backed securities 48,192 (472) 34,501 (770) 82,693 (1,242) Total $ 48,192 $ (472) $ 41,393 $ (874) $ 89,585 $ (1,346) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 15,315 $ (96) $ 15,315 $ (96) State and political subdivisions 9,311 (61) 15,302 (164) 24,613 (225) Residential mortgage-backed securities 7,099 (106) 141,924 (4,743) 149,023 (4,849) Collateralized mortgage obligations 1,289 (16) 1,599 (78) 2,888 (94) Corporate bonds 16,896 (235) 75,730 (9,099) 92,626 (9,334) Total $ 34,595 $ (418) $ 249,870 $ (14,180) $ 284,465 $ (14,598) At September 30, 2019, gross unrealized losses for securities available-for-sale in an unrealized loss position for twelve months or longer, totaled $7.7 million. One federal agency bond, thirteen investment grade corporate bonds, forty federal agency residential mortgage securities and one collateralized mortgage obligation bond had respective unrealized loss positions of $2 thousand, $7.3 million, $453 thousand and $23 thousand, respectively. The fair value of these fifty-five 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. The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the nine months ended September 30, 2019 or 2018. The Corporation recognized a $12 thousand net gain and $26 thousand net gain on equity securities during the nine months ended September 30, 2019 and 2018, respectively, in other noninterest income. There were no sales of equity securities during the nine months ended September 30, 2019 or September 30, 2018. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories At September 30, 2019 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 943,713 $ 15,440 $ 959,153 Real estate-commercial 1,736,904 191,946 1,928,850 Real estate-construction 221,845 — 221,845 Real estate-residential secured for business purpose 315,984 44,737 360,721 Real estate-residential secured for personal purpose 388,643 43,545 432,188 Real estate-home equity secured for personal purpose 170,486 7,168 177,654 Loans to individuals 30,575 140 30,715 Lease financings 140,807 — 140,807 Total loans and leases held for investment, net of deferred income $ 3,948,957 $ 302,976 $ 4,251,933 Imputed interest on lease financings, included in the above table $ (15,369) $ — $ (15,369) Net deferred costs, included in the above table 6,243 — 6,243 Overdraft deposits included in the above table 149 — 149 At December 31, 2018 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 913,166 $ 24,519 $ 937,685 Real estate-commercial 1,507,579 233,625 1,741,204 Real estate-construction 215,513 — 215,513 Real estate-residential secured for business purpose 302,393 60,403 362,796 Real estate-residential secured for personal purpose 338,451 49,959 388,410 Real estate-home equity secured for personal purpose 177,523 8,728 186,251 Loans to individuals 32,617 142 32,759 Lease financings 141,956 — 141,956 Total loans and leases held for investment, net of deferred income $ 3,629,198 $ 377,376 $ 4,006,574 Imputed interest on lease financings, included in the above table $ (15,118) $ — $ (15,118) Net deferred costs, included in the above table 3,930 — 3,930 Overdraft deposits included in the above table 139 — 139 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 September 30, 2019 totaled $303.0 million, including $268.2 million of loans from the Fox Chase acquisition and $34.8 million from the Valley Green Bank acquisition. At September 30, 2019, loans acquired with deteriorated credit quality, or acquired credit impaired loans, totaled $568 thousand representing $60 thousand from the Fox Chase acquisition and $508 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 September 30, 2019 and December 31, 2018 were as follows: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Outstanding principal balance $ 664 $ 893 Carrying amount 568 695 Reserve for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Beginning of period $ — $ 11 Reclassification from nonaccretable discount 317 453 Accretable yield amortized to interest income (317) (464) End of period $ — $ — 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, acquired credit impaired loans and nonaccrual loans and leases at September 30, 2019 and December 31, 2018: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Acquired Credit Impaired Nonaccrual Loans and Leases Total Loans At September 30, 2019 Commercial, financial and agricultural $ 1,591 $ 751 $ — $ 2,342 $ 954,578 $ 956,920 $ — $ 2,233 $ 959,153 Real estate—commercial real estate and construction: Commercial real estate 4,556 1,102 760 6,418 1,894,202 1,900,620 206 28,024 1,928,850 Construction 185 — — 185 221,404 221,589 — 256 221,845 Real estate—residential and home equity: Residential secured for business purpose 2,293 1,441 1,109 4,843 352,689 357,532 302 2,887 360,721 Residential secured for personal purpose 1,553 133 — 1,686 428,355 430,041 60 2,087 432,188 Home equity secured for personal purpose 665 — — 665 175,610 176,275 — 1,379 177,654 Loans to individuals 156 48 129 333 30,380 30,713 — 2 30,715 Lease financings 534 1,394 490 2,418 137,889 140,307 — 500 140,807 Total $ 11,533 $ 4,869 $ 2,488 $ 18,890 $ 4,195,107 $ 4,213,997 $ 568 $ 37,368 $ 4,251,933 At December 31, 2018 Commercial, financial and agricultural $ 1,043 $ 122 $ — $ 1,165 $ 933,155 $ 934,320 $ — $ 3,365 $ 937,685 Real estate—commercial real estate and construction: Commercial real estate 4,995 1,538 — 6,533 1,716,251 1,722,784 206 18,214 1,741,204 Construction 2,163 — — 2,163 213,244 215,407 — 106 215,513 Real estate—residential and home equity: Residential secured for business purpose 2,497 728 — 3,225 357,827 361,052 426 1,318 362,796 Residential secured for personal purpose 2,334 — — 2,334 384,426 386,760 63 1,587 388,410 Home equity secured for personal purpose 305 96 — 401 184,402 184,803 — 1,448 186,251 Loans to individuals 207 29 55 291 32,468 32,759 — — 32,759 Lease financings 2,460 411 137 3,008 138,778 141,786 — 170 141,956 Total $ 16,004 $ 2,924 $ 192 $ 19,120 $ 3,960,551 $ 3,979,671 $ 695 $ 26,208 $ 4,006,574 Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2019 and December 31, 2018. Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 2,233 $ — $ — $ 2,233 $ 3,365 $ 382 $ — $ 3,747 Real estate—commercial real estate and construction: Commercial real estate 28,024 — 760 28,784 18,214 — — 18,214 Construction 256 — — 256 106 — — 106 Real estate—residential and home equity: Residential secured for business purpose 2,887 — 1,109 3,996 1,318 160 — 1,478 Residential secured for personal purpose 2,087 — — 2,087 1,587 — — 1,587 Home equity secured for personal purpose 1,379 54 — 1,433 1,448 — — 1,448 Loans to individuals 2 — 129 131 — — 55 55 Lease financings 500 — 490 990 170 — 137 307 Total $ 37,368 $ 54 $ 2,488 $ 39,910 $ 26,208 $ 542 $ 192 $ 26,942 * Includes nonaccrual troubled debt restructured loans of $2.3 million and $1.3 million at September 30, 2019 and December 31, 2018, respectively. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2019 and December 31, 2018. The Corporation employs a risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose. 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). Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion. 1. Pass—Loans considered satisfactory with no indications of deterioration 2. Special Mention—Potential weakness that deserves management's close attention 3. Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4. Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable 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 September 30, 2019 Grade: 1. Pass $ 907,186 $ 1,690,123 $ 219,656 $ 310,514 $ 3,127,479 2. Special Mention 18,924 23,667 1,932 1,541 46,064 3. Substandard 17,603 23,114 257 3,929 44,903 4. Doubtful — — — — — Total $ 943,713 $ 1,736,904 $ 221,845 $ 315,984 $ 3,218,446 At December 31, 2018 Grade: 1. Pass $ 882,736 $ 1,455,234 $ 215,407 $ 298,356 $ 2,851,733 2. Special Mention 23,287 31,791 — 721 55,799 3. Substandard 7,143 20,554 106 3,316 31,119 4. Doubtful — — — — — Total $ 913,166 $ 1,507,579 $ 215,513 $ 302,393 $ 2,938,651 The following table presents classifications for acquired loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At September 30, 2019 Grade: 1. Pass $ 15,440 $ 178,997 $ — $ 44,220 $ 238,657 2. Special Mention — 1,316 — — 1,316 3. Substandard — 11,633 — 517 12,150 4. Doubtful — — — — — Total $ 15,440 $ 191,946 $ — $ 44,737 $ 252,123 December 31, 2018 Grade: 1. Pass $ 24,450 $ 220,911 $ — $ 59,567 $ 304,928 2. Special Mention — — — — — 3. Substandard 69 12,714 — 836 13,619 4. Doubtful — — — — — Total $ 24,519 $ 233,625 $ — $ 60,403 $ 318,547 Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financing Credit Risk Profile by Payment Activity The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans secured for a personal purpose, home equity loans secured for a personal purpose, loans to individuals and lease financings. Nonperforming loans and leases are loans and leases past due 90 days or more, loans and leases on nonaccrual of interest and troubled debt restructured loans and lease modifications. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. The following table presents classifications for originated loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At September 30, 2019 Performing $ 387,449 $ 170,062 $ 30,444 $ 139,817 $ 727,772 Nonperforming 1,194 424 131 990 2,739 Total $ 388,643 $ 170,486 $ 30,575 $ 140,807 $ 730,511 At December 31, 2018 Performing $ 337,762 $ 177,139 $ 32,562 $ 141,649 $ 689,112 Nonperforming 689 384 55 307 1,435 Total $ 338,451 $ 177,523 $ 32,617 $ 141,956 $ 690,547 The following table presents classifications for acquired loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At September 30, 2019 Performing $ 42,652 $ 6,159 $ 140 $ — $ 48,951 Nonperforming 893 1,009 — — 1,902 Total $ 43,545 $ 7,168 $ 140 $ — $ 50,853 At December 31, 2018 Performing $ 49,061 $ 7,664 $ 142 $ — $ 56,867 Nonperforming 898 1,064 — — 1,962 Total $ 49,959 $ 8,728 $ 142 $ — $ 58,829 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 three and nine months ended September 30, 2019 and 2018: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total Three Months Ended September 30, 2019 Reserve for loan and lease losses: Beginning balance $ 9,129 $ 15,478 $ 2,478 $ 3,518 $ 481 $ 1,241 $ 275 $ 32,600 Charge-offs (283) (251) — (183) (73) (54) N/A (844) Recoveries 182 1 98 4 20 71 N/A 376 Provision (recovery of provision) 222 593 103 273 47 (24) 310 1,524 Provision for acquired credit impaired loans — — 6 — — — — 6 Ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Three Months Ended September 30, 2018 Reserve for loan and lease losses: Beginning balance $ 7,258 $ 12,327 $ 2,004 $ 2,494 $ 447 $ 1,071 $ 51 $ 25,652 Charge-offs (904) — (30) — (82) (123) N/A (1,139) Recoveries 22 1 8 6 25 51 N/A 113 Provision 813 906 72 527 82 138 206 2,744 Provision for acquired credit impaired loans — — — 1 — — — 1 Ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 Nine Months Ended September 30, 2019 Reserve for loan and lease losses: Beginning balance $ 7,983 $ 13,903 $ 2,236 $ 3,199 $ 484 $ 1,288 $ 271 $ 29,364 Charge-offs (1,769) (325) — (198) (209) (268) N/A (2,769) Recoveries 283 92 108 16 58 219 N/A 776 Provision (recovery of provision) 2,753 2,151 335 594 142 (5) 314 6,284 Provision for acquired credit impaired loans — — 6 1 — — — 7 Ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Nine Months Ended September 30, 2018 Reserve for loan and lease losses: Beginning balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 Charge-offs (14,553) (40) (30) — (253) (428) N/A (15,304) Recoveries 271 74 266 71 71 160 N/A 913 Provision 14,729 3,361 157 1,201 281 273 203 20,205 Provision for acquired credit impaired loans — — — 2 — — — 2 Ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 N/A – Not applicable The following presents, by portfolio segment, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method at September 30, 2019 and 2018: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At September 30, 2019 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 390 $ 1,485 $ 414 $ 155 $ — $ — N/A $ 2,444 Ending balance: collectively evaluated for impairment 8,860 14,332 2,271 3,457 475 1,234 585 31,214 Ending balance: acquired non-credit impaired loans evaluated for impairment — 4 — — — — — 4 Total ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Loans and leases held for investment: Ending balance: individually evaluated for impairment (1) $ 2,233 $ 28,280 $ 2,887 $ 3,520 $ 2 $ 306 $ 37,228 Ending balance: collectively evaluated for impairment 941,480 1,941,575 313,307 557,512 30,573 140,501 3,924,948 Loans measured at fair value — 349 — — — — 349 Acquired non-impaired loans 15,440 180,285 44,225 48,750 140 — 288,840 Acquired credit impaired loans — 206 302 60 — — 568 Total ending balance $ 959,153 $ 2,150,695 $ 360,721 $ 609,842 $ 30,715 $ 140,807 $ 4,251,933 At September 30, 2018 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 211 $ 645 $ — $ 192 $ — $ — N/A $ 1,048 Ending balance: collectively evaluated for impairment 6,978 12,504 2,014 2,836 472 1,137 257 26,198 Ending balance: acquired non-credit impaired loans evaluated for impairment — 85 40 — — — — 125 Total ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 Loans and leases held for investment: Ending balance: individually evaluated for impairment (1) $ 4,889 $ 18,970 $ 1,588 $ 3,275 $ — $ 1,250 $ 29,972 Ending balance: collectively evaluated for impairment 862,856 1,623,458 278,588 504,381 32,096 134,758 3,436,137 Loans measured at fair value — 1,801 — — — — 1,801 Acquired non-impaired loans 26,395 245,345 65,707 59,770 142 — 397,359 Acquired credit impaired loans 182 206 448 64 — — 900 Total ending balance $ 894,322 $ 1,889,780 $ 346,331 $ 567,490 $ 32,238 $ 136,008 $ 3,866,169 (1) Includes $13.6 million and $15.3 million of acquired loans which were individually evaluated for impairment at September 30, 2019 and 2018, respectively. N/A – Not applicable The Corporation does not provide a reserve for loan loss for acquired loans unless 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. 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 September 30, 2019 and December 31, 2018. The impaired loans exclude acquired credit impaired loans. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 1,223 $ 1,835 $ 2,776 $ 3,361 Real estate—commercial real estate 16,343 17,277 6,578 7,516 Real estate—construction 256 261 106 111 Real estate—residential secured for business purpose 797 978 1,478 1,660 Real estate—residential secured for personal purpose 1,533 1,731 863 911 Real estate—home equity secured for personal purpose 1,433 1,524 1,373 1,404 Loans to individuals 2 2 — — Total impaired loans with no related reserve recorded $ 21,587 $ 23,608 $ 13,174 $ 14,963 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 1,010 $ 1,010 $ 390 $ 971 $ 1,024 $ 413 Real estate—commercial real estate 11,681 12,436 1,485 11,637 12,162 675 Real estate—residential secured for business purpose 2,090 2,095 414 — — — Real estate—residential secured for personal purpose 554 554 155 724 724 252 Real estate—home equity secured for personal purpose — — — 75 75 75 Total impaired loans with a reserve recorded $ 15,335 $ 16,095 $ 2,444 $ 13,407 $ 13,985 $ 1,415 Total impaired loans: Commercial, financial and agricultural $ 2,233 $ 2,845 $ 390 $ 3,747 $ 4,385 $ 413 Real estate—commercial real estate 28,024 29,713 1,485 18,215 19,678 675 Real estate—construction 256 261 — 106 111 — Real estate—residential secured for business purpose 2,887 3,073 414 1,478 1,660 — Real estate—residential secured for personal purpose 2,087 2,285 155 1,587 1,635 252 Real estate—home equity secured for personal purpose 1,433 1,524 — 1,448 1,479 75 Loans to individuals 2 2 — — — — Total impaired loans $ 36,922 $ 39,703 $ 2,444 $ 26,581 $ 28,948 $ 1,415 Impaired loans include nonaccrual loans and accruing troubled debt restructured loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the original 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. 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 an accruing troubled debt restructured loan or if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 2,082 $ — $ 43 $ 5,671 $ 31 $ 58 Real estate—commercial real estate 19,818 — 284 19,878 22 261 Real estate—construction 219 — 8 108 — 2 Real estate—residential secured for business purpose 2,248 — 76 1,844 4 32 Real estate—residential secured for personal purpose 2,185 — 30 1,850 — 26 Real estate—home equity secured for personal purpose 1,313 — 19 1,507 — 21 Total $ 27,865 $ — $ 460 $ 30,858 $ 57 $ 400 * Includes interest income recognized on a cash basis for nonaccrual loans of $0 thousand and $5 thousand for the three months ended September 30, 2019 and 2018, respectively, and interest income recognized on the accrual method for accruing impaired loans of $0 thousand and $52 thousand for the three months ended September 30, 2019 and 2018, respectively. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 2,764 $ 17 $ 146 $ 6,589 $ 103 $ 269 Real estate—commercial real estate 18,839 3 780 19,935 212 813 Real estate—construction 151 — 11 128 — 7 Real estate—residential secured for business purpose 1,750 — 132 2,018 14 79 Real estate—residential secured for personal purpose 1,907 — 84 1,064 3 70 Real estate—home equity secured for personal purpose 1,364 1 62 1,026 — 60 Total $ 26,775 $ 21 $ 1,215 $ 30,760 $ 332 $ 1,298 * Includes interest income recognized on a cash basis for nonaccrual loans of $15 thousand and $13 thousand for the nine months ended September 30, 2019 and 2018, respectively, and interest income recognized on the accrual method for accruing impaired loans of $6 thousand and $319 thousand for the nine months ended September 30, 2019 and 2018, respectively. Impaired Leases The Corporation had impaired leases of $306 thousand with no related reserves at September 30, 2019. The Corporation had no impaired leases at December 31, 2018. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Total — $ — $ — $ — — $ — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 $ 19 $ — — $ — $ — $ — Total 1 $ 19 $ 19 $ — — $ — $ — $ — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Real estate—home equity secured for personal purpose 1 $ 55 $ 55 $ — — $ — $ — $ — Total 1 $ 55 $ 55 $ — — $ — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural* 3 $ 975 $ 975 $ — — $ — $ — $ — Real estate—commercial real estate* 1 1,313 1,313 — — — — — Real estate—residential secured for personal purpose — — — — 1 66 66 — Total 4 $ 2,288 $ 2,288 $ — 1 $ 66 $ 66 $ — * Three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the nine months ended September 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. 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 three and nine months ended September 30, 2019 and 2018. Maturity Date Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount Three Months Ended September 30, 2019 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 — $ — 1 $ 19 Total 1 $ 19 — $ — 1 $ 19 Three Months Ended September 30, 2018 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nine Months Ended September 30, 2019 Accruing Troubled Debt Restructured Loans: Real estate—home equity secured for personal purpose — — 1 $ 55 1 $ 55 Total — $ — 1 $ 55 1 $ 55 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 2 $ 956 3 $ 975 Real estate—commercial real estate — — 1 1,313 1 1,313 Total 1 $ 19 3 $ 2,269 4 $ 2,288 Nine Months Ended September 30, 2018 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—residential secured for personal purpose — $ — 1 $ 66 1 $ 66 Total — $ — 1 $ 66 1 $ 66 The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Number Recorded Number Recorded Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — — $ — 1 $ 953 Total — $ — — $ — — $ — 1 $ 953 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 September 30, 2019 and December 31, 2018: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Real estate-residential secured for personal purpose $ 714 $ 563 Real estate-home equity secured for personal purpose 1,134 1,134 Total $ 1,848 $ 1,697 The Corporation held no foreclosed residential real estate property at September 30, 2019 and December 31, 2018. Lease Financings In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", and subsequent related updates, to revise the accounting for leases. The Corporation adopted this guidance effective January 1, 2019 on a modified retrospective basis at January 1, 2019. Additionally, the Corporation early adopted (ASU) No. 2019-01, "Codification Improvements" , as of January 1, 2019, which serves as an update to (ASU) No. 2016-02, and is effective for the first interim period within annual periods beginning after December 15, 2019, or January 1, 2020, for the Corporation. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. Lessor accounting was largely unchanged as a result of the standard. Additional disclosures required under the standard are included in the following section. The Corporation, through Univest Capital, Inc., an equipment financing business and a subsidiary of the Bank, provides lease financing to customers primarily in the form of sales-type leases with fixed payment terms and $1.00 buyout clauses. A minor number of contracts are classified as either direct financing leases or operating leases. The fair value of the identified assets within sales-type and direct financing leases are equal to the carrying amount such that there is no profit or loss recorded or deferred upon lease commencement. All receivables related to the equipment financing business are recorded within lease financings as of September 30, 2019. 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 by primarily 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 for the majority of its lease portfolio. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. Initial direct costs, comprised of commissions paid that would not have been incurred if the lease had not been obtained, are deferred and amortized over the life of the contract, and are presented within net interest income on leases. The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At September 30, 2019 At December 31, 2018 2019 (excluding the nine months ended September 30, 2019) $ 13,440 $ 55,201 2020 53,183 43,355 2021 40,004 29,678 2022 27,048 17,687 2023 14,254 6,674 Thereafter 5,374 1,975 Total future minimum lease payments receivable 153,303 154,570 Plus: Unguaranteed residual 817 600 Plus: Initial direct costs 2,056 1,904 Less: Imputed interest (15,369) (15,118) Lease financings $ 140,807 $ 141,956 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has core deposit and customer-related intangibles and servicing rights, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the nine months ended September 30, 2019 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2018 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at September 30, 2019 $ 138,476 $ 15,434 $ 18,649 $ 172,559 The following table reflects the components of intangible assets at the dates indicated: At September 30, 2019 At December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Covenants not to compete $ — $ — $ — $ 710 $ 710 $ — Core deposit intangibles 6,788 3,818 2,970 6,788 3,143 3,645 Customer related intangibles 8,819 7,763 1,056 12,381 10,804 1,577 Servicing rights 18,424 11,928 6,496 17,314 10,546 6,768 Total amortized intangible assets $ 34,031 $ 23,509 $ 10,522 $ 37,193 $ 25,203 $ 11,990 The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2019 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 368 2020 1,200 2021 923 2022 666 2023 409 Thereafter 460 The Corporation has originated mortgage servicing rights, which are included in other intangible assets on the consolidated balance sheet. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are subject to impairment testing on a quarterly basis. The aggregate fair value of these rights was $8.4 million at September 30, 2019 and $11.5 million at December 31, 2018. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at September 30, 2019 and December 31, 2018. Changes in the servicing rights balance are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning of period $ 6,599 $ 6,650 $ 6,768 $ 6,573 Servicing rights capitalized 464 406 1,051 1,093 Amortization of servicing rights (585) (341) (1,320) (951) Changes in valuation allowance 18 — (3) — End of period $ 6,496 $ 6,715 $ 6,496 $ 6,715 Loans serviced for others $ 1,055,823 $ 1,024,229 $ 1,055,823 $ 1,024,229 Activity in the valuation allowance for mortgage servicing rights was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Valuation allowance, beginning of period $ (21) $ — $ — $ — Additions — — (3) — Reductions 18 — — — Valuation allowance, end of period $ (3) $ — $ (3) $ — The estimated amortization expense of servicing rights for the remainder of 2019 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 1,208 2020 1,019 2021 833 2022 678 2023 549 Thereafter 2,209 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits and their respective weighted average interest rate at September 30, 2019 and December 31, 2018 consist of the following: At September 30, 2019 At December 31, 2018 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,198,425 — % $ 1,055,919 Demand deposits 1.17 1,644,546 1.01 1,377,171 Savings deposits 0.39 776,920 0.33 782,766 Time deposits 2.02 718,100 1.76 670,077 Total 0.85 % $ 4,337,991 0.73 % $ 3,885,933 The aggregate amount of time deposits in denominations of $100 thousand or more was $388.1 million at September 30, 2019 and $283.4 million at December 31, 2018. 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 $232.8 million at September 30, 2019 and $129.5 million at December 31, 2018. At September 30, 2019, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 171,421 2020 309,488 2021 95,356 2022 45,339 2023 71,942 Thereafter 24,554 Total $ 718,100 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization, from the Fox Chase acquisition. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: FHLB borrowings $ — — % $ 108,300 2.62 % Federal funds purchased — — 60,000 2.60 Customer repurchase agreements 18,970 0.05 21,468 0.05 Long-term debt: FHLB advances $ 150,000 1.99 % $ 125,000 1.92 % Security repurchase agreements 10,128 2.60 20,330 2.71 Subordinated notes $ 94,757 5.32 % $ 94,574 5.33 % The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.8 billion. Advances from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At September 30, 2019 and December 31, 2018, the Bank had outstanding short-term letters of credit with the FHLB totaling $692.8 million and $347.5 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 that totaled $504.0 million and $367.0 million at September 30, 2019 and December 31, 2018, 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 the Discount Window Lending program. The collateral consisting of investment securities was valued at $101.4 million and $69.5 million at September 30, 2019 and December 31, 2018, respectively. At September 30, 2019 and December 31, 2018, the Corporation had no outstanding borrowings under this program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At September 30, 2019 and December 31, 2018, 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 September 30, 2019 Weighted Average Rate Remainder of 2019 $ 10,000 1.35 % 2020 40,000 1.70 2021 80,000 2.07 2022 10,000 2.09 2023 10,000 3.02 Thereafter — — Total $ 150,000 1.99 % Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of September 30, 2019 Weighted Average Rate Remainder of 2019 $ — — % 2020 10,128 2.60 2021 — — 2022 — — 2023 — — Thereafter — — Total $ 10,128 2.60 % Long-term debt under security repurchase agreements totaling $10.1 million are variable based on the one-month LIBOR rate plus a spread. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
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 and all current participants are now retired. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote. The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote. The Corporation sponsors a Supplemental Non-Qualified Pension Plan, which was established in 1981 prior to the existence of the 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. Components of net periodic benefit cost (income) were as follows: Three Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 109 $ 140 $ 17 $ 22 Interest cost 476 440 23 23 Expected return on plan assets (772) (849) — — Amortization of net actuarial loss 294 280 — 1 Accretion of prior service cost (45) (70) — — Net periodic benefit cost (income) $ 62 $ (59) $ 40 $ 46 Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 328 $ 420 $ 50 $ 66 Interest cost 1,428 1,320 70 69 Expected return on plan assets (2,313) (2,440) — — Amortization of net actuarial loss 882 841 — 3 Accretion of prior service cost (136) (212) — — Net periodic benefit cost (income) $ 189 $ (71) $ 120 $ 138 The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the consolidated statements of income. The Corporation previously disclosed in its financial statements for the year ended December 31, 2018 that it expected to make contributions of $157 thousand to its non-qualified retirement plans and $89 thousand to its other postretirement benefit plans in 2019. During the nine months ended September 30, 2019, the Corporation contributed $120 thousand to its non-qualified retirement plans and $79 thousand to its other postretirement plans. During the nine months ended September 30, 2019, $2.0 million was paid to participants from the retirement plans and $79 thousand was paid to participants from the other postretirement plans. |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-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. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to allow for the issuance of restricted stock units. During the three months ended March 31, 2019, the Corporation issued to directors and employees (“grantees”) restricted stock units rather than restricted stock awards or stock options, which were issued to grantees in prior reporting periods. Restricted stock units differ from restricted stock awards in that Corporation stock is not issued to grantees at the date of the grant and the grantee does not have voting or dividend rights during the vesting period. In the following schedules, issued restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date and methodology for recording stock-based compensation expense is the same for restricted stock units and restricted stock awards. The following is a summary of the Corporation's stock option activity and related information for the nine months ended September 30, 2019: (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 September 30, 2019 Outstanding at December 31, 2018 597,405 $ 23.98 Expired (11,256) 24.23 Forfeited (8,000) 26.06 Exercised (58,545) 17.16 Outstanding at September 30, 2019 519,604 24.72 6.9 $ 1,323 Exercisable at September 30, 2019 355,343 23.02 6.3 1,323 The following is a summary of nonvested stock options at September 30, 2019 including changes during the nine months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2018 344,230 $ 6.48 Vested (171,969) 6.42 Forfeited (8,000) 6.43 Nonvested stock options at September 30, 2019 164,261 6.54 The following aggregated assumptions were used to estimate the fair value of options granted during the nine months ended September 30, 2018. The Corporation did not issue stock options during the nine months ended September 30, 2019. Nine Months Ended September 30, 2018 Expected option life in years 6.6 Risk free interest rate 2.80 % Expected dividend yield 2.81 % Expected volatility 27.15 % Fair value of options $6.46 The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2019 including changes during the nine months then ended: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards at December 31, 2018 157,579 $ 25.33 Granted 113,729 25.66 Vested (44,807) 21.65 Cancelled (17,736) 19.82 Nonvested stock awards and units at September 30, 2019 208,765 26.77 The fair value of restricted stock awards and units is equivalent to the fair value of the Corporation's stock on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock awards and units is summarized below for the periods indicated: Nine Months Ended September 30, (Dollars in thousands, except per share data) 2019 2018 Restricted stock awards and units granted 113,729 59,953 Weighted average grant date fair value $ 25.66 $ 28.39 Intrinsic value of awards vested $ 1,119 $ 2,648 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 and units at September 30, 2019 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 624 1.3 Restricted stock awards and units 3,127 2.1 $ 3,751 1.9 The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Stock-based compensation expense: Stock options $ 546 $ 797 Restricted stock awards and units 1,372 1,582 Employee stock purchase plan 54 51 Total $ 1,972 $ 2,430 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 444 $ 624 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2018 $ (11,221) $ 81 $ (17,276) $ (28,416) Adjustment to initially apply ASU No. 2017-12 for derivatives (1) — 83 — 83 Other comprehensive income (loss) 6,157 (421) 589 6,325 Balance, September 30, 2019 $ (5,064) $ (257) $ (16,687) $ (22,008) Balance, December 31, 2017 $ (4,061) $ 9 $ (13,719) $ (17,771) Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value (433) — — (433) Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges (968) 2 (2,955) (3,921) Other comprehensive (loss) income (7,411) 373 499 (6,539) Balance, September 30, 2018 $ (12,873) $ 384 $ (16,175) $ (28,664) (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities " and subsequent related updates. The Corporation adopted this guidance effective January 1, 2019, on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at January 1, 2019. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. 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 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 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. At September 30, 2019, approximately $49 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 September 30, 2019. At September 30, 2019, the notional amount of the interest rate swap was $16.5 million, with a negative fair value of $326 thousand. The Corporation had an interest rate swap classified as a fair value hedge for a 10-year fixed rate loan that was earning interest at 5.83%. The interest rate swap was terminated due to early payoff of the loan during the third quarter of 2019. The Corporation paid a fixed rate of 5.83% and received a floating rate based on the one-month LIBOR plus 350 basis points. The swap was due to mature in October 2021. Effective January 1, 2019, the entire change in the fair values of the interest rate swap and the hedged loan included in the assessment of hedge effectiveness was recorded in interest income in the consolidated statements of income. Prior to January 1, 2019, the difference between changes in the fair values of the interest rate swap agreement and the hedged loan represented hedge ineffectiveness and was recorded in other noninterest income in the consolidated statements of income. The Corporation has an interest rate swap with a current notional amount of $332 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 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 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 September 30, 2019, the Corporation has thirty-three variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $221.4 million and remaining maturities ranging from less than one year to 10 years. At September 30, 2019, the fair value of the swaps to the customers was a net liability of $11.9 million and $187.2 million of notional amount of the swaps were in paying positions while $34.2 million were in receiving positions to the third-party financial institution. At September 30, 2019, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $263 thousand. 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 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 September 30, 2019 and December 31, 2018. 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 September 30, 2019 Interest rate swap - cash flow hedge $ 16,487 $ — Other liabilities $ 326 Interest rate swap - fair value hedge — — — Total $ 16,487 $ — $ 326 At December 31, 2018 Interest rate swap - cash flow hedge $ 17,076 Other assets $ 185 $ — Interest rate swap - fair value hedge 1,346 Other assets 4 — Total $ 18,422 $ 189 $ — The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at September 30, 2019 and December 31, 2018: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At September 30, 2019 Interest rate swap $ 332 $ — Other liabilities $ 17 Credit derivatives 221,384 — Other liabilities 263 Interest rate locks with customers 57,727 Other assets 907 — Forward loan sale commitments 60,469 Other assets 169 — Total $ 339,912 $ 1,076 $ 280 At December 31, 2018 Interest rate swap $ 418 $ — Other liabilities $ 20 Credit derivatives 122,410 — Other liabilities 72 Interest rate locks with customers 21,494 Other assets 490 — Forward loan sale commitments 23,227 — Other liabilities 150 Total $ 167,549 $ 490 $ 242 The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest rate swap—cash flow hedge—net interest payments Interest expense $ (4) $ 1 $ (34) $ 27 Interest rate swap—fair value hedge—effectiveness Interest income (6) — (5) — Interest rate swap—fair value hedge—ineffectiveness Other noninterest income — 1 — 3 Total net (loss) gain $ (2) $ — $ 29 $ (24) The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit derivatives Other noninterest income $ 186 $ 48 $ 768 $ 87 Interest rate locks with customers Net gain (loss) on mortgage banking activities 109 (328) 417 (223) Forward loan sale commitments Net gain (loss) on mortgage banking activities 366 144 319 (8) Total net gain (loss) $ 661 $ (136) $ 1,504 $ (144) The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at September 30, 2019 and December 31, 2018: (Dollars in thousands) Accumulated Other At September 30, 2019 At December 31, 2018 Interest rate swap—cash flow hedge Fair value, net of taxes $ (257) $ 80 Total $ (257) $ 80 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
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 not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. Certain corporate 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 September 30, 2019. 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. One commercial loan associated with an interest rate swap is classified in Level 3 of the valuation hierarchy at September 30, 2019 since lending credit risk is not an observable input for this loan. The unrealized gain on the one loan was $17 thousand at September 30, 2019. 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. 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. The following table presents the assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018, classified using the fair value hierarchy: At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 299 $ — $ 299 State and political subdivisions — 40,386 — 40,386 Residential mortgage-backed securities — 125,237 — 125,237 Collateralized mortgage obligations — 2,523 — 2,523 Corporate bonds — 67,294 26,404 93,698 Total available-for-sale securities — 235,739 26,404 262,143 Equity securities: Equity securities - financial services industry 936 — — 936 Money market mutual funds 1,523 — — 1,523 Total equity securities 2,459 — — 2,459 Loans* — — 349 349 Interest rate locks with customers* — 907 — 907 Forward loan sale commitments* — 169 — 169 Total assets $ 2,459 $ 236,815 $ 26,753 $ 266,027 Liabilities: Contingent consideration liability $ — $ — $ 186 $ 186 Interest rate swaps* — 343 — 343 Credit derivatives* — — 263 263 Total liabilities $ — $ 343 $ 449 $ 792 At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 15,315 $ — $ 15,315 State and political subdivisions — 65,415 — 65,415 Residential mortgage-backed securities — 151,762 — 151,762 Collateralized mortgage obligations — 2,888 — 2,888 Corporate bonds — 67,398 25,729 93,127 Total available-for-sale securities — 302,778 25,729 328,507 Equity securities: Equity securities - financial services industry 924 — — 924 Money market mutual funds 1,241 — — 1,241 Total equity securities 2,165 — — 2,165 Loans* — — 1,779 1,779 Interest rate swap* — 189 — 189 Interest rate locks with customers* — 490 — 490 Total assets $ 2,165 $ 303,457 $ 27,508 $ 333,130 Liabilities: Contingent consideration liability $ — $ — $ 259 $ 259 Interest rate swaps* — 20 — 20 Credit derivatives* — — 72 72 Forward loan sale commitments* — 150 — 150 Total liabilities $ — $ 170 $ 331 $ 501 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase (decrease) in value Balance at September 30, 2019 Corporate bonds $ 25,729 $ — $ — $ — $ — $ 675 $ 26,404 Loans 1,779 — — (1,432) — 2 349 Credit derivatives (72) (958) — — — 767 (263) Net total $ 27,436 $ (958) $ — $ (1,432) $ — $ 1,444 $ 26,490 Nine Months Ended September 30, 2018 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at September 30, 2018 Corporate bonds $ 27,986 $ — $ — $ — $ — $ (1,579) $ 26,407 Loans 1,958 — — (110) — (47) 1,801 Credit derivatives (36) (75) — — — 87 (24) Net total $ 29,908 $ (75) $ — $ (110) $ — $ (1,539) $ 28,184 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 nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at September 30, 2019 Girard Partners $ 259 $ — $ 97 $ 24 $ 186 Total contingent consideration liability $ 259 $ — $ 97 $ 24 $ 186 Nine Months Ended September 30, 2018 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at September 30, 2018 Girard Partners $ 339 $ — $ 67 $ 38 $ 310 Total contingent consideration liability $ 339 $ — $ 67 $ 38 $ 310 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 September 30, 2019 and December 31, 2018: At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 34,478 $ 34,478 Impaired leases held for investment — — 306 306 Other real estate owned — — 495 495 Total $ — $ — $ 35,279 $ 35,279 At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 25,166 $ 25,166 Other real estate owned — — 1,187 1,187 Total $ — $ — $ 26,353 $ 26,353 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 September 30, 2019 and December 31, 2018. The disclosed fair values are classified using the fair value hierarchy. At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 225,334 $ — $ — $ 225,334 $ 225,334 Held-to-maturity securities — 186,644 — 186,644 183,845 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 29,254 Loans held for sale — 2,912 — 2,912 2,893 Net loans and leases held for investment — — 4,203,743 4,203,743 4,183,138 Servicing rights — — 8,522 8,522 6,496 Total assets $ 225,334 $ 189,556 $ 4,212,265 $ 4,627,155 $ 4,630,960 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,619,891 $ — $ — $ 3,619,891 $ 3,619,891 Time deposits — 722,151 — 722,151 718,100 Total deposits 3,619,891 722,151 — 4,342,042 4,337,991 Short-term borrowings — 18,970 — 18,970 18,970 Long-term debt — 161,361 — 161,361 160,128 Subordinated notes — 96,500 — 96,500 94,757 Total liabilities $ 3,619,891 $ 998,982 $ — $ 4,618,873 $ 4,611,846 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,081) $ — $ (8,081) $ — At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 109,420 $ — $ — $ 109,420 $ 109,420 Held-to-maturity securities — 141,575 — 141,575 142,634 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,337 Loans held for sale — 1,798 — 1,798 1,754 Net loans and leases held for investment — — 3,924,329 3,924,329 3,950,265 Servicing rights — — 11,496 11,496 6,768 Total assets $ 109,420 $ 143,373 $ 3,935,825 $ 4,188,618 $ 4,239,178 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,215,856 $ — $ — $ 3,215,856 $ 3,215,856 Time deposits — 664,738 — 664,738 670,077 Total deposits 3,215,856 664,738 — 3,880,594 3,885,933 Short-term borrowings — 189,768 — 189,768 189,768 Long-term debt — 144,021 — 144,021 145,330 Subordinated notes — 95,113 — 95,113 94,574 Total liabilities $ 3,215,856 $ 1,093,640 $ — $ 4,309,496 $ 4,315,605 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,516) $ — $ (2,516) $ — The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed: Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks and other short-term investments is their stated value. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy. Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy. Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability. Loans held for sale: The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data. Loans held for sale are carried at the lower of cost or estimated fair value. There were no valuation adjustments for loans held for sale at September 30, 2019 and December 31, 2018. 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, adjusted as appropriate to consider credit, liquidity and marketability factors to arrive at a fair value that represents the Corporation's exit price at which these instruments would be sold or transferred. 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 September 30, 2019, impaired loans held for investment had a carrying amount of $36.9 million with a valuation allowance of $2.4 million. At December 31, 2018, impaired loans held for investment had a carrying amount of $26.6 million with a valuation allowance of $1.4 million. The Corporation had impaired leases of $306 thousand with no reserve at September 30, 2019. The Corporation had no impaired leases at December 31, 2018. Servicing rights: The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Mortgage servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the mortgage servicing rights portfolio on a quarterly basis for impairment and the mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. At September 30, 2019, servicing rights had a carrying amount of $6.5 million with a valuation allowance of $3 thousand. At December 31, 2018, servicing rights carrying amount of $6.7 million with no valuation allowance. Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the nine months ended September 30, 2019, there were no triggering events that required valuation of goodwill and other identifiable intangible assets. Other real estate owned: The fair value of other real estate owned (OREO) is originally estimated based upon the appraised value less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. Subsequently, OREO is reported at the lower of the original cost or the current 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 if an agreement of sale does not exist. During the nine months ended September 30, 2019, two properties were sold with total proceeds of $670 thousand. At September 30, 2019 and December 31, 2018, OREO had a carrying amount of $495 thousand and $1.2 million, respectively. Other real estate owned is classified within Level 3 of the valuation hierarchy due to the unique characteristics of the collateral for each loan. Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy. Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy. Subordinated notes: The fair value of the subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. Off-balance-sheet instruments: Fair values for the Corporation’s off-balance-sheet instruments are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing and are classified within Level 2 in the fair value hierarchy. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At September 30, 2019, 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 individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. ● The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions. ● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions, personal insurance lines and human resources consulting. The following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At September 30, 2019 At December 31, 2018 At September 30, 2018 Banking $ 5,256,435 $ 4,895,732 $ 4,711,093 Wealth Management 43,305 39,090 38,042 Insurance 33,239 30,117 29,299 Other 20,632 19,408 23,564 Consolidated assets $ 5,353,611 $ 4,984,347 $ 4,801,998 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 54,280 $ 12 $ — $ 8 $ 54,300 Interest expense 10,394 — — 1,261 11,655 Net interest income 43,886 12 — (1,253) 42,645 Provision for loan and lease losses 1,530 — — — 1,530 Noninterest income 6,491 6,049 4,039 20 16,599 Intangible expenses 209 103 66 — 378 Other noninterest expense 28,999 3,757 2,990 146 35,892 Intersegment (revenue) expense* (307) 177 130 — — Income (expense) before income taxes 19,946 2,024 853 (1,379) 21,444 Income tax expense (benefit) 3,719 391 72 (400) 3,782 Net income (loss) $ 16,227 $ 1,633 $ 781 $ (979) $ 17,662 Capital expenditures $ 52 $ 5 $ 24 $ 134 $ 215 Three Months Ended September 30, 2018 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 49,238 $ 9 $ — $ 8 $ 49,255 Interest expense 7,571 — — 1,261 8,832 Net interest income 41,667 9 — (1,253) 40,423 Provision for loan and lease losses 2,745 — — — 2,745 Noninterest income 5,070 5,795 3,845 151 14,861 Intangible expenses 240 136 103 — 479 Other noninterest expense 26,542 3,547 3,087 716 33,892 Intersegment (revenue) expense* (512) 377 135 — — Income (expense) before income taxes 17,722 1,744 520 (1,818) 18,168 Income tax expense (benefit) 3,171 493 156 (616) 3,204 Net income (loss) $ 14,551 $ 1,251 $ 364 $ (1,202) $ 14,964 Capital expenditures $ 570 $ 73 $ 16 $ 86 $ 745 Nine Months Ended September 30, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 160,667 $ 33 $ — $ 24 $ 160,724 Interest expense 30,138 — — 3,783 33,921 Net interest income 130,529 33 — (3,759) 126,803 Provision for loan and lease losses 6,291 — — — 6,291 Noninterest income 17,476 17,924 13,537 315 49,252 Intangible expenses 675 313 233 — 1,221 Other noninterest expense 84,876 11,339 9,188 1,981 107,384 Intersegment (revenue) expense* (901) 504 397 — — Income (expense) before income taxes 57,064 5,801 3,719 (5,425) 61,159 Income tax expense (benefit) 10,499 1,115 334 (998) 10,950 Net income (loss) $ 46,565 $ 4,686 $ 3,385 $ (4,427) $ 50,209 Capital expenditures $ 1,187 $ 80 $ 88 $ 292 $ 1,647 Nine Months Ended September 30, 2018 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 139,204 $ 22 $ — $ 23 $ 139,249 Interest expense 18,781 — — 3,783 22,564 Net interest income 120,423 22 — (3,760) 116,685 Provision for loan and lease losses 20,207 — — — 20,207 Noninterest income 15,320 17,397 12,835 205 45,757 Intangible expenses 898 415 372 — 1,685 Restructuring charges 571 — — — 571 Other noninterest expense 80,790 10,969 9,425 403 101,587 Intersegment (revenue) expense* (1,098) 686 412 — — Income (expense) before income taxes 34,375 5,349 2,626 (3,958) 38,392 Income tax expense (benefit) 5,006 1,636 775 (1,196) 6,221 Net income (loss) $ 29,369 $ 3,713 $ 1,851 $ (2,762) $ 32,171 Capital expenditures $ 2,360 $ 162 $ 25 $ 151 $ 2,698 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee Disclosure | Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", and subsequent related updates, to revise the accounting for leases. The Corporation adopted this guidance effective January 1, 2019, on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at January 1, 2019. Additionally, the Corporation early adopted (ASU) No. 2019-01, "Codification Improvements" , as of January 1, 2019, which serves as an update to (ASU) No. 2016-02, and is effective for the first interim period within annual periods beginning after December 15, 2019, or January 1, 2020, for the Corporation. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. The Corporation and its subsidiaries are obligated under non-cancelable operating leases for premises for certain financial centers and other office locations The Corporation determines if an arrangement is a lease at inception by assessing whether a contract contains a right to control an identified asset for a period of time in exchange for consideration. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheet commencing at January 1, 2019. For purposes of calculating operating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Corporation will exercise that option and begins when the Corporation has control and possession of the leased property, which may be before rental payments are due under the lease. Right-of use assets and operating lease liabilities are recognized based on the present value of lease payments, discounted using the Corporation’s incremental borrowing rate, over the lease term at the commencement date. The Corporation determines its incremental borrowing rate using publicly available information available for debt issuers with similar credit ratings as the Bank, as the majority of the Corporation’s leases are related to properties of the Bank. The Corporation continues to separately account for lease and non-lease components (such as property taxes, insurance, and maintenance costs) as historically reported. Rent expense for the Corporation's leases, which generally have escalating rental payments over the term of the lease, is recognized on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms generally containing one or more five-year renewal options. At September 30, 2019, the Corporation's leases have remaining terms of 1 to 24 years. The Corporation does not currently have any leases with an initial term of 12 months or less, including reasonably certain renewal terms; any such future leases will be recorded on the balance sheet. Information with respect to operating leases for the under FASB ASC 842 "Leases" follows: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 948 $ 2,842 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases 2,636 At September 30, 2019 Weighted-average remaining lease term in years 15.0 Weighted-average discount rate 4.24 % At September 30, 2019, maturities of lease liabilities under FASB ASC 842 "Leases" are as follows: Maturity of Lease Liabilities (Dollars in thousands) Amount Remainder of 2019 $ 900 2020 3,633 2021 3,689 2022 3,662 2023 3,611 Thereafter 37,298 Total lease payments 52,793 Less: imputed interest (14,677) Present value of lease liabilities $ 38,116 At December 31, 2018, a summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year under FASB ASC 840 "Leases" was as follows: Year (Dollars in thousands) Amount 2019 $ 3,536 2020 3,632 2021 3,688 2022 3,660 2023 3,610 Thereafter 37,389 Total $ 55,515 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure | ContingenciesThe 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month or nine-month period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or for any other period. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 28, 2019. |
Use of Estimates | Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the reserve for loan and lease losses. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, "Leases (Topic 842)" and subsequent related updates to revise the accounting for leases. Under the new guidance, lessees are required to recognize a lease liability and a right-of-use asset for all leases based on the present value of future lease payments using an estimated incremental borrowing rate. Lessor accounting activities are largely unchanged from existing lease accounting. Disclosures are 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. This new guidance was effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019 for the Corporation. The Corporation adopted this guidance, and subsequent related updates, on a modified retrospective basis through a cumulative-effect adjustment to retained earnings, representing the difference between the value of the Corporation’s lease liabilities and related right-of-use assets and the existing deferred rent liability, at January 1, 2019. The Corporation elected the package of practical expedients, which includes a provision which allows for the grandfathering of lease classification, among other items, and the hindsight practical expedient to determine the lease term. All leases in which the Corporation is the lessee were classified as operating leases and continue to be classified as such. On January 1, 2019, the Corporation recorded $39.6 million of operating lease liabilities and $36.6 million of related right-of-use assets and released $1.0 million of existing deferred rent liability. The resulting cumulative effect adjustment of $1.5 million, net of tax, was recorded to retained earnings at January 1, 2019. The initial and continued impact of the recording of operating lease assets had and will continue to have a negative impact on all Corporation and Bank regulatory capital ratios. Additionally, the Corporation early adopted (ASU) No. 2019-01, "Codification Improvements" , as of January 1, 2019, which serves as an update to (ASU) No. 2016-02, and is effective for the first interim period within annual periods beginning after December 15, 2019, or January 1, 2020, for the Corporation. See Note 4, "Loans and Leases" and Note 14, "Leases" for applicable disclosures including quantitative and qualitative information about the Corporation’s leases. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities " and subsequent related updates. 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. 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. The amendments in this guidance permit the use of the Overnight Index Swap rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes to facilitate the LIBOR to SOFR transition. This guidance was 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. The amended presentation and disclosure guidance was required only prospectively. The Corporation adopted this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. The Corporation recorded a cumulative-effect adjustment of $83 thousand related to ineffectiveness on a cash flow hedge, which was reclassified from retained earnings to accumulated other comprehensive income, effective January 1, 2019. 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 rather than the maturity of the security. Securities within the scope of this guidance are those that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. At December 31, 2018, the Corporation had $11.3 million of callable debt securities. The Corporation adopted this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. The Corporation recorded a cumulative-effect adjustment resulting in a reduction in the unamortized premium balance for certain callable debt securities of $49 thousand and a reduction in retained earnings of approximately $39 thousand, net of tax, for the incremental amortization. Recent Accounting Pronouncements Yet to Be Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. 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 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 reserve for loan and lease losses will increase upon adoption of CECL and that the increased reserve level will decrease shareholders' equity and impact regulatory capital and ratios. The Corporation anticipates that the Corporation and the Bank will continue to be well capitalized after the adoption of CECL. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. ASU No. 2019-04 is effective for the Corporation for reporting periods beginning January 1, 2020. The Corporation does not expect the adoption of the amendments related to Topics 815 and 825 will have a material impact on the Corporation's financial statements. For additional detail related to amendments to Topic 326, see previous discussion of ASU No. 2016-13. In August 2018, the FASB issued ASU No. 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies disclosures relating to investments in certain entities that calculate net asset value. Additional disclosures required by this ASU include: 1) change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and 2) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The prospective method of transition is required for the new disclosure requirements. The other amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years or January 1, 2020 for the Corporation. Early adoption is permitted. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements but will result in revised disclosures for fair value. 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. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In August 2018, the FASB issued ASU No. 2018-14, " Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years ending after December 15, 2020 or December 31, 2020 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Summary of Computation for Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (Dollars and shares in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income $ 17,662 $ 14,964 $ 50,209 $ 32,171 Net income allocated to unvested restricted stock awards (58) (86) (186) (225) Net income allocated to common shares $ 17,604 $ 14,878 $ 50,023 $ 31,946 Denominator: Weighted average shares outstanding 29,306 29,402 29,290 29,387 Average unvested restricted stock awards (95) (170) (111) (204) Denominator for basic earnings per share —weighted-average shares outstanding 29,211 29,232 29,179 29,183 Effect of dilutive securities—employee stock options and restricted stock units 74 86 64 92 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,285 29,318 29,243 29,275 Basic earnings per share $ 0.60 $ 0.51 $ 1.71 $ 1.10 Diluted earnings per share $ 0.60 $ 0.51 $ 1.71 $ 1.09 Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share 323 359 326 315 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities and Available-for-Sale Securities by Contractual Maturities | The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at September 30, 2019 and December 31, 2018, by contractual maturity within each type: At September 30, 2019 At December 31, 2018 (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 $ 6,997 $ 60 $ — $ 7,057 $ 6,996 $ — $ (104) $ 6,892 6,997 60 — 7,057 6,996 — (104) 6,892 Residential mortgage-backed securities: After 5 years to 10 years 9,720 116 — 9,836 11,573 — (135) 11,438 Over 10 years 167,128 2,770 (147) 169,751 124,065 287 (1,107) 123,245 176,848 2,886 (147) 179,587 135,638 287 (1,242) 134,683 Total $ 183,845 $ 2,946 $ (147) $ 186,644 $ 142,634 $ 287 $ (1,346) $ 141,575 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 301 $ — $ (2) $ 299 $ 15,108 $ — $ (90) $ 15,018 After 1 year to 5 years — — — — 303 — (6) 297 301 — (2) 299 15,411 — (96) 15,315 State and political subdivisions: Within 1 year 350 1 — 351 5,900 4 (6) 5,898 After 1 year to 5 years 5,809 42 — 5,851 15,459 36 (56) 15,439 After 5 years to 10 years 33,809 375 — 34,184 43,923 318 (163) 44,078 39,968 418 — 40,386 65,282 358 (225) 65,415 Residential mortgage-backed securities: Within 1 year 48 2 — 50 — — — — After 1 year to 5 years 1,082 14 (2) 1,094 5,799 3 (70) 5,732 After 5 years to 10 years 36,892 78 (130) 36,840 49,904 6 (1,381) 48,529 Over 10 years 87,317 404 (468) 87,253 100,873 26 (3,398) 97,501 125,339 498 (600) 125,237 156,576 35 (4,849) 151,762 Collateralized mortgage obligations: After 5 years to 10 years 1,403 — (23) 1,380 1,677 — (78) 1,599 Over 10 years 1,131 12 — 1,143 1,305 — (16) 1,289 2,534 12 (23) 2,523 2,982 — (94) 2,888 Corporate bonds: Within 1 year 11,303 — (13) 11,290 7,806 — (68) 7,738 After 1 year to 5 years 29,109 536 (45) 29,600 18,508 1 (332) 18,177 After 5 years to 10 years — — — — 16,146 — (392) 15,754 Over 10 years 60,000 — (7,192) 52,808 60,000 — (8,542) 51,458 100,412 536 (7,250) 93,698 102,460 1 (9,334) 93,127 Total $ 268,554 $ 1,464 $ (7,875) $ 262,143 $ 342,711 $ 394 $ (14,598) $ 328,507 |
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Securities available-for-sale: Proceeds from sales $ 24,987 $ 1,010 Gross realized gains on sales 65 10 Gross realized losses on sales 24 — Tax expense related to net realized gains on sales 9 2 |
Amount of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at September 30, 2019 and December 31, 2018 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 and there is no other-than temporary impairment of the securities. 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 September 30, 2019 Securities Held-to-Maturity Residential mortgage-backed securities $ 20,960 $ (147) $ — $ — $ 20,960 $ (147) Total $ 20,960 $ (147) $ — $ — $ 20,960 $ (147) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 299 $ (2) $ 299 $ (2) Residential mortgage-backed securities 33,830 (147) 51,166 (453) 84,996 (600) Collateralized mortgage obligations — — 1,380 (23) 1,380 (23) Corporate bonds 1,000 — 68,553 (7,250) 69,553 (7,250) Total $ 34,830 $ (147) $ 121,398 $ (7,728) $ 156,228 $ (7,875) At December 31, 2018 Securities Held-to-Maturity U.S. government corporations and agencies $ — $ — $ 6,892 $ (104) $ 6,892 $ (104) Residential mortgage-backed securities 48,192 (472) 34,501 (770) 82,693 (1,242) Total $ 48,192 $ (472) $ 41,393 $ (874) $ 89,585 $ (1,346) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 15,315 $ (96) $ 15,315 $ (96) State and political subdivisions 9,311 (61) 15,302 (164) 24,613 (225) Residential mortgage-backed securities 7,099 (106) 141,924 (4,743) 149,023 (4,849) Collateralized mortgage obligations 1,289 (16) 1,599 (78) 2,888 (94) Corporate bonds 16,896 (235) 75,730 (9,099) 92,626 (9,334) Total $ 34,595 $ (418) $ 249,870 $ (14,180) $ 284,465 $ (14,598) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | At September 30, 2019 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 943,713 $ 15,440 $ 959,153 Real estate-commercial 1,736,904 191,946 1,928,850 Real estate-construction 221,845 — 221,845 Real estate-residential secured for business purpose 315,984 44,737 360,721 Real estate-residential secured for personal purpose 388,643 43,545 432,188 Real estate-home equity secured for personal purpose 170,486 7,168 177,654 Loans to individuals 30,575 140 30,715 Lease financings 140,807 — 140,807 Total loans and leases held for investment, net of deferred income $ 3,948,957 $ 302,976 $ 4,251,933 Imputed interest on lease financings, included in the above table $ (15,369) $ — $ (15,369) Net deferred costs, included in the above table 6,243 — 6,243 Overdraft deposits included in the above table 149 — 149 At December 31, 2018 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 913,166 $ 24,519 $ 937,685 Real estate-commercial 1,507,579 233,625 1,741,204 Real estate-construction 215,513 — 215,513 Real estate-residential secured for business purpose 302,393 60,403 362,796 Real estate-residential secured for personal purpose 338,451 49,959 388,410 Real estate-home equity secured for personal purpose 177,523 8,728 186,251 Loans to individuals 32,617 142 32,759 Lease financings 141,956 — 141,956 Total loans and leases held for investment, net of deferred income $ 3,629,198 $ 377,376 $ 4,006,574 Imputed interest on lease financings, included in the above table $ (15,118) $ — $ (15,118) Net deferred costs, included in the above table 3,930 — 3,930 Overdraft deposits included in the above table 139 — 139 |
Schedule of Purchased Credit Impaired Loans | The outstanding principal balance and carrying amount for acquired credit impaired loans at September 30, 2019 and December 31, 2018 were as follows: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Outstanding principal balance $ 664 $ 893 Carrying amount 568 695 Reserve for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Beginning of period $ — $ 11 Reclassification from nonaccretable discount 317 453 Accretable yield amortized to interest income (317) (464) End of period $ — $ — |
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, acquired credit impaired loans and nonaccrual loans and leases at September 30, 2019 and December 31, 2018: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Acquired Credit Impaired Nonaccrual Loans and Leases Total Loans At September 30, 2019 Commercial, financial and agricultural $ 1,591 $ 751 $ — $ 2,342 $ 954,578 $ 956,920 $ — $ 2,233 $ 959,153 Real estate—commercial real estate and construction: Commercial real estate 4,556 1,102 760 6,418 1,894,202 1,900,620 206 28,024 1,928,850 Construction 185 — — 185 221,404 221,589 — 256 221,845 Real estate—residential and home equity: Residential secured for business purpose 2,293 1,441 1,109 4,843 352,689 357,532 302 2,887 360,721 Residential secured for personal purpose 1,553 133 — 1,686 428,355 430,041 60 2,087 432,188 Home equity secured for personal purpose 665 — — 665 175,610 176,275 — 1,379 177,654 Loans to individuals 156 48 129 333 30,380 30,713 — 2 30,715 Lease financings 534 1,394 490 2,418 137,889 140,307 — 500 140,807 Total $ 11,533 $ 4,869 $ 2,488 $ 18,890 $ 4,195,107 $ 4,213,997 $ 568 $ 37,368 $ 4,251,933 At December 31, 2018 Commercial, financial and agricultural $ 1,043 $ 122 $ — $ 1,165 $ 933,155 $ 934,320 $ — $ 3,365 $ 937,685 Real estate—commercial real estate and construction: Commercial real estate 4,995 1,538 — 6,533 1,716,251 1,722,784 206 18,214 1,741,204 Construction 2,163 — — 2,163 213,244 215,407 — 106 215,513 Real estate—residential and home equity: Residential secured for business purpose 2,497 728 — 3,225 357,827 361,052 426 1,318 362,796 Residential secured for personal purpose 2,334 — — 2,334 384,426 386,760 63 1,587 388,410 Home equity secured for personal purpose 305 96 — 401 184,402 184,803 — 1,448 186,251 Loans to individuals 207 29 55 291 32,468 32,759 — — 32,759 Lease financings 2,460 411 137 3,008 138,778 141,786 — 170 141,956 Total $ 16,004 $ 2,924 $ 192 $ 19,120 $ 3,960,551 $ 3,979,671 $ 695 $ 26,208 $ 4,006,574 |
Schedule of Nonperforming Loans and Leases | The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2019 and December 31, 2018. Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 2,233 $ — $ — $ 2,233 $ 3,365 $ 382 $ — $ 3,747 Real estate—commercial real estate and construction: Commercial real estate 28,024 — 760 28,784 18,214 — — 18,214 Construction 256 — — 256 106 — — 106 Real estate—residential and home equity: Residential secured for business purpose 2,887 — 1,109 3,996 1,318 160 — 1,478 Residential secured for personal purpose 2,087 — — 2,087 1,587 — — 1,587 Home equity secured for personal purpose 1,379 54 — 1,433 1,448 — — 1,448 Loans to individuals 2 — 129 131 — — 55 55 Lease financings 500 — 490 990 170 — 137 307 Total $ 37,368 $ 54 $ 2,488 $ 39,910 $ 26,208 $ 542 $ 192 $ 26,942 * Includes nonaccrual troubled debt restructured loans of $2.3 million and $1.3 million at September 30, 2019 and December 31, 2018, respectively. |
Summary of Commercial Credit Quality Indicators | The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2019 and December 31, 2018. The Corporation employs a risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose. 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). Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion. 1. Pass—Loans considered satisfactory with no indications of deterioration 2. Special Mention—Potential weakness that deserves management's close attention 3. Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4. Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable 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 September 30, 2019 Grade: 1. Pass $ 907,186 $ 1,690,123 $ 219,656 $ 310,514 $ 3,127,479 2. Special Mention 18,924 23,667 1,932 1,541 46,064 3. Substandard 17,603 23,114 257 3,929 44,903 4. Doubtful — — — — — Total $ 943,713 $ 1,736,904 $ 221,845 $ 315,984 $ 3,218,446 At December 31, 2018 Grade: 1. Pass $ 882,736 $ 1,455,234 $ 215,407 $ 298,356 $ 2,851,733 2. Special Mention 23,287 31,791 — 721 55,799 3. Substandard 7,143 20,554 106 3,316 31,119 4. Doubtful — — — — — Total $ 913,166 $ 1,507,579 $ 215,513 $ 302,393 $ 2,938,651 The following table presents classifications for acquired loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At September 30, 2019 Grade: 1. Pass $ 15,440 $ 178,997 $ — $ 44,220 $ 238,657 2. Special Mention — 1,316 — — 1,316 3. Substandard — 11,633 — 517 12,150 4. Doubtful — — — — — Total $ 15,440 $ 191,946 $ — $ 44,737 $ 252,123 December 31, 2018 Grade: 1. Pass $ 24,450 $ 220,911 $ — $ 59,567 $ 304,928 2. Special Mention — — — — — 3. Substandard 69 12,714 — 836 13,619 4. Doubtful — — — — — Total $ 24,519 $ 233,625 $ — $ 60,403 $ 318,547 |
Summary of Credit Exposure | The following table presents classifications for originated loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At September 30, 2019 Performing $ 387,449 $ 170,062 $ 30,444 $ 139,817 $ 727,772 Nonperforming 1,194 424 131 990 2,739 Total $ 388,643 $ 170,486 $ 30,575 $ 140,807 $ 730,511 At December 31, 2018 Performing $ 337,762 $ 177,139 $ 32,562 $ 141,649 $ 689,112 Nonperforming 689 384 55 307 1,435 Total $ 338,451 $ 177,523 $ 32,617 $ 141,956 $ 690,547 The following table presents classifications for acquired loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At September 30, 2019 Performing $ 42,652 $ 6,159 $ 140 $ — $ 48,951 Nonperforming 893 1,009 — — 1,902 Total $ 43,545 $ 7,168 $ 140 $ — $ 50,853 At December 31, 2018 Performing $ 49,061 $ 7,664 $ 142 $ — $ 56,867 Nonperforming 898 1,064 — — 1,962 Total $ 49,959 $ 8,728 $ 142 $ — $ 58,829 |
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 three and nine months ended September 30, 2019 and 2018: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total Three Months Ended September 30, 2019 Reserve for loan and lease losses: Beginning balance $ 9,129 $ 15,478 $ 2,478 $ 3,518 $ 481 $ 1,241 $ 275 $ 32,600 Charge-offs (283) (251) — (183) (73) (54) N/A (844) Recoveries 182 1 98 4 20 71 N/A 376 Provision (recovery of provision) 222 593 103 273 47 (24) 310 1,524 Provision for acquired credit impaired loans — — 6 — — — — 6 Ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Three Months Ended September 30, 2018 Reserve for loan and lease losses: Beginning balance $ 7,258 $ 12,327 $ 2,004 $ 2,494 $ 447 $ 1,071 $ 51 $ 25,652 Charge-offs (904) — (30) — (82) (123) N/A (1,139) Recoveries 22 1 8 6 25 51 N/A 113 Provision 813 906 72 527 82 138 206 2,744 Provision for acquired credit impaired loans — — — 1 — — — 1 Ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 Nine Months Ended September 30, 2019 Reserve for loan and lease losses: Beginning balance $ 7,983 $ 13,903 $ 2,236 $ 3,199 $ 484 $ 1,288 $ 271 $ 29,364 Charge-offs (1,769) (325) — (198) (209) (268) N/A (2,769) Recoveries 283 92 108 16 58 219 N/A 776 Provision (recovery of provision) 2,753 2,151 335 594 142 (5) 314 6,284 Provision for acquired credit impaired loans — — 6 1 — — — 7 Ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Nine Months Ended September 30, 2018 Reserve for loan and lease losses: Beginning balance $ 6,742 $ 9,839 $ 1,661 $ 1,754 $ 373 $ 1,132 $ 54 $ 21,555 Charge-offs (14,553) (40) (30) — (253) (428) N/A (15,304) Recoveries 271 74 266 71 71 160 N/A 913 Provision 14,729 3,361 157 1,201 281 273 203 20,205 Provision for acquired credit impaired loans — — — 2 — — — 2 Ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 N/A – Not applicable |
Schedule of Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases | 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 September 30, 2019 and 2018: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At September 30, 2019 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 390 $ 1,485 $ 414 $ 155 $ — $ — N/A $ 2,444 Ending balance: collectively evaluated for impairment 8,860 14,332 2,271 3,457 475 1,234 585 31,214 Ending balance: acquired non-credit impaired loans evaluated for impairment — 4 — — — — — 4 Total ending balance $ 9,250 $ 15,821 $ 2,685 $ 3,612 $ 475 $ 1,234 $ 585 $ 33,662 Loans and leases held for investment: Ending balance: individually evaluated for impairment (1) $ 2,233 $ 28,280 $ 2,887 $ 3,520 $ 2 $ 306 $ 37,228 Ending balance: collectively evaluated for impairment 941,480 1,941,575 313,307 557,512 30,573 140,501 3,924,948 Loans measured at fair value — 349 — — — — 349 Acquired non-impaired loans 15,440 180,285 44,225 48,750 140 — 288,840 Acquired credit impaired loans — 206 302 60 — — 568 Total ending balance $ 959,153 $ 2,150,695 $ 360,721 $ 609,842 $ 30,715 $ 140,807 $ 4,251,933 At September 30, 2018 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 211 $ 645 $ — $ 192 $ — $ — N/A $ 1,048 Ending balance: collectively evaluated for impairment 6,978 12,504 2,014 2,836 472 1,137 257 26,198 Ending balance: acquired non-credit impaired loans evaluated for impairment — 85 40 — — — — 125 Total ending balance $ 7,189 $ 13,234 $ 2,054 $ 3,028 $ 472 $ 1,137 $ 257 $ 27,371 Loans and leases held for investment: Ending balance: individually evaluated for impairment (1) $ 4,889 $ 18,970 $ 1,588 $ 3,275 $ — $ 1,250 $ 29,972 Ending balance: collectively evaluated for impairment 862,856 1,623,458 278,588 504,381 32,096 134,758 3,436,137 Loans measured at fair value — 1,801 — — — — 1,801 Acquired non-impaired loans 26,395 245,345 65,707 59,770 142 — 397,359 Acquired credit impaired loans 182 206 448 64 — — 900 Total ending balance $ 894,322 $ 1,889,780 $ 346,331 $ 567,490 $ 32,238 $ 136,008 $ 3,866,169 (1) Includes $13.6 million and $15.3 million of acquired loans which were individually evaluated for impairment at September 30, 2019 and 2018, respectively. N/A – Not applicable |
Schedule of Impaired Loans | The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not a reserve for credit losses and the amounts for which there is a reserve for credit losses at September 30, 2019 and December 31, 2018. The impaired loans exclude acquired credit impaired loans. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 1,223 $ 1,835 $ 2,776 $ 3,361 Real estate—commercial real estate 16,343 17,277 6,578 7,516 Real estate—construction 256 261 106 111 Real estate—residential secured for business purpose 797 978 1,478 1,660 Real estate—residential secured for personal purpose 1,533 1,731 863 911 Real estate—home equity secured for personal purpose 1,433 1,524 1,373 1,404 Loans to individuals 2 2 — — Total impaired loans with no related reserve recorded $ 21,587 $ 23,608 $ 13,174 $ 14,963 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 1,010 $ 1,010 $ 390 $ 971 $ 1,024 $ 413 Real estate—commercial real estate 11,681 12,436 1,485 11,637 12,162 675 Real estate—residential secured for business purpose 2,090 2,095 414 — — — Real estate—residential secured for personal purpose 554 554 155 724 724 252 Real estate—home equity secured for personal purpose — — — 75 75 75 Total impaired loans with a reserve recorded $ 15,335 $ 16,095 $ 2,444 $ 13,407 $ 13,985 $ 1,415 Total impaired loans: Commercial, financial and agricultural $ 2,233 $ 2,845 $ 390 $ 3,747 $ 4,385 $ 413 Real estate—commercial real estate 28,024 29,713 1,485 18,215 19,678 675 Real estate—construction 256 261 — 106 111 — Real estate—residential secured for business purpose 2,887 3,073 414 1,478 1,660 — Real estate—residential secured for personal purpose 2,087 2,285 155 1,587 1,635 252 Real estate—home equity secured for personal purpose 1,433 1,524 — 1,448 1,479 75 Loans to individuals 2 2 — — — — Total impaired loans $ 36,922 $ 39,703 $ 2,444 $ 26,581 $ 28,948 $ 1,415 Impaired loans include nonaccrual loans and accruing troubled debt restructured loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the original 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. |
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 an accruing troubled debt restructured loan or if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 2,082 $ — $ 43 $ 5,671 $ 31 $ 58 Real estate—commercial real estate 19,818 — 284 19,878 22 261 Real estate—construction 219 — 8 108 — 2 Real estate—residential secured for business purpose 2,248 — 76 1,844 4 32 Real estate—residential secured for personal purpose 2,185 — 30 1,850 — 26 Real estate—home equity secured for personal purpose 1,313 — 19 1,507 — 21 Total $ 27,865 $ — $ 460 $ 30,858 $ 57 $ 400 * Includes interest income recognized on a cash basis for nonaccrual loans of $0 thousand and $5 thousand for the three months ended September 30, 2019 and 2018, respectively, and interest income recognized on the accrual method for accruing impaired loans of $0 thousand and $52 thousand for the three months ended September 30, 2019 and 2018, respectively. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 2,764 $ 17 $ 146 $ 6,589 $ 103 $ 269 Real estate—commercial real estate 18,839 3 780 19,935 212 813 Real estate—construction 151 — 11 128 — 7 Real estate—residential secured for business purpose 1,750 — 132 2,018 14 79 Real estate—residential secured for personal purpose 1,907 — 84 1,064 3 70 Real estate—home equity secured for personal purpose 1,364 1 62 1,026 — 60 Total $ 26,775 $ 21 $ 1,215 $ 30,760 $ 332 $ 1,298 |
Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Total — $ — $ — $ — — $ — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 $ 19 $ — — $ — $ — $ — Total 1 $ 19 $ 19 $ — — $ — $ — $ — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Real estate—home equity secured for personal purpose 1 $ 55 $ 55 $ — — $ — $ — $ — Total 1 $ 55 $ 55 $ — — $ — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural* 3 $ 975 $ 975 $ — — $ — $ — $ — Real estate—commercial real estate* 1 1,313 1,313 — — — — — Real estate—residential secured for personal purpose — — — — 1 66 66 — Total 4 $ 2,288 $ 2,288 $ — 1 $ 66 $ 66 $ — |
Schedule of Concessions Granted on Accruing and Nonaccrual Troubled Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and nine months ended September 30, 2019 and 2018. Maturity Date Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount Three Months Ended September 30, 2019 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 — $ — 1 $ 19 Total 1 $ 19 — $ — 1 $ 19 Three Months Ended September 30, 2018 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nine Months Ended September 30, 2019 Accruing Troubled Debt Restructured Loans: Real estate—home equity secured for personal purpose — — 1 $ 55 1 $ 55 Total — $ — 1 $ 55 1 $ 55 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 19 2 $ 956 3 $ 975 Real estate—commercial real estate — — 1 1,313 1 1,313 Total 1 $ 19 3 $ 2,269 4 $ 2,288 Nine Months Ended September 30, 2018 Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—residential secured for personal purpose — $ — 1 $ 66 1 $ 66 Total — $ — 1 $ 66 1 $ 66 |
Schedule of Accruing and Nonaccruing 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: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Number Recorded Number Recorded Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — — $ — 1 $ 953 Total — $ — — $ — — $ — 1 $ 953 |
Schedule of Mortgages in Process of Foreclosure | 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 September 30, 2019 and December 31, 2018: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Real estate-residential secured for personal purpose $ 714 $ 563 Real estate-home equity secured for personal purpose 1,134 1,134 Total $ 1,848 $ 1,697 |
Schedule of Lease Payments Receivables | The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At September 30, 2019 At December 31, 2018 2019 (excluding the nine months ended September 30, 2019) $ 13,440 $ 55,201 2020 53,183 43,355 2021 40,004 29,678 2022 27,048 17,687 2023 14,254 6,674 Thereafter 5,374 1,975 Total future minimum lease payments receivable 153,303 154,570 Plus: Unguaranteed residual 817 600 Plus: Initial direct costs 2,056 1,904 Less: Imputed interest (15,369) (15,118) Lease financings $ 140,807 $ 141,956 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2018 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at September 30, 2019 $ 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 September 30, 2019 At December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Covenants not to compete $ — $ — $ — $ 710 $ 710 $ — Core deposit intangibles 6,788 3,818 2,970 6,788 3,143 3,645 Customer related intangibles 8,819 7,763 1,056 12,381 10,804 1,577 Servicing rights 18,424 11,928 6,496 17,314 10,546 6,768 Total amortized intangible assets $ 34,031 $ 23,509 $ 10,522 $ 37,193 $ 25,203 $ 11,990 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2019 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 368 2020 1,200 2021 923 2022 666 2023 409 Thereafter 460 |
Changes In Servicing Rights | Changes in the servicing rights balance are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning of period $ 6,599 $ 6,650 $ 6,768 $ 6,573 Servicing rights capitalized 464 406 1,051 1,093 Amortization of servicing rights (585) (341) (1,320) (951) Changes in valuation allowance 18 — (3) — End of period $ 6,496 $ 6,715 $ 6,496 $ 6,715 Loans serviced for others $ 1,055,823 $ 1,024,229 $ 1,055,823 $ 1,024,229 |
Activity In Valuation Allowance For Mortgage Servicing Rights | Activity in the valuation allowance for mortgage servicing rights was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Valuation allowance, beginning of period $ (21) $ — $ — $ — Additions — — (3) — Reductions 18 — — — Valuation allowance, end of period $ (3) $ — $ (3) $ — |
Estimated Amortization Expense of Servicing Rights | The estimated amortization expense of servicing rights for the remainder of 2019 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 1,208 2020 1,019 2021 833 2022 678 2023 549 Thereafter 2,209 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Schedule Of Maturities Of Time Deposits | Deposits and their respective weighted average interest rate at September 30, 2019 and December 31, 2018 consist of the following: At September 30, 2019 At December 31, 2018 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,198,425 — % $ 1,055,919 Demand deposits 1.17 1,644,546 1.01 1,377,171 Savings deposits 0.39 776,920 0.33 782,766 Time deposits 2.02 718,100 1.76 670,077 Total 0.85 % $ 4,337,991 0.73 % $ 3,885,933 |
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits | At September 30, 2019, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Remainder of 2019 $ 171,421 2020 309,488 2021 95,356 2022 45,339 2023 71,942 Thereafter 24,554 Total $ 718,100 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings by Type | The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization, from the Fox Chase acquisition. At September 30, 2019 At December 31, 2018 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: FHLB borrowings $ — — % $ 108,300 2.62 % Federal funds purchased — — 60,000 2.60 Customer repurchase agreements 18,970 0.05 21,468 0.05 Long-term debt: FHLB advances $ 150,000 1.99 % $ 125,000 1.92 % Security repurchase agreements 10,128 2.60 20,330 2.71 Subordinated notes $ 94,757 5.32 % $ 94,574 5.33 % |
Schedule of Maturities of Long-Term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of September 30, 2019 Weighted Average Rate Remainder of 2019 $ 10,000 1.35 % 2020 40,000 1.70 2021 80,000 2.07 2022 10,000 2.09 2023 10,000 3.02 Thereafter — — Total $ 150,000 1.99 % |
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 September 30, 2019 Weighted Average Rate Remainder of 2019 $ — — % 2020 10,128 2.60 2021 — — 2022 — — 2023 — — Thereafter — — Total $ 10,128 2.60 % |
Retirement Plans and Other Po_2
Retirement Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost (income) were as follows: Three Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 109 $ 140 $ 17 $ 22 Interest cost 476 440 23 23 Expected return on plan assets (772) (849) — — Amortization of net actuarial loss 294 280 — 1 Accretion of prior service cost (45) (70) — — Net periodic benefit cost (income) $ 62 $ (59) $ 40 $ 46 Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 328 $ 420 $ 50 $ 66 Interest cost 1,428 1,320 70 69 Expected return on plan assets (2,313) (2,440) — — Amortization of net actuarial loss 882 841 — 3 Accretion of prior service cost (136) (212) — — Net periodic benefit cost (income) $ 189 $ (71) $ 120 $ 138 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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 nine months ended September 30, 2019: (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 September 30, 2019 Outstanding at December 31, 2018 597,405 $ 23.98 Expired (11,256) 24.23 Forfeited (8,000) 26.06 Exercised (58,545) 17.16 Outstanding at September 30, 2019 519,604 24.72 6.9 $ 1,323 Exercisable at September 30, 2019 355,343 23.02 6.3 1,323 |
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at September 30, 2019 including changes during the nine months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2018 344,230 $ 6.48 Vested (171,969) 6.42 Forfeited (8,000) 6.43 Nonvested stock options at September 30, 2019 164,261 6.54 |
Aggregated Assumptions Used to Estimate Fair Value of Options Granted | The following aggregated assumptions were used to estimate the fair value of options granted during the nine months ended September 30, 2018. The Corporation did not issue stock options during the nine months ended September 30, 2019. Nine Months Ended September 30, 2018 Expected option life in years 6.6 Risk free interest rate 2.80 % Expected dividend yield 2.81 % Expected volatility 27.15 % Fair value of options $6.46 |
Summary of Nonvested Restricted Stock Awards | The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2019 including changes during the nine months then ended: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards at December 31, 2018 157,579 $ 25.33 Granted 113,729 25.66 Vested (44,807) 21.65 Cancelled (17,736) 19.82 Nonvested stock awards and units at September 30, 2019 208,765 26.77 |
Certain Information Regarding Restricted Stock | The fair value of restricted stock awards and units is equivalent to the fair value of the Corporation's stock on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock awards and units is summarized below for the periods indicated: Nine Months Ended September 30, (Dollars in thousands, except per share data) 2019 2018 Restricted stock awards and units granted 113,729 59,953 Weighted average grant date fair value $ 25.66 $ 28.39 Intrinsic value of awards vested $ 1,119 $ 2,648 |
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 and units at September 30, 2019 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 624 1.3 Restricted stock awards and units 3,127 2.1 $ 3,751 1.9 |
Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Stock-based compensation expense: Stock options $ 546 $ 797 Restricted stock awards and units 1,372 1,582 Employee stock purchase plan 54 51 Total $ 1,972 $ 2,430 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 444 $ 624 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2018 $ (11,221) $ 81 $ (17,276) $ (28,416) Adjustment to initially apply ASU No. 2017-12 for derivatives (1) — 83 — 83 Other comprehensive income (loss) 6,157 (421) 589 6,325 Balance, September 30, 2019 $ (5,064) $ (257) $ (16,687) $ (22,008) Balance, December 31, 2017 $ (4,061) $ 9 $ (13,719) $ (17,771) Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value (433) — — (433) Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges (968) 2 (2,955) (3,921) Other comprehensive (loss) income (7,411) 373 499 (6,539) Balance, September 30, 2018 $ (12,873) $ 384 $ (16,175) $ (28,664) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 and December 31, 2018. 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 September 30, 2019 Interest rate swap - cash flow hedge $ 16,487 $ — Other liabilities $ 326 Interest rate swap - fair value hedge — — — Total $ 16,487 $ — $ 326 At December 31, 2018 Interest rate swap - cash flow hedge $ 17,076 Other assets $ 185 $ — Interest rate swap - fair value hedge 1,346 Other assets 4 — Total $ 18,422 $ 189 $ — |
Notional Amounts and Fair Value 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 September 30, 2019 and December 31, 2018: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At September 30, 2019 Interest rate swap $ 332 $ — Other liabilities $ 17 Credit derivatives 221,384 — Other liabilities 263 Interest rate locks with customers 57,727 Other assets 907 — Forward loan sale commitments 60,469 Other assets 169 — Total $ 339,912 $ 1,076 $ 280 At December 31, 2018 Interest rate swap $ 418 $ — Other liabilities $ 20 Credit derivatives 122,410 — Other liabilities 72 Interest rate locks with customers 21,494 Other assets 490 — Forward loan sale commitments 23,227 — Other liabilities 150 Total $ 167,549 $ 490 $ 242 |
Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest rate swap—cash flow hedge—net interest payments Interest expense $ (4) $ 1 $ (34) $ 27 Interest rate swap—fair value hedge—effectiveness Interest income (6) — (5) — Interest rate swap—fair value hedge—ineffectiveness Other noninterest income — 1 — 3 Total net (loss) gain $ (2) $ — $ 29 $ (24) |
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 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit derivatives Other noninterest income $ 186 $ 48 $ 768 $ 87 Interest rate locks with customers Net gain (loss) on mortgage banking activities 109 (328) 417 (223) Forward loan sale commitments Net gain (loss) on mortgage banking activities 366 144 319 (8) Total net gain (loss) $ 661 $ (136) $ 1,504 $ (144) |
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 September 30, 2019 and December 31, 2018: (Dollars in thousands) Accumulated Other At September 30, 2019 At December 31, 2018 Interest rate swap—cash flow hedge Fair value, net of taxes $ (257) $ 80 Total $ (257) $ 80 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value of Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018, classified using the fair value hierarchy: At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 299 $ — $ 299 State and political subdivisions — 40,386 — 40,386 Residential mortgage-backed securities — 125,237 — 125,237 Collateralized mortgage obligations — 2,523 — 2,523 Corporate bonds — 67,294 26,404 93,698 Total available-for-sale securities — 235,739 26,404 262,143 Equity securities: Equity securities - financial services industry 936 — — 936 Money market mutual funds 1,523 — — 1,523 Total equity securities 2,459 — — 2,459 Loans* — — 349 349 Interest rate locks with customers* — 907 — 907 Forward loan sale commitments* — 169 — 169 Total assets $ 2,459 $ 236,815 $ 26,753 $ 266,027 Liabilities: Contingent consideration liability $ — $ — $ 186 $ 186 Interest rate swaps* — 343 — 343 Credit derivatives* — — 263 263 Total liabilities $ — $ 343 $ 449 $ 792 At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 15,315 $ — $ 15,315 State and political subdivisions — 65,415 — 65,415 Residential mortgage-backed securities — 151,762 — 151,762 Collateralized mortgage obligations — 2,888 — 2,888 Corporate bonds — 67,398 25,729 93,127 Total available-for-sale securities — 302,778 25,729 328,507 Equity securities: Equity securities - financial services industry 924 — — 924 Money market mutual funds 1,241 — — 1,241 Total equity securities 2,165 — — 2,165 Loans* — — 1,779 1,779 Interest rate swap* — 189 — 189 Interest rate locks with customers* — 490 — 490 Total assets $ 2,165 $ 303,457 $ 27,508 $ 333,130 Liabilities: Contingent consideration liability $ — $ — $ 259 $ 259 Interest rate swaps* — 20 — 20 Credit derivatives* — — 72 72 Forward loan sale commitments* — 150 — 150 Total liabilities $ — $ 170 $ 331 $ 501 |
Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Level 3 Rollforward | The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase (decrease) in value Balance at September 30, 2019 Corporate bonds $ 25,729 $ — $ — $ — $ — $ 675 $ 26,404 Loans 1,779 — — (1,432) — 2 349 Credit derivatives (72) (958) — — — 767 (263) Net total $ 27,436 $ (958) $ — $ (1,432) $ — $ 1,444 $ 26,490 Nine Months Ended September 30, 2018 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at September 30, 2018 Corporate bonds $ 27,986 $ — $ — $ — $ — $ (1,579) $ 26,407 Loans 1,958 — — (110) — (47) 1,801 Credit derivatives (36) (75) — — — 87 (24) Net total $ 29,908 $ (75) $ — $ (110) $ — $ (1,539) $ 28,184 |
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 nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at September 30, 2019 Girard Partners $ 259 $ — $ 97 $ 24 $ 186 Total contingent consideration liability $ 259 $ — $ 97 $ 24 $ 186 Nine Months Ended September 30, 2018 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at September 30, 2018 Girard Partners $ 339 $ — $ 67 $ 38 $ 310 Total contingent consideration liability $ 339 $ — $ 67 $ 38 $ 310 |
Assets Measured at Fair Value on Non-Recurring Basis | 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 September 30, 2019 and December 31, 2018: At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 34,478 $ 34,478 Impaired leases held for investment — — 306 306 Other real estate owned — — 495 495 Total $ — $ — $ 35,279 $ 35,279 At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 25,166 $ 25,166 Other real estate owned — — 1,187 1,187 Total $ — $ — $ 26,353 $ 26,353 |
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 September 30, 2019 and December 31, 2018. The disclosed fair values are classified using the fair value hierarchy. At September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 225,334 $ — $ — $ 225,334 $ 225,334 Held-to-maturity securities — 186,644 — 186,644 183,845 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 29,254 Loans held for sale — 2,912 — 2,912 2,893 Net loans and leases held for investment — — 4,203,743 4,203,743 4,183,138 Servicing rights — — 8,522 8,522 6,496 Total assets $ 225,334 $ 189,556 $ 4,212,265 $ 4,627,155 $ 4,630,960 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,619,891 $ — $ — $ 3,619,891 $ 3,619,891 Time deposits — 722,151 — 722,151 718,100 Total deposits 3,619,891 722,151 — 4,342,042 4,337,991 Short-term borrowings — 18,970 — 18,970 18,970 Long-term debt — 161,361 — 161,361 160,128 Subordinated notes — 96,500 — 96,500 94,757 Total liabilities $ 3,619,891 $ 998,982 $ — $ 4,618,873 $ 4,611,846 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,081) $ — $ (8,081) $ — At December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 109,420 $ — $ — $ 109,420 $ 109,420 Held-to-maturity securities — 141,575 — 141,575 142,634 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,337 Loans held for sale — 1,798 — 1,798 1,754 Net loans and leases held for investment — — 3,924,329 3,924,329 3,950,265 Servicing rights — — 11,496 11,496 6,768 Total assets $ 109,420 $ 143,373 $ 3,935,825 $ 4,188,618 $ 4,239,178 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,215,856 $ — $ — $ 3,215,856 $ 3,215,856 Time deposits — 664,738 — 664,738 670,077 Total deposits 3,215,856 664,738 — 3,880,594 3,885,933 Short-term borrowings — 189,768 — 189,768 189,768 Long-term debt — 144,021 — 144,021 145,330 Subordinated notes — 95,113 — 95,113 94,574 Total liabilities $ 3,215,856 $ 1,093,640 $ — $ 4,309,496 $ 4,315,605 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,516) $ — $ (2,516) $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At September 30, 2019 At December 31, 2018 At September 30, 2018 Banking $ 5,256,435 $ 4,895,732 $ 4,711,093 Wealth Management 43,305 39,090 38,042 Insurance 33,239 30,117 29,299 Other 20,632 19,408 23,564 Consolidated assets $ 5,353,611 $ 4,984,347 $ 4,801,998 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 54,280 $ 12 $ — $ 8 $ 54,300 Interest expense 10,394 — — 1,261 11,655 Net interest income 43,886 12 — (1,253) 42,645 Provision for loan and lease losses 1,530 — — — 1,530 Noninterest income 6,491 6,049 4,039 20 16,599 Intangible expenses 209 103 66 — 378 Other noninterest expense 28,999 3,757 2,990 146 35,892 Intersegment (revenue) expense* (307) 177 130 — — Income (expense) before income taxes 19,946 2,024 853 (1,379) 21,444 Income tax expense (benefit) 3,719 391 72 (400) 3,782 Net income (loss) $ 16,227 $ 1,633 $ 781 $ (979) $ 17,662 Capital expenditures $ 52 $ 5 $ 24 $ 134 $ 215 Three Months Ended September 30, 2018 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 49,238 $ 9 $ — $ 8 $ 49,255 Interest expense 7,571 — — 1,261 8,832 Net interest income 41,667 9 — (1,253) 40,423 Provision for loan and lease losses 2,745 — — — 2,745 Noninterest income 5,070 5,795 3,845 151 14,861 Intangible expenses 240 136 103 — 479 Other noninterest expense 26,542 3,547 3,087 716 33,892 Intersegment (revenue) expense* (512) 377 135 — — Income (expense) before income taxes 17,722 1,744 520 (1,818) 18,168 Income tax expense (benefit) 3,171 493 156 (616) 3,204 Net income (loss) $ 14,551 $ 1,251 $ 364 $ (1,202) $ 14,964 Capital expenditures $ 570 $ 73 $ 16 $ 86 $ 745 Nine Months Ended September 30, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 160,667 $ 33 $ — $ 24 $ 160,724 Interest expense 30,138 — — 3,783 33,921 Net interest income 130,529 33 — (3,759) 126,803 Provision for loan and lease losses 6,291 — — — 6,291 Noninterest income 17,476 17,924 13,537 315 49,252 Intangible expenses 675 313 233 — 1,221 Other noninterest expense 84,876 11,339 9,188 1,981 107,384 Intersegment (revenue) expense* (901) 504 397 — — Income (expense) before income taxes 57,064 5,801 3,719 (5,425) 61,159 Income tax expense (benefit) 10,499 1,115 334 (998) 10,950 Net income (loss) $ 46,565 $ 4,686 $ 3,385 $ (4,427) $ 50,209 Capital expenditures $ 1,187 $ 80 $ 88 $ 292 $ 1,647 Nine Months Ended September 30, 2018 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 139,204 $ 22 $ — $ 23 $ 139,249 Interest expense 18,781 — — 3,783 22,564 Net interest income 120,423 22 — (3,760) 116,685 Provision for loan and lease losses 20,207 — — — 20,207 Noninterest income 15,320 17,397 12,835 205 45,757 Intangible expenses 898 415 372 — 1,685 Restructuring charges 571 — — — 571 Other noninterest expense 80,790 10,969 9,425 403 101,587 Intersegment (revenue) expense* (1,098) 686 412 — — Income (expense) before income taxes 34,375 5,349 2,626 (3,958) 38,392 Income tax expense (benefit) 5,006 1,636 775 (1,196) 6,221 Net income (loss) $ 29,369 $ 3,713 $ 1,851 $ (2,762) $ 32,171 Capital expenditures $ 2,360 $ 162 $ 25 $ 151 $ 2,698 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Information | Information with respect to operating leases for the under FASB ASC 842 "Leases" follows: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 948 $ 2,842 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases 2,636 At September 30, 2019 Weighted-average remaining lease term in years 15.0 Weighted-average discount rate 4.24 % |
Schedule of Maturity of Lease Liabilities | At September 30, 2019, maturities of lease liabilities under FASB ASC 842 "Leases" are as follows: Maturity of Lease Liabilities (Dollars in thousands) Amount Remainder of 2019 $ 900 2020 3,633 2021 3,689 2022 3,662 2023 3,611 Thereafter 37,298 Total lease payments 52,793 Less: imputed interest (14,677) Present value of lease liabilities $ 38,116 |
Schedule of Future Minimum Rental Commitments Under Non-Cancellable Operating Leases Net of Related Sublease Revenue | At December 31, 2018, a summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year under FASB ASC 840 "Leases" was as follows: Year (Dollars in thousands) Amount 2019 $ 3,536 2020 3,632 2021 3,688 2022 3,660 2023 3,610 Thereafter 37,389 Total $ 55,515 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Summary Of Significant Accounting Policies [Line Items] | |||||
Investment securities available-for-sale | $ 262,143 | $ 328,507 | |||
Operating lease liabilities | 38,116 | ||||
Operating lease right-of-use assets | $ 34,965 | ||||
Callable [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Investment securities available-for-sale | 11,300 | ||||
Accounting Standards Update 2017-08 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | (39) | |||
Accounting Standards Update 2017-08 | Debt Securities [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reduction of unamortized premium balance | $ 49 | ||||
Reduction of retained earnings, net of tax, for incremental amortization | 39 | ||||
Accounting Standards Update 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liabilities | 39,600 | ||||
Operating lease right-of-use assets | 36,600 | ||||
Deferred rent liability | 1,000 | ||||
Cumulative effect of new accounting principle in period of adoption | [1] | (1,525) | |||
Retained Earnings [Member] | Accounting Standards Update 2017-08 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | (39) | |||
Retained Earnings [Member] | Accounting Standards Update 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 1,500 | $ (1,525) | [1] | ||
Cash Flow Hedging [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain on fair value hedge ineffectiveness | $ 83 | ||||
[1] | (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 17,662 | $ 14,964 | $ 50,209 | $ 32,171 |
Net income allocated to unvested restricted stock awards | (58) | (86) | (186) | (225) |
Net income allocated to common shares | $ 17,604 | $ 14,878 | $ 50,023 | $ 31,946 |
Weighted average shares outstanding | 29,306 | 29,402 | 29,290 | 29,387 |
Average unvested restricted stock awards | (95) | (170) | (111) | (204) |
Denominator for basic earnings per share—weighted-average shares outstanding | 29,211 | 29,232 | 29,179 | 29,183 |
Effect of dilutive securities—employee stock options and restricted stock units | 74 | 86 | 64 | 92 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,285 | 29,318 | 29,243 | 29,275 |
Basic earnings per share | $ 0.60 | $ 0.51 | $ 1.71 | $ 1.10 |
Diluted earnings per share | $ 0.60 | $ 0.51 | $ 1.71 | $ 1.09 |
Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share | 323 | 359 | 326 | 315 |
Investment Securities - Narrati
Investment Securities - Narrative (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019USD ($)Investment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Investment | |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 363,400 | $ 344,200 | |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 14,100 | $ 296 | |
Number of investments in non federal issuer representing more than 10% of shareholder's equity | Investment | 0 | 0 | |
Maximum investment in any single non-federal issuer representing shareholders equity | 10.00% | 10.00% | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ (7,728) | $ (14,180) | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 55 | ||
Proceeds from sales | $ 24,987 | $ 1,010 | |
U.S. Government Corporations and Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ (2) | (96) | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 1 | ||
Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ (7,250) | (9,099) | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 13 | ||
Mortgage-Backed Securities [Domain] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ (453) | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 40 | ||
State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (164) | ||
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | $ (23) | $ (78) | |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 1 | ||
Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sales | $ 0 | ||
Other Noninterest Income [Member] | Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Net realized gain on investment securities | $ 12 | $ 26 |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 183,845 | $ 142,634 |
Securities Held-to-Maturity, Gross Unrealized Gains | 2,946 | 287 |
Securities Held-to-Maturity, Gross Unrealized Losses | (147) | (1,346) |
Securities Held-to-Maturity, Fair Value | 186,644 | 141,575 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 262,143 | 328,507 |
Debt Securities, Available-For-Sale And Held-To-Maturity, Amortized Cost | 268,554 | 342,711 |
Securities Available-for-Sale,Gross Unrealized Gain | 1,464 | 394 |
Securities Available-for-Sale, Gross Unrealized Loss | (7,875) | (14,598) |
Securities Available-for-Sale, Fair Value | 262,143 | 328,507 |
U.S. Government Corporations and Agencies [Member] | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 1 year to five year | 6,997 | 6,996 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 60 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | 0 | (104) |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 7,057 | 6,892 |
Securities Held-to-Maturity, Amortized Cost | 6,997 | 6,996 |
Securities Held-to-Maturity, Gross Unrealized Gains | 60 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (104) |
Securities Held-to-Maturity, Fair Value | 7,057 | 6,892 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 301 | 15,108 |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (2) | (90) |
Securities Available-for-Sale, Fair Value, Within 1 year | 299 | 15,018 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 0 | 303 |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | (6) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 0 | 297 |
Securities Available-for-Sale, Amortized Cost | 301 | 15,411 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (2) | (96) |
Securities Available-for-Sale, Debt Securities, Fair Value | 299 | 15,315 |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 350 | 5,900 |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 1 | 4 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (6) |
Securities Available-for-Sale, Fair Value, Within 1 year | 351 | 5,898 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 5,809 | 15,459 |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 42 | 36 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | (56) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 5,851 | 15,439 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 33,809 | 43,923 |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 375 | 318 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (163) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 34,184 | 44,078 |
Securities Available-for-Sale, Amortized Cost | 39,968 | 65,282 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 418 | 358 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | (225) |
Securities Available-for-Sale, Debt Securities, Fair Value | 40,386 | 65,415 |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-Maturity Securities, Amortized Cost, After 5 years to 10 years | 9,720 | 11,573 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 years to 10 years | 116 | 0 |
Securities Held-to-Maturity,Gross Unrecognized Losses, After 5 years to 10 years | 0 | (135) |
Securities Held-to-Maturity, Fair Value, After 5 years to 10 years | 9,836 | 11,438 |
Securities Held-to-Maturity, Over 10 years | 167,128 | 124,065 |
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 years | 2,770 | 287 |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | (147) | (1,107) |
Securities Held-to-Maturity, Fair Value, After 10 years | 169,751 | 123,245 |
Securities Held-to-Maturity, Amortized Cost | 176,848 | 135,638 |
Securities Held-to-Maturity, Gross Unrealized Gains | 2,886 | 287 |
Securities Held-to-Maturity, Gross Unrealized Losses | (147) | (1,242) |
Securities Held-to-Maturity, Fair Value | 179,587 | 134,683 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 48 | 0 |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 2 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 50 | 0 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 1,082 | 5,799 |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 14 | 3 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (2) | (70) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 1,094 | 5,732 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 36,892 | 49,904 |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 78 | 6 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (130) | (1,381) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 36,840 | 48,529 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 87,317 | 100,873 |
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 404 | 26 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (468) | (3,398) |
Securities Available-for-Sale, Fair Value, Over 10 years | 87,253 | 97,501 |
Securities Available-for-Sale, Amortized Cost | 125,339 | 156,576 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 498 | 35 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (600) | (4,849) |
Securities Available-for-Sale, Debt Securities, Fair Value | 125,237 | 151,762 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 1,403 | 1,677 |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (23) | (78) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 1,380 | 1,599 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 1,131 | 1,305 |
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 12 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | (16) |
Securities Available-for-Sale, Fair Value, Over 10 years | 1,143 | 1,289 |
Securities Available-for-Sale, Amortized Cost | 2,534 | 2,982 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 12 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (23) | (94) |
Securities Available-for-Sale, Debt Securities, Fair Value | 2,523 | 2,888 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 11,303 | 7,806 |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (13) | (68) |
Securities Available-for-Sale, Fair Value, Within 1 year | 11,290 | 7,738 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 29,109 | 18,508 |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 536 | 1 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (45) | (332) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 29,600 | 18,177 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 0 | 16,146 |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (392) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 0 | 15,754 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 60,000 |
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (7,192) | (8,542) |
Securities Available-for-Sale, Fair Value, Over 10 years | 52,808 | 51,458 |
Securities Available-for-Sale, Amortized Cost | 100,412 | 102,460 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 536 | 1 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (7,250) | (9,334) |
Securities Available-for-Sale, Debt Securities, Fair Value | $ 93,698 | $ 93,127 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Securities available-for-sale: | ||
Proceeds from sales | $ 24,987 | $ 1,010 |
Gross realized gains on sales | 65 | 10 |
Gross realized losses on sales | 24 | 0 |
Tax expense related to net realized gains on sales | $ 9 | $ 2 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months, fair value | $ 20,960 | $ 48,192 |
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (147) | (472) |
Twelve months or longer, fair value | 0 | 41,393 |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (874) |
Total, fair value | 20,960 | 89,585 |
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (147) | (1,346) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 34,830 | 34,595 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (147) | (418) |
Twelve months or longer, fair value | 121,398 | 249,870 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (7,728) | (14,180) |
Total, fair value | 156,228 | 284,465 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (7,875) | (14,598) |
U.S. Government Corporations and Agencies [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months, fair value | 0 | |
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | |
Twelve months or longer, fair value | 6,892 | |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | (104) | |
Total, fair value | 6,892 | |
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (104) | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | 0 |
Twelve months or longer, fair value | 299 | 15,315 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (2) | (96) |
Total, fair value | 299 | 15,315 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (2) | (96) |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 9,311 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (61) | |
Twelve months or longer, fair value | 15,302 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (164) | |
Total, fair value | 24,613 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (225) | |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months, fair value | 20,960 | 48,192 |
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (147) | (472) |
Twelve months or longer, fair value | 0 | 34,501 |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (770) |
Total, fair value | 20,960 | 82,693 |
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (147) | (1,242) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 33,830 | 7,099 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (147) | (106) |
Twelve months or longer, fair value | 51,166 | 141,924 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (453) | (4,743) |
Total, fair value | 84,996 | 149,023 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (600) | (4,849) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 0 | 1,289 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (16) |
Twelve months or longer, fair value | 1,380 | 1,599 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (23) | (78) |
Total, fair value | 1,380 | 2,888 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (23) | (94) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 1,000 | 16,896 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (235) |
Twelve months or longer, fair value | 68,553 | 75,730 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (7,250) | (9,099) |
Total, fair value | 69,553 | 92,626 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (7,250) | $ (9,334) |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans and leases receivable, net of deferred income, acquired | $ 302,976 | $ 302,976 | $ 377,376 | |||
Carrying amount | 568 | 568 | 695 | |||
Charge-offs | (844) | $ (1,139) | (2,769) | $ (15,304) | ||
Loans and leases held for investment | 4,251,933 | 3,866,169 | 4,251,933 | 3,866,169 | 4,006,574 | |
Impaired loans with no related reserve, recorded investment | 21,587 | 21,587 | 13,174 | |||
Impaired financing receivable, related reserve | 2,444 | $ 2,444 | 1,415 | |||
Maximum modification period on short-term basis | 1 year | |||||
Restructured loan past due period | 90 days | |||||
Receivable related to an operating lease contract | 37 | $ 37 | 0 | |||
Interest income on lease financings | 6,000 | 5,600 | ||||
Lease Financings [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans and leases receivable, net of deferred income, acquired | 0 | 0 | 0 | |||
Charge-offs | (54) | (123) | (268) | (428) | ||
Loans and leases held for investment | 140,807 | 136,008 | 140,807 | 136,008 | 141,956 | |
Impaired loans with no related reserve, recorded investment | 306 | 306 | 0 | |||
Impaired financing receivable, related reserve | 0 | 0 | ||||
Commercial, Financial and Agricultural [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans and leases receivable, net of deferred income, acquired | 15,440 | 15,440 | 24,519 | |||
Charge-offs | (283) | (904) | (1,769) | (14,553) | ||
Loans and leases held for investment | 959,153 | 894,322 | 959,153 | 894,322 | 937,685 | |
Impaired loans with no related reserve, recorded investment | 1,223 | 1,223 | 2,776 | |||
Impaired financing receivable, related reserve | 390 | 390 | $ 413 | |||
Commercial, Financial and Agricultural [Member] | Loan Participations [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Charge-offs | $ (12,700) | |||||
Loans and leases held for investment | 13,000 | 13,000 | ||||
Total participating interest from all parties | $ 80,000 | $ 80,000 | ||||
Fox Chase Bank [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans and leases receivable, net of deferred income, acquired | 268,200 | 268,200 | ||||
Carrying amount | 60 | 60 | ||||
Valley Green Bank [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans and leases receivable, net of deferred income, acquired | 34,800 | 34,800 | ||||
Carrying amount | 508 | 508 | ||||
Minimum [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Amount of loan relationship balance, loans reviewed annually | 1,000 | 1,000 | ||||
Maximum [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Amount of loan relationship balance, loans reviewed on a performance basis | $ 1,000 | $ 1,000 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | $ 3,948,957 | $ 3,629,198 | |
Total loans and leases held for investment, acquired | 302,976 | 377,376 | |
Total loans and leases held for investment | 4,251,933 | 4,006,574 | $ 3,866,169 |
Imputed interest on lease financings, originated | (15,369) | (15,118) | |
Imputed interest on lease financings, acquired | 0 | 0 | |
Imputed interest on lease financings, included in the above table | (15,369) | (15,118) | |
Net deferred costs, originated | 6,243 | 3,930 | |
Net deferred costs, acquired | 0 | 0 | |
Net deferred costs, included in the above table | 6,243 | 3,930 | |
Overdraft deposits, originated | 149 | 139 | |
Overdraft deposits, acquired | 0 | 0 | |
Overdraft deposits included in the above table | 149 | 139 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 943,713 | 913,166 | |
Total loans and leases held for investment, acquired | 15,440 | 24,519 | |
Total loans and leases held for investment | 959,153 | 937,685 | 894,322 |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 1,736,904 | 1,507,579 | |
Total loans and leases held for investment, acquired | 191,946 | 233,625 | |
Total loans and leases held for investment | 1,928,850 | 1,741,204 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 221,845 | 215,513 | |
Total loans and leases held for investment, acquired | 0 | 0 | |
Total loans and leases held for investment | 221,845 | 215,513 | |
Real Estate-Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 315,984 | 302,393 | |
Total loans and leases held for investment, acquired | 44,737 | 60,403 | |
Total loans and leases held for investment | 360,721 | 362,796 | 346,331 |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 388,643 | 338,451 | |
Total loans and leases held for investment, acquired | 43,545 | 49,959 | |
Total loans and leases held for investment | 432,188 | 388,410 | |
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 | 170,486 | 177,523 | |
Total loans and leases held for investment, acquired | 7,168 | 8,728 | |
Total loans and leases held for investment | 177,654 | 186,251 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 30,575 | 32,617 | |
Total loans and leases held for investment, acquired | 140 | 142 | |
Total loans and leases held for investment | 30,715 | 32,759 | 32,238 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases held for investment, originated | 140,807 | 141,956 | |
Total loans and leases held for investment, acquired | 0 | 0 | |
Total loans and leases held for investment | $ 140,807 | $ 141,956 | $ 136,008 |
Loans and Leases - Acquired Cre
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Outstanding principal balance | $ 664 | $ 893 | |
Carrying amount | 568 | 695 | |
Reserve for loan loss | 0 | $ 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning of period | 0 | $ 11 | |
Reclassification from nonaccretable discount | 317 | 453 | |
Accretable yield amortized to interest income | (317) | (464) | |
End of period | $ 0 | $ 0 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 18,890 | $ 19,120 | |
Current | 4,195,107 | 3,960,551 | |
Accruing loans and leases | 4,213,997 | 3,979,671 | |
Acquired credit impaired | 568 | 695 | |
Nonaccrual loans and leases | 37,368 | 26,208 | |
Loans and leases held for investment | 4,251,933 | 4,006,574 | $ 3,866,169 |
Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 568 | 695 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 11,533 | 16,004 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,869 | 2,924 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,488 | 192 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,342 | 1,165 | |
Current | 954,578 | 933,155 | |
Accruing loans and leases | 956,920 | 934,320 | |
Nonaccrual loans and leases | 2,233 | 3,365 | |
Loans and leases held for investment | 959,153 | 937,685 | 894,322 |
Commercial, Financial and Agricultural [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | 0 | |
Commercial, Financial and Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,591 | 1,043 | |
Commercial, Financial and Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 751 | 122 | |
Commercial, Financial and Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 6,418 | 6,533 | |
Current | 1,894,202 | 1,716,251 | |
Accruing loans and leases | 1,900,620 | 1,722,784 | |
Nonaccrual loans and leases | 28,024 | 18,214 | |
Loans and leases held for investment | 1,928,850 | 1,741,204 | |
Real Estate-Commercial [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 206 | 206 | |
Real Estate-Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,556 | 4,995 | |
Real Estate-Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,102 | 1,538 | |
Real Estate-Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 760 | 0 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 185 | 2,163 | |
Current | 221,404 | 213,244 | |
Accruing loans and leases | 221,589 | 215,407 | |
Nonaccrual loans and leases | 256 | 106 | |
Loans and leases held for investment | 221,845 | 215,513 | |
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] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 185 | 2,163 | |
Real Estate-Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate-Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate-Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,843 | 3,225 | |
Current | 352,689 | 357,827 | |
Accruing loans and leases | 357,532 | 361,052 | |
Nonaccrual loans and leases | 2,887 | 1,318 | |
Loans and leases held for investment | 360,721 | 362,796 | 346,331 |
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 | 302 | 426 | |
Real Estate-Residential Secured For Business Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,293 | 2,497 | |
Real Estate-Residential Secured For Business Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,441 | 728 | |
Real Estate-Residential Secured For Business Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,109 | 0 | |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,686 | 2,334 | |
Current | 428,355 | 384,426 | |
Accruing loans and leases | 430,041 | 386,760 | |
Nonaccrual loans and leases | 2,087 | 1,587 | |
Loans and leases held for investment | 432,188 | 388,410 | |
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 | 60 | 63 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,553 | 2,334 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 133 | 0 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate-Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 665 | 401 | |
Current | 175,610 | 184,402 | |
Accruing loans and leases | 176,275 | 184,803 | |
Nonaccrual loans and leases | 1,379 | 1,448 | |
Loans and leases held for investment | 177,654 | 186,251 | |
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] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 665 | 305 | |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 96 | |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 333 | 291 | |
Current | 30,380 | 32,468 | |
Accruing loans and leases | 30,713 | 32,759 | |
Nonaccrual loans and leases | 2 | 0 | |
Loans and leases held for investment | 30,715 | 32,759 | 32,238 |
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] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 156 | 207 | |
Loans to Individuals [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 48 | 29 | |
Loans to Individuals [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 129 | 55 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,418 | 3,008 | |
Current | 137,889 | 138,778 | |
Accruing loans and leases | 140,307 | 141,786 | |
Nonaccrual loans and leases | 500 | 170 | |
Loans and leases held for investment | 140,807 | 141,956 | $ 136,008 |
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] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 534 | 2,460 | |
Lease Financings [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,394 | 411 | |
Lease Financings [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 490 | $ 137 |
Loans and Leases - Nonperformin
Loans and Leases - Nonperforming Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | $ 37,368 | $ 26,208 |
Accruing troubled debt restructured loans and lease modifications | 54 | 542 |
Loans and lease 90 days or more past due and accruing interest | 2,488 | 192 |
Total nonperforming loans and leases | 39,910 | 26,942 |
Nonaccrual troubled debt restructured loans and lease modifications | 2,300 | 1,300 |
Commercial, Financial and Agricultural [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 2,233 | 3,365 |
Accruing troubled debt restructured loans and lease modifications | 0 | 382 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 2,233 | 3,747 |
Real Estate-Commercial [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 28,024 | 18,214 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 760 | 0 |
Total nonperforming loans and leases | 28,784 | 18,214 |
Real Estate-Construction [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 256 | 106 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 256 | 106 |
Real Estate-Residential Secured For Business Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 2,887 | 1,318 |
Accruing troubled debt restructured loans and lease modifications | 0 | 160 |
Loans and lease 90 days or more past due and accruing interest | 1,109 | 0 |
Total nonperforming loans and leases | 3,996 | 1,478 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 2,087 | 1,587 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 2,087 | 1,587 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 1,379 | 1,448 |
Accruing troubled debt restructured loans and lease modifications | 54 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 1,433 | 1,448 |
Loans to Individuals [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 2 | 0 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 129 | 55 |
Total nonperforming loans and leases | 131 | 55 |
Lease Financings [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and leases | 500 | 170 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 490 | 137 |
Total nonperforming loans and leases | $ 990 | $ 307 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | $ 3,948,957 | $ 3,629,198 |
Total loans and leases held for investment, acquired | 302,976 | 377,376 |
Grade 1: Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 3,127,479 | 2,851,733 |
Total loans and leases held for investment, acquired | 238,657 | 304,928 |
Grade 2: Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 46,064 | 55,799 |
Total loans and leases held for investment, acquired | 1,316 | 0 |
Grade 3: Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 44,903 | 31,119 |
Total loans and leases held for investment, acquired | 12,150 | 13,619 |
Grade 4: Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 3,218,446 | 2,938,651 |
Total loans and leases held for investment, acquired | 252,123 | 318,547 |
Performing financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 727,772 | 689,112 |
Total loans and leases held for investment, acquired | 48,951 | 56,867 |
Nonperforming financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 2,739 | 1,435 |
Total loans and leases held for investment, acquired | 1,902 | 1,962 |
Performing and nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 730,511 | 690,547 |
Total loans and leases held for investment, acquired | 50,853 | 58,829 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 943,713 | 913,166 |
Total loans and leases held for investment, acquired | 15,440 | 24,519 |
Commercial, Financial and Agricultural [Member] | Grade 1: Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 907,186 | 882,736 |
Total loans and leases held for investment, acquired | 15,440 | 24,450 |
Commercial, Financial and Agricultural [Member] | Grade 2: Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 18,924 | 23,287 |
Total loans and leases held for investment, acquired | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Grade 3: Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 17,603 | 7,143 |
Total loans and leases held for investment, acquired | 0 | 69 |
Commercial, Financial and Agricultural [Member] | Grade 4: Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 943,713 | 913,166 |
Total loans and leases held for investment, acquired | 15,440 | 24,519 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,736,904 | 1,507,579 |
Total loans and leases held for investment, acquired | 191,946 | 233,625 |
Real Estate-Commercial [Member] | Grade 1: Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,690,123 | 1,455,234 |
Total loans and leases held for investment, acquired | 178,997 | 220,911 |
Real Estate-Commercial [Member] | Grade 2: Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 23,667 | 31,791 |
Total loans and leases held for investment, acquired | 1,316 | 0 |
Real Estate-Commercial [Member] | Grade 3: Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 23,114 | 20,554 |
Total loans and leases held for investment, acquired | 11,633 | 12,714 |
Real Estate-Commercial [Member] | Grade 4: Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,736,904 | 1,507,579 |
Total loans and leases held for investment, acquired | 191,946 | 233,625 |
Real Estate-Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 221,845 | 215,513 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade 1: Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 219,656 | 215,407 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade 2: Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,932 | 0 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade 3: Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 257 | 106 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade 4: Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 221,845 | 215,513 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 315,984 | 302,393 |
Total loans and leases held for investment, acquired | 44,737 | 60,403 |
Real Estate-Residential Secured For Business Purpose [Member] | Grade 1: Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 310,514 | 298,356 |
Total loans and leases held for investment, acquired | 44,220 | 59,567 |
Real Estate-Residential Secured For Business Purpose [Member] | Grade 2: Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,541 | 721 |
Total loans and leases held for investment, acquired | 0 | 0 |
Real Estate-Residential Secured For Business Purpose [Member] | Grade 3: Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 3,929 | 3,316 |
Total loans and leases held for investment, acquired | 517 | 836 |
Real Estate-Residential Secured For Business Purpose [Member] | Grade 4: Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 315,984 | 302,393 |
Total loans and leases held for investment, acquired | 44,737 | 60,403 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 388,643 | 338,451 |
Total loans and leases held for investment, acquired | 43,545 | 49,959 |
Real Estate-Residential Secured For Personal Purpose [Member] | Performing financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 387,449 | 337,762 |
Total loans and leases held for investment, acquired | 42,652 | 49,061 |
Real Estate-Residential Secured For Personal Purpose [Member] | Nonperforming financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 1,194 | 689 |
Total loans and leases held for investment, acquired | 893 | 898 |
Real Estate-Residential Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 388,643 | 338,451 |
Total loans and leases held for investment, acquired | 43,545 | 49,959 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 170,486 | 177,523 |
Total loans and leases held for investment, acquired | 7,168 | 8,728 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Performing financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 170,062 | 177,139 |
Total loans and leases held for investment, acquired | 6,159 | 7,664 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Nonperforming financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 424 | 384 |
Total loans and leases held for investment, acquired | 1,009 | 1,064 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 170,486 | 177,523 |
Total loans and leases held for investment, acquired | 7,168 | 8,728 |
Loans to Individuals [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 30,575 | 32,617 |
Total loans and leases held for investment, acquired | 140 | 142 |
Loans to Individuals [Member] | Performing financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 30,444 | 32,562 |
Total loans and leases held for investment, acquired | 140 | 142 |
Loans to Individuals [Member] | Nonperforming financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 131 | 55 |
Total loans and leases held for investment, acquired | 0 | 0 |
Loans to Individuals [Member] | Performing and nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 30,575 | 32,617 |
Total loans and leases held for investment, acquired | 140 | 142 |
Lease Financings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 140,807 | 141,956 |
Total loans and leases held for investment, acquired | 0 | 0 |
Lease Financings [Member] | Performing financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 139,817 | 141,649 |
Total loans and leases held for investment, acquired | 0 | 0 |
Lease Financings [Member] | Nonperforming financing receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 990 | 307 |
Total loans and leases held for investment, acquired | 0 | 0 |
Lease Financings [Member] | Performing and nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases held for investment, originated | 140,807 | 141,956 |
Total loans and leases held for investment, acquired | $ 0 | $ 0 |
Loans and Leases - Reserve for
Loans and Leases - Reserve for Loan and Lease Losses Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 32,600 | $ 25,652 | $ 29,364 | $ 21,555 |
Charge-offs | (844) | (1,139) | (2,769) | (15,304) |
Recoveries | 376 | 113 | 776 | 913 |
Provision (recovery of provision) | 1,524 | 2,744 | 6,284 | 20,205 |
Provision for acquired credit impaired loans | 6 | 1 | 7 | 2 |
Ending balance | 33,662 | 27,371 | 33,662 | 27,371 |
Commercial, Financial and Agricultural [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 9,129 | 7,258 | 7,983 | 6,742 |
Charge-offs | (283) | (904) | (1,769) | (14,553) |
Recoveries | 182 | 22 | 283 | 271 |
Provision (recovery of provision) | 222 | 813 | 2,753 | 14,729 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 9,250 | 7,189 | 9,250 | 7,189 |
Real Estate Commercial And Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 15,478 | 12,327 | 13,903 | 9,839 |
Charge-offs | (251) | 0 | (325) | (40) |
Recoveries | 1 | 1 | 92 | 74 |
Provision (recovery of provision) | 593 | 906 | 2,151 | 3,361 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 15,821 | 13,234 | 15,821 | 13,234 |
Real Estate-Residential Secured For Business Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 2,478 | 2,004 | 2,236 | 1,661 |
Charge-offs | 0 | (30) | 0 | (30) |
Recoveries | 98 | 8 | 108 | 266 |
Provision (recovery of provision) | 103 | 72 | 335 | 157 |
Provision for acquired credit impaired loans | 6 | 0 | 6 | 0 |
Ending balance | 2,685 | 2,054 | 2,685 | 2,054 |
Residential And Home Equity Secured For Personal Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 3,518 | 2,494 | 3,199 | 1,754 |
Charge-offs | (183) | 0 | (198) | 0 |
Recoveries | 4 | 6 | 16 | 71 |
Provision (recovery of provision) | 273 | 527 | 594 | 1,201 |
Provision for acquired credit impaired loans | 0 | 1 | 1 | 2 |
Ending balance | 3,612 | 3,028 | 3,612 | 3,028 |
Loans to Individuals [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 481 | 447 | 484 | 373 |
Charge-offs | (73) | (82) | (209) | (253) |
Recoveries | 20 | 25 | 58 | 71 |
Provision (recovery of provision) | 47 | 82 | 142 | 281 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 475 | 472 | 475 | 472 |
Lease Financings [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,241 | 1,071 | 1,288 | 1,132 |
Charge-offs | (54) | (123) | (268) | (428) |
Recoveries | 71 | 51 | 219 | 160 |
Provision (recovery of provision) | (24) | 138 | (5) | 273 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 1,234 | 1,137 | 1,234 | 1,137 |
Unallocated Financing Receivables [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 275 | 51 | 271 | 54 |
Provision (recovery of provision) | 310 | 206 | 314 | 203 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | $ 585 | $ 257 | $ 585 | $ 257 |
Loans and Leases - Reserve fo_2
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | $ 2,444 | $ 1,048 | |||||
Ending balance: collectively evaluated for impairment | 31,214 | 26,198 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 4 | 125 | |||||
Total ending balance | 33,662 | $ 32,600 | $ 29,364 | 27,371 | $ 25,652 | $ 21,555 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 37,228 | 29,972 | ||||
Ending balance: collectively evaluated for impairment | 3,924,948 | 3,436,137 | |||||
Loans measured at fair value | 349 | 1,801 | |||||
Acquired non-impaired loans | 288,840 | 397,359 | |||||
Acquired credit impaired loans | 568 | 900 | |||||
Total loans and leases held for investment | 4,251,933 | 4,006,574 | 3,866,169 | ||||
Commercial, Financial and Agricultural [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 390 | 211 | |||||
Ending balance: collectively evaluated for impairment | 8,860 | 6,978 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 0 | |||||
Total ending balance | 9,250 | 9,129 | 7,983 | 7,189 | 7,258 | 6,742 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 2,233 | 4,889 | ||||
Ending balance: collectively evaluated for impairment | 941,480 | 862,856 | |||||
Loans measured at fair value | 0 | 0 | |||||
Acquired non-impaired loans | 15,440 | 26,395 | |||||
Acquired credit impaired loans | 0 | 182 | |||||
Total loans and leases held for investment | 959,153 | 937,685 | 894,322 | ||||
Real Estate Commercial And Construction [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 1,485 | 645 | |||||
Ending balance: collectively evaluated for impairment | 14,332 | 12,504 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 4 | 85 | |||||
Total ending balance | 15,821 | 15,478 | 13,903 | 13,234 | 12,327 | 9,839 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 28,280 | 18,970 | ||||
Ending balance: collectively evaluated for impairment | 1,941,575 | 1,623,458 | |||||
Loans measured at fair value | 349 | 1,801 | |||||
Acquired non-impaired loans | 180,285 | 245,345 | |||||
Acquired credit impaired loans | 206 | 206 | |||||
Total loans and leases held for investment | 2,150,695 | 1,889,780 | |||||
Real Estate-Residential Secured For Business Purpose [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 414 | 0 | |||||
Ending balance: collectively evaluated for impairment | 2,271 | 2,014 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 40 | |||||
Total ending balance | 2,685 | 2,478 | 2,236 | 2,054 | 2,004 | 1,661 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 2,887 | 1,588 | ||||
Ending balance: collectively evaluated for impairment | 313,307 | 278,588 | |||||
Loans measured at fair value | 0 | 0 | |||||
Acquired non-impaired loans | 44,225 | 65,707 | |||||
Acquired credit impaired loans | 302 | 448 | |||||
Total loans and leases held for investment | 360,721 | 362,796 | 346,331 | ||||
Residential And Home Equity Secured For Personal Purpose [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 155 | 192 | |||||
Ending balance: collectively evaluated for impairment | 3,457 | 2,836 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 0 | |||||
Total ending balance | 3,612 | 3,518 | 3,199 | 3,028 | 2,494 | 1,754 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 3,520 | 3,275 | ||||
Ending balance: collectively evaluated for impairment | 557,512 | 504,381 | |||||
Loans measured at fair value | 0 | 0 | |||||
Acquired non-impaired loans | 48,750 | 59,770 | |||||
Acquired credit impaired loans | 60 | 64 | |||||
Total loans and leases held for investment | 609,842 | 567,490 | |||||
Loans to Individuals [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 475 | 472 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 0 | |||||
Total ending balance | 475 | 481 | 484 | 472 | 447 | 373 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 2 | 0 | ||||
Ending balance: collectively evaluated for impairment | 30,573 | 32,096 | |||||
Loans measured at fair value | 0 | 0 | |||||
Acquired non-impaired loans | 140 | 142 | |||||
Acquired credit impaired loans | 0 | 0 | |||||
Total loans and leases held for investment | 30,715 | 32,759 | 32,238 | ||||
Lease Financings [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 1,234 | 1,137 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 0 | |||||
Total ending balance | 1,234 | 1,241 | 1,288 | 1,137 | 1,071 | 1,132 | |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually evaluated for impairment (1) | [1] | 306 | 1,250 | ||||
Ending balance: collectively evaluated for impairment | 140,501 | 134,758 | |||||
Loans measured at fair value | 0 | 0 | |||||
Acquired non-impaired loans | 0 | 0 | |||||
Acquired credit impaired loans | 0 | 0 | |||||
Total loans and leases held for investment | 140,807 | 141,956 | 136,008 | ||||
Unallocated Financing Receivables [Member] | |||||||
Reserve For Loan And Lease Losses [Abstract] | |||||||
Ending balance: collectively evaluated for impairment | 585 | 257 | |||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | 0 | |||||
Total ending balance | $ 585 | $ 275 | $ 271 | $ 257 | $ 51 | $ 54 | |
[1] | (1) Includes $13.6 million and $15.3 million of acquired loans which were individually evaluated for impairment at September 30, 2019 and 2018, respectively. |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | $ 21,587 | $ 13,174 |
Impaired loans with a reserve recorded, recorded investment | 15,335 | 13,407 |
Impaired loans with no related reserve, unpaid principal balance | 23,608 | 14,963 |
Impaired loans with a reserve recorded, unpaid principal balance | 16,095 | 13,985 |
Total impaired loans, recorded investment | 36,922 | 26,581 |
Total impaired loans, unpaid principal balance | 39,703 | 28,948 |
Impaired financing receivable, related reserve | 2,444 | 1,415 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 1,223 | 2,776 |
Impaired loans with a reserve recorded, recorded investment | 1,010 | 971 |
Impaired loans with no related reserve, unpaid principal balance | 1,835 | 3,361 |
Impaired loans with a reserve recorded, unpaid principal balance | 1,010 | 1,024 |
Total impaired loans, recorded investment | 2,233 | 3,747 |
Total impaired loans, unpaid principal balance | 2,845 | 4,385 |
Impaired financing receivable, related reserve | 390 | 413 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 16,343 | 6,578 |
Impaired loans with a reserve recorded, recorded investment | 11,681 | 11,637 |
Impaired loans with no related reserve, unpaid principal balance | 17,277 | 7,516 |
Impaired loans with a reserve recorded, unpaid principal balance | 12,436 | 12,162 |
Total impaired loans, recorded investment | 28,024 | 18,215 |
Total impaired loans, unpaid principal balance | 29,713 | 19,678 |
Impaired financing receivable, related reserve | 1,485 | 675 |
Real Estate-Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 256 | 106 |
Impaired loans with no related reserve, unpaid principal balance | 261 | 111 |
Total impaired loans, recorded investment | 256 | 106 |
Total impaired loans, unpaid principal balance | 261 | 111 |
Impaired financing receivable, related reserve | 0 | 0 |
Real Estate-Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 797 | 1,478 |
Impaired loans with a reserve recorded, recorded investment | 2,090 | 0 |
Impaired loans with no related reserve, unpaid principal balance | 978 | 1,660 |
Impaired loans with a reserve recorded, unpaid principal balance | 2,095 | 0 |
Total impaired loans, recorded investment | 2,887 | 1,478 |
Total impaired loans, unpaid principal balance | 3,073 | 1,660 |
Impaired financing receivable, related reserve | 414 | 0 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 1,533 | 863 |
Impaired loans with a reserve recorded, recorded investment | 554 | 724 |
Impaired loans with no related reserve, unpaid principal balance | 1,731 | 911 |
Impaired loans with a reserve recorded, unpaid principal balance | 554 | 724 |
Total impaired loans, recorded investment | 2,087 | 1,587 |
Total impaired loans, unpaid principal balance | 2,285 | 1,635 |
Impaired financing receivable, related reserve | 155 | 252 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 1,433 | 1,373 |
Impaired loans with a reserve recorded, recorded investment | 0 | 75 |
Impaired loans with no related reserve, unpaid principal balance | 1,524 | 1,404 |
Impaired loans with a reserve recorded, unpaid principal balance | 0 | 75 |
Total impaired loans, recorded investment | 1,433 | 1,448 |
Total impaired loans, unpaid principal balance | 1,524 | 1,479 |
Impaired financing receivable, related reserve | 0 | 75 |
Loans to Individuals [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, recorded investment | 2 | 0 |
Impaired loans with no related reserve, unpaid principal balance | 2 | 0 |
Total impaired loans, recorded investment | 2 | 0 |
Total impaired loans, unpaid principal balance | 2 | 0 |
Impaired financing receivable, related reserve | $ 0 | $ 0 |
Loans and Leases - Average Reco
Loans and Leases - Average Recorded Investment in Impaired Loans and Leases and Analysis of Interest on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | $ 27,865 | $ 30,858 | $ 26,775 | $ 30,760 |
Interest income recognized | 0 | 57 | 21 | 332 |
Additional interest income that would have been recognized under original terms | 460 | 400 | 1,215 | 1,298 |
Interest income, cash basis for nonaccrual loans | 0 | 5 | 15 | 13 |
Interest income, accrual method | 0 | 52 | 6 | 319 |
Commercial, Financial and Agricultural [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 2,082 | 5,671 | 2,764 | 6,589 |
Interest income recognized | 0 | 31 | 17 | 103 |
Additional interest income that would have been recognized under original terms | 43 | 58 | 146 | 269 |
Real Estate-Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 19,818 | 19,878 | 18,839 | 19,935 |
Interest income recognized | 0 | 22 | 3 | 212 |
Additional interest income that would have been recognized under original terms | 284 | 261 | 780 | 813 |
Real Estate-Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 219 | 108 | 151 | 128 |
Interest income recognized | 0 | 0 | 0 | 0 |
Additional interest income that would have been recognized under original terms | 8 | 2 | 11 | 7 |
Real Estate-Residential Secured For Business Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 2,248 | 1,844 | 1,750 | 2,018 |
Interest income recognized | 0 | 4 | 0 | 14 |
Additional interest income that would have been recognized under original terms | 76 | 32 | 132 | 79 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 2,185 | 1,850 | 1,907 | 1,064 |
Interest income recognized | 0 | 0 | 0 | 3 |
Additional interest income that would have been recognized under original terms | 30 | 26 | 84 | 70 |
Real Estate-Home Equity Secured For Personal Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 1,313 | 1,507 | 1,364 | 1,026 |
Interest income recognized | 0 | 0 | 1 | 0 |
Additional interest income that would have been recognized under original terms | $ 19 | $ 21 | $ 62 | $ 60 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | ||
Accrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 0 | 0 | 1 | 0 | |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 55 | $ 0 | |
Post-restructuring outstanding recorded investment | 0 | 0 | 55 | 0 | |
Related allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 1 | 0 | 4 | 1 | |
Pre-restructuring outstanding recorded investment | $ 19 | $ 0 | $ 2,288 | $ 66 | |
Post-restructuring outstanding recorded investment | 19 | 0 | 2,288 | 66 | |
Related allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 1 | 0 | 3 | [1] | 0 |
Pre-restructuring outstanding recorded investment | $ 19 | $ 0 | $ 975 | [1] | $ 0 |
Post-restructuring outstanding recorded investment | 19 | 0 | 975 | [1] | 0 |
Related allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Real Estate-Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 1 | 0 | |||
Pre-restructuring outstanding recorded investment | $ 55 | $ 0 | |||
Post-restructuring outstanding recorded investment | 55 | 0 | |||
Related allowance | $ 0 | $ 0 | |||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 0 | 1 | |||
Pre-restructuring outstanding recorded investment | $ 0 | $ 66 | |||
Post-restructuring outstanding recorded investment | 0 | 66 | |||
Related allowance | $ 0 | $ 0 | |||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of loans | loan | 1 | [1] | 0 | ||
Pre-restructuring outstanding recorded investment | $ 1,313 | [1] | $ 0 | ||
Post-restructuring outstanding recorded investment | 1,313 | [1] | 0 | ||
Related allowance | $ 0 | $ 0 | |||
[1] | * Three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the nine months ended September 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | ||
Accrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 0 | 1 | 0 | |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 55 | $ 0 | |
Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 0 | 0 | 0 | |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 0 | 1 | 0 | |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 55 | $ 0 | |
Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | 0 | 4 | 1 | |
Financing receivable modifications, recorded investments | $ | $ 19 | $ 0 | $ 2,288 | $ 66 | |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | 0 | 1 | 0 | |
Financing receivable modifications, recorded investments | $ | $ 19 | $ 0 | $ 19 | $ 0 | |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 0 | 3 | 1 | |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 2,269 | $ 66 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | 0 | 3 | [1] | 0 |
Financing receivable modifications, recorded investments | $ | $ 19 | $ 975 | |||
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | 1 | |||
Financing receivable modifications, recorded investments | $ | $ 19 | $ 19 | |||
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 2 | |||
Financing receivable modifications, recorded investments | $ | $ 0 | $ 956 | |||
Real Estate-Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | 0 | |||
Financing receivable modifications, recorded investments | $ | $ 55 | ||||
Real Estate-Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | ||||
Financing receivable modifications, recorded investments | $ | $ 0 | ||||
Real Estate-Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | ||||
Financing receivable modifications, recorded investments | $ | $ 55 | ||||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | 1 | |||
Financing receivable modifications, recorded investments | $ | $ 66 | ||||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | ||||
Financing receivable modifications, recorded investments | $ | $ 0 | ||||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | ||||
Financing receivable modifications, recorded investments | $ | $ 66 | ||||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | [1] | 0 | ||
Financing receivable modifications, recorded investments | $ | $ 1,313 | ||||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 0 | ||||
Financing receivable modifications, recorded investments | $ | $ 0 | ||||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | |||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | |||||
No. of loans | loan | 1 | ||||
Financing receivable modifications, recorded investments | $ | $ 1,313 | ||||
[1] | * Three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the nine months ended September 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. |
Loans and Leases - Accruing and
Loans and Leases - Accruing and Nonaccruing Troubled Debt Restructured Loans with Payment Defaults (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivables Troubled Debt Restructurings That Subsequently Defaulted [Abstract] | ||||
Number of loans | loan | 0 | 0 | 0 | 0 |
Recorded investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivables Troubled Debt Restructurings That Subsequently Defaulted [Abstract] | ||||
Number of loans | loan | 0 | 0 | 0 | 1 |
Recorded investment | $ | $ 0 | $ 0 | $ 0 | $ 953 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Commercial, Financial and Agricultural [Member] | ||||
Financing Receivables Troubled Debt Restructurings That Subsequently Defaulted [Abstract] | ||||
Number of loans | loan | 0 | 0 | 0 | 1 |
Recorded investment | $ | $ 0 | $ 0 | $ 0 | $ 953 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 1,848 | $ 1,697 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | 714 | 563 |
Home Equity Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 1,134 | $ 1,134 |
Loans and Leases - Foreclosed R
Loans and Leases - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Foreclosed residential real estate | $ 0 | $ 0 |
Loans and Leases - Lease Paymen
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
2019 (excluding the nine months ended September 30, 2019) | $ 13,440 | $ 55,201 |
2020 | 53,183 | 43,355 |
2021 | 40,004 | 29,678 |
2022 | 27,048 | 17,687 |
2023 | 14,254 | 6,674 |
Thereafter | 5,374 | 1,975 |
Total future minimum lease payments receivable | 153,303 | 154,570 |
Unguaranteed residual | 817 | 600 |
Initial direct costs | 2,056 | 1,904 |
Imputed interest | (15,369) | (15,118) |
Lease financings | $ 140,807 | $ 141,956 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 8.4 | $ 11.5 |
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 172,559 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 172,559 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 138,476 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 138,476 |
Wealth Management [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 15,434 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 15,434 |
Insurance [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 18,649 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | $ 18,649 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 34,031 | $ 37,193 |
Accumulated amortization | 23,509 | 25,203 |
Net carrying amount | 10,522 | 11,990 |
Covenants Not To Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 0 | 710 |
Accumulated amortization | 0 | 710 |
Net carrying amount | 0 | 0 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,788 | 6,788 |
Accumulated amortization | 3,818 | 3,143 |
Net carrying amount | 2,970 | 3,645 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 8,819 | 12,381 |
Accumulated amortization | 7,763 | 10,804 |
Net carrying amount | 1,056 | 1,577 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 18,424 | 17,314 |
Accumulated amortization | 11,928 | 10,546 |
Net carrying amount | $ 6,496 | $ 6,768 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 368 |
2020 | 1,200 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
Thereafter | $ 460 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
Beginning of period | $ 6,599 | $ 6,650 | $ 6,768 | $ 6,573 |
Servicing rights capitalized | 464 | 406 | 1,051 | 1,093 |
Amortization of servicing rights | (585) | (341) | (1,320) | (951) |
Changes in valuation allowance | 18 | 0 | (3) | 0 |
End of period | 6,496 | 6,715 | 6,496 | 6,715 |
Residential mortgage and SBA loans serviced for others | $ 1,055,823 | $ 1,024,229 | $ 1,055,823 | $ 1,024,229 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Activity In Valuation Allowance For Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||||
Valuation allowance, beginning of period | $ (21) | $ 0 | $ 0 | $ 0 |
Additions | 0 | 0 | (3) | 0 |
Reductions | 18 | 0 | 0 | 0 |
Valuation allowance, end of period | $ (3) | $ 0 | $ (3) | $ 0 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2019 | $ 368 |
2020 | 1,200 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
Thereafter | 460 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2019 | 1,208 |
2020 | 1,019 |
2021 | 833 |
2022 | 678 |
2023 | 549 |
Thereafter | $ 2,209 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand of more | $ 388.1 | $ 283.4 |
Aggregate amount of time deposits in denominations over $250 thousand | $ 232.8 | $ 129.5 |
Deposits - Schedule of Componen
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 1.17% | 1.01% |
Savings deposits | 0.39% | 0.33% |
Time deposits | 2.02% | 1.76% |
Total deposits | 0.85% | 0.73% |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,198,425 | $ 1,055,919 |
Demand deposits | 1,644,546 | 1,377,171 |
Savings deposits | 776,920 | 782,766 |
Time deposits | 718,100 | 670,077 |
Total deposits | $ 4,337,991 | $ 3,885,933 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Remainder of 2019 | $ 171,421 | |
2020 | 309,488 | |
2021 | 95,356 | |
2022 | 45,339 | |
2023 | 71,942 | |
Thereafter | 24,554 | |
Time deposits | $ 718,100 | $ 670,077 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,800,000,000 | |
Outstanding short-term letters of credit | 692,800,000 | $ 347,500,000 |
Amount of maintained federal fund lines of credit with correspondent banks | 504,000,000 | 367,000,000 |
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 101,400,000 | 69,500,000 |
Outstanding amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | 0 | 0 |
Amount of maintained line of credit wWith correspondent bank - parent company | 10,000,000 | |
Outstanding amount of line of credit with correspondent bank - parent company | 0 | $ 0 |
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with variable interest rate | $ 10,100,000 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 18,970 | $ 189,768 |
Balance at end of period | 160,128 | 145,330 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 150,000 | $ 125,000 |
Weighted average interest rate | 1.99% | 1.92% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 10,128 | $ 20,330 |
Weighted average interest rate | 2.60% | 2.71% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 94,757 | $ 94,574 |
Weighted average interest rate | 5.32% | 5.33% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 0 | $ 108,300 |
Weighted average interest rate | 0.00% | 2.62% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 0 | $ 60,000 |
Weighted average interest rate | 0.00% | 2.60% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 18,970 | $ 21,468 |
Weighted average interest rate | 0.05% | 0.05% |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2019 | $ 10,000 |
2020 | 40,000 |
2021 | 80,000 |
2022 | 10,000 |
2023 | 10,000 |
Thereafter | 0 |
Total advances | $ 150,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2019 weighted average interest rate | 1.35% |
2020 weighted average interest rate | 1.70% |
2021 weighted average interest rate | 2.07% |
2022 weighted average interest rate | 2.09% |
2023 weighted average interest rate | 3.02% |
Thereafter weighted average interest rate | 0.00% |
Weighted average interest rate | 1.99% |
Borrowings - Schedule of Matu_2
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at end of period | $ 160,128 | $ 145,330 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2019 | 0 | |
2020 | 10,128 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 0 | |
Balance at end of period | $ 10,128 | $ 20,330 |
Debt Instruments [Abstract] | ||
Remainder of 2019 weighted average interest rate | 0.00% | |
2020 weighted average interest rate | 2.60% | |
2021 weighted average interest rate | 0.00% | |
2022 weighted average interest rate | 0.00% | |
2023 weighted average interest rate | 0.00% | |
Thereafter weighted average interest rate | 0.00% | |
Weighted average interest rate | 2.60% | 2.71% |
Retirement Plans and Other Po_3
Retirement Plans and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 89 | |
Defined benefit plan, contributions by employer | $ 79 | |
Defined benefit plan, benefits paid | 79 | |
Nonqualified Plan [Member] | Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 157 | |
Defined benefit plan, contributions by employer | 120 | |
Defined benefit plan, benefits paid | $ 2,000 |
Retirement Plans and Other Po_4
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 109 | $ 140 | $ 328 | $ 420 |
Interest cost | 476 | 440 | 1,428 | 1,320 |
Expected return on plan assets | (772) | (849) | (2,313) | (2,440) |
Amortization of net actuarial loss | 294 | 280 | 882 | 841 |
Accretion of prior service cost | (45) | (70) | (136) | (212) |
Net periodic benefit cost (income) | 62 | (59) | 189 | (71) |
Other Post Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 17 | 22 | 50 | 66 |
Interest cost | 23 | 23 | 70 | 69 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 0 | 1 | 0 | 3 |
Accretion of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 40 | $ 46 | $ 120 | $ 138 |
Stock-Based Incentive Plan - St
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2019 | |
Shares Under Option | |
Shares under option, outstanding, beginning balance | 597,405 |
Shares under option, expired | (11,256) |
Shares under option, forfeited | (8,000) |
Shares under option, exercised | (58,545) |
Shares under option, outstanding, ending balance | 519,604 |
Shares under options, exercisable at September 30, 2019 | 355,343 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted average exercise price per share, outstanding, beginning balance | $ 23.98 |
Weighted average exercise price per share, outstanding, exercised | 24.23 |
Weighted average exercise price per share, outstanding, forfeited | 26.06 |
Weighted average exercise price per share, outstanding, exercised | 17.16 |
Weighted average exercise price per share, outstanding, ending balance | 24.72 |
Weighted average exercise price per share, exercisable at September 30, 2019 | $ 23.02 |
Weighted average remaining contractual life, outstanding at September 30, 2019 | 6 years 10 months 24 days |
Weighted average remaining contractual life, exerciseable at September 30, 2019 | 6 years 3 months 18 days |
Aggregated intrinsic value, outstanding at September 30, 2019 | $ 1,323 |
Aggregated intrinsic value, exercisable at September 30, 2019 | $ 1,323 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock options, beginning balance | shares | 344,230 |
Nonvested stock options, vested | shares | (171,969) |
Nonvested stock options, forfeited | shares | (8,000) |
Nonvested stock options, ending balance | shares | 164,261 |
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 | $ / shares | $ 6.48 |
Weighted average grant date fair value, vested | $ / shares | 6.42 |
Weighted average grant date fair value, forfeited | $ / shares | 6.43 |
Weighted average grant date fair value, ending balance | $ / shares | $ 6.54 |
Stock-Based Incentive Plan - Ag
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Expected option life in years | 6 years 7 months 6 days |
Risk free interest rate | 2.80% |
Expected dividend yield | 2.81% |
Expected volatility | 27.15% |
Fair value of options | $ 6.46 |
Stock-Based Incentive Plan - _2
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards and Units (Detail) | 9 Months Ended |
Sep. 30, 2019$ / 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 | 157,579 |
Nonvested share awards and units, granted | shares | 113,729 |
Nonvested share awards and units, vested | shares | (44,807) |
Nonvested share awards and units, cancelled | shares | (17,736) |
Nonvested share awards, ending balance | shares | 208,765 |
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 | $ 25.33 |
Weighted average grant date fair value, granted | $ / shares | 25.66 |
Weighted average grant date fair value, vested | $ / shares | 21.65 |
Weighted average grant date fair value, cancelled | $ / shares | 19.82 |
Weighted average grant date fair value, ending balance | $ / shares | $ 26.77 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock Awards and Units (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares and units granted | 113,729 | |
Weighted average grant date fair value | $ 25.66 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares and units granted | 59,953 | |
Weighted average grant date fair value | $ 28.39 | |
Intrinsic value of awards vested | $ 2,648 | |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares and units granted | 113,729 | |
Weighted average grant date fair value | $ 25.66 | |
Intrinsic value of awards vested | $ 1,119 |
Stock-Based Incentive Plan - Sc
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards and Units (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 3,751 |
Weighted-average period remaining (years) | 1 year 10 months 24 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 624 |
Weighted-average period remaining (years) | 1 year 3 months 18 days |
Restricted Stock Awards and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 3,127 |
Weighted-average period remaining (years) | 2 years 1 month 6 days |
Stock-Based Incentive Plan - Co
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 1,972 | $ 2,430 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 444 | 624 |
Stock Options [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 546 | 797 |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 1,582 | |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 1,372 | |
Employee Stock Purchase Plan [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 54 | $ 51 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Beginning balance | $ (28,416) | $ (17,771) | |||||
Net change | $ (59) | $ (657) | 6,325 | (6,539) | |||
Ending balance | (22,008) | (28,664) | (22,008) | (28,664) | |||
Accounting Standards Update 2017-12 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | ||||||
Accounting Standards Update 2016-01 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | ||||||
Accounting Standards Update 2018-02 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | 0 | ||||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Beginning balance | (11,221) | (4,061) | |||||
Net change | 6,157 | (7,411) | |||||
Ending balance | (5,064) | (12,873) | (5,064) | (12,873) | |||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2017-12 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | [1] | 0 | |||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2016-01 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | (433) | ||||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2018-02 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | (968) | ||||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Beginning balance | 81 | 9 | |||||
Net change | (421) | 373 | |||||
Ending balance | (257) | 384 | (257) | 384 | |||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2017-12 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | [1] | 83 | |||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2016-01 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | 0 | ||||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2018-02 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | 2 | ||||||
Net Change Related to Defined Benefit Pension Plan [Member] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Beginning balance | (17,276) | (13,719) | |||||
Net change | 589 | 499 | |||||
Ending balance | (16,687) | (16,175) | (16,687) | (16,175) | |||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2017-12 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | [1] | 0 | |||||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2016-01 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | 0 | ||||||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2018-02 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | (2,955) | ||||||
Accumulated Other Comprehensive (Loss) Income [Member] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Net change | $ (59) | $ (657) | $ 6,325 | $ (6,539) | |||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2017-12 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | [2] | $ 83 | |||||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2016-01 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | (433) | ||||||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2018-02 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||
Cumulative effect of new accounting principle in period of adoption | $ (3,921) | ||||||
[1] | (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. | ||||||
[2] | (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2019" for additional information. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities- Narrative (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)instrument | Dec. 31, 2014USD ($) | Dec. 31, 2018USD ($) | |
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 | $ 16,487,000 | $ 18,422,000 | |
Derivative assets | 0 | 189,000 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 339,912,000 | 167,549,000 | |
Derivative assets | 1,076,000 | 490,000 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 332,000 | 418,000 | |
Loans receivable with fixed rates of interest maturity period | 15 years | ||
Derivative fixed interest rate | 7.43% | ||
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 221,384,000 | 122,410,000 | |
Derivative number of instruments held | instrument | 33 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | $ 263,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
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 | 49,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 16,487,000 | 17,076,000 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative assets | 326,000 | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 1,346,000 | |
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Derivative fixed interest rate | 5.83% | ||
Loans receivable fixed interest rate (percentage) | 5.83% | ||
Minimum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 1 year | ||
Maximum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
One-Month LIBOR [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 2.24% | ||
One-Month LIBOR [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 3.50% | ||
Paying [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 187,200,000 | ||
Receiving [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 34,200,000 | ||
Customer [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | $ 11,900,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (loss) recognized in other comprehensive income (loss) | $ (68) | $ 79 | $ (499) | $ 445 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 20,000 | |||||
Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 16,487 | 16,487 | $ 18,422 | |||
Derivative assets | 0 | 0 | 189 | |||
Derivative liabilities | 326 | 326 | 0 | |||
Total net gain (loss) | (2) | 0 | 29 | (24) | ||
Gain (loss) recognized in other comprehensive income (loss) | (257) | 80 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 16,487 | 16,487 | 17,076 | |||
Gain (loss) recognized in other comprehensive income (loss) | (257) | 80 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total net gain (loss) | (4) | 1 | (34) | 27 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative assets | 0 | 0 | 185 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative assets | 326 | 326 | ||||
Derivative liabilities | 326 | 326 | 0 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 0 | 0 | 1,346 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Interest Income [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total net gain (loss) | (6) | 0 | (5) | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Noninterest Income [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total net gain (loss) | 0 | $ 1 | 0 | $ 3 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative assets | 0 | 0 | 4 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative liabilities | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | $ 339,912 | $ 339,912 | $ 167,549 | ||
Derivative assets | 1,076 | 1,076 | 490 | ||
Derivative liabilities | 280 | 280 | 242 | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 661 | $ (136) | 1,504 | $ (144) | |
Interest Rate Swap [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 332 | 332 | 418 | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative liabilities | 17 | 17 | 20 | ||
Credit Risk Contract [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 221,384 | 221,384 | 122,410 | ||
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 | 186 | 48 | 768 | 87 | |
Credit Risk Contract [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative liabilities | 263 | 263 | 72 | ||
Interest Rate Locks With Customers [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 57,727 | 57,727 | 21,494 | ||
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 | 109 | (328) | 417 | (223) | |
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 | 907 | 907 | 490 | ||
Interest Rate Locks With Customers [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Forward Loan Sale Commitments [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 60,469 | 60,469 | 23,227 | ||
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 | 366 | $ 144 | 319 | $ (8) | |
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 | 169 | 169 | 0 | ||
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 | $ 150 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)propertyloan | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Adjustment of contingent consideration | $ 24,000 | $ 38,000 | |
Carrying value of impaired loans and leases held for investment | 36,922,000 | $ 26,581,000 | |
Valuation allowance of impaired loans and leases held for investment | 2,444,000 | 1,415,000 | |
Servicing rights carrying amount before valuation allowance | 6,500,000 | 6,700,000 | |
Servicing rights valuation allowance | $ 3,000 | 0 | |
Other real estate, number of properties sold | property | 2 | ||
Proceeds from sales of other real estate owned | $ 670,000 | 362,000 | |
Other real estate owned | 495,000 | 1,200,000 | |
Girard Partners [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Adjustment of contingent consideration | 24,000 | $ 38,000 | |
Held for Investment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation adjustments for loans held for sale | 0 | 0 | |
Carrying value of impaired loans and leases held for investment | 36,900,000 | 26,600,000 | |
Valuation allowance of impaired loans and leases held for investment | 2,400,000 | 1,400,000 | |
Lease Financings [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying value of impaired loans and leases held for investment | 306,000 | $ 0 | |
Valuation allowance of impaired loans and leases held for investment | $ 0 | ||
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of loans with unrealized gain | loan | 1 | ||
Unrealized gain on loans | $ 17,000 |
Fair Value Disclosures- Assets
Fair Value Disclosures- Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Assets | |||
Investments in equity securities | $ 2,459 | $ 2,165 | |
Total assets | 349 | $ 1,801 | |
Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Total available-for-sale securities | 262,143 | 328,507 | |
Investments in equity securities | 2,459 | ||
Investment in equity securities | 2,165 | ||
Loans | 349 | 1,779 | |
Derivative asset | 169 | ||
Total assets | 266,027 | 333,130 | |
Liabilities | |||
Total liabilities | 792 | 501 | |
Fair Value Measure on Recurring Basis [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 186 | 259 | |
Fair Value Measure on Recurring Basis [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 343 | 20 | |
Fair Value Measure on Recurring Basis [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 263 | 72 | |
Fair Value Measure on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 150 | ||
Fair Value Measure on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 299 | 15,315 | |
Fair Value Measure on Recurring Basis [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 40,386 | 65,415 | |
Fair Value Measure on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 125,237 | 151,762 | |
Fair Value Measure on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 2,523 | 2,888 | |
Fair Value Measure on Recurring Basis [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 93,698 | 93,127 | |
Fair Value Measure on Recurring Basis [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 1,523 | ||
Investment in equity securities | 1,241 | ||
Fair Value Measure on Recurring Basis [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 936 | ||
Investment in equity securities | 924 | ||
Fair Value Measure on Recurring Basis [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 189 | ||
Fair Value Measure on Recurring Basis [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 907 | 490 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Investments in equity securities | 2,459 | ||
Investment in equity securities | 2,165 | ||
Loans | 0 | 0 | |
Total assets | 2,459 | 2,165 | |
Liabilities | |||
Total liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 1,523 | ||
Investment in equity securities | 1,241 | ||
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 936 | ||
Investment in equity securities | 924 | ||
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | |||
Assets | |||
Derivative asset | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | |||
Assets | |||
Total available-for-sale securities | 235,739 | 302,778 | |
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Loans | 0 | 0 | |
Total assets | 236,815 | 303,457 | |
Liabilities | |||
Total liabilities | 343 | 170 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 343 | 20 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 150 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 299 | 15,315 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 40,386 | 65,415 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 125,237 | 151,762 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 2,523 | 2,888 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 67,294 | 67,398 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 189 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 907 | 490 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | |||
Assets | |||
Derivative asset | 169 | ||
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | |||
Assets | |||
Total available-for-sale securities | 26,404 | 25,729 | |
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Loans | 349 | 1,779 | |
Total assets | 26,753 | 27,508 | |
Liabilities | |||
Total liabilities | 449 | 331 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 186 | 259 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 263 | 72 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 26,404 | 25,729 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | ||
Investment in equity securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 0 | $ 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | |||
Assets | |||
Derivative asset | $ 0 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Beginning balance | $ 27,436 | $ 29,908 |
Purchases/additions | (958) | (75) |
Sales | 0 | 0 |
Payments received | (1,432) | (110) |
Premium Amortization, Net | 0 | 0 |
Increase (decrease) in value | 1,444 | (1,539) |
Ending balance | 26,490 | 28,184 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (72) | (36) |
Purchases/additions | (958) | (75) |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium Amortization, Net | 0 | 0 |
Increase (decrease) in value | 767 | 87 |
Ending balance | (263) | (24) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 25,729 | 27,986 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium amortization, net | 0 | 0 |
Increase (decrease) in value | 675 | (1,579) |
Ending balance | 26,404 | 26,407 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,779 | 1,958 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | (1,432) | (110) |
Premium amortization, net | 0 | 0 |
Increase (decrease) in value | 2 | (47) |
Ending balance | $ 349 | $ 1,801 |
Fair Value Disclosures - Change
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 259 | $ 339 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 97 | 67 |
Adjustment of contingent consideration | 24 | 38 |
Ending balance | 186 | 310 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 259 | 339 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 97 | 67 |
Adjustment of contingent consideration | 24 | 38 |
Ending balance | $ 186 | $ 310 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 495 | $ 1,200 | |
Total assets | 349 | $ 1,801 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans held for investment | 34,478 | 25,166 | |
Impaired leases held for investment | 306 | ||
Other real estate owned | 495 | 1,187 | |
Total assets | 35,279 | 26,353 | |
Fair Value, 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, 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, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans held for investment | 34,478 | 25,166 | |
Impaired leases held for investment | 306 | ||
Other real estate owned | 495 | 1,187 | |
Total assets | $ 35,279 | $ 26,353 |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Assets: | |||
Held-to-maturity securities | $ 186,644 | $ 141,575 | |
Total assets | 349 | $ 1,801 | |
Deposits: | |||
Time deposits | 718,100 | 670,077 | |
Subordinated notes | 94,757 | 94,574 | |
Fair Value [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 225,334 | 109,420 | |
Held-to-maturity securities | 186,644 | 141,575 | |
Loans held for sale | 2,912 | 1,798 | |
Net loans and leases held for investment | 4,203,743 | 3,924,329 | |
Servicing rights | 8,522 | 11,496 | |
Total assets | 4,627,155 | 4,188,618 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,619,891 | 3,215,856 | |
Time deposits | 722,151 | 664,738 | |
Total deposits | 4,342,042 | 3,880,594 | |
Short-term borrowings | 18,970 | 189,768 | |
Long-term debt | 161,361 | 144,021 | |
Subordinated notes | 96,500 | 95,113 | |
Total liabilities | 4,618,873 | 4,309,496 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | (8,081) | (2,516) | |
Fair Value [Member] | Level 1 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 225,334 | 109,420 | |
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 | 225,334 | 109,420 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,619,891 | 3,215,856 | |
Time deposits | 0 | 0 | |
Total deposits | 3,619,891 | 3,215,856 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Total liabilities | 3,619,891 | 3,215,856 | |
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 | 186,644 | 141,575 | |
Loans held for sale | 2,912 | 1,798 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 189,556 | 143,373 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 0 | 0 | |
Time deposits | 722,151 | 664,738 | |
Total deposits | 722,151 | 664,738 | |
Short-term borrowings | 18,970 | 189,768 | |
Long-term debt | 161,361 | 144,021 | |
Subordinated notes | 96,500 | 95,113 | |
Total liabilities | 998,982 | 1,093,640 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | (8,081) | (2,516) | |
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 | 4,203,743 | 3,924,329 | |
Servicing rights | 8,522 | 11,496 | |
Total assets | 4,212,265 | 3,935,825 | |
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 | 225,334 | 109,420 | |
Held-to-maturity securities | 183,845 | 142,634 | |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 29,254 | 28,337 | |
Loans held for sale | 2,893 | 1,754 | |
Net loans and leases held for investment | 4,183,138 | 3,950,265 | |
Servicing rights | 6,496 | 6,768 | |
Total assets | 4,630,960 | 4,239,178 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,619,891 | 3,215,856 | |
Time deposits | 718,100 | 670,077 | |
Total deposits | 4,337,991 | 3,885,933 | |
Short-term borrowings | 18,970 | 189,768 | |
Long-term debt | 160,128 | 145,330 | |
Subordinated notes | 94,757 | 94,574 | |
Total liabilities | 4,611,846 | 4,315,605 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | |||
Assets: | |||
Net loans and leases held for investment | 349 | 1,779 | |
Total assets | 266,027 | 333,130 | |
Deposits: | |||
Total liabilities | 792 | 501 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | |||
Assets: | |||
Net loans and leases held for investment | 0 | 0 | |
Total assets | 2,459 | 2,165 | |
Deposits: | |||
Total liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | |||
Assets: | |||
Net loans and leases held for investment | 0 | 0 | |
Total assets | 236,815 | 303,457 | |
Deposits: | |||
Total liabilities | 343 | 170 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | |||
Assets: | |||
Net loans and leases held for investment | 349 | 1,779 | |
Total assets | 26,753 | 27,508 | |
Deposits: | |||
Total liabilities | $ 449 | $ 331 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||
Reportable business segments | segment | 3 | ||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 5,353,611 | $ 4,801,998 | $ 5,353,611 | $ 4,801,998 | $ 4,984,347 |
Interest income | 54,300 | 49,255 | 160,724 | 139,249 | |
Interest expense | 11,655 | 8,832 | 33,921 | 22,564 | |
Net interest income | 42,645 | 40,423 | 126,803 | 116,685 | |
Provision for loan and lease losses | 1,530 | 2,745 | 6,291 | 20,207 | |
Noninterest income | 16,599 | 14,861 | 49,252 | 45,757 | |
Intangible expenses | 378 | 479 | 1,221 | 1,685 | |
Restructuring charges | 571 | ||||
Other noninterest expense | 35,892 | 33,892 | 107,384 | 101,587 | |
Intersegment (revenues) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | 21,444 | 18,168 | 61,159 | 38,392 | |
Income tax expense | 3,782 | 3,204 | 10,950 | 6,221 | |
Net income | 17,662 | 14,964 | 50,209 | 32,171 | |
Capital expenditures | 215 | 745 | 1,647 | 2,698 | |
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 5,256,435 | 4,711,093 | 5,256,435 | 4,711,093 | 4,895,732 |
Interest income | 54,280 | 49,238 | 160,667 | 139,204 | |
Interest expense | 10,394 | 7,571 | 30,138 | 18,781 | |
Net interest income | 43,886 | 41,667 | 130,529 | 120,423 | |
Provision for loan and lease losses | 1,530 | 2,745 | 6,291 | 20,207 | |
Noninterest income | 6,491 | 5,070 | 17,476 | 15,320 | |
Intangible expenses | 209 | 240 | 675 | 898 | |
Restructuring charges | 571 | ||||
Other noninterest expense | 28,999 | 26,542 | 84,876 | 80,790 | |
Intersegment (revenues) expense | (307) | (512) | (901) | (1,098) | |
Income before income taxes | 19,946 | 17,722 | 57,064 | 34,375 | |
Income tax expense | 3,719 | 3,171 | 10,499 | 5,006 | |
Net income | 16,227 | 14,551 | 46,565 | 29,369 | |
Capital expenditures | 52 | 570 | 1,187 | 2,360 | |
Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 43,305 | 38,042 | 43,305 | 38,042 | 39,090 |
Interest income | 12 | 9 | 33 | 22 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 12 | 9 | 33 | 22 | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 6,049 | 5,795 | 17,924 | 17,397 | |
Intangible expenses | 103 | 136 | 313 | 415 | |
Restructuring charges | 0 | ||||
Other noninterest expense | 3,757 | 3,547 | 11,339 | 10,969 | |
Intersegment (revenues) expense | 177 | 377 | 504 | 686 | |
Income before income taxes | 2,024 | 1,744 | 5,801 | 5,349 | |
Income tax expense | 391 | 493 | 1,115 | 1,636 | |
Net income | 1,633 | 1,251 | 4,686 | 3,713 | |
Capital expenditures | 5 | 73 | 80 | 162 | |
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 33,239 | 29,299 | 33,239 | 29,299 | 30,117 |
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 4,039 | 3,845 | 13,537 | 12,835 | |
Intangible expenses | 66 | 103 | 233 | 372 | |
Restructuring charges | 0 | ||||
Other noninterest expense | 2,990 | 3,087 | 9,188 | 9,425 | |
Intersegment (revenues) expense | 130 | 135 | 397 | 412 | |
Income before income taxes | 853 | 520 | 3,719 | 2,626 | |
Income tax expense | 72 | 156 | 334 | 775 | |
Net income | 781 | 364 | 3,385 | 1,851 | |
Capital expenditures | 24 | 16 | 88 | 25 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 20,632 | 23,564 | 20,632 | 23,564 | $ 19,408 |
Interest income | 8 | 8 | 24 | 23 | |
Interest expense | 1,261 | 1,261 | 3,783 | 3,783 | |
Net interest income | (1,253) | (1,253) | (3,759) | (3,760) | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 20 | 151 | 315 | 205 | |
Intangible expenses | 0 | 0 | 0 | 0 | |
Restructuring charges | 0 | ||||
Other noninterest expense | 146 | 716 | 1,981 | 403 | |
Intersegment (revenues) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | (1,379) | (1,818) | (5,425) | (3,958) | |
Income tax expense | (400) | (616) | (998) | (1,196) | |
Net income | (979) | (1,202) | (4,427) | (2,762) | |
Capital expenditures | $ 134 | $ 86 | $ 292 | $ 151 |
Leases - Additional Information
Leases - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |
Operating lease, options to extend | Most leases include one or more options to renew, with renewal terms generally containing one or more five-year renewal options. |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease term | 24 years |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease cost | $ 948 | $ 2,842 |
Operating cash flows from leases | $ 2,636 | |
Weighted-average remaining lease term in years | 15 years | 15 years |
Weighted-average discount rate | 4.24% | 4.24% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 900 |
2020 | 3,633 |
2021 | 3,689 |
2022 | 3,662 |
2023 | 3,611 |
Thereafter | 37,298 |
Total lease payments | 52,793 |
Less: imputed interest | (14,677) |
Present value of lease liabilities | $ 38,116 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Commitments Under Non-Cancelable Operating Leases Net of Related Sublease Revenue (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 3,536 |
2020 | 3,632 |
2021 | 3,688 |
2022 | 3,660 |
2023 | 3,610 |
Thereafter | 37,389 |
Total | $ 55,515 |