Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 0-7617 | ||
Entity Central Index Key | 0000102212 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 760,024,605 | ||
Amendment Flag | false | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 29,527,248 | ||
Document Annual Report | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG, LLP |
Auditor Location | Philadelphia, PA |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 49,202 | $ 62,555 |
Interest-earning deposits with other banks | 840,948 | 157,303 |
Cash and cash equivalents | 890,150 | 219,858 |
Investment securities held-to-maturity (fair value $178,402 and $156,325 at December 31, 2021 and 2020, respectively) | 176,983 | 151,257 |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | 317,007 | 218,640 |
Investments in equity securities | 2,999 | 3,279 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,186 | 28,183 |
Loans held for sale | 21,600 | 37,039 |
Loans and leases held for investment | 5,310,017 | 5,306,841 |
Allowance for credit losses, loans and leases | 71,924 | 83,044 |
Net loans and leases held for investment | 5,238,093 | 5,223,797 |
Premises and equipment, net | 56,882 | 55,636 |
Operating lease right-of-use asset | 30,407 | 34,325 |
Goodwill | 175,510 | 172,559 |
Other intangibles, net of accumulated amortization | 11,848 | 8,866 |
Bank owned life insurance | 118,699 | 117,718 |
Accrued interest receivable and other assets | 54,057 | 65,339 |
Total assets | 7,122,421 | 6,336,496 |
LIABILITIES | ||
Noninterest-bearing deposits | 2,065,423 | 1,690,663 |
Interest-bearing deposits | 3,989,701 | 3,552,052 |
Total deposits | 6,055,124 | 5,242,715 |
Short-term borrowings | 20,106 | 17,906 |
Long-term debt | 95,000 | 110,000 |
Subordinated notes | 98,874 | 183,515 |
Operating lease liabilities | 33,453 | 37,690 |
Accrued interest payable and other liabilities | 46,070 | 52,198 |
Total liabilities | 6,348,627 | 5,644,024 |
SHAREHOLDERS' EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at December 31, 2021 and 2020; 31,556,799 shares issued at December 31, 2021 and 2020; 29,500,542 and 29,295,052 shares outstanding at December 31, 2021 and 2020, respectively | 157,784 | 157,784 |
Additional paid-in capital | 299,181 | 296,186 |
Retained earnings | 375,124 | 306,899 |
Accumulated other comprehensive loss, net of tax benefit | (16,353) | (22,144) |
Treasury stock, at cost; 2,056,257 and 2,261,747 shares at December 31, 2021 and 2020, respectively | (41,942) | (46,253) |
Total shareholders' equity | 773,794 | 692,472 |
Total liabilities and shareholders' equity | $ 7,122,421 | $ 6,336,496 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 178,402 | $ 156,325 |
Securities, available-for-sale, amortized cost | 319,474 | 221,254 |
Securities, available-for-sale, allowance for credit loss | $ 929 | $ 869 |
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 | 29,500,542 | 29,295,052 |
Treasury stock, shares | 2,056,257 | 2,261,747 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest income | ||||
Interest and fees on loans and leases | $ 201,347,000 | $ 193,105,000 | $ 196,983,000 | |
Interest and dividends on investment securities: | ||||
Taxable | 6,136,000 | 7,842,000 | 10,660,000 | |
Exempt from federal income taxes | 170,000 | 678,000 | 1,420,000 | |
Interest on deposits with other banks | 661,000 | 574,000 | 2,876,000 | |
Interest and dividends on other earning assets | 1,417,000 | 1,746,000 | 2,154,000 | |
Total interest income | 209,731,000 | 203,945,000 | 214,093,000 | |
Interest expense | ||||
Interest on demand deposits | 5,581,000 | 7,724,000 | 18,633,000 | |
Interest on savings deposits | 1,114,000 | 2,057,000 | 3,660,000 | |
Interest on time deposits | 6,178,000 | 9,835,000 | 13,276,000 | |
Interest on short-term borrowings | 8,000 | 327,000 | 1,012,000 | |
Interest on long-term debt and subordinated notes | 8,467,000 | 9,641,000 | 8,280,000 | |
Total interest expense | 21,348,000 | 29,584,000 | 44,861,000 | |
Net interest income (expense) | [1] | 188,383,000 | 174,361,000 | 169,232,000 |
(Reversal of provision) provision for credit losses | (10,132,000) | 40,794,000 | 8,511,000 | |
Net interest income after provision for credit losses | 198,515,000 | 133,567,000 | 160,721,000 | |
Disaggregation of Revenue [Line Items] | ||||
Insurance commission and fee income | 16,357,000 | 16,087,000 | 16,571,000 | |
Bank owned life insurance income | [1] | 3,981,000 | 2,940,000 | 3,179,000 |
Net gain on sales of investment securities | [1] | 145,000 | 871,000 | 54,000 |
Net gain on mortgage banking activities | [1] | 15,141,000 | 16,442,000 | 3,946,000 |
Other income | [2] | 4,482,000 | 5,953,000 | 2,619,000 |
Total noninterest income | 83,224,000 | 78,328,000 | 65,422,000 | |
Noninterest expense | ||||
Salaries, benefits and commissions | 104,191,000 | 93,208,000 | 88,289,000 | |
Net occupancy | 10,397,000 | 10,358,000 | 10,221,000 | |
Equipment | 3,899,000 | 3,841,000 | 4,170,000 | |
Data processing | 12,743,000 | 11,333,000 | 10,450,000 | |
Professional fees | 7,687,000 | 5,338,000 | 5,563,000 | |
Marketing and advertising | 2,063,000 | 1,975,000 | 2,594,000 | |
Deposit insurance premiums | 2,712,000 | 2,591,000 | 780,000 | |
Intangible expenses | 979,000 | 1,216,000 | 1,595,000 | |
Restructuring charges | 0 | 1,439,000 | 0 | |
Other expense | 22,738,000 | 23,699,000 | 22,428,000 | |
Total noninterest expense | 167,409,000 | 154,998,000 | 146,090,000 | |
Income before income taxes | 114,330,000 | 56,897,000 | 80,053,000 | |
Income tax expense | 22,529,000 | 9,981,000 | 14,334,000 | |
Net income (loss) | $ 91,801,000 | $ 46,916,000 | $ 65,719,000 | |
Net income per share: | ||||
Basic (in dollars per share) | $ 3.12 | $ 1.60 | $ 2.24 | |
Diluted (in dollars per share) | $ 3.11 | $ 1.60 | $ 2.24 | |
Trust fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 8,403,000 | $ 7,703,000 | $ 7,826,000 | |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 5,504,000 | 4,845,000 | 5,946,000 | |
Investment advisory commission and fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 18,936,000 | 15,944,000 | 15,940,000 | |
Other service fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | [2] | $ 10,275,000 | $ 7,543,000 | $ 9,341,000 |
[1] | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. | |||
[2] | Other service fee income and other income include certain items that are in scope and certain items that are out of scope of FASB ASC 606 as described further in the following paragraphs. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||
Income before income taxes | $ 114,330,000 | $ 56,897,000 | $ 80,053,000 | |
Net unrealized gains (losses) on available-for-sale investment securities, before tax amount | ||||
Net unrealized holding gains (losses) arising during the period, before tax amount | 292,000 | 2,346,000 | 10,168,000 | |
Provision for credit losses, before tax | 60,000 | 569,000 | 0 | |
Less: reclassification adjustment for net gains on sales realized in net income, before tax amount | [1] | (145,000) | (871,000) | (54,000) |
Total net unrealized gains (losses) on available-for-sale investment securities, before tax amount | 207,000 | 2,044,000 | 10,114,000 | |
Cash flow hedge derivative, before tax amount | ||||
Net change in fair value of interest rate swap, before tax amount | 28,000 | (553,000) | (420,000) | |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, before tax amount | [2] | 304,000 | 254,000 | (22,000) |
Total cash flow hedge derivative, before tax amount | 332,000 | (299,000) | (442,000) | |
Defined benefit pension plans, before tax amount | ||||
Net unrealized (losses) gains arising during the period, before tax amount | 5,476,000 | (3,772,000) | (2,308,000) | |
Less: amortization of net actuarial loss included in net periodic pension costs, before tax amount | [3] | 1,316,000 | 1,202,000 | 1,176,000 |
Less: accretion of prior service cost included in net periodic pension costs, before tax amount | [3] | 0 | 0 | (181,000) |
Total defined benefit pension plans, before tax amount | 6,792,000 | (2,570,000) | (1,313,000) | |
Other comprehensive income (loss), before tax amount | 7,331,000 | (825,000) | 8,359,000 | |
Total comprehensive income (loss), before tax amount | 121,661,000 | 56,072,000 | 88,412,000 | |
Income tax expense | 22,529,000 | 9,981,000 | 14,334,000 | |
Net unrealized gains (losses) on available-for-sale investment securities, tax expense (benefit) | ||||
Net unrealized holding gains (losses) arising during the period, tax expense (benefit) | 61,000 | 493,000 | 2,135,000 | |
Provision for credit losses, tax expense (benefit) | 13,000 | 119,000 | 0 | |
Less: reclassification adjustment for net gains on sales realized in net income, tax expense (benefit) | [1] | (30,000) | (183,000) | (11,000) |
Total net unrealized gains (losses) on available-for-sale investment securities, tax expense (benefit) | 44,000 | 429,000 | 2,124,000 | |
Cash flow hedge derivative, tax expense (benefit) | ||||
Net change in fair value of interest rate swap, tax expense (benefit) | 6,000 | (116,000) | (88,000) | |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, tax expense (benefit) | [2] | 64,000 | 53,000 | (5,000) |
Total cash flow hedge derivative, tax expense (benefit) | 70,000 | (63,000) | (93,000) | |
Defined benefit pension plans, tax expense (benefit) | ||||
Net unrealized (losses) gains arising during the period, tax expense (benefit) | 1,150,000 | (792,000) | (485,000) | |
Less: amortization of net actuarial loss included in net periodic pension costs, tax expense (benefit) | [3] | 276,000 | 252,000 | 248,000 |
Less: accretion of prior service cost included in net periodic pension costs, tax expense (benefit) | [3] | 0 | 0 | (38,000) |
Total defined benefit pension plans, tax expense (benefit) | 1,426,000 | (540,000) | (275,000) | |
Other comprehensive income (loss), tax expense (benefit) | 1,540,000 | (174,000) | 1,756,000 | |
Total comprehensive income (loss), tax expense (benefit) | 24,069,000 | 9,807,000 | 16,090,000 | |
Net income | 91,801,000 | 46,916,000 | 65,719,000 | |
Net unrealized gains (losses) on available-for-sale investment securities, net of tax amount | ||||
Net unrealized holding gains (losses) arising during the period, net of tax amount | 231,000 | 1,853,000 | 8,033,000 | |
Provision for credit losses, net of tax | 47,000 | 450,000 | 0 | |
Less: reclassification adjustment for net gains on sales realized in net income, net of tax amount | [1] | (115,000) | (688,000) | (43,000) |
Total net unrealized gains (losses) on available-for-sale investment securities, net of tax amount | 163,000 | 1,615,000 | 7,990,000 | |
Cash flow hedge derivative, net of tax amount | ||||
Net change in fair value of interest rate swap, net of tax amount | 22,000 | (437,000) | (332,000) | |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, net of tax amount | [2] | 240,000 | 201,000 | (17,000) |
Total cash flow hedge derivative, net of tax amount | 262,000 | (236,000) | (349,000) | |
Defined benefit pension plans, net of tax amount | ||||
Net unrealized (losses) gains arising during the period, net of tax amount | 4,326,000 | (2,980,000) | (1,823,000) | |
Less: amortization of net actuarial loss included in net periodic pension costs, net of tax amount | [3] | 1,040,000 | 950,000 | 928,000 |
Less: accretion of prior service cost included in net periodic pension costs, net of tax amount | [3] | 0 | 0 | (143,000) |
Total defined benefit pension plans, net of tax amount | 5,366,000 | (2,030,000) | (1,038,000) | |
Other comprehensive income (loss) | 5,791,000 | (651,000) | 6,603,000 | |
Total comprehensive income (loss), net of tax amount | $ 97,592,000 | $ 46,265,000 | $ 72,322,000 | |
[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 demand 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 13, "Retirement Plans and Other Postretirement Benefits" for additional details. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning balance at Dec. 31, 2018 | $ 624,133,000 | $ 157,784,000 | $ 292,401,000 | $ 248,167,000 | $ (28,416,000) | $ (45,803,000) | ||||||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ (1,525,000) | $ 0 | $ 0 | $ (1,525,000) | $ 0 | $ 0 | ||||||
Beginning balance (Accounting Standards Update 2017-12 [Member]) at Dec. 31, 2018 | 0 | 0 | 0 | (83,000) | 83,000 | 0 | ||||||
Beginning balance (Accounting Standards Update 2017-08 [Member]) at Dec. 31, 2018 | (39,000) | 0 | 0 | (39,000) | 0 | |||||||
Beginning balance, shares at Dec. 31, 2018 | 29,270,852 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 65,719,000 | $ 0 | 0 | 65,719,000 | 0 | 0 | ||||||
Other comprehensive income (loss), net of income tax (benefit) | 6,603,000 | 0 | 0 | 0 | 6,603,000 | 0 | ||||||
Cash dividends declared | (23,437,000) | 0 | 0 | (23,437,000) | 0 | 0 | ||||||
Stock-based compensation | 2,277,000 | 0 | 2,277,000 | 0 | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,233,000 | $ 0 | 162,000 | 1,000 | 0 | 2,070,000 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 90,669 | |||||||||||
Exercise of stock options | 1,203,000 | $ 0 | (182,000) | 0 | 0 | 1,385,000 | ||||||
Exercise of stock options, shares | 69,038 | |||||||||||
Cancellations of performance-based restricted stock awards | 0 | $ 0 | 341,000 | 0 | 0 | (341,000) | ||||||
Cancellations of performance-based restricted stock awards, shares | (17,349) | |||||||||||
Purchases of treasury stock | (2,045,000) | $ 0 | 0 | 0 | 0 | (2,045,000) | ||||||
Purchases of treasury stock, shares | (78,581) | |||||||||||
Ending balance at Dec. 31, 2019 | $ 675,122,000 | $ 157,784,000 | 294,999,000 | 288,803,000 | (21,730,000) | (44,734,000) | ||||||
Ending balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | $ (11,047,000) | $ 0 | $ 0 | $ (11,284,000) | $ 237,000 | $ 0 | ||||||
Ending balance, shares at Dec. 31, 2019 | 29,334,629 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Cash dividends declared, per share | $ 0.80 | |||||||||||
Net income | $ 46,916,000 | $ 0 | 0 | 46,916,000 | 0 | 0 | ||||||
Other comprehensive income (loss), net of income tax (benefit) | (651,000) | 0 | 0 | 0 | (651,000) | 0 | ||||||
Cash dividends declared | (17,522,000) | 0 | 0 | (17,522,000) | 0 | 0 | ||||||
Stock-based compensation | 1,353,000 | 0 | 1,367,000 | (14,000) | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,369,000 | $ 0 | (197,000) | 0 | 0 | 2,566,000 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 140,721 | |||||||||||
Vesting of restricted stock unit awards | (70,000) | $ 0 | (346,000) | 0 | 0 | 276,000 | ||||||
Vesting of restricted stock unit awards, shares | 13,175 | |||||||||||
Exercise of stock options | 384,000 | $ 0 | (55,000) | 0 | 0 | 439,000 | ||||||
Exercise of stock options, shares | 21,500 | |||||||||||
Cancellations of performance-based restricted stock awards | 0 | $ 0 | 418,000 | 0 | 0 | (418,000) | ||||||
Cancellations of performance-based restricted stock awards, shares | (14,777) | |||||||||||
Purchases of treasury stock | (4,382,000) | $ 0 | 0 | 0 | 0 | (4,382,000) | ||||||
Purchases of treasury stock, shares | 200,196 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 692,472,000 | $ 157,784,000 | 296,186,000 | 306,899,000 | (22,144,000) | (46,253,000) | ||||||
Ending balance, shares at Dec. 31, 2020 | 29,295,052 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Cash dividends declared, per share | $ 0.60 | |||||||||||
Net income | $ 91,801,000 | $ 0 | 0 | 91,801,000 | 0 | 0 | ||||||
Other comprehensive income (loss), net of income tax (benefit) | 5,791,000 | 0 | 0 | 0 | 5,791,000 | 0 | ||||||
Cash dividends declared | (23,519,000) | 0 | 0 | (23,519,000) | 0 | 0 | ||||||
Stock-based compensation | 3,457,000 | 0 | 3,513,000 | (56,000) | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,384,000 | $ 0 | 153,000 | (1,000) | 0 | 2,232,000 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 86,187 | |||||||||||
Vesting of restricted stock unit awards | (355,000) | $ 0 | (1,153,000) | 0 | 0 | 798,000 | ||||||
Vesting of restricted stock unit awards, shares | 43,963 | |||||||||||
Exercise of stock options | $ 2,058,000 | $ 0 | 155,000 | 0 | 0 | 1,903,000 | ||||||
Exercise of stock options, shares | 93,033 | 93,033 | ||||||||||
Cancellations of performance-based restricted stock awards | $ 0 | $ 0 | 327,000 | 0 | 0 | (327,000) | ||||||
Cancellations of performance-based restricted stock awards, shares | (7,199) | |||||||||||
Purchases of treasury stock | (295,000) | $ 0 | 0 | 0 | 0 | (295,000) | ||||||
Purchases of treasury stock, shares | 10,494 | |||||||||||
Ending balance at Dec. 31, 2021 | $ 773,794,000 | $ 157,784,000 | $ 299,181,000 | $ 375,124,000 | $ (16,353,000) | $ (41,942,000) | ||||||
Ending balance, shares at Dec. 31, 2021 | 29,500,542 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Cash dividends declared, per share | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net income | $ 91,801,000 | $ 46,916,000 | $ 65,719,000 | |
(Reversal of provision) provision for credit losses | (10,132,000) | 40,794,000 | 8,511,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of premises and equipment | 4,662,000 | 4,780,000 | 5,277,000 | |
Net gain on sales of investment securities | [1] | (145,000) | (871,000) | (54,000) |
Net gain on mortgage banking activities | [1] | (15,141,000) | (16,442,000) | (3,946,000) |
Bank owned life insurance income | [1] | (3,981,000) | (2,940,000) | (3,179,000) |
Net amortization of investment securities premiums and discounts | 2,676,000 | 2,594,000 | 1,738,000 | |
Amortization, fair market value adjustments and capitalization of servicing rights | (1,470,000) | 218,000 | 141,000 | |
Net (accretion) amortization of acquisition accounting fair value adjustments | (144,000) | 42,000 | (761,000) | |
Stock-based compensation | 3,698,000 | 1,480,000 | 2,348,000 | |
Intangible expenses | 979,000 | 1,216,000 | 1,595,000 | |
Other adjustments to reconcile net income to cash used in by operating activities | (4,963,000) | (5,485,000) | (1,635,000) | |
Deferred tax expense (benefit) | 3,553,000 | (9,854,000) | (1,807,000) | |
Originations of loans held for sale | (495,710,000) | (484,842,000) | (227,083,000) | |
Proceeds from the sale of loans held for sale | 527,855,000 | 468,070,000 | 227,473,000 | |
Contributions to pension and other postretirement benefit plans | (265,000) | (270,000) | (266,000) | |
Increase in accrued interest receivable and other assets | (3,131,000) | (2,835,000) | (2,332,000) | |
Increase in accrued interest payable and other liabilities | 2,195,000 | 8,608,000 | 1,409,000 | |
Net cash provided by operating activities | 102,337,000 | 51,179,000 | 73,148,000 | |
Cash flows from investing activities: | ||||
Net cash paid due to acquisitions | 3,820,000 | 0 | 0 | |
Proceeds from sale of premises and equipment | 0 | 4,000 | 1,410,000 | |
Purchases of premises and equipment | (5,878,000) | (3,753,000) | (3,856,000) | |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 64,583,000 | 81,850,000 | 34,207,000 | |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 50,431,000 | 54,758,000 | 67,020,000 | |
Proceeds from sales | 4,636,000 | 66,421,000 | 26,494,000 | |
Purchases of investment securities held-to-maturity | 91,979,000 | 43,115,000 | 84,733,000 | |
Purchases of investment securities available-for-sale | (154,270,000) | (91,273,000) | (2,993,000) | |
Proceeds from sales of money market mutual funds | 7,328,000 | 12,297,000 | 5,035,000 | |
Payments to Acquire Trading Securities Held-for-investment | (6,887,000) | (13,139,000) | (5,413,000) | |
Net (increase) decrease in other investments | (3,000) | 71,000 | 83,000 | |
Proceeds from sale of loans originally held-for-investment | 996,000 | 14,416,000 | 0 | |
Net increase in loans and leases | (2,171,000) | (947,204,000) | (381,343,000) | |
Proceeds from sales of other real estate owned | 7,255,000 | 1,275,000 | 720,000 | |
Proceeds from bank owned life insurance | 3,000,000 | 0 | 0 | |
Net cash used in investing activities | (126,779,000) | (867,392,000) | (343,369,000) | |
Cash flows from financing activities: | ||||
Net increase in deposits | 812,375,000 | 882,625,000 | 474,190,000 | |
Net increase (decrease) in short-term borrowings | 2,200,000 | (774,000) | (171,088,000) | |
Proceeds from issuance of long-term debt | 0 | 125,000,000 | 25,000,000 | |
Repayment of long-term debt | (15,000,000) | (165,000,000) | (20,000,000) | |
Proceeds from issuance of subordinated notes | 0 | 100,000,000 | 0 | |
Payments of Debt Issuance Costs | 0 | (1,552,000) | 0 | |
Repayment of subordinated notes | (85,000,000) | (10,000,000) | 0 | |
Payment of contingent consideration on acquisitions | (58,000) | (121,000) | (129,000) | |
Payment for shares withheld to cover taxes on vesting of restricted stock units | (355,000) | (70,000) | 0 | |
Purchases of treasury stock | (295,000) | (4,382,000) | (2,045,000) | |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,384,000 | 2,369,000 | 2,233,000 | |
Proceeds from exercise of stock options | 2,058,000 | 384,000 | 1,203,000 | |
Cash dividends paid | (23,575,000) | (17,536,000) | (23,435,000) | |
Net cash provided by financing activities | 694,734,000 | 910,943,000 | 285,929,000 | |
Net increase in cash and cash equivalents | 670,292,000 | 94,730,000 | 15,708,000 | |
Cash and cash equivalents at beginning of year | 219,858,000 | 125,128,000 | 109,420,000 | |
Cash and cash equivalents at end of year | 890,150,000 | 219,858,000 | 125,128,000 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 21,824,000 | 29,233,000 | 44,479,000 | |
Cash paid for income taxes, net of refunds | 26,589,000 | 17,316,000 | 17,171,000 | |
Non cash transactions: | ||||
Transfer of loans to other real estate owned | 126,000 | 8,405,000 | 71,000 | |
Transfer of loans to loans held for sale | 996,000 | 14,416,000 | 0 | |
Contingent consideration recorded as goodwill | $ 1,618,000 | $ 0 | $ 0 | |
[1] | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization Univest Financial Corporation (the Corporation) through its wholly-owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm, and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency, and Univest Capital, Inc., an equipment financing business. The Bank's subsidiaries enhance the traditional banking services provided by the Bank. The Bank serves Bucks, Berks, Chester, Cumberland, Dauphin, Delaware, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and York Counties in Pennsylvania and Atlantic, Burlington and Cape May Counties in New Jersey through 37 banking offices and provides banking services to the residents and employees of 14 retirement communities. Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries, including the Bank as the Corporation's primary subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses. 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. Restricted stock awards granted prior to January 1, 2019 represent participating shares. Restricted stock units granted subsequent to January 1, 2019 do not contain nonforfeitable dividend rights and are therefore not participating shares. 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. 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. Antidilutive options are those options with weighted average exercise prices in excess of the weighted average market value. Antidilutive 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. Cash and Cash Equivalents The Corporation has defined those items included in the caption "Cash and due from banks" and "Interest-earning deposits with other banks" as cash and cash equivalents. Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses recorded in accumulated other comprehensive income, net of estimated income taxes. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Securities purchased with the intention of recognizing short-term profits are placed in a trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2021 or 2020. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities, which are amortized to the next call date. D ue to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method, and are included in the consolidated statements of income. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $414 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The Corporation obtains its forecast data through a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario, and utilizes a single scenario, or a combination of scenarios, in the model. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance for credit losses on available-for-sale debt securities is included within Investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within Provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $593 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. Equity securities are measured at fair value with changes in fair value recognized in net income. Investment Securities - Prior to ASU No. 2016-13 adoption The Corporation adopted ASU No. 2016-13 effective January 1, 2020. Financial statement amounts related to Investment Securities recorded as of December 31, 2019 and for the period ended December 31, 2019 is presented in accordance with the accounting policies described in the following sections. The following sections were carried forward from the Annual Report on Form 10-K for the year ended December 31, 2019. Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2019. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities which are amortized to the earliest call date, effective January 1, 2019, in accordance with ASU No. 2017-08. D ue to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. Management evaluates debt securities, which are comprised of U.S. government, government sponsored agencies, municipalities, corporations and other issuers, for other-than-temporary impairment by considering the current economic conditions, the length of time and the extent to which the fair value has been less than cost, market interest rates, creditworthiness of the issuer and the credit rating of each security. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. Equity securities are measured at fair value with changes in fair value recognized in net income effective January 1, 2018, in accordance with ASU No. 2016-01. The Corporation evaluates its equity securities for impairment. Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2021 and 2020, the Bank held $14.6 million in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the Federal Home Loan Bank (FHLB), and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held $13.5 million of FHLB stock at December 31, 2021 and 2020. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and periodically evaluated for impairment based on ultimate recovery of par value. The Corporation determined there was no impairment of its investments in these stocks at December 31, 2021 or 2020. Loans Held for Sale The Corporation may elect the fair value option for loans intended for sale in the secondary market. This election is made on a loan level basis at the time of origination. If the fair value option is not elected, loans held for sale were carried at the lower of aggregate cost or estimated fair value. As of December 31, 2021 and 2020, loans held for sale were accounted for under the fair value option. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management's judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. 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 90 days past due. The Corporation modified certain loans and leases via principal and/or interest deferrals in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus during the years ended December 31, 2020 and 2021 . In accordance with such guidance, these loans and leases were not categorized as troubled debt restructurings. Accrued interest receivable on loans and leases held for investment totaled $11.9 million at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. $11.5 million of this amount is excluded from the estimate of expected credit losses. $355 thousand of this amount represents accrued interest receivable on loans that were modified in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus and includes an allowance for credit losses of $5 thousand. Overdraft deposits are reclassified as loans and are included in the total loans and leases on the balance sheet. Loan and Lease Fees Fees collected upon loan or lease originations and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. 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 classified within net interest income. Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL on loans and leases is measured on a collective (pooled) basis when similar risk characteristics exist. The ACL on loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL on loans and leases. Management evaluates the ACL on loans and leases on a quarterly basis and when changes in the reserve are necessary, an adjustment is made. The ACL on loans and leases is included within Allowance for credit losses, loans and leases on the consolidated balance sheet. Changes in the ACL on loans and leases are recorded within Provision for credit losses on the consolidated statements of income. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis of such loans and leases to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides one of the bases for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) recovery delay, (5) reasonable and supportable economic forecasts, (6) forecast reversion period, (7) expected recoveries on charged off loans, and (8) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selects economic factors for each loan pool that have strong correlations to historical default rates, and reviews the economic factors selected on an annual basis. For the period ended December 31, 2021, the factors management selected were unemployment rate, GDP, and housing pricing index. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan and lease level transaction data is used to calculate quarterly prepayment rates using available historical loan and lease level data. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Recovery Delay The recovery delay input within the DCF calculation represents an estimate of the period of time between when a modeled default occurs and the ultimate resolution of that default, specifically the portion of that default that does not result in a loss. Management analyzes historical recovery activity on previous default activity to subjectively determine an appropriate recovery delay for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario and utilizes a single scenario, or a combination of scenarios, in the model. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments which can be reasonably estimated for each pool. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Instruments will not be included in both collective and individual analyses. Individual analysis will establish a specific reserve for instruments in scope. All loans on nonaccrual status are individually evaluated for a specific reserve. Management considers a financial asset as collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral, based on management's assessment as of the reporting date. Reserve for Loan and Lease Losses - Prior to ASU No. 2016-13 adoption The Corporation adopted ASU No. 2016-13 effective January 1, 2020. Financial statement amounts related to the Allowance For Credit Losses On Loans and Leases recorded as of December 31, 2019 and for the period ended December 31, 2019 is presented in accordance with the accounting policies described in the following sections. The following sections were carried forward from the Annual Report on Form 10-K for the year ended December 31, 2019. The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans and leases on a quarterly basis. When changes in the reserve are necessary, an adjustment is made The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the valuation allowance or net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank adds a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses over a determined observation period and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; • Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the size and composition of the portfolio and in the terms of loans; • Changes in the experience, ability, and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands, except per share data) 2021 2020 2019 Numerator: Net income $ 91,801 $ 46,916 $ 65,719 Net income allocated to unvested restricted stock awards (26) (69) (236) Net income allocated to common shares $ 91,775 $ 46,847 $ 65,483 Denominator: Weighted average shares outstanding 29,403 29,244 29,300 Average unvested restricted stock awards (8) (46) (107) Denominator for basic earnings per share —weighted-average shares outstanding 29,395 29,198 29,193 Effect of dilutive securities—employee stock options and restricted stock units 159 70 68 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,554 29,268 29,261 Basic earnings per share $ 3.12 $ 1.60 $ 2.24 Diluted earnings per share $ 3.11 $ 1.60 $ 2.24 Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share 277 491 325 |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | Restrictions on Cash and Due from Banks and Interest-earning Deposit AccountsThe average balances of cash on deposit at the Federal Reserve Bank of Philadelphia were $471.7 million and $270.7 million for the years ended December 31, 2021 and 2020, respectively. There were no reserve requirements at December 31, 2021 or 2020 as a result of the Federal Reserve Board reducing the reserve requirement ratios to zero during the first quarter of 2020. The Corporation maintains interest-earning deposit accounts at other financial institutions and pledges certain of these deposits as collateral for credit derivatives and interest rate swap agreements. At December 31, 2021 and 2020, the Corporation had $100 thousand of deposits pledged for interest rate swap agreements. See Note 18, "Derivative Instruments and Hedging Activities" for additional information. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition Paul I. Sheaffer Insurance Agency On December 1, 2021, Univest Insurance, LLC, the Bank's insurance subsidiary, completed the acquisition of certain assets of the Paul I. Sheaffer Insurance Agency, a full-service firm providing insurance solutions to businesses and individuals in Central Pennsylvania. three |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables show the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at December 31, 2021 and 2020, by contractual maturity within each type: At December 31, 2021 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: Within 1 year $ 6,999 $ 34 $ — $ — $ 7,033 6,999 34 — — 7,033 Residential mortgage-backed securities: After 5 years to 10 years 5,208 194 — — 5,402 Over 10 years 164,776 2,175 (984) — 165,967 169,984 2,369 (984) — 171,369 Total $ 176,983 $ 2,403 $ (984) $ — $ 178,402 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 2,326 $ 7 $ — $ — $ 2,333 2,326 7 — — 2,333 Residential mortgage-backed securities: Within 1 year 31 — — — 31 After 1 year to 5 years 153 5 — — 158 After 5 years to 10 years 2,286 82 — — 2,368 Over 10 years 220,153 671 (2,276) — 218,548 222,623 758 (2,276) — 221,105 Collateralized mortgage obligations: After 5 years to 10 years 481 7 — — 488 Over 10 years 2,813 — (23) — 2,790 3,294 7 (23) — 3,278 Corporate bonds: Within 1 year 2,500 4 — — 2,504 After 1 year to 5 years 28,731 755 (67) (51) 29,368 After 5 years to 10 years 60,000 — (703) (878) 58,419 91,231 759 (770) (929) 90,291 Total $ 319,474 $ 1,531 $ (3,069) $ (929) $ 317,007 At December 31, 2020 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 6,998 $ 171 $ — $ — $ 7,169 6,998 171 — — 7,169 Residential mortgage-backed securities: After 5 years to 10 years 6,325 253 — — 6,578 Over 10 years 137,934 4,644 — — 142,578 144,259 4,897 — — 149,156 Total $ 151,257 $ 5,068 $ — $ — $ 156,325 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 3,560 $ 33 $ — $ — $ 3,593 After 5 years to 10 years 9,881 63 — — 9,944 13,441 96 — — 13,537 Residential mortgage-backed securities: After 1 year to 5 years 323 10 — — 333 After 5 years to 10 years 1,664 58 — — 1,722 Over 10 years 110,018 2,153 (63) — 112,108 112,005 2,221 (63) — 114,163 Collateralized mortgage obligations: After 5 years to 10 years 754 21 — — 775 Over 10 years 4,561 — (15) — 4,546 5,315 21 (15) — 5,321 Corporate bonds: Within 1 year 499 2 — — 501 After 1 year to 5 years 29,498 1,440 — (16) 30,922 After 5 years to 10 years 60,496 3 (5,450) (853) 54,196 90,493 1,445 (5,450) (869) 85,619 Total $ 221,254 $ 3,783 $ (5,528) $ (869) $ 218,640 Gross unrealized gains and losses on available-for-sale securities are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in provision for credit loss expense. 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 $281.7 million and $249.6 million at December 31, 2021 and 2020, respectively, were pledged to secure public funds deposits and other contractual obligations. In addition, securities of $23.0 million and $32.6 million were pledged to secure credit derivatives and interest rate swaps at December 31, 2021 and 2020, respectively. See Note 18, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Securities available-for-sale: Proceeds from sales $ 4,636 $ 66,421 $ 26,494 Gross realized gains on sales 145 885 78 Gross realized losses on sales — 14 24 Tax expense related to net realized gains on sales 30 183 11 At December 31, 2021 and 2020, 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 for which an allowance for credit losses has not been recorded at December 31, 2021 and 2020, by the length of time those securities were in a continuous loss position. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2021 Securities Held-to-Maturity Residential mortgage-backed securities $ 89,837 $ (984) $ — $ — $ 89,837 $ (984) Total $ 89,837 $ (984) $ — $ — $ 89,837 $ (984) Securities Available-for-Sale Residential mortgage-backed securities $ 164,326 $ (1,816) $ 12,097 $ (460) $ 176,423 $ (2,276) Collateralized mortgage obligations 2,790 (23) — — 2,790 (23) Corporate bonds 779 (1) — — 779 (1) Total $ 167,895 $ (1,840) $ 12,097 $ (460) $ 179,992 $ (2,300) At December 31, 2020 Securities Held-to-Maturity Total $ — $ — $ — $ — $ — $ — Securities Available-for-Sale Residential mortgage-backed securities $ 13,677 $ (62) $ 31 $ (1) $ 13,708 $ (63) Collateralized mortgage obligations 4,545 (15) — — 4,545 (15) Total $ 18,222 $ (77) $ 31 $ (1) $ 18,253 $ (78) At December 31, 2021, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $89.8 million, including unrealized losses of $984 thousand. These holdings were comprised of sixteen federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Corporation did not recognize any credit losses on held-to-maturity debt securities for the year ended December 31, 2021 or 2020. Accrued interest receivable on held-to-maturity debt securities totaled $414 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. At December 31, 2021, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $180.0 million, including unrealized losses of $2.3 million. These holdings were comprised of (1) 36 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses, (2) two investment grade corporate bonds and (3) one collateralized mortgage obligation bond. 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. The Corporation concluded that the decline in fair value of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $593 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. The table below presents a rollforward by major security type for the years ended December 31, 2021 and 2020 of the allowance for credit losses on securities available-for-sale. (Dollars in thousands) Corporate Bonds For the Year Ended December 31, 2021 Securities Available-for-Sale Beginning balance $ (869) Additions for securities for which no previous expected credit losses were recognized (44) Change in securities for which a previous expected credit loss was recognized (16) Ending balance $ (929) For the Year Ended December 31, 2020 Securities Available-for-Sale Beginning balance $ — Adjustment to initially apply ASU No. 2016-13 for CECL (300) Change in securities for which a previous expected credit loss was recognized (569) Ending balance $ (869) At December 31, 2021, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $66.2 million, including unrealized losses of $1.7 million, and allowance for credit losses of $929 thousand. These holdings were comprised of 22 investment grade corporate bonds which fluctuate in value based on changes in market conditions. For these securities, fluctuations were primarily due to changes in the interest rate environment. The Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities. The Corporation recognized a $161 thousand net gain and a $186 thousand net loss on equity securities during the years ended December 31, 2021 and 2020, respectively, in other noninterest income. There were no sales of equity securities during the years ended December 31, 2021 or 2020. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories At December 31, (Dollars in thousands) 2021 2020 Commercial, financial and agricultural $ 956,396 $ 892,665 Paycheck Protection Program 31,748 483,773 Real estate-commercial 2,718,535 2,458,872 Real estate-construction 283,918 243,355 Real estate-residential secured for business purpose 409,900 381,446 Real estate-residential secured for personal purpose 540,566 487,600 Real estate-home equity secured for personal purpose 158,909 166,609 Loans to individuals 25,504 27,482 Lease financings 184,541 165,039 Total loans and leases held for investment, net of deferred income 5,310,017 5,306,841 Less: Allowance for credit losses, loans and leases (71,924) (83,044) Net loans and leases held for investment $ 5,238,093 $ 5,223,797 Imputed interest on lease financings, included in the above table $ (19,104) $ (17,670) Net deferred costs (fees), included in the above table 3,408 (2,903) Overdraft deposits included in the above table 4,268 948 Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at December 31, 2021 and 2020: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At December 31, 2021 Commercial, financial and agricultural $ 3,407 $ 894 $ — $ 4,301 $ 951,647 $ 955,948 $ 448 $ 956,396 Paycheck Protection Program 367 — — 367 31,381 31,748 — 31,748 Real estate—commercial real estate and construction: Commercial real estate 234 — — 234 2,690,401 2,690,635 27,900 2,718,535 Construction — — — — 283,918 283,918 — 283,918 Real estate—residential and home equity: Residential secured for business purpose 542 — 216 758 406,955 407,713 2,187 409,900 Residential secured for personal purpose 2,976 162 — 3,138 535,379 538,517 2,049 540,566 Home equity secured for personal purpose 646 129 — 775 157,589 158,364 545 158,909 Loans to individuals 90 27 180 297 25,207 25,504 — 25,504 Lease financings 774 397 102 1,273 183,187 184,460 81 184,541 Total $ 9,036 $ 1,609 $ 498 $ 11,143 $ 5,265,664 $ 5,276,807 $ 33,210 $ 5,310,017 Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At December 31, 2020 Commercial, financial and agricultural $ 1,104 $ 279 $ 50 $ 1,433 $ 888,405 $ 889,838 $ 2,827 $ 892,665 Paycheck Protection Program — — — — 483,773 483,773 — 483,773 Real estate—commercial real estate and construction: Commercial real estate 3,230 859 945 5,034 2,431,099 2,436,133 22,739 2,458,872 Construction 361 — — 361 242,994 243,355 — 243,355 Real estate—residential and home equity: Residential secured for business purpose 3,726 603 — 4,329 374,331 378,660 2,786 381,446 Residential secured for personal purpose 6,057 80 — 6,137 479,377 485,514 2,086 487,600 Home equity secured for personal purpose 607 32 — 639 164,923 165,562 1,047 166,609 Loans to individuals 190 74 185 449 27,033 27,482 — 27,482 Lease financings 898 291 212 1,401 163,431 164,832 207 165,039 Total $ 16,173 $ 2,218 $ 1,392 $ 19,783 $ 5,255,366 $ 5,275,149 $ 31,692 $ 5,306,841 Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2021 and 2020. At December 31, 2021 2020 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 448 $ — $ — $ 448 $ 2,827 $ — $ 50 $ 2,877 Real estate—commercial real estate and construction: Commercial real estate 27,900 — — 27,900 22,739 — 945 23,684 Real estate—residential and home equity: Residential secured for business purpose 2,187 — 216 2,403 2,786 — — 2,786 Residential secured for personal purpose 2,049 — — 2,049 2,086 — — 2,086 Home equity secured for personal purpose 545 51 — 596 1,047 53 — 1,100 Loans to individuals — — 180 180 — — 185 185 Lease financings 81 — 102 183 207 — 212 419 Total $ 33,210 $ 51 $ 498 $ 33,759 $ 31,692 $ 53 $ 1,392 $ 33,137 * Includes nonaccrual troubled debt restructured loans of $758 thousand and $14.1 million at December 31, 2021 and December 31, 2020, respectively. The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of December 31, 2021 and 2020. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans 90 Days or more Past Due and Accruing Interest At December 31, 2021 Commercial, financial and agricultural $ 448 $ — $ 448 $ — Real estate-commercial 27,818 82 27,900 — Real estate-residential secured for business purpose 2,187 — 2,187 216 Real estate-residential secured for personal purpose 2,049 — 2,049 — Real estate-home equity secured for personal purpose 545 — 545 — Loans to individuals — — — 180 Lease financings — 81 81 102 Total $ 33,047 $ 163 $ 33,210 $ 498 At December 31, 2020 Commercial, financial and agricultural $ 2,187 $ 640 $ 2,827 $ 50 Real estate-commercial 22,739 — 22,739 945 Real estate-residential secured for business purpose 2,663 123 2,786 — Real estate-residential secured for personal purpose 1,958 128 2,086 — Real estate-home equity secured for personal purpose 1,047 — 1,047 — Loans to individuals — — — 185 Lease financings — 207 207 212 Total $ 30,594 $ 1,098 $ 31,692 $ 1,392 For the year ended December 31, 2021, $19 thousand of interest income was recognized on nonaccrual loans and leases. The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of December 31, 2021 and 2020. (Dollars in thousands) Real Estate Other (1) None (2) Total At December 31, 2021 Commercial, financial and agricultural $ 273 $ — $ 175 $ 448 Real estate-commercial 27,900 — — 27,900 Real estate-residential secured for business purpose 2,187 — — 2,187 Real estate-residential secured for personal purpose 2,049 — — 2,049 Real estate-home equity secured for personal purpose 545 — — 545 Lease financings — 81 — 81 Total $ 32,954 $ 81 $ 175 $ 33,210 (Dollars in thousands) Real Estate Other (1) None (3) Total At December 31, 2020 Commercial, financial and agricultural $ 1,351 $ 1,194 $ 282 $ 2,827 Real estate-commercial 22,739 — — 22,739 Real estate-residential secured for business purpose 2,786 — — 2,786 Real estate-residential secured for personal purpose 2,086 — — 2,086 Real estate-home equity secured for personal purpose 1,047 — — 1,047 Lease financings — 207 — 207 Total $ 30,009 $ 1,401 $ 282 $ 31,692 (1) Collateral consists of business assets, including accounts receivable, personal property and equipment. (2) Loans fully guaranteed by the SBA. (3) Loans fully reserved given lack of collateral. Credit Quality Indicators The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. 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. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of Commercial, financial and agricultural loans, Paycheck Protection Program loans, Real-estate commercial loans, Real-estate construction loans and Real estate-residential secured for a business purpose loans. 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 Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for Commercial, financial and agricultural loans, Paycheck Protection Program loans, Real-estate commercial loans, Real-estate construction loans and Real estate-residential secured for a business purpose loans by credit quality indicator at December 31, 2021 and 2020. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2021 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 215,197 $ 79,739 $ 69,618 $ 52,507 $ 23,253 $ 49,827 $ 442,288 $ 932,429 2. Special Mention 1,001 3,459 2,389 394 428 1,231 10,162 19,064 3. Substandard — — — — 16 200 4,687 4,903 Total $ 216,198 $ 83,198 $ 72,007 $ 52,901 $ 23,697 $ 51,258 $ 457,137 $ 956,396 Paycheck Protection Program Risk Rating 1. Pass $ 31,554 $ 194 $ — $ — $ — $ — $ — $ 31,748 2. Special Mention — — — — — — — — 3. Substandard — — — — — — — — Total $ 31,554 $ 194 $ — $ — $ — $ — $ — $ 31,748 Real Estate-Commercial Risk Rating 1. Pass $ 802,878 $ 858,426 $ 407,944 $ 155,892 $ 195,756 $ 172,702 $ 48,354 $ 2,641,952 2. Special Mention 2,567 14,338 23,134 — 916 5,630 98 46,683 3. Substandard — 22,055 3,405 1,995 1,110 1,335 — 29,900 Total $ 805,445 $ 894,819 $ 434,483 $ 157,887 $ 197,782 $ 179,667 $ 48,452 $ 2,718,535 Real Estate-Construction Risk Rating 1. Pass $ 137,622 $ 59,952 $ 38,592 $ 9,995 $ 198 $ — $ 8,543 $ 254,902 2. Special Mention 4,684 500 3,832 20,000 — — — 29,016 3. Substandard — — — — — — — — Total $ 142,306 $ 60,452 $ 42,424 $ 29,995 $ 198 $ — $ 8,543 $ 283,918 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 154,423 $ 84,982 $ 51,970 $ 34,373 $ 28,852 $ 25,819 $ 25,564 $ 405,983 2. Special Mention 210 352 — — 73 1,093 — 1,728 3. Substandard — — — 45 24 1,549 571 2,189 Total $ 154,633 $ 85,334 $ 51,970 $ 34,418 $ 28,949 $ 28,461 $ 26,135 $ 409,900 Totals By Risk Rating 1. Pass $ 1,341,674 $ 1,083,293 $ 568,124 $ 252,767 $ 248,059 $ 248,348 $ 524,749 $ 4,267,014 2. Special Mention 8,462 18,649 29,355 20,394 1,417 7,954 10,260 96,491 3. Substandard — 22,055 3,405 2,040 1,150 3,084 5,258 36,992 Total $ 1,350,136 $ 1,123,997 $ 600,884 $ 275,201 $ 250,626 $ 259,386 $ 540,267 $ 4,400,497 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2020 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 162,547 $ 93,967 $ 74,722 $ 38,906 $ 17,371 $ 56,053 $ 427,336 $ 870,902 2. Special Mention 2,723 783 316 500 777 1,144 8,318 14,561 3. Substandard — 430 362 28 — 627 5,755 7,202 Total $ 165,270 $ 95,180 $ 75,400 $ 39,434 $ 18,148 $ 57,824 $ 441,409 $ 892,665 Paycheck Protection Program Risk Rating 1. Pass $ 483,773 $ — $ — $ — $ — $ — $ — $ 483,773 2. Special Mention — — — — — — — — 3. Substandard — — — — — — — — Total $ 483,773 $ — $ — $ — $ — $ — $ — $ 483,773 Real Estate-Commercial Risk Rating 1. Pass $ 1,084,157 $ 481,997 $ 223,646 $ 268,236 $ 143,041 $ 157,503 $ 43,008 $ 2,401,588 2. Special Mention 6,220 10,076 3,498 — 1,250 5,870 1,247 28,161 3. Substandard 3,803 3,998 709 11,383 1,207 6,690 1,333 29,123 Total $ 1,094,180 $ 496,071 $ 227,853 $ 279,619 $ 145,498 $ 170,063 $ 45,588 $ 2,458,872 Real Estate-Construction Risk Rating 1. Pass $ 116,840 $ 59,507 $ 39,009 $ 113 $ 2,950 $ — $ 3,711 $ 222,130 2. Special Mention 21,225 — — — — — — 21,225 3. Substandard — — — — — — — — Total $ 138,065 $ 59,507 $ 39,009 $ 113 $ 2,950 $ — $ 3,711 $ 243,355 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 118,925 $ 72,149 $ 52,775 $ 43,347 $ 37,768 $ 25,170 $ 25,510 $ 375,644 2. Special Mention 1,354 — 188 77 175 130 — 1,924 3. Substandard 28 991 50 64 1,065 962 718 3,878 Total $ 120,307 $ 73,140 $ 53,013 $ 43,488 $ 39,008 $ 26,262 $ 26,228 $ 381,446 Totals By Risk Rating 1. Pass $ 1,966,242 $ 707,620 $ 390,152 $ 350,602 $ 201,130 $ 238,726 $ 499,565 $ 4,354,037 2. Special Mention 31,522 10,859 4,002 577 2,202 7,144 9,565 65,871 3. Substandard 3,831 5,419 1,121 11,475 2,272 8,279 7,806 40,203 Total $ 2,001,595 $ 723,898 $ 395,275 $ 362,654 $ 205,604 $ 254,149 $ 516,936 $ 4,460,111 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: Real-estate residential secured for personal purpose loans, Real-estate home equity secured for personal purpose loans, Loans to individuals and Lease financings. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for Real-estate residential secured for personal purpose loans, Real-estate home equity secured for personal purpose loans, Loans to individuals and Lease financings by credit quality indicator at December 31, 2021 and 2020. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2021 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 219,680 $ 162,609 $ 34,102 $ 23,065 $ 19,912 $ 78,960 $ 189 $ 538,517 2. Nonperforming 53 634 — 371 — 991 — 2,049 Total $ 219,733 $ 163,243 $ 34,102 $ 23,436 $ 19,912 $ 79,951 $ 189 $ 540,566 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 961 $ 876 $ 370 $ 415 $ 704 $ 1,655 $ 153,332 $ 158,313 2. Nonperforming — — — 173 — 60 363 596 Total $ 961 $ 876 $ 370 $ 588 $ 704 $ 1,715 $ 153,695 $ 158,909 Loans to Individuals Payment Performance 1. Performing $ 1,376 $ 893 $ 722 $ 466 $ 100 $ 1,673 $ 20,094 $ 25,324 2. Nonperforming — — — — — 180 — 180 Total $ 1,376 $ 893 $ 722 $ 466 $ 100 $ 1,853 $ 20,094 $ 25,504 Lease Financings Payment Performance 1. Performing $ 83,161 $ 51,808 $ 28,405 $ 16,389 $ 4,204 $ 391 $ — $ 184,358 2. Nonperforming — 14 64 58 7 40 — 183 Total $ 83,161 $ 51,822 $ 28,469 $ 16,447 $ 4,211 $ 431 $ — $ 184,541 Totals by Payment Performance 1. Performing $ 305,178 $ 216,186 $ 63,599 $ 40,335 $ 24,920 $ 82,679 $ 173,615 $ 906,512 2. Nonperforming 53 648 64 602 7 1,271 363 3,008 Total $ 305,231 $ 216,834 $ 63,663 $ 40,937 $ 24,927 $ 83,950 $ 173,978 $ 909,520 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2020 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 191,987 $ 61,880 $ 56,314 $ 50,983 $ 38,975 $ 84,138 $ 1,237 $ 485,514 2. Nonperforming 666 — 56 — — 1,364 — 2,086 Total $ 192,653 $ 61,880 $ 56,370 $ 50,983 $ 38,975 $ 85,502 $ 1,237 $ 487,600 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 1,195 $ 815 $ 829 $ 1,160 $ 518 $ 2,189 $ 158,803 $ 165,509 2. Nonperforming — — 198 — — 36 866 1,100 Total $ 1,195 $ 815 $ 1,027 $ 1,160 $ 518 $ 2,225 $ 159,669 $ 166,609 Loans to Individuals Payment Performance 1. Performing $ 1,795 $ 1,425 $ 970 $ 441 $ 220 $ 2,266 $ 20,180 $ 27,297 2. Nonperforming — — — — — 23 162 185 Total $ 1,795 $ 1,425 $ 970 $ 441 $ 220 $ 2,289 $ 20,342 $ 27,482 Lease Financings Payment Performance 1. Performing $ 72,173 $ 45,972 $ 30,679 $ 11,613 $ 3,616 $ 567 $ — $ 164,620 2. Nonperforming 12 182 5 205 7 8 — 419 Total $ 72,185 $ 46,154 $ 30,684 $ 11,818 $ 3,623 $ 575 $ — $ 165,039 Totals by Payment Performance 1. Performing $ 267,150 $ 110,092 $ 88,792 $ 64,197 $ 43,329 $ 89,160 $ 180,220 $ 842,940 2. Nonperforming 678 182 259 205 7 1,431 1,028 3,790 Total $ 267,828 $ 110,274 $ 89,051 $ 64,402 $ 43,336 $ 90,591 $ 181,248 $ 846,730 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. Allowance for Credit Losses on Loan and Leases and Recorded Investment in Loans and Leases The allowance for credit losses (ACL) on loans decreased during the year ended December 31, 2021 primarily due to favorable changes in economic-related assumptions, which were impacted by the ongoing recovery from the COVID-19 pandemic, partially offset by loan growth. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the year ended December 31, 2021. The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) Beginning balance Adjustment to initially apply ASU No. 2016-13 for CECL (Reversal of provision) provision for credit losses Charge-offs Recoveries Ending balance For the Year Ended December 31, 2021 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 13,584 $ — $ (32) $ (1,641) $ 1,625 $ 13,536 Paycheck Protection Program — — 2 — — 2 Real Estate-Commercial 52,230 — (11,339) (594) 798 41,095 Real Estate-Construction 3,298 — 1,277 — — 4,575 Real Estate-Residential Secured for Business Purpose 7,317 — (688) (227) 80 6,482 Real Estate-Residential Secured for Personal Purpose 3,055 — (652) — — 2,403 Real Estate-Home Equity Secured for Personal Purpose 1,176 — (212) — 64 1,028 Loans to Individuals 533 — (35) (240) 105 363 Lease Financings 1,701 — 772 (311) 128 2,290 Unallocated 150 — — N/A N/A 150 Total $ 83,044 $ — $ (10,907) $ (3,013) $ 2,800 $ 71,924 For the Year Ended December 31, 2020 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 8,759 $ 5,284 $ 680 $ (1,884) $ 745 $ 13,584 Real Estate-Commercial 15,750 6,208 33,090 (2,853) 35 52,230 Real Estate-Construction 2,446 29 823 — — 3,298 Real Estate-Residential Secured for Business Purpose 2,622 2,502 2,306 (188) 75 7,317 Real Estate-Residential Secured for Personal Purpose 2,713 (706) 1,229 (181) — 3,055 Real Estate-Home Equity Secured for Personal Purpose 1,076 (364) 449 — 15 1,176 Loans to Individuals 470 104 146 (267) 80 533 Lease Financings 1,311 (135) 750 (526) 301 1,701 Unallocated 184 — (34) N/A N/A 150 Total $ 35,331 $ 12,922 $ 39,439 $ (5,899) $ 1,251 $ 83,044 For the Year Ended December 31, 2019 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 7,983 $ — $ 2,374 $ (1,965) $ 367 $ 8,759 Real Estate-Commercial and Construction 13,903 — 4,602 (402) 93 18,196 Real Estate-Residential Secured for Business Purpose 2,236 — 396 (122) 112 2,622 Real Estate-Residential and Home Equity Secured for Personal Purpose 3,199 — 781 (212) 21 3,789 Loans to Individuals 484 — 246 (335) 75 470 Lease Financings 1,288 — 206 (427) 244 1,311 Unallocated 271 — (87) N/A N/A 184 Total $ 29,364 $ — $ 8,518 $ (3,463) $ 912 $ 35,331 N/A – Not applicable The following presents, by portfolio segment, the balance in the ACL on loans and leases disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at December 31, 2021 and 2020: Allowance for credit losses, loans and leases Loans and leases held for investment (Dollars in thousands) Ending balance: individually analyzed Ending balance: pooled Total ending balance Ending balance: individually analyzed Ending balance: pooled Loans measured at fair value Total ending balance At December 31, 2021 Commercial, Financial and Agricultural $ — $ 13,536 $ 13,536 $ 448 $ 955,948 $ — $ 956,396 Paycheck Protection Program — 2 2 — 31,748 — 31,748 Real Estate-Commercial 11 41,084 41,095 27,900 2,690,587 48 2,718,535 Real Estate-Construction — 4,575 4,575 — 283,918 — 283,918 Real Estate-Residential Secured for Business Purpose — 6,482 6,482 2,187 407,713 — 409,900 Real Estate-Residential Secured for Personal Purpose — 2,403 2,403 2,049 538,517 — 540,566 Real Estate-Home Equity Secured for Personal Purpose — 1,028 1,028 545 158,364 — 158,909 Loans to Individuals — 363 363 — 25,504 — 25,504 Lease Financings — 2,290 2,290 — 184,541 — 184,541 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 11 $ 71,913 $ 71,924 $ 33,129 $ 5,276,840 $ 48 $ 5,310,017 At December 31, 2020 Commercial, Financial and Agricultural $ 535 $ 13,049 $ 13,584 $ 2,827 $ 889,838 $ — $ 892,665 Paycheck Protection Program — — — — 483,773 — 483,773 Real Estate-Commercial — 52,230 52,230 22,739 2,435,946 187 2,458,872 Real Estate-Construction — 3,298 3,298 — 243,355 — 243,355 Real Estate-Residential Secured for Business Purpose 24 7,293 7,317 2,786 378,660 — 381,446 Real Estate-Residential Secured for Personal Purpose 26 3,029 3,055 2,086 485,514 — 487,600 Real Estate-Home Equity Secured for Personal Purpose — 1,176 1,176 1,047 165,562 — 166,609 Loans to Individuals — 533 533 — 27,482 — 27,482 Lease Financings — 1,701 1,701 — 165,039 — 165,039 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 585 $ 82,459 $ 83,044 $ 31,485 $ 5,275,169 $ 187 $ 5,306,841 N/A – Not applicable Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 (Dollars in thousands) Number Pre- Post- Number Pre- Post- Accruing Troubled Debt Restructured Loans: Total — $ — $ — — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — $ — 1 $ 619 $ 619 Real estate—commercial real estate 3 200 198 — — — Real estate—residential secured for personal purpose — — — 1 544 544 Total 3 $ 200 $ 198 2 $ 1,163 $ 1,163 The Corporation modified certain loans and leases via principal and/or interest deferrals in accordance with Section 4013 of the CARES Act , the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus during the years ended December 31, 2021 and 2020. As permitted by such guidance, such modifications were not categorized as troubled debt restructurings. These loans and leases had a combined principal balance of approximately $6.2 million as of December 31, 2021, which represents approximately 0.1% of the loan portfolio, excluding PPP loans. The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the years ended December 31, 2021 and 2020 (excluding loans modified in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus ): Amortization Period Extension (Dollars in thousands) No. of Amount For the Year Ended December 31, 2021 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 3 198 Total 3 $ 198 For the Year Ended December 31, 2020 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 619 Real estate—residential secured for personal purpose 1 544 Total 2 $ 1,163 There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the years ended December 31, 2021 or 2020. The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at December 31, 2021 or 2020: (Dollars in thousands) At December 31, 2021 At December 31, 2020 Real estate-residential secured for personal purpose $ — $ 64 Total $ — $ 64 There was no foreclosed residential real estate property included in other real estate owned at December 31, 2021 or 2020. Lease Financings The following presents the maturity analysis of lease financing receivables: (Dollars in thousands) At December 31, 2021 At December 31, 2020 2021 N/A $ 61,724 2022 67,458 49,970 2023 54,859 35,631 2024 39,019 20,821 2025 24,426 8,319 2026 11,039 1,367 Thereafter 2,951 1,396 Total future minimum lease payments receivable 199,752 179,228 Plus: Unguaranteed residual 1,186 914 Plus: Initial direct costs 2,707 2,567 Less: Imputed interest (19,104) (17,670) Lease financings $ 184,541 $ 165,039 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2021 2020 Land and land improvements $ 15,070 $ 14,549 Premises and improvements 56,267 55,703 Furniture and equipment 32,151 30,374 Total cost 103,488 100,626 Less: accumulated depreciation (46,606) (44,990) Net book value $ 56,882 $ 55,636 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsThe Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. In accordance with ASC Topic 350, goodwill is tested at least annually for impairment at the reporting unit level. The Corporation performs an annual test of goodwill for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of goodwill during 2019 through 2021. The Corporation recorded goodwill of $3.0 million related to the Sheaffer acquisition. Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2021 and 2020 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2019 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at December 31, 2020 138,476 15,434 18,649 172,559 Addition to goodwill from acquisitions — — 2,951 2,951 Balance at December 31, 2021 $ 138,476 $ 15,434 $ 21,600 $ 175,510 The Corporation also has core deposit and customer-related intangibles, 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 performs an annual test of core deposit and customer-related intangibles for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of core deposit and customer-related intangibles during 2019 through 2021. The Corporation recorded customer-related intangibles of $2.5 million related to the Sheaffer acquisition. The amortization of core deposit and customer-related intangibles for the years ended December 31, 2021, 2020 and 2019 was $965 thousand, $1.2 million and $1.6 million, respectively. The following table reflects the components of intangible assets at the dates indicated: At December 31, 2021 At December 31, 2020 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 5,425 $ 1,363 $ 6,788 $ 4,787 $ 2,001 Customer-related intangibles 8,493 5,886 2,607 7,604 7,147 457 Servicing rights 26,560 18,682 7,878 22,354 15,946 6,408 Total amortized intangible assets $ 41,841 $ 29,993 $ 11,848 $ 36,746 $ 27,880 $ 8,866 (1) Included within accumulated amortization is a valuation allowance of $13 thousand and $87 thousand on servicing rights at December 31, 2021 and 2020, respectively. The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2022 $ 1,157 2023 845 2024 648 2025 469 2026 319 Thereafter 532 Total $ 3,970 The aggregate fair value of servicing rights was $11.3 million and $6.8 million at December 31, 2021 and 2020, respectively. The fair value of these rights was determined using a discount rate of 10.2% at December 31, 2021 and 2020. Changes in the servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Beginning of period $ 6,408 $ 6,626 $ 6,768 Servicing rights capitalized 4,206 3,194 1,787 Amortization of servicing rights (2,810) (3,325) (1,929) Changes in valuation allowance 74 (87) — End of period $ 7,878 $ 6,408 $ 6,626 Loans serviced for others $ 1,428,020 $ 1,200,742 $ 1,080,905 Changes in the valuation allowance for servicing rights are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Valuation allowance, beginning of period $ (87) $ — $ — Additions — (87) — Reductions 74 — — Valuation allowance, end of period $ (13) $ (87) $ — The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousand) Amount 2022 $ 1,399 2023 1,168 2024 973 2025 808 2026 669 Thereafter 2,861 Total $ 7,878 |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Accrued Interest Receivable and Other Assets | Accrued Interest Receivable and Other Assets The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2021 2020 Other real estate owned $ 279 $ 7,355 Accrued interest receivable 13,020 16,475 Accrued income and other receivables 5,822 7,340 Fair market value of derivative financial instruments 852 2,894 Other prepaid expenses 12,152 11,470 Current income tax receivable 5,528 — Net deferred tax assets 11,422 16,514 Other 4,982 3,291 Total accrued interest and other assets $ 54,057 $ 65,339 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Deposits | Deposits Deposits and their respective weighted average interest rate at December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 2,065,423 — % $ 1,690,663 Demand deposits 0.17 2,493,604 0.22 2,070,183 Savings deposits 0.04 1,011,931 0.08 918,094 Time deposits 1.06 484,166 1.30 563,775 Total 0.16 % $ 6,055,124 0.24 % $ 5,242,715 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 $119.9 million at December 31, 2021 and $161.6 million at December 31, 2020. At December 31, 2021, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Due in 2022 $ 6,258 Due in 2023 8,814 Due in 2024 247,183 Due in 2025 152,275 Due in 2026 41,850 Thereafter 27,786 Total $ 484,166 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
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. Balance at End of Year Weighted Average Interest Rate Maximum Amount Outstanding at Month End During the Year Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year (Dollars in thousands) 2021 Short-term borrowings: FHLB borrowings $ — — % $ — $ 3 0.29 % Federal funds purchased — — — 22 0.41 Customer repurchase agreements 20,106 0.05 26,676 16,527 0.05 Long-term debt: FHLB advances $ 95,000 1.34 % $ 110,000 $ 96,562 1.36 % Subordinated notes $ 98,874 5.31 % $ 183,549 $ 137,896 5.18 % 2020 Short-term borrowings: FHLB borrowings $ — — % $ — $ 5,048 1.68 % Federal funds purchased — — 40,000 1,388 1.64 Customer repurchase agreements 17,906 0.05 % 39,615 20,747 0.05 Other short-term borrowings — — 192,936 59,475 0.35 Long-term debt: FHLB advances $ 110,000 1.42 % $ 200,000 $ 181,722 1.54 % Subordinated notes $ 183,515 4.96 % $ 193,481 $ 134,949 5.01 % The Corporation, through the Bank, has a credit facility with the FHLB with a maximum borrowing capacity of approximately $2.5 billion. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At December 31, 2021 and 2020, the Bank had outstanding short-term letters of credit with the FHLB totaling $831.8 million and $669.7 million, respectively, which were utilized to collateralize public fund deposits and other secured 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 available borrowing capacity from the FHLB totaled $1.6 billion at December 31, 2021. The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia to provide access to the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $28.8 million and $40.7 million at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Corporation had no outstanding borrowings under the Discount Window Lending program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At December 31, 2021 and 2020, the Corporation had no outstanding borrowings under this line. The Corporation and the Bank had $2.5 billion and $2.2 billion of committed borrowing capacity at December 31, 2021 and 2020, respectively, of which $1.6 billion and $1.5 billion was available as of December 31, 2021 and 2020, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $400.0 million and $460.0 million at December 31, 2021 and 2020, respectively, which were fully available. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of December 31, 2021 Weighted Average Rate 2022 $ — — % 2023 35,000 1.94 2024 60,000 0.98 2025 — — 2026 — — Thereafter — — Total $ 95,000 1.34 % Subordinated Notes On August 5, 2020, the Corporation issued $100.0 million aggregate principal amount of 5.00% fixed-to-floating rate subordinated notes due 2030 (the "2020 Notes") in an underwritten public offering. The net proceeds of the offering approximated $98.4 million. The 2020 Notes bear interest at a fixed rate of 5.00%, payable semi-annually in arrears commencing on February 15, 2021. The last interest payment date for the fixed rate period will be August 15, 2025. From and including August 15, 2025 to, but excluding, August 15, 2030 or the date of earlier redemption, the Notes will bear interest at an annual floating rate of interest equivalent to the expected Benchmark rate, which is expected to be the Three-Month Term SOFR, plus 495.2 basis points, payable quarterly in arrears, commencing on November 15, 2025. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero. The Corporation may redeem the 2020 Notes (i) in whole or in part beginning with the interest payment date of August 15, 2025, and on any interest payment date thereafter or (ii) in whole, but not in part, at any time within 90 days upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 events. The redemption price for any redemption is 100% of the principal amount of the subordinated notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Any redemption of the subordinated notes will be subject to the receipt of the approval of the Board of Governors of the Federal Reserve System to the extent then required under applicable laws or regulations. Subordinated notes qualify as Tier 2 capital for regulatory capital purposes for the first five years of the notes' terms. The Tier 2 capital benefit is phased out at 20% per year after the fifth year (from years six to ten) and have no benefit in the tenth year. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for federal and state income taxes included in the accompanying consolidated statement of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current: Federal $ 17,611 $ 18,498 $ 15,043 State 1,365 1,337 1,098 Deferred: Federal 3,440 (9,288) (1,068) State 113 (566) (739) $ 22,529 $ 9,981 $ 14,334 The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, 2021 2020 2019 Expected provision at statutory rate 21.0 % 21.0 % 21.0 % Difference resulting from: Tax exempt interest income, net of disallowance (1.6) (3.8) (3.2) Increase in value of bank owned life insurance assets (0.7) (1.1) (0.8) Stock-based compensation (0.2) 0.2 — State income taxes, net of federal benefits 1.0 1.1 0.4 Changes in valuation allowance 0.2 0.2 0.2 Other — (0.1) 0.3 Effective tax rate 19.7 % 17.5 % 17.9 % On March 27, 2020, the CARES Act was enacted into law in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions, such as enhanced interest reducibility, repeal of the 80% limitation with respect to net operating losses arising in taxable years 2018, 2019 and 2020, and additional depreciation deductions related to qualified improvement property. The Corporation has concluded its analysis of these provisions as of December 31, 2020 and determined they did not have a material impact on the Corporation's income taxes for 2020. Retained earnings included $6.0 million at December 31, 2021, 2020 and 2019, which was originally generated by Fox Chase Bank (acquired in 2016), for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain criteria prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act of 1996 eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Small Business Job Protection Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Corporation pays a cash dividend in excess of cumulative retained earnings or liquidates. At December 31, 2021 and 2020, the Corporation had no material unrecognized tax benefits or accrued interest and penalties recorded. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. Interest and penalties are recorded in noninterest expense in the year they are assessed. For tax purposes, interest is treated as a deductible expense and penalties are treated as a non-deductible expense. The Corporation and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the Commonwealth of Pennsylvania and various other state and local jurisdictions. The Corporation and its subsidiaries are generally no longer subject to examination by federal, state and local taxing authorities for years prior to December 31, 2018. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred state taxes are combined with federal deferred taxes (net of the impact of deferred state tax on the deferred federal tax) and are shown in the table below by major category. The Corporation has a state net operating loss carry-forward of $80.4 million which will begin to expire in 2022 if not utilized. A valuation allowance at December 31, 2021 and 2020 was attributable to deferred tax assets generated in certain state jurisdictions for which management believes it is more likely than not that such deferred tax assets will not be realized. Other than the valuation allowance on certain state deferred tax assets, management has determined that no additional valuation allowance is necessary for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The Corporation will continue to review the criteria related to the recognition of deferred tax assets on a regular basis. The assets and liabilities giving rise to the Corporation's deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for credit losses, loans and leases $ 15,739 $ 18,113 Deferred compensation 2,004 1,625 Actuarial adjustments on retirement benefits* 3,982 5,408 State net operating losses 6,348 5,621 Other-than-temporary impairments on equity securities 120 151 Net unrealized holding losses on securities available-for-sale and swaps* 370 483 Lease liability 7,317 8,227 Deferred loan fees and costs — 583 Other deferred tax assets 1,526 2,148 Gross deferred tax assets 37,406 42,359 Valuation allowance (5,558) (4,766) Total deferred tax assets, net of valuation allowance 31,848 37,593 Deferred tax liabilities: Mortgage servicing rights 1,671 1,370 Retirement plans 5,419 5,309 Deferred loan fees and costs 65 — Acquisition-related fair value adjustments 1,093 1,236 Intangible assets 3,204 2,580 Accounting method change adjustment — 385 Depreciation 1,083 888 Right of use asset 6,650 7,491 Other deferred tax liabilities 1,241 1,820 Total deferred tax liabilities 20,426 21,079 Net deferred tax assets $ 11,422 $ 16,514 * Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 59,431 $ 53,685 $ 3,540 $ 3,069 Service cost 567 477 143 109 Interest cost 1,431 1,692 85 96 Actuarial (gain) loss (1,043) 6,423 (124) 377 Benefits paid (2,688) (2,846) (108) (111) Benefit obligation at end of year $ 57,698 $ 59,431 $ 3,536 $ 3,540 Change in plan assets: Fair value of plan assets at beginning of year $ 55,366 $ 51,607 $ — $ — Actual return on plan assets 7,644 6,306 — — Benefits paid (2,688) (2,846) (108) (111) Corrective payment — 140 — — Employer contribution and non-qualified benefit payments 157 159 108 111 Fair value of plan assets at end of year $ 60,479 $ 55,366 $ — $ — Funded status 2,781 (4,065) (3,536) (3,540) Unrecognized net actuarial loss 18,226 24,526 820 989 Net amount recognized $ 21,007 $ 20,461 $ (2,716) $ (2,551) The net actuarial (gain) loss for December 31, 2021 and 2020 was the result of changes in the discount rate, interest crediting rate, life insurance data and driven by mortality losses on retirees, as well as greater than anticipated salary increases. Components of net periodic benefit (income) cost were as follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2021 2020 2019 2021 2020 2019 Service cost $ 567 $ 477 $ 436 $ 143 $ 109 $ 67 Interest cost 1,431 1,692 1,905 85 96 94 Expected loss on plan assets (3,656) (3,291) (3,061) — — — Amortization of net actuarial loss 1,269 1,176 1,176 47 26 — Accretion of prior service cost — — (181) — — — Net periodic benefit (income) cost $ (389) $ 54 $ 275 $ 275 $ 231 $ 161 The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the consolidated statement of income. (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2022: Amortization of net actuarial loss $ 818 $ 55 During 2022, the Corporation expects to contribute approximately $156 thousand to the Retirement Plans and approximately $127 thousand to Other Postretirement Benefits. The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2022 $ 2,995 $ 127 2023 3,077 130 2024 3,114 135 2025 3,107 137 2026 3,143 142 Years 2027-2031 15,576 957 Total $ 31,012 $ 1,628 Weighted-average assumptions used to determine benefit obligations at December 31, 2021 and 2020 were as follows: Retirement Plans Other Postretirement Benefits 2021 2020 2021 2020 Assumed discount rate 2.8 % 2.4 % 2.8 % 2.4 % Assumed salary increase rate 3%-6% 3%-6% — — The benefit obligation for all plans at December 31, 2021 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2021 and 2020 were as follows: Retirement Plans Other Postretirement Benefits 2021 2020 2021 2020 Assumed discount rate 2.4 % 3.2 % 2.4 % 3.2 % Assumed long-term rate of investment return 6.5 % 6.5 % — — Assumed salary increase rate 3%-6% 3%-6% — — Assumed cash balance interest crediting rate 2.0 % 2.0 % — — The net periodic costs for the years ended December 31, 2021 and 2020 was based on the Pri-2012 White Collar Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate was based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date. The Corporation's pension plan asset allocation at December 31, 2021 and 2020, by asset category was as follows: Percentage of Plan Assets at December 31, 2021 2020 Asset Category: Equity securities 64 % 60 % Debt securities 34 37 Other 2 3 Total 100 % 100 % Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 6.5%. Equity securities do not include any common stock of the Corporation. The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures." Fair Value Measurements at December 31, (Dollars in thousands) 2021 2020 Level 1: Mutual funds $ 41,951 $ 37,602 Short-term investments 1,619 1,984 Level 2: U.S. government obligations 7,050 5,721 Corporate bonds 6,536 6,204 Certificates of deposit 3,323 3,855 Total fair value of plan assets $ 60,479 $ 55,366 The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan for the years ended December 31, 2021 and 2020 was $1.8 million, and for December 31, 2019 was $1.5 million. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP), 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. Expense recorded by the Corporation for the SNQPP for the years ended December 31, 2021, 2020 and 2019 was $112 thousand, $224 thousand and $134 thousand, respectively. |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Incentive Plan | Stock-Based Incentive Plan The Corporation maintains the 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 to permit the issuance of restricted stock units. Beginning in 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, 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. Under the Amended and Restated Univest 2013 Long-Term Incentive Plan, the Corporation may grant up to 3,706,946 options and restricted stock awards and units to employees and non-employee directors. The number of shares of common stock available for issuance under the plan is subject to adjustment, as described in the plan. This includes, in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure affecting the stock, substitution or adjustment in the aggregate number of shares reserved for issuance under the plan, in the number and option price of shares subject to outstanding options granted under the plan and in the number and price of shares subject to other awards, as described in the plan. The plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years. There were 2,379,610 share awards available for future grants at December 31, 2021 under the plan. At December 31, 2021, there were 351,252 options to purchase common stock and 358,134 unvested restricted stock awards and units outstanding under the plan. The following is a summary of the Corporation's stock option activity and related information for the year ended December 31, 2021: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at December 31, 2021 Outstanding at December 31, 2020 453,785 $ 25.06 Forfeited (9,500) 28.33 Exercised (93,033) 22.13 Outstanding at December 31, 2021 351,252 25.74 5.0 $ 1,467 Exercisable at December 31, 2021 351,252 25.74 5.0 1,467 The following is a summary of nonvested stock options at December 31, 2021 including changes during the year: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2020 49,771 $ 6.46 Vested (49,771) 6.46 Nonvested stock options at December 31, 2021 — — The Corporation's estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee turnover. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury strip rate in effect at the time of grant. Expected dividend yield is calculated based on the most recently declared quarterly dividend, multiplied by four, over the exercise price. Expected volatility is based on the historical volatility of the Corporation's stock over the expected life of the grant. The Corporation did not issue stock options during the years ended December 31, 2021, 2020 or 2019. In the following tables, restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date, which is the closing price of the Corporation's common stock on the date of grant, 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 nonvested restricted stock awards and nonvested restricted stock units at December 31, 2021 including changes during the year: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards and units at December 31, 2020 305,704 $ 21.18 Granted 155,607 27.81 Vested (87,075) 22.71 Cancelled/forfeited (16,102) 22.95 Nonvested stock units at December 31, 2021 358,134 23.61 Certain information regarding restricted stock awards and units is summarized below for the periods indicated: For the Years Ended December 31, (Dollars in thousands, except per share data) 2021 2020 2019 Restricted stock units granted 155,607 262,844 114,729 Weighted average grant date fair value $ 27.81 $ 19.00 $ 25.65 Intrinsic value of units granted $ 4,328 $ 4,994 $ 3,072 Restricted stock awards and units vested 87,075 59,855 44,807 Weighted average grant date fair value $ 22.71 $ 27.17 $ 21.65 Intrinsic value of awards and units vested $ 2,391 $ 1,375 $ 1,119 The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at December 31, 2021 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock units $ 4,538 1.8 The following table presents information related to the Corporation's compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Stock-based compensation expense: Stock options $ 62 $ 338 $ 716 Restricted stock awards and units 3,636 1,142 1,632 Employee stock purchase plan 91 88 74 Total $ 3,789 $ 1,568 $ 2,422 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 551 $ 278 $ 518 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 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 — 83 — 83 Other comprehensive income (loss) 7,990 (349) (1,038) 6,603 Balance, December 31, 2019 (3,231) (185) (18,314) (21,730) Adjustment to initially apply ASU No. 2016-13 for CECL 237 — — 237 Other comprehensive income (loss) 1,615 (236) (2,030) (651) Balance, December 31, 2020 (1,379) (421) (20,344) (22,144) Other comprehensive income 163 262 5,366 5,791 Balance, December 31, 2021 $ (1,216) $ (159) $ (14,978) $ (16,353) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee Disclosure | Leases The following table provides information with respect to the Corporation's operating leases: For the Years Ended December 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 3,833 $ 3,862 Short-term lease cost 12 12 Variable lease cost 3 5 Total lease cost $ 3,848 $ 3,879 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases 3,655 3,693 At December 31, 2021 At December 31, 2020 Weighted-average remaining lease term in years 13.7 13.9 Weighted-average discount rate 4.17 % 4.14 % At December 31, 2021, maturities of lease liabilities are as follows: Year (Dollars in thousands) Amount 2022 $ 3,412 2023 3,460 2024 3,411 2025 3,288 2026 3,163 Thereafter 28,011 Total lease payments 44,745 Less: imputed interest (11,292) Present value of lease liabilities $ 33,453 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lending Operations Commitments to extend credit, performance letters of credit, standby letters of credit, and other letters of credit are financial instruments issued by the Corporation to accommodate the financial needs of customers. The Corporation uses the same credit policies in issuing these financial instruments as it does for on-balance sheet financial instruments, including obtaining collateral when management's credit assessment of the customer deems it necessary. These financial instruments generally have fixed expiration dates and historically most of these financial instruments expire without being drawn upon. The Corporation maintains a reserve for off-balance sheet credit exposures that are currently unfunded. Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. The Corporation's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Performance letters of credit and standby letters of credit commit the Bank to make payments on behalf of customers when certain specified future events occur. The Corporation's exposure to credit loss is essentially the same as the risk involved in extending loans to customers. At December 31, 2021, the maximum potential amount of future payments under letters of credit was $48.4 million. The carrying amount of the contingent obligation at December 31, 2021 was $274 thousand. The following schedule summarizes the Corporation's off-balance sheet financial instruments at December 31, 2021: (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 1,638,542 Performance letters of credit 24,933 Financial standby letters of credit 23,084 Other letters of credit 387 The Bank maintains a reserve in other liabilities for estimated losses associated with sold mortgages that may be repurchased. At December 31, 2021, the reserve for sold mortgages was $319 thousand. Legal Proceedings The Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps The Corporation periodically uses interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation's credit exposure on interest rate swaps includes fair value and any collateral that is held by a third party. 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 that were originated in 2013 with balances totaling $29.1 million at time of the hedge. 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 December 31, 2021, approximately $151 thousand in net deferred losses, net of tax, recorded in accumulated other comprehensive loss are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2021. At December 31, 2021, the notional amount of the interest rate swap was $14.6 million, and the fair value was a liability of $202 thousand. The Corporation has an interest rate swap with a current notional amount of $46 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 swap transactions for customers without issuing the swap. At December 31, 2021, the Corporation had 125 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $755.6 million and remaining maturities ranging from 4 months to 10 years. At December 31, 2021, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $381 thousand. At December 31, 2021, the fair value of the swaps to the customers was a net liability of $14.3 million and these swaps were in paying positions to the third-party financial institution. 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. Derivatives Tables The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2021 and 2020. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2021 Interest rate swap - cash flow hedge $ 14,611 $ — Other liabilities $ 202 Total $ 14,611 $ — $ 202 At December 31, 2020 Interest rate swap - cash flow hedge $ 15,465 $ — Other liabilities $ 533 Total $ 15,465 $ — $ 533 The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2021 and 2020: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2021 Interest rate swap $ 46 $ — Other liabilities $ 2 Credit derivatives 755,576 — Other liabilities 381 Interest rate locks with customers 33,876 Other assets 765 — Forward loan sale commitments 55,476 Other assets 87 — Total $ 844,974 $ 852 $ 383 At December 31, 2020 Interest rate swap $ 179 $ — Other liabilities $ 8 Credit derivatives 643,556 — Other liabilities 535 Interest rate locks with customers 77,246 Other assets 2,894 — Forward loan sale commitments 112,690 — Other liabilities 752 Total $ 833,671 $ 2,894 $ 1,295 The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 304 $ 254 $ (22) Interest rate swap—fair value hedge—effectiveness Interest income — — (5) Total net (loss) gain $ (304) $ (254) $ 17 The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Credit derivatives Other noninterest income $ 2,251 $ 5,733 $ 1,350 Interest rate locks with customers Net (loss) gain on mortgage banking activities (2,129) 2,495 (91) Forward loan sale commitments Net gain (loss) on mortgage banking activities 839 (733) 131 Total net gain $ 961 $ 7,495 $ 1,390 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2021 and 2020: Accumulated Other At December 31, (Dollars in thousands) 2021 2020 Interest rate swap—cash flow hedge Fair value, net of taxes $ (159) $ (421) Total $ (159) $ (421) |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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 periods. Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Investment Securities Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation's independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service's evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does have not sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third-party service's valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation's review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service's evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at December 31, 2021. Loans Held for Sale The fair value of our loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. 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 December 31, 2021 since lending credit risk is not an observable input for this loan. The unrealized gain on the one loan was $1 thousand at December 31, 2021. 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 December 31, 2021 and 2020, classified using the fair value hierarchy: At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,333 $ — $ 2,333 Residential mortgage-backed securities — 221,105 — 221,105 Collateralized mortgage obligations — 3,278 — 3,278 Corporate bonds — 90,291 — 90,291 Total available-for-sale securities — 317,007 — 317,007 Equity securities: Equity securities - financial services industry 979 — — 979 Money market mutual funds 2,020 — — 2,020 Total equity securities 2,999 — — 2,999 Loans* — — 48 48 Loans held for sale — 21,600 — 21,600 Interest rate locks with customers* — 765 — 765 Forward loan sale commitments* — 87 — 87 Total assets $ 2,999 $ 339,459 $ 48 $ 342,506 Liabilities: Contingent consideration liability $ — $ — $ 1,629 $ 1,629 Interest rate swaps* — 204 — 204 Credit derivatives* — — 381 381 Total liabilities $ — $ 204 $ 2,010 $ 2,214 *Such financial instruments are recorded at fair value as further described in Note 18, "Derivative Instruments and Hedging Activities." The $381 thousand of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 125 interest rate swaps with a current notional amount of $755.6 million. The December 31, 2021 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve. The contingent consideration liability resulting from the acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.9 million over the three At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 13,537 $ — $ 13,537 Residential mortgage-backed securities — 114,163 — 114,163 Collateralized mortgage obligations — 5,321 — 5,321 Corporate bonds — 76,019 9,600 85,619 Total available-for-sale securities — 209,040 9,600 218,640 Equity securities: Equity securities - financial services industry 818 — — 818 Money market mutual funds 2,461 — — 2,461 Total equity securities 3,279 — — 3,279 Loans* — — 187 187 Loans held for sale — 37,039 — 37,039 Interest rate locks with customers* — 2,894 — 2,894 Total assets $ 3,279 $ 248,973 $ 9,787 $ 262,039 Liabilities: Contingent consideration liability $ — $ — $ 55 $ 55 Interest rate swaps* — 541 — 541 Credit derivatives* — — 535 535 Forward loan sale commitments* — 752 — 752 Total liabilities $ — $ 1,293 $ 590 $ 1,883 *Such financial instruments are recorded at fair value as further described in Note 18, "Derivative Instruments and Hedging Activities." The $9.6 million of corporate bonds is comprised of one investment grade bond and the Corporation utilizes a third party to estimate the value. The value is derived from a discounted cash flow analysis which utilizes a probability of default input. The $535 thousand of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of ninety-four interest rate swaps with a current notional amount of $643.6 million. The December 31, 2020 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve. At December 31, 2020, the Corporation recorded a $400 thousand unrealized loss within other comprehensive income for recurring Level 3 fair value measurements held at December 31, 2020. 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 years ended December 31, 2021 and 2020. For the Year Ended December 31, 2021 (Dollars in thousands) Balance at Additions Payments received (Decrease) Increase in value Transfer from Level 3 Balance at December 31, 2021 Corporate bonds $ 9,600 $ — $ — $ 277 $ (9,877) $ — Loans 187 — (133) (6) — 48 Credit derivatives (535) (2,097) — 2,251 — (381) Net total $ 9,252 $ (2,097) $ (133) $ 2,522 $ (9,877) $ (333) For the Year Ended December 31, 2020 (Dollars in thousands) Balance at Additions Payments received (Decrease) increase in value Transfer into Level 3 Balance at December 31, 2020 Corporate bonds $ — $ — $ — $ (400) $ 10,000 $ 9,600 Loans 317 — (123) (7) — 187 Credit derivatives (176) (6,092) — 5,733 — (535) Net total $ 141 $ (6,092) $ (123) $ 5,326 $ 10,000 $ 9,252 The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 (Dollars in thousands) Balance at December 31, 2020 Contingent Payment of Adjustment Balance at December 31, 2021 Girard Partners $ 55 $ — $ 58 $ 3 $ — Paul I. Sheaffer Insurance Agency — 1,618 — 11 1,629 Total contingent consideration liability $ 55 $ 1,618 $ 58 $ 14 $ 1,629 For the Year Ended December 31, 2020 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2020 Girard Partners $ 160 $ — $ 121 $ 16 $ 55 Total contingent consideration liability $ 160 $ — $ 121 $ 16 $ 55 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 changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at December 31, 2021 and 2020: At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 33,118 $ 33,118 Other real estate owned — — 279 279 Total $ — $ — $ 33,397 $ 33,397 At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 30,900 $ 30,900 Other real estate owned — — 7,355 7,355 Total $ — $ — $ 38,255 $ 38,255 The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation's consolidated balance sheet but for which the fair value is required to be disclosed at December 31, 2021 and 2020. The disclosed fair values are classified using the fair value hierarchy. At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 890,150 $ — $ — $ 890,150 $ 890,150 Held-to-maturity securities — 178,402 — 178,402 176,983 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 28,186 Net loans and leases held for investment — — 5,244,504 5,244,504 5,204,927 Servicing rights — — 11,331 11,331 7,878 Total assets $ 890,150 $ 178,402 $ 5,255,835 $ 6,324,387 $ 6,308,124 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,570,958 $ — $ — $ 5,570,958 $ 5,570,958 Time deposits — 487,874 — 487,874 484,166 Total deposits 5,570,958 487,874 — 6,058,832 6,055,124 Short-term borrowings — 20,106 — 20,106 20,106 Long-term debt — 95,707 — 95,707 95,000 Subordinated notes — 107,000 — 107,000 98,874 Total liabilities $ 5,570,958 $ 710,687 $ — $ 6,281,645 $ 6,269,104 At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 219,858 $ — $ — $ 219,858 $ 219,858 Held-to-maturity securities — 156,325 — 156,325 151,257 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 28,183 Net loans and leases held for investment — — 5,338,782 5,338,782 5,192,710 Servicing rights — — 6,783 6,783 6,408 Total assets $ 219,858 $ 156,325 $ 5,345,565 $ 5,721,748 $ 5,598,416 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 4,678,940 $ — $ — $ 4,678,940 $ 4,678,940 Time deposits — 574,018 — 574,018 563,775 Total deposits 4,678,940 574,018 — 5,252,958 5,242,715 Short-term borrowings — 17,906 — 17,906 17,906 Long-term debt — 112,968 — 112,968 110,000 Subordinated notes — 190,045 — 190,045 183,515 Total liabilities $ 4,678,940 $ 894,937 $ — $ 5,573,877 $ 5,554,136 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: Loans held for sale are carried at the lower of cost or estimated fair value. 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 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. Individually analyzed loans and leases held for investment: For individually analyzed loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At December 31, 2021, individually analyzed loans held for investment had a carrying amount of $33.1 million with a valuation allowance of $11 thousand. At December 31, 2020, individually analyzed loans held for investment had a carrying amount of $31.5 million with a valuation allowance of $585 thousand. The Corporation had no individually analyzed leases at December 31, 2021 or 2020. Servicing rights: The Corporation estimates the fair value of 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. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At December 31, 2021, servicing rights had a net carrying amount of $7.9 million which included a valuation allowance of $13 thousand. At December 31, 2020, servicing rights had a carrying amount of $6.5 million, which included a valuation allowance of $87 thousand. Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. In accordance with ASC Topic 350, goodwill is tested at least annually for impairment at the reporting unit level. The Corporation performed its annual test of goodwill for impairment during the fourth quarter of 2021 and concluded there was no impairment of goodwill. There was no impairment of goodwill recorded during 2019 through 2020. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2021 and concluded there was no impairment of other intangible assets. There was no impairment of other identifiable intangible assets recorded during 2019 through 2020. Other real estate owned: Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that were used as loan collateral. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on a current appraisal or an executed agreement of sale. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. OREO is reported in other assets on the consolidated balance sheet. At December 31, 2021 and 2020, OREO had a carrying amount of $279 thousand and $7.4 million, respectively. During the year ended December 31, 2021, a commercial real estate property with a carrying value of $7.1 million was sold. Other real estate owned is classified within Level 3 of the valuation hierarchy due to the unique characteristics of the collateral for each loan. Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy. Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy. Subordinated notes: The fair value of subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. |
Share Repurchase Plan
Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share Repurchase Plan | Share Repurchase PlanThe Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means based on general market conditions, the trading price of the Corporation's common stock, tax considerations, alternative uses of capital and the Corporation's results of operation. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. During the years ended December 31, 2021 and 2019, there were no repurchases of common stock under the Corporation's share repurchase program. During the year ended December 31, 2020, the Corporation repurchased 185,072 shares of common stock at a cost of $4.0 million under the Corporation's share repurchase program. At December 31, 2021, there were 679,174 shares available to be repurchased under the program. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Matters | Regulatory Matters The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation's and the Bank's financial statements. Capital adequacy guidelines, and additionally for the Bank, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum capital amounts and ratios are set forth in the following table. To comply with the regulatory definition of well capitalized, a depository institution must maintain minimum capital amounts and ratios as set forth in the following table. Under current rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer, which requires Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50%. The Corporation and the Bank were in compliance with these requirements for 2021. The Corporation's and Bank's actual and required capital ratios as of December 31, 2021 and December 31, 2020 under regulatory capital rules were as follows. Actual For Capital Adequacy To Be Well-Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2021 Total Capital (to Risk-Weighted Assets): Corporation $ 786,300 13.77 % $ 456,902 8.00 % $ 571,128 10.00 % Bank 660,436 11.61 455,178 8.00 568,973 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 633,023 11.08 342,677 6.00 456,902 8.00 Bank 606,033 10.65 341,384 6.00 455,178 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 633,023 11.08 257,008 4.50 371,233 6.50 Bank 606,033 10.65 256,038 4.50 369,832 6.50 Tier 1 Capital (to Average Assets): Corporation 633,023 9.13 277,297 4.00 346,622 5.00 Bank 606,033 8.77 276,471 4.00 345,588 5.00 At December 31, 2020 Total Capital (to Risk-Weighted Assets): Corporation $ 801,368 15.31 % $ 418,811 8.00 % $ 523,513 10.00 % Bank 632,183 12.12 417,416 8.00 521,769 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 563,491 10.76 314,108 6.00 418,811 8.00 Bank 569,821 10.92 313,062 6.00 417,416 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 563,491 10.76 235,581 4.50 340,284 6.50 Bank 569,821 10.92 234,796 4.50 339,150 6.50 Tier 1 Capital (to Average Assets): Corporation 563,491 9.08 248,224 4.00 310,280 5.00 Bank 569,821 9.21 247,494 4.00 309,368 5.00 At December 31, 2021 and December 31, 2020, management believes that the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At December 31, 2021, the Bank is categorized as "well capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events since that management believes have changed the Bank's category. In December 2018, the Federal Reserve announced that a banking organization that experiences a reduction in retained earnings due to the CECL adoption as of the beginning of the fiscal year in which CECL was adopted may elect to phase in the regulatory capital impact of adopting CECL. Transitional amounts are calculated for the following items: retained earnings, temporary difference deferred tax assets and credit loss allowances eligible for inclusion in regulatory capital. When calculating regulatory capital ratios, 25% of the transitional amounts are phased in during the first year. An additional 25% of the transitional amounts are phased in over each of the next two years and at the beginning of the fourth year, the day-one effects of CECL are completely reflected in regulatory capital. Additionally, in March 2020, the Office of the Comptroller of the Currency, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation announced the 2020 CECL interim final rule (IFR) designed to allow eligible firms to better focus on supporting lending to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the coronavirus (COVID-19). The 2020 CECL IFR allows corporations that adopt CECL before December 31, 2020 to defer 100 percent of the day-one transitional amounts described above through December 31, 2021 for regulatory capital purposes. Additionally, the 2020 CECL IFR allows electing firms to defer through December 31, 2021 the approximate portion of the post day-one allowance attributable to CECL relative to the incurred loss methodology. This is calculated by applying a 25% scaling factor to the CECL provision. The Corporation adopted the transition guidance and the 2020 CECL IFR relief and applied these effects to regulatory capital. Dividends and Other Restrictions The primary source of the Corporation's dividends paid to its shareholders is from the earnings of the Bank paid to the Corporation in the form of dividends. The approval of the Federal Reserve Board of Governors is required for a state bank member in the Federal Reserve system to pay dividends if the total of all dividends declared in any calendar year exceeds the Bank's net profits (as defined) for that year combined with its retained net profits for the preceding two calendar years. Under this formula, the Bank can declare dividends in 2022 without approval of the Federal Reserve Board of Governors of approximately $92.8 million plus an additional amount equal to the Bank's net profits for 2022 up to the date of any such dividend declaration. Federal Reserve Board policy applicable to the holding company also provides that, as a general matter, a bank holding company should inform the Federal Reserve and should eliminate, defer or significantly reduce the holding company's dividends if the holding company's net income for the preceding four quarters, net of dividends paid during the period, is not sufficient to fully fund the dividends, the holding company's prospective rate of earnings retention is inconsistent with its capital needs and overall current and prospective financial condition, or the holding company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Federal Reserve Board policy also provides that a bank holding company should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period or that could result in a material adverse change to the organization's capital structure. The Federal Reserve Act requires that the extension of credit by the Bank to certain affiliates, including the Corporation (parent), be secured by readily marketable securities, that the extension of credit to any one affiliate be limited to 10% of the Bank's capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of the Bank's capital and surplus. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Corporation has made loans and commitments to extend credit to certain directors and executive officers of the Corporation and companies in which directors have an interest (Related Parties). These loans and commitments have been made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with customers not related to the lender and did not involve more than the normal risk of collectability or present other unfavorable terms. The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2021: (Dollars in thousands) Balance at January 1, 2021 $ 1,515 Amounts collected and other reductions (1,515) Balance at December 31, 2021 $ — The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2021 Commitments to extend credit $ 380 Deposits received 46,212 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At December 31, 2021, the Corporation had 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. 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 as follows: ● The Banking segment provides financial services to individuals, businesses, municipalities and non-profit 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 investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships. ● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting. The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2021, 2020 and 2019. (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2021 Interest income $ 209,695 $ 2 $ — $ 34 $ 209,731 Interest expense 14,199 — — 7,149 21,348 Net interest income (expense) 195,496 2 — (7,115) 188,383 Reversal of provision for credit losses (10,132) — — — (10,132) Noninterest income 38,419 27,506 16,997 302 83,224 Noninterest expense 132,257 18,390 12,971 3,791 167,409 Intersegment (revenue) expense* (1,292) 656 636 — — Income (expense) before income taxes 113,082 8,462 3,390 (10,604) 114,330 Income tax expense (benefit) 22,735 1,755 707 (2,668) 22,529 Net income (loss) $ 90,347 $ 6,707 $ 2,683 $ (7,936) $ 91,801 Total assets $ 7,006,420 $ 53,608 $ 40,649 $ 21,744 $ 7,122,421 Net capital expenditures $ 5,772 $ 17 $ 20 $ 69 $ 5,878 For the Year Ended December 31, 2020 Interest income $ 203,904 $ 8 $ — $ 33 $ 203,945 Interest expense 22,822 — — 6,762 29,584 Net interest income (expense) 181,082 8 — (6,729) 174,361 Provision for credit losses 40,794 — — — 40,794 Noninterest income 37,910 23,814 16,682 (78) 78,328 Noninterest expense 126,131 15,720 12,142 1,005 154,998 Intersegment (revenue) expense* (1,103) 627 476 — — Income (expense) before income taxes 53,170 7,475 4,064 (7,812) 56,897 Income tax expense (benefit) 9,153 1,525 858 (1,555) 9,981 Net income (loss) $ 44,017 $ 5,950 $ 3,206 $ (6,257) $ 46,916 Total assets $ 6,234,336 $ 48,646 $ 35,906 $ 17,608 $ 6,336,496 Net capital expenditures $ 3,646 $ 24 $ 46 $ 33 $ 3,749 For the Year Ended December 31, 2019 Interest income $ 214,020 $ 41 $ — $ 32 $ 214,093 Interest expense 39,818 — — 5,043 44,861 Net interest income (expense) 174,202 41 — (5,011) 169,232 Provision for credit losses 8,511 — — — 8,511 Noninterest income 23,748 23,946 17,318 410 65,422 Noninterest expense 116,283 15,799 12,477 1,531 146,090 Intersegment (revenue) expense* (1,204) 688 516 — — Income (expense) before income taxes 74,360 7,500 4,325 (6,132) 80,053 Income tax expense (benefit) 13,859 1,392 443 (1,360) 14,334 Net income (loss) $ 60,501 $ 6,108 $ 3,882 $ (4,772) $ 65,719 Total assets $ 5,282,505 $ 44,591 $ 34,291 $ 19,537 $ 5,380,924 Net capital expenditures $ 1,886 $ 84 $ 104 $ 372 $ 2,446 *Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers The following tables disaggregate the Corporation's revenue by major source and reportable segment for the years ended December 31, 2021, 2020 and 2019. (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2021 Net interest income (1) $ 195,496 $ 2 $ — $ (7,115) $ 188,383 Noninterest income: Trust fee income — 8,403 — — 8,403 Service charges on deposit accounts 5,504 — — — 5,504 Investment advisory commission and fee income — 18,936 — — 18,936 Insurance commission and fee income — — 16,357 — 16,357 Other service fee income (2) 9,468 167 640 — 10,275 Bank owned life insurance income (1) 3,869 — — 112 3,981 Net gain on sales of investment securities (1) 145 — — — 145 Net gain on mortgage banking activities (1) 15,141 — — — 15,141 Other income (2) 4,292 — — 190 4,482 Total noninterest income $ 38,419 $ 27,506 $ 16,997 $ 302 $ 83,224 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2020 Net interest income (1) $ 181,082 $ 8 $ — $ (6,729) $ 174,361 Noninterest income: Trust fee income — 7,703 — — 7,703 Service charges on deposit accounts 4,845 — — — 4,845 Investment advisory commission and fee income — 15,944 — — 15,944 Insurance commission and fee income — — 16,087 — 16,087 Other service fee income (2) 6,781 167 595 — 7,543 Bank owned life insurance income (1) 2,831 — — 109 2,940 Net gain on sales of investment securities (1) 871 — — — 871 Net gain on mortgage banking activities (1) 16,442 — — — 16,442 Other income (2) 6,140 — — (187) 5,953 Total noninterest income $ 37,910 $ 23,814 $ 16,682 $ (78) $ 78,328 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2019 Net interest income (1) $ 174,202 $ 41 $ — $ (5,011) $ 169,232 Noninterest income: Trust fee income — 7,826 — — 7,826 Service charges on deposit accounts 5,946 — — — 5,946 Investment advisory commission and fee income — 15,940 — — 15,940 Insurance commission and fee income — — 16,571 — 16,571 Other service fee income (2) 8,414 180 747 — 9,341 Bank owned life insurance income (1) 2,849 — — 330 3,179 Net gain on sales of investment securities (1) 54 — — — 54 Net gain on mortgage banking activities (1) 3,946 — — — 3,946 Other income (2) 2,539 — — 80 2,619 Total noninterest income $ 23,748 $ 23,946 $ 17,318 $ 410 $ 65,422 (1) Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. (2) Other service fee income and other income include certain items that are in scope and certain items that are out of scope of FASB ASC 606 as described further in the following paragraphs. Banking Segment Service charges on deposit accounts are generally earned on depository accounts for commercial and consumer customers and primarily includes fees for account services, overdraft and non-sufficient funds services, and cash management services for commercial customers. Account services include fees for event-driven services such as ATM transactions and fees for periodic account maintenance activities. Cash management services for commercial customers include fees for event-driven services such as lockbox processing and line sweep services and fees for periodic account maintenance activities. The Corporation's obligation for event-driven services is satisfied at the time of the event when the service is delivered, while the obligation for periodic services is satisfied over the course of each month. Obligations for overdraft services are satisfied at the time of the overdraft. Other service fee income is earned from commercial and consumer customers and primarily includes credit and debit card interchange and merchant revenues, mortgage servicing income, which is out of scope of FASB ASC 606 , and other deposit related service fee income such as wire transfers, check services and safe deposit boxes. Interchange and merchant revenues are recognized concurrently with the delivery of services on a monthly basis. Other deposit related service fee income include fees for event-driven services, such as wire transfers and check services, and fees for periodic services such as safe deposit box services. The obligation for event-driven services is satisfied at the time of the event when the service is delivered, while the obligation for periodic services is satisfied over the course of each month. Other income primarily includes net gains or losses from the sales of loans and leases, net gains or losses from the sales or disposition of fixed assets and net gains or losses on interest rate swaps, all of which are out of scope of FASB ASC 606 , and net gains or losses on sales and write-downs of other real estate owned. Net gains or losses on sales of other real estate owned are recognized at the point in time in which control of the other real estate owned is transferred. Wealth Management Segment Trust fee income is earned for providing trust, investment management and other related services. Obligations for trust and other related services are generally satisfied over time but may be satisfied at points in time for certain activities that are transactional in nature and obligations for investment management services are generally performed over time. Fees for trust fee income are typically based on a tiered scale relative to the market value of assets under management and are recognized in conjunction with the delivery of services. Investment advisory commission and fee income include fees for financial planning, guardian and custodian of employee benefits, investment advisory, and brokerage services. Obligations for financial planning, guardian and custodian of employee benefits, and investment advisory services are generally satisfied over time and fees, typically based on a tiered scale relative to the market value of assets under management, are recognized in conjunction with the delivery of services. Brokerage services are typically event driven and are based on the size and number of transactions executed at the client's direction and recognized on the trade date. Insurance Segment Insurance commission and fee income is derived primarily from commissions from the sale of insurance policies, which are generally calculated as a percentage of the policy premium, and contingent income, which is calculated based on the performance of the policies held by each carrier. Obligations for the sale of insurance policies are generally satisfied at the point in time which the policy is executed and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Obligations for contingent income are generally satisfied over time and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Other service fee income is earned from payroll and human resources consulting services. These obligations are generally satisfied over time and are recognized on a periodic basis. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | Condensed Financial Information - Parent Company Only Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2021 2020 Assets: Cash $ 99,608 $ 154,422 Interest-earning deposits with other banks 246 211 Cash and cash equivalents 99,854 154,633 Investments in securities 978 818 Investments in subsidiaries, at equity in net assets: Bank 761,782 719,146 Non-banks — — Other assets 20,521 16,579 Total assets $ 883,135 $ 891,176 Liabilities: Subordinated notes $ 98,874 $ 183,515 Other liabilities 10,467 15,189 Total liabilities 109,341 198,704 Shareholders' equity: 773,794 692,472 Total liabilities and shareholders' equity $ 883,135 $ 891,176 (Dollars in thousands) For the Years Ended December 31, Statements of Income 2021 2020 2019 Dividends from Bank $ 57,526 $ 9,746 $ 29,681 Dividends from non-bank — — — Other income 23,009 21,803 23,943 Total operating income 80,535 31,549 53,624 Interest expense 7,149 6,762 5,043 Operating expenses 26,464 22,852 25,032 Income before income tax benefit and equity in undistributed income of subsidiaries 46,922 1,935 23,549 Income tax benefit (2,668) (1,555) (1,360) Income before equity in undistributed income of subsidiaries 49,590 3,490 24,909 Equity in undistributed income of subsidiaries: Bank 42,211 43,426 40,810 Non-banks — — — Net income $ 91,801 $ 46,916 $ 65,719 (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2021 2020 2019 Cash flows from operating activities: Net income $ 91,801 $ 46,916 $ 65,719 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (42,211) (43,426) (40,810) Bank owned life insurance income (111) (108) (331) Depreciation of premises and equipment 304 320 328 Stock based compensation 3,698 1,480 2,348 Contributions to pension and other postretirement benefit plans (265) (270) (266) (Increase) decrease in other assets (5,654) 2,321 554 Increase (decrease) in other liabilities 2,510 (4,631) (1,319) Net cash provided by operating activities 50,072 2,602 26,223 Cash flow from investing activities: Other, net (68) (32) (371) Net cash used in investing activities (68) (32) (371) Cash flows from financing activities: Proceeds from issuance of subordinated notes — 98,448 — Repayment of subordinated debt (85,000) (10,000) — Purchases of treasury stock (650) (4,452) (2,045) Stock issued under dividend reinvestment and employee stock purchase plans 2,384 2,369 2,233 Proceeds from exercise of stock options 2,058 384 1,203 Cash dividends paid (23,575) (17,536) (23,435) Net cash (used in) provided by financing activities (104,783) 69,213 (22,044) Net (decrease) increase in cash and due from financial institutions (54,779) 71,783 3,808 Cash and cash equivalents at beginning of year 154,633 82,850 79,042 Cash and cash equivalents at end of period $ 99,854 $ 154,633 $ 82,850 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 6,929 $ 5,121 $ 4,800 Income tax, net of refunds received 18,130 16,172 16,460 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization Univest Financial Corporation (the Corporation) through its wholly-owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm, and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency, and Univest Capital, Inc., an equipment financing business. The Bank's subsidiaries enhance the traditional banking services provided by the Bank. The Bank serves Bucks, Berks, Chester, Cumberland, Dauphin, Delaware, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and York Counties in Pennsylvania and Atlantic, Burlington and Cape May Counties in New Jersey through 37 banking offices and provides banking services to the residents and employees of 14 retirement communities. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries, including the Bank as the Corporation's primary subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. |
Use of Estimates | Use of EstimatesThe preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses |
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. Restricted stock awards granted prior to January 1, 2019 represent participating shares. Restricted stock units granted subsequent to January 1, 2019 do not contain nonforfeitable dividend rights and are therefore not participating shares. 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. 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. Antidilutive options are those options with weighted average exercise prices in excess of the weighted average market value. Antidilutive 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Corporation has defined those items included in the caption "Cash and due from banks" and "Interest-earning deposits with other banks" as cash and cash equivalents. Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. |
Investment Securities | Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses recorded in accumulated other comprehensive income, net of estimated income taxes. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Securities purchased with the intention of recognizing short-term profits are placed in a trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2021 or 2020. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities, which are amortized to the next call date. D ue to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method, and are included in the consolidated statements of income. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $414 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The Corporation obtains its forecast data through a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario, and utilizes a single scenario, or a combination of scenarios, in the model. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance for credit losses on available-for-sale debt securities is included within Investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within Provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $593 thousand at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. Equity securities are measured at fair value with changes in fair value recognized in net income. Investment Securities - Prior to ASU No. 2016-13 adoption The Corporation adopted ASU No. 2016-13 effective January 1, 2020. Financial statement amounts related to Investment Securities recorded as of December 31, 2019 and for the period ended December 31, 2019 is presented in accordance with the accounting policies described in the following sections. The following sections were carried forward from the Annual Report on Form 10-K for the year ended December 31, 2019. Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2019. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities which are amortized to the earliest call date, effective January 1, 2019, in accordance with ASU No. 2017-08. D ue to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. Management evaluates debt securities, which are comprised of U.S. government, government sponsored agencies, municipalities, corporations and other issuers, for other-than-temporary impairment by considering the current economic conditions, the length of time and the extent to which the fair value has been less than cost, market interest rates, creditworthiness of the issuer and the credit rating of each security. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. |
Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values | Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2021 and 2020, the Bank held $14.6 million in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the Federal Home Loan Bank (FHLB), and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held $13.5 million of FHLB stock at December 31, 2021 and 2020. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and periodically evaluated for impairment based on ultimate recovery of par value. The Corporation determined there was no impairment of its investments in these stocks at December 31, 2021 or 2020. |
Loans Held For Sale | Loans Held for SaleThe Corporation may elect the fair value option for loans intended for sale in the secondary market. This election is made on a loan level basis at the time of origination. If the fair value option is not elected, loans held for sale were carried at the lower of aggregate cost or estimated fair value. As of December 31, 2021 and 2020, loans held for sale were accounted for under the fair value option. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. |
Loans and Leases | Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management's judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. 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 90 days past due. The Corporation modified certain loans and leases via principal and/or interest deferrals in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus during the years ended December 31, 2020 and 2021 . In accordance with such guidance, these loans and leases were not categorized as troubled debt restructurings. Accrued interest receivable on loans and leases held for investment totaled $11.9 million at December 31, 2021 and is included within Accrued interest receivable and other assets on the consolidated balance sheet. $11.5 million of this amount is excluded from the estimate of expected credit losses. $355 thousand of this amount represents accrued interest receivable on loans that were modified in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus and includes an allowance for credit losses of $5 thousand. Overdraft deposits are reclassified as loans and are included in the total loans and leases on the balance sheet. |
Loan and Lease Fees | Loan and Lease Fees Fees collected upon loan or lease originations and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. 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 classified within net interest income. |
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL on loans and leases is measured on a collective (pooled) basis when similar risk characteristics exist. The ACL on loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL on loans and leases. Management evaluates the ACL on loans and leases on a quarterly basis and when changes in the reserve are necessary, an adjustment is made. The ACL on loans and leases is included within Allowance for credit losses, loans and leases on the consolidated balance sheet. Changes in the ACL on loans and leases are recorded within Provision for credit losses on the consolidated statements of income. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis of such loans and leases to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides one of the bases for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) recovery delay, (5) reasonable and supportable economic forecasts, (6) forecast reversion period, (7) expected recoveries on charged off loans, and (8) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selects economic factors for each loan pool that have strong correlations to historical default rates, and reviews the economic factors selected on an annual basis. For the period ended December 31, 2021, the factors management selected were unemployment rate, GDP, and housing pricing index. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan and lease level transaction data is used to calculate quarterly prepayment rates using available historical loan and lease level data. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Recovery Delay The recovery delay input within the DCF calculation represents an estimate of the period of time between when a modeled default occurs and the ultimate resolution of that default, specifically the portion of that default that does not result in a loss. Management analyzes historical recovery activity on previous default activity to subjectively determine an appropriate recovery delay for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario and utilizes a single scenario, or a combination of scenarios, in the model. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments which can be reasonably estimated for each pool. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Instruments will not be included in both collective and individual analyses. Individual analysis will establish a specific reserve for instruments in scope. All loans on nonaccrual status are individually evaluated for a specific reserve. Management considers a financial asset as collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral, based on management's assessment as of the reporting date. Reserve for Loan and Lease Losses - Prior to ASU No. 2016-13 adoption The Corporation adopted ASU No. 2016-13 effective January 1, 2020. Financial statement amounts related to the Allowance For Credit Losses On Loans and Leases recorded as of December 31, 2019 and for the period ended December 31, 2019 is presented in accordance with the accounting policies described in the following sections. The following sections were carried forward from the Annual Report on Form 10-K for the year ended December 31, 2019. The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans and leases on a quarterly basis. When changes in the reserve are necessary, an adjustment is made The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the valuation allowance or net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank adds a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses over a determined observation period and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; • Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the size and composition of the portfolio and in the terms of loans; • Changes in the experience, ability, and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. |
Premises and Equipment | Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the expected life of the related lease or the remaining estimated useful life of the asset. The estimated useful life for new buildings constructed on land owned is forty years. For new buildings constructed on leased land or land improvements, the estimated useful life is the initial term including anticipated renewable terms, typically not exceeding twenty-five years. The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Furniture, fixtures and equipment have estimated useful lives ranging from three |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized using the sum of the year's digits over their estimated useful lives of up to fifteen years. Customer-related intangibles are the value associated with the existing customer base acquired in business combinations accounted for under the purchase method. Customer-related intangibles are amortized over their estimated useful lives of five st as the date to perform the annual impairment test. Servicing rights are recognized as separate assets when loans are sold and the servicing rights are retained. Capitalized servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Servicing rights are evaluated for impairment, on a quarterly basis, based upon the estimated fair value of the rights as compared to their amortized cost. The Corporation estimates the fair value of 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 portfolios serviced. The impairment test stratifies servicing assets based on predominant risk characteristics of the underlying financial assets such as the term and interest rate. In conjunction with the impairment test, the Corporation records a valuation allowance when the fair value of the stratified servicing asset is less than amortized cost. Subsequent changes in the valuation of the assets are recorded as either an increase or a reduction of the valuation allowance, however, if the fair value exceeds amortized cost, such excess will not be recognized. |
Bank Owned Life Insurance | Bank Owned Life InsuranceThe Corporation has invested in bank-owned life insurance (BOLI). BOLI involves the purchasing of life insurance by the Corporation for certain employees. The Corporation is the owner and beneficiary of the policies, however certain policies include split-dollar endorsements. Under these endorsements, beneficiaries of the insured individuals are entitled to a portion of the proceeds from the policy upon death of the insured. The life insurance investment is carried at the net cash surrender value of the underlying policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank-owned life insurance are reflected on the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement period. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that were used as loan collateral. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on current appraisals. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in Other income. OREO is reported in Accrued interest receivable and other assets on the consolidated balance sheet. |
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 non-contributory retirement plan. Effective December 31, 2009, the benefits previously accrued under the non-contributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion, the plan provided benefits based on a formula of each participant's final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the plan. Employees hired on or after December 8, 2009 are not eligible to participate in the non-contributory retirement plan. The Corporation also maintains a non-qualified benefit plan that 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. This non-qualified benefit plan is not offered to new participants and all current participants are now retired. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation's measurement date for plan assets and obligations is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan, which was established in 1981 prior to the existence of 401(k) deferred salary savings, employee stock purchase and long-term incentive plans, and therefore is not offered to new participants. All current participants are now retired. This non-qualified plan is accounted for under guidance for deferred compensation arrangements. |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its consolidated balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying transaction is recognized in earnings. To determine fair value, the Corporation uses third-party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. The entire change in the fair values of the derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in interest income. In a fair value hedge, the entire change in the fair values of the interest rate swap and hedged item included in the assessment of hedge effectiveness is recorded in interest income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. The Corporation records the fair value of credit derivatives in other liabilities on the consolidated balance sheets. The Corporation recognizes changes in the fair value of credit derivatives, net of any fees received, in other noninterest income in the consolidated statements of income. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. |
Off-balance Sheet Commitments and Reserve For Unfunded Commitments | Off-balance Sheet Commitments and Reserve for Unfunded Commitments Commitments are made to accommodate the financial needs of customers. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. The Corporation maintains a reserve for off-balance sheet credit exposures that are currently unfunded. Management calculates funding rates using historical loan level data at the portfolio level. The current quarter's funding rate is subtracted from the maximum historical funding rate which is then applied to each pool's total available line of credit. The applicable ACL pool level loss rates for the current quarter are then applied to calculate the reserve for unfunded commitments liability each period. The reserve for off-balance sheet credit exposures is included within Accrued expenses and other liabilities on the consolidated balance sheet. Changes in the reserve for off-balance sheet credit exposures are recorded within Provision for credit losses on the consolidated statement of income. |
Lease Liabilities and Right-of-Use Assets | Lease Liabilities and Right-of-Use Assets 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. 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 possession 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 substantial majority of the Corporation's leases are related to properties of the Bank. The Corporation separately accounts for lease and non-lease components such as property taxes, insurance, and maintenance costs. Operating lease 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 December 31, 2021, the Corporation's leases have remaining terms of 16 months to 22 years. |
Income Taxes | Income TaxesThere are two components of income tax expense: current and deferred. Current income taxes approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management's judgment based upon available evidence that future taxes are "more likely than not" to be realized. If management determines that the Corporation is not more likely than not to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a nondeductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. |
Stock-Based Compensation | Stock-Based Compensation The fair value of share-based awards is recognized as compensation expense over the vesting period, on a straight-line basis, based on the grant-date fair value of the awards. The fair value of restricted stock is equivalent to the fair value of the Corporation's common stock on the date of grant. The Corporation grants performance-based and service-based restricted stock. The performance-based restricted stock vests based upon the Corporation's performance with respect to certain financial measures over a three-year period and based on the passage of time. The service-based restricted stock vests based on the passage of time. The fair value of restricted stock is recognized as compensation expense over the vesting period and for performance-based restricted stock is adjusted for a probability factor of achieving the performance goals. |
Revenue Recognition | Revenue Recognition The Corporation's revenue is the sum of net interest income and noninterest income. Revenues are recognized when obligations under the terms of contracts with customers are satisfied, including the transfer of control of the promised goods or |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2021 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) the 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 was effective on January 1, 2021 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements. In December 2019, the FASB issued ASU No. 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. This ASU was effective on January 1, 2021 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted In January 2020, the FASB issued ASU No. 2020-01, " Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 ." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective on January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2020, the FASB issued ASU No. 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption effective immediately, or as of January 1, 2020 or any date thereafter for the Corporation, and applies prospectively to contract modifications and hedging relationships. The one-time election to sell and/or transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020. The Corporation is in the process of evaluating the amendments and determining the impact on our financial statements. In August 2020, the FASB issued ASU No. 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ." This guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU also simplify the guidance in ASC 815-40 by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and require entities to presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2021, the FASB issued ASU No. 2021-01, which refines the scope of ASU No. 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", and clarifies some of its guidance as part of the Board’s monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands, except per share data) 2021 2020 2019 Numerator: Net income $ 91,801 $ 46,916 $ 65,719 Net income allocated to unvested restricted stock awards (26) (69) (236) Net income allocated to common shares $ 91,775 $ 46,847 $ 65,483 Denominator: Weighted average shares outstanding 29,403 29,244 29,300 Average unvested restricted stock awards (8) (46) (107) Denominator for basic earnings per share —weighted-average shares outstanding 29,395 29,198 29,193 Effect of dilutive securities—employee stock options and restricted stock units 159 70 68 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,554 29,268 29,261 Basic earnings per share $ 3.12 $ 1.60 $ 2.24 Diluted earnings per share $ 3.11 $ 1.60 $ 2.24 Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share 277 491 325 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Held to Maturity Securities and Available for Sale Securities by Contractual Maturity | The following tables show the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at December 31, 2021 and 2020, by contractual maturity within each type: At December 31, 2021 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: Within 1 year $ 6,999 $ 34 $ — $ — $ 7,033 6,999 34 — — 7,033 Residential mortgage-backed securities: After 5 years to 10 years 5,208 194 — — 5,402 Over 10 years 164,776 2,175 (984) — 165,967 169,984 2,369 (984) — 171,369 Total $ 176,983 $ 2,403 $ (984) $ — $ 178,402 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 2,326 $ 7 $ — $ — $ 2,333 2,326 7 — — 2,333 Residential mortgage-backed securities: Within 1 year 31 — — — 31 After 1 year to 5 years 153 5 — — 158 After 5 years to 10 years 2,286 82 — — 2,368 Over 10 years 220,153 671 (2,276) — 218,548 222,623 758 (2,276) — 221,105 Collateralized mortgage obligations: After 5 years to 10 years 481 7 — — 488 Over 10 years 2,813 — (23) — 2,790 3,294 7 (23) — 3,278 Corporate bonds: Within 1 year 2,500 4 — — 2,504 After 1 year to 5 years 28,731 755 (67) (51) 29,368 After 5 years to 10 years 60,000 — (703) (878) 58,419 91,231 759 (770) (929) 90,291 Total $ 319,474 $ 1,531 $ (3,069) $ (929) $ 317,007 At December 31, 2020 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 6,998 $ 171 $ — $ — $ 7,169 6,998 171 — — 7,169 Residential mortgage-backed securities: After 5 years to 10 years 6,325 253 — — 6,578 Over 10 years 137,934 4,644 — — 142,578 144,259 4,897 — — 149,156 Total $ 151,257 $ 5,068 $ — $ — $ 156,325 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 3,560 $ 33 $ — $ — $ 3,593 After 5 years to 10 years 9,881 63 — — 9,944 13,441 96 — — 13,537 Residential mortgage-backed securities: After 1 year to 5 years 323 10 — — 333 After 5 years to 10 years 1,664 58 — — 1,722 Over 10 years 110,018 2,153 (63) — 112,108 112,005 2,221 (63) — 114,163 Collateralized mortgage obligations: After 5 years to 10 years 754 21 — — 775 Over 10 years 4,561 — (15) — 4,546 5,315 21 (15) — 5,321 Corporate bonds: Within 1 year 499 2 — — 501 After 1 year to 5 years 29,498 1,440 — (16) 30,922 After 5 years to 10 years 60,496 3 (5,450) (853) 54,196 90,493 1,445 (5,450) (869) 85,619 Total $ 221,254 $ 3,783 $ (5,528) $ (869) $ 218,640 |
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Securities available-for-sale: Proceeds from sales $ 4,636 $ 66,421 $ 26,494 Gross realized gains on sales 145 885 78 Gross realized losses on sales — 14 24 Tax expense related to net realized gains on sales 30 183 11 |
Schedule of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021 and 2020, by the length of time those securities were in a continuous loss position. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2021 Securities Held-to-Maturity Residential mortgage-backed securities $ 89,837 $ (984) $ — $ — $ 89,837 $ (984) Total $ 89,837 $ (984) $ — $ — $ 89,837 $ (984) Securities Available-for-Sale Residential mortgage-backed securities $ 164,326 $ (1,816) $ 12,097 $ (460) $ 176,423 $ (2,276) Collateralized mortgage obligations 2,790 (23) — — 2,790 (23) Corporate bonds 779 (1) — — 779 (1) Total $ 167,895 $ (1,840) $ 12,097 $ (460) $ 179,992 $ (2,300) At December 31, 2020 Securities Held-to-Maturity Total $ — $ — $ — $ — $ — $ — Securities Available-for-Sale Residential mortgage-backed securities $ 13,677 $ (62) $ 31 $ (1) $ 13,708 $ (63) Collateralized mortgage obligations 4,545 (15) — — 4,545 (15) Total $ 18,222 $ (77) $ 31 $ (1) $ 18,253 $ (78) |
Available-for-sale Securities, Allowance for Credit Loss Rollforward | The table below presents a rollforward by major security type for the years ended December 31, 2021 and 2020 of the allowance for credit losses on securities available-for-sale. (Dollars in thousands) Corporate Bonds For the Year Ended December 31, 2021 Securities Available-for-Sale Beginning balance $ (869) Additions for securities for which no previous expected credit losses were recognized (44) Change in securities for which a previous expected credit loss was recognized (16) Ending balance $ (929) For the Year Ended December 31, 2020 Securities Available-for-Sale Beginning balance $ — Adjustment to initially apply ASU No. 2016-13 for CECL (300) Change in securities for which a previous expected credit loss was recognized (569) Ending balance $ (869) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | At December 31, (Dollars in thousands) 2021 2020 Commercial, financial and agricultural $ 956,396 $ 892,665 Paycheck Protection Program 31,748 483,773 Real estate-commercial 2,718,535 2,458,872 Real estate-construction 283,918 243,355 Real estate-residential secured for business purpose 409,900 381,446 Real estate-residential secured for personal purpose 540,566 487,600 Real estate-home equity secured for personal purpose 158,909 166,609 Loans to individuals 25,504 27,482 Lease financings 184,541 165,039 Total loans and leases held for investment, net of deferred income 5,310,017 5,306,841 Less: Allowance for credit losses, loans and leases (71,924) (83,044) Net loans and leases held for investment $ 5,238,093 $ 5,223,797 Imputed interest on lease financings, included in the above table $ (19,104) $ (17,670) Net deferred costs (fees), included in the above table 3,408 (2,903) Overdraft deposits included in the above table 4,268 948 |
Schedule of Age Analysis of Past Due Loans and Leases | The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at December 31, 2021 and 2020: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At December 31, 2021 Commercial, financial and agricultural $ 3,407 $ 894 $ — $ 4,301 $ 951,647 $ 955,948 $ 448 $ 956,396 Paycheck Protection Program 367 — — 367 31,381 31,748 — 31,748 Real estate—commercial real estate and construction: Commercial real estate 234 — — 234 2,690,401 2,690,635 27,900 2,718,535 Construction — — — — 283,918 283,918 — 283,918 Real estate—residential and home equity: Residential secured for business purpose 542 — 216 758 406,955 407,713 2,187 409,900 Residential secured for personal purpose 2,976 162 — 3,138 535,379 538,517 2,049 540,566 Home equity secured for personal purpose 646 129 — 775 157,589 158,364 545 158,909 Loans to individuals 90 27 180 297 25,207 25,504 — 25,504 Lease financings 774 397 102 1,273 183,187 184,460 81 184,541 Total $ 9,036 $ 1,609 $ 498 $ 11,143 $ 5,265,664 $ 5,276,807 $ 33,210 $ 5,310,017 Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At December 31, 2020 Commercial, financial and agricultural $ 1,104 $ 279 $ 50 $ 1,433 $ 888,405 $ 889,838 $ 2,827 $ 892,665 Paycheck Protection Program — — — — 483,773 483,773 — 483,773 Real estate—commercial real estate and construction: Commercial real estate 3,230 859 945 5,034 2,431,099 2,436,133 22,739 2,458,872 Construction 361 — — 361 242,994 243,355 — 243,355 Real estate—residential and home equity: Residential secured for business purpose 3,726 603 — 4,329 374,331 378,660 2,786 381,446 Residential secured for personal purpose 6,057 80 — 6,137 479,377 485,514 2,086 487,600 Home equity secured for personal purpose 607 32 — 639 164,923 165,562 1,047 166,609 Loans to individuals 190 74 185 449 27,033 27,482 — 27,482 Lease financings 898 291 212 1,401 163,431 164,832 207 165,039 Total $ 16,173 $ 2,218 $ 1,392 $ 19,783 $ 5,255,366 $ 5,275,149 $ 31,692 $ 5,306,841 |
Schedule of Nonperforming Loans and Leases | The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2021 and 2020. At December 31, 2021 2020 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 448 $ — $ — $ 448 $ 2,827 $ — $ 50 $ 2,877 Real estate—commercial real estate and construction: Commercial real estate 27,900 — — 27,900 22,739 — 945 23,684 Real estate—residential and home equity: Residential secured for business purpose 2,187 — 216 2,403 2,786 — — 2,786 Residential secured for personal purpose 2,049 — — 2,049 2,086 — — 2,086 Home equity secured for personal purpose 545 51 — 596 1,047 53 — 1,100 Loans to individuals — — 180 180 — — 185 185 Lease financings 81 — 102 183 207 — 212 419 Total $ 33,210 $ 51 $ 498 $ 33,759 $ 31,692 $ 53 $ 1,392 $ 33,137 * Includes nonaccrual troubled debt restructured loans of $758 thousand and $14.1 million at December 31, 2021 and December 31, 2020, respectively. |
Nonaccrual Loans and Leases Data | The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of December 31, 2021 and 2020. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans 90 Days or more Past Due and Accruing Interest At December 31, 2021 Commercial, financial and agricultural $ 448 $ — $ 448 $ — Real estate-commercial 27,818 82 27,900 — Real estate-residential secured for business purpose 2,187 — 2,187 216 Real estate-residential secured for personal purpose 2,049 — 2,049 — Real estate-home equity secured for personal purpose 545 — 545 — Loans to individuals — — — 180 Lease financings — 81 81 102 Total $ 33,047 $ 163 $ 33,210 $ 498 At December 31, 2020 Commercial, financial and agricultural $ 2,187 $ 640 $ 2,827 $ 50 Real estate-commercial 22,739 — 22,739 945 Real estate-residential secured for business purpose 2,663 123 2,786 — Real estate-residential secured for personal purpose 1,958 128 2,086 — Real estate-home equity secured for personal purpose 1,047 — 1,047 — Loans to individuals — — — 185 Lease financings — 207 207 212 Total $ 30,594 $ 1,098 $ 31,692 $ 1,392 For the year ended December 31, 2021, $19 thousand of interest income was recognized on nonaccrual loans and leases. The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of December 31, 2021 and 2020. (Dollars in thousands) Real Estate Other (1) None (2) Total At December 31, 2021 Commercial, financial and agricultural $ 273 $ — $ 175 $ 448 Real estate-commercial 27,900 — — 27,900 Real estate-residential secured for business purpose 2,187 — — 2,187 Real estate-residential secured for personal purpose 2,049 — — 2,049 Real estate-home equity secured for personal purpose 545 — — 545 Lease financings — 81 — 81 Total $ 32,954 $ 81 $ 175 $ 33,210 (Dollars in thousands) Real Estate Other (1) None (3) Total At December 31, 2020 Commercial, financial and agricultural $ 1,351 $ 1,194 $ 282 $ 2,827 Real estate-commercial 22,739 — — 22,739 Real estate-residential secured for business purpose 2,786 — — 2,786 Real estate-residential secured for personal purpose 2,086 — — 2,086 Real estate-home equity secured for personal purpose 1,047 — — 1,047 Lease financings — 207 — 207 Total $ 30,009 $ 1,401 $ 282 $ 31,692 (1) Collateral consists of business assets, including accounts receivable, personal property and equipment. (2) Loans fully guaranteed by the SBA. (3) Loans fully reserved given lack of collateral. |
Summary of Commercial Credit Quality Indicators | The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. 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. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of Commercial, financial and agricultural loans, Paycheck Protection Program loans, Real-estate commercial loans, Real-estate construction loans and Real estate-residential secured for a business purpose loans. 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 Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for Commercial, financial and agricultural loans, Paycheck Protection Program loans, Real-estate commercial loans, Real-estate construction loans and Real estate-residential secured for a business purpose loans by credit quality indicator at December 31, 2021 and 2020. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2021 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 215,197 $ 79,739 $ 69,618 $ 52,507 $ 23,253 $ 49,827 $ 442,288 $ 932,429 2. Special Mention 1,001 3,459 2,389 394 428 1,231 10,162 19,064 3. Substandard — — — — 16 200 4,687 4,903 Total $ 216,198 $ 83,198 $ 72,007 $ 52,901 $ 23,697 $ 51,258 $ 457,137 $ 956,396 Paycheck Protection Program Risk Rating 1. Pass $ 31,554 $ 194 $ — $ — $ — $ — $ — $ 31,748 2. Special Mention — — — — — — — — 3. Substandard — — — — — — — — Total $ 31,554 $ 194 $ — $ — $ — $ — $ — $ 31,748 Real Estate-Commercial Risk Rating 1. Pass $ 802,878 $ 858,426 $ 407,944 $ 155,892 $ 195,756 $ 172,702 $ 48,354 $ 2,641,952 2. Special Mention 2,567 14,338 23,134 — 916 5,630 98 46,683 3. Substandard — 22,055 3,405 1,995 1,110 1,335 — 29,900 Total $ 805,445 $ 894,819 $ 434,483 $ 157,887 $ 197,782 $ 179,667 $ 48,452 $ 2,718,535 Real Estate-Construction Risk Rating 1. Pass $ 137,622 $ 59,952 $ 38,592 $ 9,995 $ 198 $ — $ 8,543 $ 254,902 2. Special Mention 4,684 500 3,832 20,000 — — — 29,016 3. Substandard — — — — — — — — Total $ 142,306 $ 60,452 $ 42,424 $ 29,995 $ 198 $ — $ 8,543 $ 283,918 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 154,423 $ 84,982 $ 51,970 $ 34,373 $ 28,852 $ 25,819 $ 25,564 $ 405,983 2. Special Mention 210 352 — — 73 1,093 — 1,728 3. Substandard — — — 45 24 1,549 571 2,189 Total $ 154,633 $ 85,334 $ 51,970 $ 34,418 $ 28,949 $ 28,461 $ 26,135 $ 409,900 Totals By Risk Rating 1. Pass $ 1,341,674 $ 1,083,293 $ 568,124 $ 252,767 $ 248,059 $ 248,348 $ 524,749 $ 4,267,014 2. Special Mention 8,462 18,649 29,355 20,394 1,417 7,954 10,260 96,491 3. Substandard — 22,055 3,405 2,040 1,150 3,084 5,258 36,992 Total $ 1,350,136 $ 1,123,997 $ 600,884 $ 275,201 $ 250,626 $ 259,386 $ 540,267 $ 4,400,497 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2020 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 162,547 $ 93,967 $ 74,722 $ 38,906 $ 17,371 $ 56,053 $ 427,336 $ 870,902 2. Special Mention 2,723 783 316 500 777 1,144 8,318 14,561 3. Substandard — 430 362 28 — 627 5,755 7,202 Total $ 165,270 $ 95,180 $ 75,400 $ 39,434 $ 18,148 $ 57,824 $ 441,409 $ 892,665 Paycheck Protection Program Risk Rating 1. Pass $ 483,773 $ — $ — $ — $ — $ — $ — $ 483,773 2. Special Mention — — — — — — — — 3. Substandard — — — — — — — — Total $ 483,773 $ — $ — $ — $ — $ — $ — $ 483,773 Real Estate-Commercial Risk Rating 1. Pass $ 1,084,157 $ 481,997 $ 223,646 $ 268,236 $ 143,041 $ 157,503 $ 43,008 $ 2,401,588 2. Special Mention 6,220 10,076 3,498 — 1,250 5,870 1,247 28,161 3. Substandard 3,803 3,998 709 11,383 1,207 6,690 1,333 29,123 Total $ 1,094,180 $ 496,071 $ 227,853 $ 279,619 $ 145,498 $ 170,063 $ 45,588 $ 2,458,872 Real Estate-Construction Risk Rating 1. Pass $ 116,840 $ 59,507 $ 39,009 $ 113 $ 2,950 $ — $ 3,711 $ 222,130 2. Special Mention 21,225 — — — — — — 21,225 3. Substandard — — — — — — — — Total $ 138,065 $ 59,507 $ 39,009 $ 113 $ 2,950 $ — $ 3,711 $ 243,355 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 118,925 $ 72,149 $ 52,775 $ 43,347 $ 37,768 $ 25,170 $ 25,510 $ 375,644 2. Special Mention 1,354 — 188 77 175 130 — 1,924 3. Substandard 28 991 50 64 1,065 962 718 3,878 Total $ 120,307 $ 73,140 $ 53,013 $ 43,488 $ 39,008 $ 26,262 $ 26,228 $ 381,446 Totals By Risk Rating 1. Pass $ 1,966,242 $ 707,620 $ 390,152 $ 350,602 $ 201,130 $ 238,726 $ 499,565 $ 4,354,037 2. Special Mention 31,522 10,859 4,002 577 2,202 7,144 9,565 65,871 3. Substandard 3,831 5,419 1,121 11,475 2,272 8,279 7,806 40,203 Total $ 2,001,595 $ 723,898 $ 395,275 $ 362,654 $ 205,604 $ 254,149 $ 516,936 $ 4,460,111 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. |
Summary of Credit Exposure | The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: Real-estate residential secured for personal purpose loans, Real-estate home equity secured for personal purpose loans, Loans to individuals and Lease financings. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for Real-estate residential secured for personal purpose loans, Real-estate home equity secured for personal purpose loans, Loans to individuals and Lease financings by credit quality indicator at December 31, 2021 and 2020. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2021 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 219,680 $ 162,609 $ 34,102 $ 23,065 $ 19,912 $ 78,960 $ 189 $ 538,517 2. Nonperforming 53 634 — 371 — 991 — 2,049 Total $ 219,733 $ 163,243 $ 34,102 $ 23,436 $ 19,912 $ 79,951 $ 189 $ 540,566 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 961 $ 876 $ 370 $ 415 $ 704 $ 1,655 $ 153,332 $ 158,313 2. Nonperforming — — — 173 — 60 363 596 Total $ 961 $ 876 $ 370 $ 588 $ 704 $ 1,715 $ 153,695 $ 158,909 Loans to Individuals Payment Performance 1. Performing $ 1,376 $ 893 $ 722 $ 466 $ 100 $ 1,673 $ 20,094 $ 25,324 2. Nonperforming — — — — — 180 — 180 Total $ 1,376 $ 893 $ 722 $ 466 $ 100 $ 1,853 $ 20,094 $ 25,504 Lease Financings Payment Performance 1. Performing $ 83,161 $ 51,808 $ 28,405 $ 16,389 $ 4,204 $ 391 $ — $ 184,358 2. Nonperforming — 14 64 58 7 40 — 183 Total $ 83,161 $ 51,822 $ 28,469 $ 16,447 $ 4,211 $ 431 $ — $ 184,541 Totals by Payment Performance 1. Performing $ 305,178 $ 216,186 $ 63,599 $ 40,335 $ 24,920 $ 82,679 $ 173,615 $ 906,512 2. Nonperforming 53 648 64 602 7 1,271 363 3,008 Total $ 305,231 $ 216,834 $ 63,663 $ 40,937 $ 24,927 $ 83,950 $ 173,978 $ 909,520 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2020 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 191,987 $ 61,880 $ 56,314 $ 50,983 $ 38,975 $ 84,138 $ 1,237 $ 485,514 2. Nonperforming 666 — 56 — — 1,364 — 2,086 Total $ 192,653 $ 61,880 $ 56,370 $ 50,983 $ 38,975 $ 85,502 $ 1,237 $ 487,600 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 1,195 $ 815 $ 829 $ 1,160 $ 518 $ 2,189 $ 158,803 $ 165,509 2. Nonperforming — — 198 — — 36 866 1,100 Total $ 1,195 $ 815 $ 1,027 $ 1,160 $ 518 $ 2,225 $ 159,669 $ 166,609 Loans to Individuals Payment Performance 1. Performing $ 1,795 $ 1,425 $ 970 $ 441 $ 220 $ 2,266 $ 20,180 $ 27,297 2. Nonperforming — — — — — 23 162 185 Total $ 1,795 $ 1,425 $ 970 $ 441 $ 220 $ 2,289 $ 20,342 $ 27,482 Lease Financings Payment Performance 1. Performing $ 72,173 $ 45,972 $ 30,679 $ 11,613 $ 3,616 $ 567 $ — $ 164,620 2. Nonperforming 12 182 5 205 7 8 — 419 Total $ 72,185 $ 46,154 $ 30,684 $ 11,818 $ 3,623 $ 575 $ — $ 165,039 Totals by Payment Performance 1. Performing $ 267,150 $ 110,092 $ 88,792 $ 64,197 $ 43,329 $ 89,160 $ 180,220 $ 842,940 2. Nonperforming 678 182 259 205 7 1,431 1,028 3,790 Total $ 267,828 $ 110,274 $ 89,051 $ 64,402 $ 43,336 $ 90,591 $ 181,248 $ 846,730 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at December 31, 2021 or 2020. |
Summary of Activity in the Allowance for Credit Losses, Loans and Leases | The allowance for credit losses (ACL) on loans decreased during the year ended December 31, 2021 primarily due to favorable changes in economic-related assumptions, which were impacted by the ongoing recovery from the COVID-19 pandemic, partially offset by loan growth. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the year ended December 31, 2021. The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) Beginning balance Adjustment to initially apply ASU No. 2016-13 for CECL (Reversal of provision) provision for credit losses Charge-offs Recoveries Ending balance For the Year Ended December 31, 2021 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 13,584 $ — $ (32) $ (1,641) $ 1,625 $ 13,536 Paycheck Protection Program — — 2 — — 2 Real Estate-Commercial 52,230 — (11,339) (594) 798 41,095 Real Estate-Construction 3,298 — 1,277 — — 4,575 Real Estate-Residential Secured for Business Purpose 7,317 — (688) (227) 80 6,482 Real Estate-Residential Secured for Personal Purpose 3,055 — (652) — — 2,403 Real Estate-Home Equity Secured for Personal Purpose 1,176 — (212) — 64 1,028 Loans to Individuals 533 — (35) (240) 105 363 Lease Financings 1,701 — 772 (311) 128 2,290 Unallocated 150 — — N/A N/A 150 Total $ 83,044 $ — $ (10,907) $ (3,013) $ 2,800 $ 71,924 For the Year Ended December 31, 2020 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 8,759 $ 5,284 $ 680 $ (1,884) $ 745 $ 13,584 Real Estate-Commercial 15,750 6,208 33,090 (2,853) 35 52,230 Real Estate-Construction 2,446 29 823 — — 3,298 Real Estate-Residential Secured for Business Purpose 2,622 2,502 2,306 (188) 75 7,317 Real Estate-Residential Secured for Personal Purpose 2,713 (706) 1,229 (181) — 3,055 Real Estate-Home Equity Secured for Personal Purpose 1,076 (364) 449 — 15 1,176 Loans to Individuals 470 104 146 (267) 80 533 Lease Financings 1,311 (135) 750 (526) 301 1,701 Unallocated 184 — (34) N/A N/A 150 Total $ 35,331 $ 12,922 $ 39,439 $ (5,899) $ 1,251 $ 83,044 For the Year Ended December 31, 2019 Allowance for credit losses, loans and leases: Commercial, Financial and Agricultural $ 7,983 $ — $ 2,374 $ (1,965) $ 367 $ 8,759 Real Estate-Commercial and Construction 13,903 — 4,602 (402) 93 18,196 Real Estate-Residential Secured for Business Purpose 2,236 — 396 (122) 112 2,622 Real Estate-Residential and Home Equity Secured for Personal Purpose 3,199 — 781 (212) 21 3,789 Loans to Individuals 484 — 246 (335) 75 470 Lease Financings 1,288 — 206 (427) 244 1,311 Unallocated 271 — (87) N/A N/A 184 Total $ 29,364 $ — $ 8,518 $ (3,463) $ 912 $ 35,331 N/A – Not applicable |
Schedule of Allowance for Loan and Lease Credit Losses and Recorded Investment in Loans and Leases | The following presents, by portfolio segment, the balance in the ACL on loans and leases disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at December 31, 2021 and 2020: Allowance for credit losses, loans and leases Loans and leases held for investment (Dollars in thousands) Ending balance: individually analyzed Ending balance: pooled Total ending balance Ending balance: individually analyzed Ending balance: pooled Loans measured at fair value Total ending balance At December 31, 2021 Commercial, Financial and Agricultural $ — $ 13,536 $ 13,536 $ 448 $ 955,948 $ — $ 956,396 Paycheck Protection Program — 2 2 — 31,748 — 31,748 Real Estate-Commercial 11 41,084 41,095 27,900 2,690,587 48 2,718,535 Real Estate-Construction — 4,575 4,575 — 283,918 — 283,918 Real Estate-Residential Secured for Business Purpose — 6,482 6,482 2,187 407,713 — 409,900 Real Estate-Residential Secured for Personal Purpose — 2,403 2,403 2,049 538,517 — 540,566 Real Estate-Home Equity Secured for Personal Purpose — 1,028 1,028 545 158,364 — 158,909 Loans to Individuals — 363 363 — 25,504 — 25,504 Lease Financings — 2,290 2,290 — 184,541 — 184,541 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 11 $ 71,913 $ 71,924 $ 33,129 $ 5,276,840 $ 48 $ 5,310,017 At December 31, 2020 Commercial, Financial and Agricultural $ 535 $ 13,049 $ 13,584 $ 2,827 $ 889,838 $ — $ 892,665 Paycheck Protection Program — — — — 483,773 — 483,773 Real Estate-Commercial — 52,230 52,230 22,739 2,435,946 187 2,458,872 Real Estate-Construction — 3,298 3,298 — 243,355 — 243,355 Real Estate-Residential Secured for Business Purpose 24 7,293 7,317 2,786 378,660 — 381,446 Real Estate-Residential Secured for Personal Purpose 26 3,029 3,055 2,086 485,514 — 487,600 Real Estate-Home Equity Secured for Personal Purpose — 1,176 1,176 1,047 165,562 — 166,609 Loans to Individuals — 533 533 — 27,482 — 27,482 Lease Financings — 1,701 1,701 — 165,039 — 165,039 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 585 $ 82,459 $ 83,044 $ 31,485 $ 5,275,169 $ 187 $ 5,306,841 N/A – Not applicable |
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 during the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 (Dollars in thousands) Number Pre- Post- Number Pre- Post- Accruing Troubled Debt Restructured Loans: Total — $ — $ — — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — $ — 1 $ 619 $ 619 Real estate—commercial real estate 3 200 198 — — — Real estate—residential secured for personal purpose — — — 1 544 544 Total 3 $ 200 $ 198 2 $ 1,163 $ 1,163 |
Summary of Concessions Granted on Restructured Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the years ended December 31, 2021 and 2020 (excluding loans modified in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus ): Amortization Period Extension (Dollars in thousands) No. of Amount For the Year Ended December 31, 2021 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 3 198 Total 3 $ 198 For the Year Ended December 31, 2020 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 619 Real estate—residential secured for personal purpose 1 544 Total 2 $ 1,163 |
Schedule of Mortgages in Process of Foreclosure | The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at December 31, 2021 or 2020: (Dollars in thousands) At December 31, 2021 At December 31, 2020 Real estate-residential secured for personal purpose $ — $ 64 Total $ — $ 64 There was no foreclosed residential real estate property included in other real estate owned at December 31, 2021 or 2020. |
Schedule of Maturities of Lease Financing Receivables | The following presents the maturity analysis of lease financing receivables: (Dollars in thousands) At December 31, 2021 At December 31, 2020 2021 N/A $ 61,724 2022 67,458 49,970 2023 54,859 35,631 2024 39,019 20,821 2025 24,426 8,319 2026 11,039 1,367 Thereafter 2,951 1,396 Total future minimum lease payments receivable 199,752 179,228 Plus: Unguaranteed residual 1,186 914 Plus: Initial direct costs 2,707 2,567 Less: Imputed interest (19,104) (17,670) Lease financings $ 184,541 $ 165,039 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2021 2020 Land and land improvements $ 15,070 $ 14,549 Premises and improvements 56,267 55,703 Furniture and equipment 32,151 30,374 Total cost 103,488 100,626 Less: accumulated depreciation (46,606) (44,990) Net book value $ 56,882 $ 55,636 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2021 and 2020 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2019 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at December 31, 2020 138,476 15,434 18,649 172,559 Addition to goodwill from acquisitions — — 2,951 2,951 Balance at December 31, 2021 $ 138,476 $ 15,434 $ 21,600 $ 175,510 |
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated: At December 31, 2021 At December 31, 2020 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 5,425 $ 1,363 $ 6,788 $ 4,787 $ 2,001 Customer-related intangibles 8,493 5,886 2,607 7,604 7,147 457 Servicing rights 26,560 18,682 7,878 22,354 15,946 6,408 Total amortized intangible assets $ 41,841 $ 29,993 $ 11,848 $ 36,746 $ 27,880 $ 8,866 (1) Included within accumulated amortization is a valuation allowance of $13 thousand and $87 thousand on servicing rights at December 31, 2021 and 2020, respectively. |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2022 $ 1,157 2023 845 2024 648 2025 469 2026 319 Thereafter 532 Total $ 3,970 |
Changes in Servicing Rights | Changes in the servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Beginning of period $ 6,408 $ 6,626 $ 6,768 Servicing rights capitalized 4,206 3,194 1,787 Amortization of servicing rights (2,810) (3,325) (1,929) Changes in valuation allowance 74 (87) — End of period $ 7,878 $ 6,408 $ 6,626 Loans serviced for others $ 1,428,020 $ 1,200,742 $ 1,080,905 |
Activity In Valuation Allowance For Servicing Rights Table | Changes in the valuation allowance for servicing rights are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Valuation allowance, beginning of period $ (87) $ — $ — Additions — (87) — Reductions 74 — — Valuation allowance, end of period $ (13) $ (87) $ — |
Estimated Amortization Expense of Servicing Rights | The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousand) Amount 2022 $ 1,399 2023 1,168 2024 973 2025 808 2026 669 Thereafter 2,861 Total $ 7,878 |
Accrued Interest Receivable a_2
Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Details of Accrued Interest Receivable and Other Assets | The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2021 2020 Other real estate owned $ 279 $ 7,355 Accrued interest receivable 13,020 16,475 Accrued income and other receivables 5,822 7,340 Fair market value of derivative financial instruments 852 2,894 Other prepaid expenses 12,152 11,470 Current income tax receivable 5,528 — Net deferred tax assets 11,422 16,514 Other 4,982 3,291 Total accrued interest and other assets $ 54,057 $ 65,339 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits | Deposits and their respective weighted average interest rate at December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 2,065,423 — % $ 1,690,663 Demand deposits 0.17 2,493,604 0.22 2,070,183 Savings deposits 0.04 1,011,931 0.08 918,094 Time deposits 1.06 484,166 1.30 563,775 Total 0.16 % $ 6,055,124 0.24 % $ 5,242,715 |
Schedule of Maturities of Time Deposits | At December 31, 2021, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Due in 2022 $ 6,258 Due in 2023 8,814 Due in 2024 247,183 Due in 2025 152,275 Due in 2026 41,850 Thereafter 27,786 Total $ 484,166 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. Balance at End of Year Weighted Average Interest Rate Maximum Amount Outstanding at Month End During the Year Average Amount Outstanding During the Year Weighted Average Interest Rate During the Year (Dollars in thousands) 2021 Short-term borrowings: FHLB borrowings $ — — % $ — $ 3 0.29 % Federal funds purchased — — — 22 0.41 Customer repurchase agreements 20,106 0.05 26,676 16,527 0.05 Long-term debt: FHLB advances $ 95,000 1.34 % $ 110,000 $ 96,562 1.36 % Subordinated notes $ 98,874 5.31 % $ 183,549 $ 137,896 5.18 % 2020 Short-term borrowings: FHLB borrowings $ — — % $ — $ 5,048 1.68 % Federal funds purchased — — 40,000 1,388 1.64 Customer repurchase agreements 17,906 0.05 % 39,615 20,747 0.05 Other short-term borrowings — — 192,936 59,475 0.35 Long-term debt: FHLB advances $ 110,000 1.42 % $ 200,000 $ 181,722 1.54 % Subordinated notes $ 183,515 4.96 % $ 193,481 $ 134,949 5.01 % |
Schedule of Maturities of Long-term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of December 31, 2021 Weighted Average Rate 2022 $ — — % 2023 35,000 1.94 2024 60,000 0.98 2025 — — 2026 — — Thereafter — — Total $ 95,000 1.34 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Federal and State Income Taxes | The provision for federal and state income taxes included in the accompanying consolidated statement of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current: Federal $ 17,611 $ 18,498 $ 15,043 State 1,365 1,337 1,098 Deferred: Federal 3,440 (9,288) (1,068) State 113 (566) (739) $ 22,529 $ 9,981 $ 14,334 |
Income Tax Provision Differences from Expected Statutory Provision | The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, 2021 2020 2019 Expected provision at statutory rate 21.0 % 21.0 % 21.0 % Difference resulting from: Tax exempt interest income, net of disallowance (1.6) (3.8) (3.2) Increase in value of bank owned life insurance assets (0.7) (1.1) (0.8) Stock-based compensation (0.2) 0.2 — State income taxes, net of federal benefits 1.0 1.1 0.4 Changes in valuation allowance 0.2 0.2 0.2 Other — (0.1) 0.3 Effective tax rate 19.7 % 17.5 % 17.9 % |
Components of Deferred Tax Assets and Liabilities | The assets and liabilities giving rise to the Corporation's deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for credit losses, loans and leases $ 15,739 $ 18,113 Deferred compensation 2,004 1,625 Actuarial adjustments on retirement benefits* 3,982 5,408 State net operating losses 6,348 5,621 Other-than-temporary impairments on equity securities 120 151 Net unrealized holding losses on securities available-for-sale and swaps* 370 483 Lease liability 7,317 8,227 Deferred loan fees and costs — 583 Other deferred tax assets 1,526 2,148 Gross deferred tax assets 37,406 42,359 Valuation allowance (5,558) (4,766) Total deferred tax assets, net of valuation allowance 31,848 37,593 Deferred tax liabilities: Mortgage servicing rights 1,671 1,370 Retirement plans 5,419 5,309 Deferred loan fees and costs 65 — Acquisition-related fair value adjustments 1,093 1,236 Intangible assets 3,204 2,580 Accounting method change adjustment — 385 Depreciation 1,083 888 Right of use asset 6,650 7,491 Other deferred tax liabilities 1,241 1,820 Total deferred tax liabilities 20,426 21,079 Net deferred tax assets $ 11,422 $ 16,514 * Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Po_2
Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Summary of Retirement Plans and Other Postretirement Benefits | Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 59,431 $ 53,685 $ 3,540 $ 3,069 Service cost 567 477 143 109 Interest cost 1,431 1,692 85 96 Actuarial (gain) loss (1,043) 6,423 (124) 377 Benefits paid (2,688) (2,846) (108) (111) Benefit obligation at end of year $ 57,698 $ 59,431 $ 3,536 $ 3,540 Change in plan assets: Fair value of plan assets at beginning of year $ 55,366 $ 51,607 $ — $ — Actual return on plan assets 7,644 6,306 — — Benefits paid (2,688) (2,846) (108) (111) Corrective payment — 140 — — Employer contribution and non-qualified benefit payments 157 159 108 111 Fair value of plan assets at end of year $ 60,479 $ 55,366 $ — $ — Funded status 2,781 (4,065) (3,536) (3,540) Unrecognized net actuarial loss 18,226 24,526 820 989 Net amount recognized $ 21,007 $ 20,461 $ (2,716) $ (2,551) The net actuarial (gain) loss for December 31, 2021 and 2020 was the result of changes in the discount rate, interest crediting rate, life insurance data and driven by mortality losses on retirees, as well as greater than anticipated salary increases. |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit (income) cost were as follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2021 2020 2019 2021 2020 2019 Service cost $ 567 $ 477 $ 436 $ 143 $ 109 $ 67 Interest cost 1,431 1,692 1,905 85 96 94 Expected loss on plan assets (3,656) (3,291) (3,061) — — — Amortization of net actuarial loss 1,269 1,176 1,176 47 26 — Accretion of prior service cost — — (181) — — — Net periodic benefit (income) cost $ (389) $ 54 $ 275 $ 275 $ 231 $ 161 |
Expected Amortization Expense | (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2022: Amortization of net actuarial loss $ 818 $ 55 |
Summary of Benefit Payments Expected to be Paid | The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2022 $ 2,995 $ 127 2023 3,077 130 2024 3,114 135 2025 3,107 137 2026 3,143 142 Years 2027-2031 15,576 957 Total $ 31,012 $ 1,628 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31, 2021 and 2020 were as follows: Retirement Plans Other Postretirement Benefits 2021 2020 2021 2020 Assumed discount rate 2.8 % 2.4 % 2.8 % 2.4 % Assumed salary increase rate 3%-6% 3%-6% — — The benefit obligation for all plans at December 31, 2021 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2021 and 2020 were as follows: Retirement Plans Other Postretirement Benefits 2021 2020 2021 2020 Assumed discount rate 2.4 % 3.2 % 2.4 % 3.2 % Assumed long-term rate of investment return 6.5 % 6.5 % — — Assumed salary increase rate 3%-6% 3%-6% — — Assumed cash balance interest crediting rate 2.0 % 2.0 % — — |
Summary of Corporation's Pension Plan Asset Allocation | The Corporation's pension plan asset allocation at December 31, 2021 and 2020, by asset category was as follows: Percentage of Plan Assets at December 31, 2021 2020 Asset Category: Equity securities 64 % 60 % Debt securities 34 37 Other 2 3 Total 100 % 100 % |
Major Categories of Assets in Corporation's Pension Plan | The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures." Fair Value Measurements at December 31, (Dollars in thousands) 2021 2020 Level 1: Mutual funds $ 41,951 $ 37,602 Short-term investments 1,619 1,984 Level 2: U.S. government obligations 7,050 5,721 Corporate bonds 6,536 6,204 Certificates of deposit 3,323 3,855 Total fair value of plan assets $ 60,479 $ 55,366 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 year ended December 31, 2021: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at December 31, 2021 Outstanding at December 31, 2020 453,785 $ 25.06 Forfeited (9,500) 28.33 Exercised (93,033) 22.13 Outstanding at December 31, 2021 351,252 25.74 5.0 $ 1,467 Exercisable at December 31, 2021 351,252 25.74 5.0 1,467 |
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at December 31, 2021 including changes during the year: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2020 49,771 $ 6.46 Vested (49,771) 6.46 Nonvested stock options at December 31, 2021 — — |
Summary of Nonvested Restricted Stock Awards and Units | In the following tables, restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date, which is the closing price of the Corporation's common stock on the date of grant, 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 nonvested restricted stock awards and nonvested restricted stock units at December 31, 2021 including changes during the year: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards and units at December 31, 2020 305,704 $ 21.18 Granted 155,607 27.81 Vested (87,075) 22.71 Cancelled/forfeited (16,102) 22.95 Nonvested stock units at December 31, 2021 358,134 23.61 |
Certain Information Regarding Restricted Stock Awards and Units | Certain information regarding restricted stock awards and units is summarized below for the periods indicated: For the Years Ended December 31, (Dollars in thousands, except per share data) 2021 2020 2019 Restricted stock units granted 155,607 262,844 114,729 Weighted average grant date fair value $ 27.81 $ 19.00 $ 25.65 Intrinsic value of units granted $ 4,328 $ 4,994 $ 3,072 Restricted stock awards and units vested 87,075 59,855 44,807 Weighted average grant date fair value $ 22.71 $ 27.17 $ 21.65 Intrinsic value of awards and units vested $ 2,391 $ 1,375 $ 1,119 |
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 restricted stock units at December 31, 2021 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock units $ 4,538 1.8 |
Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation's compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Stock-based compensation expense: Stock options $ 62 $ 338 $ 716 Restricted stock awards and units 3,636 1,142 1,632 Employee stock purchase plan 91 88 74 Total $ 3,789 $ 1,568 $ 2,422 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 551 $ 278 $ 518 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 — 83 — 83 Other comprehensive income (loss) 7,990 (349) (1,038) 6,603 Balance, December 31, 2019 (3,231) (185) (18,314) (21,730) Adjustment to initially apply ASU No. 2016-13 for CECL 237 — — 237 Other comprehensive income (loss) 1,615 (236) (2,030) (651) Balance, December 31, 2020 (1,379) (421) (20,344) (22,144) Other comprehensive income 163 262 5,366 5,791 Balance, December 31, 2021 $ (1,216) $ (159) $ (14,978) $ (16,353) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Information | The following table provides information with respect to the Corporation's operating leases: For the Years Ended December 31, (Dollars in thousands) 2021 2020 Operating lease cost $ 3,833 $ 3,862 Short-term lease cost 12 12 Variable lease cost 3 5 Total lease cost $ 3,848 $ 3,879 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases 3,655 3,693 At December 31, 2021 At December 31, 2020 Weighted-average remaining lease term in years 13.7 13.9 Weighted-average discount rate 4.17 % 4.14 % |
Schedule of Maturity of Lease Liabilities | At December 31, 2021, maturities of lease liabilities are as follows: Year (Dollars in thousands) Amount 2022 $ 3,412 2023 3,460 2024 3,411 2025 3,288 2026 3,163 Thereafter 28,011 Total lease payments 44,745 Less: imputed interest (11,292) Present value of lease liabilities $ 33,453 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-balance Sheet Financial Instruments | The following schedule summarizes the Corporation's off-balance sheet financial instruments at December 31, 2021: (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 1,638,542 Performance letters of credit 24,933 Financial standby letters of credit 23,084 Other letters of credit 387 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Value of Derivatives Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2021 and 2020. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2021 Interest rate swap - cash flow hedge $ 14,611 $ — Other liabilities $ 202 Total $ 14,611 $ — $ 202 At December 31, 2020 Interest rate swap - cash flow hedge $ 15,465 $ — Other liabilities $ 533 Total $ 15,465 $ — $ 533 |
Notional Amounts and Fair Values of Derivatives Not Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2021 and 2020: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2021 Interest rate swap $ 46 $ — Other liabilities $ 2 Credit derivatives 755,576 — Other liabilities 381 Interest rate locks with customers 33,876 Other assets 765 — Forward loan sale commitments 55,476 Other assets 87 — Total $ 844,974 $ 852 $ 383 At December 31, 2020 Interest rate swap $ 179 $ — Other liabilities $ 8 Credit derivatives 643,556 — Other liabilities 535 Interest rate locks with customers 77,246 Other assets 2,894 — Forward loan sale commitments 112,690 — Other liabilities 752 Total $ 833,671 $ 2,894 $ 1,295 |
Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 304 $ 254 $ (22) Interest rate swap—fair value hedge—effectiveness Interest income — — (5) Total net (loss) gain $ (304) $ (254) $ 17 |
Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Credit derivatives Other noninterest income $ 2,251 $ 5,733 $ 1,350 Interest rate locks with customers Net (loss) gain on mortgage banking activities (2,129) 2,495 (91) Forward loan sale commitments Net gain (loss) on mortgage banking activities 839 (733) 131 Total net gain $ 961 $ 7,495 $ 1,390 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2021 and 2020: Accumulated Other At December 31, (Dollars in thousands) 2021 2020 Interest rate swap—cash flow hedge Fair value, net of taxes $ (159) $ (421) Total $ (159) $ (421) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and 2020, classified using the fair value hierarchy: At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,333 $ — $ 2,333 Residential mortgage-backed securities — 221,105 — 221,105 Collateralized mortgage obligations — 3,278 — 3,278 Corporate bonds — 90,291 — 90,291 Total available-for-sale securities — 317,007 — 317,007 Equity securities: Equity securities - financial services industry 979 — — 979 Money market mutual funds 2,020 — — 2,020 Total equity securities 2,999 — — 2,999 Loans* — — 48 48 Loans held for sale — 21,600 — 21,600 Interest rate locks with customers* — 765 — 765 Forward loan sale commitments* — 87 — 87 Total assets $ 2,999 $ 339,459 $ 48 $ 342,506 Liabilities: Contingent consideration liability $ — $ — $ 1,629 $ 1,629 Interest rate swaps* — 204 — 204 Credit derivatives* — — 381 381 Total liabilities $ — $ 204 $ 2,010 $ 2,214 *Such financial instruments are recorded at fair value as further described in Note 18, "Derivative Instruments and Hedging Activities." The $381 thousand of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 125 interest rate swaps with a current notional amount of $755.6 million. The December 31, 2021 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve. The contingent consideration liability resulting from the acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.9 million over the three At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 13,537 $ — $ 13,537 Residential mortgage-backed securities — 114,163 — 114,163 Collateralized mortgage obligations — 5,321 — 5,321 Corporate bonds — 76,019 9,600 85,619 Total available-for-sale securities — 209,040 9,600 218,640 Equity securities: Equity securities - financial services industry 818 — — 818 Money market mutual funds 2,461 — — 2,461 Total equity securities 3,279 — — 3,279 Loans* — — 187 187 Loans held for sale — 37,039 — 37,039 Interest rate locks with customers* — 2,894 — 2,894 Total assets $ 3,279 $ 248,973 $ 9,787 $ 262,039 Liabilities: Contingent consideration liability $ — $ — $ 55 $ 55 Interest rate swaps* — 541 — 541 Credit derivatives* — — 535 535 Forward loan sale commitments* — 752 — 752 Total liabilities $ — $ 1,293 $ 590 $ 1,883 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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 years ended December 31, 2021 and 2020. For the Year Ended December 31, 2021 (Dollars in thousands) Balance at Additions Payments received (Decrease) Increase in value Transfer from Level 3 Balance at December 31, 2021 Corporate bonds $ 9,600 $ — $ — $ 277 $ (9,877) $ — Loans 187 — (133) (6) — 48 Credit derivatives (535) (2,097) — 2,251 — (381) Net total $ 9,252 $ (2,097) $ (133) $ 2,522 $ (9,877) $ (333) For the Year Ended December 31, 2020 (Dollars in thousands) Balance at Additions Payments received (Decrease) increase in value Transfer into Level 3 Balance at December 31, 2020 Corporate bonds $ — $ — $ — $ (400) $ 10,000 $ 9,600 Loans 317 — (123) (7) — 187 Credit derivatives (176) (6,092) — 5,733 — (535) Net total $ 141 $ (6,092) $ (123) $ 5,326 $ 10,000 $ 9,252 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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 years ended December 31, 2021 and 2020. For the Year Ended December 31, 2021 (Dollars in thousands) Balance at Additions Payments received (Decrease) Increase in value Transfer from Level 3 Balance at December 31, 2021 Corporate bonds $ 9,600 $ — $ — $ 277 $ (9,877) $ — Loans 187 — (133) (6) — 48 Credit derivatives (535) (2,097) — 2,251 — (381) Net total $ 9,252 $ (2,097) $ (133) $ 2,522 $ (9,877) $ (333) For the Year Ended December 31, 2020 (Dollars in thousands) Balance at Additions Payments received (Decrease) increase in value Transfer into Level 3 Balance at December 31, 2020 Corporate bonds $ — $ — $ — $ (400) $ 10,000 $ 9,600 Loans 317 — (123) (7) — 187 Credit derivatives (176) (6,092) — 5,733 — (535) Net total $ 141 $ (6,092) $ (123) $ 5,326 $ 10,000 $ 9,252 |
Contingent Consideration Liability Change in Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2021 and 2020: For the Year Ended December 31, 2021 (Dollars in thousands) Balance at December 31, 2020 Contingent Payment of Adjustment Balance at December 31, 2021 Girard Partners $ 55 $ — $ 58 $ 3 $ — Paul I. Sheaffer Insurance Agency — 1,618 — 11 1,629 Total contingent consideration liability $ 55 $ 1,618 $ 58 $ 14 $ 1,629 For the Year Ended December 31, 2020 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2020 Girard Partners $ 160 $ — $ 121 $ 16 $ 55 Total contingent consideration liability $ 160 $ — $ 121 $ 16 $ 55 |
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 changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at December 31, 2021 and 2020: At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 33,118 $ 33,118 Other real estate owned — — 279 279 Total $ — $ — $ 33,397 $ 33,397 At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 30,900 $ 30,900 Other real estate owned — — 7,355 7,355 Total $ — $ — $ 38,255 $ 38,255 |
Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation's consolidated balance sheet but for which the fair value is required to be disclosed at December 31, 2021 and 2020. The disclosed fair values are classified using the fair value hierarchy. At December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 890,150 $ — $ — $ 890,150 $ 890,150 Held-to-maturity securities — 178,402 — 178,402 176,983 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 28,186 Net loans and leases held for investment — — 5,244,504 5,244,504 5,204,927 Servicing rights — — 11,331 11,331 7,878 Total assets $ 890,150 $ 178,402 $ 5,255,835 $ 6,324,387 $ 6,308,124 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,570,958 $ — $ — $ 5,570,958 $ 5,570,958 Time deposits — 487,874 — 487,874 484,166 Total deposits 5,570,958 487,874 — 6,058,832 6,055,124 Short-term borrowings — 20,106 — 20,106 20,106 Long-term debt — 95,707 — 95,707 95,000 Subordinated notes — 107,000 — 107,000 98,874 Total liabilities $ 5,570,958 $ 710,687 $ — $ 6,281,645 $ 6,269,104 At December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 219,858 $ — $ — $ 219,858 $ 219,858 Held-to-maturity securities — 156,325 — 156,325 151,257 Federal Home Loan Bank, Federal Reserve Bank and other stock N/A N/A N/A N/A 28,183 Net loans and leases held for investment — — 5,338,782 5,338,782 5,192,710 Servicing rights — — 6,783 6,783 6,408 Total assets $ 219,858 $ 156,325 $ 5,345,565 $ 5,721,748 $ 5,598,416 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 4,678,940 $ — $ — $ 4,678,940 $ 4,678,940 Time deposits — 574,018 — 574,018 563,775 Total deposits 4,678,940 574,018 — 5,252,958 5,242,715 Short-term borrowings — 17,906 — 17,906 17,906 Long-term debt — 112,968 — 112,968 110,000 Subordinated notes — 190,045 — 190,045 183,515 Total liabilities $ 4,678,940 $ 894,937 $ — $ 5,573,877 $ 5,554,136 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Corporation's and Bank's actual and required capital ratios as of December 31, 2021 and December 31, 2020 under regulatory capital rules were as follows. Actual For Capital Adequacy To Be Well-Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2021 Total Capital (to Risk-Weighted Assets): Corporation $ 786,300 13.77 % $ 456,902 8.00 % $ 571,128 10.00 % Bank 660,436 11.61 455,178 8.00 568,973 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 633,023 11.08 342,677 6.00 456,902 8.00 Bank 606,033 10.65 341,384 6.00 455,178 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 633,023 11.08 257,008 4.50 371,233 6.50 Bank 606,033 10.65 256,038 4.50 369,832 6.50 Tier 1 Capital (to Average Assets): Corporation 633,023 9.13 277,297 4.00 346,622 5.00 Bank 606,033 8.77 276,471 4.00 345,588 5.00 At December 31, 2020 Total Capital (to Risk-Weighted Assets): Corporation $ 801,368 15.31 % $ 418,811 8.00 % $ 523,513 10.00 % Bank 632,183 12.12 417,416 8.00 521,769 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 563,491 10.76 314,108 6.00 418,811 8.00 Bank 569,821 10.92 313,062 6.00 417,416 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 563,491 10.76 235,581 4.50 340,284 6.50 Bank 569,821 10.92 234,796 4.50 339,150 6.50 Tier 1 Capital (to Average Assets): Corporation 563,491 9.08 248,224 4.00 310,280 5.00 Bank 569,821 9.21 247,494 4.00 309,368 5.00 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Activity for Loans to Related Parties | The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2021: (Dollars in thousands) Balance at January 1, 2021 $ 1,515 Amounts collected and other reductions (1,515) Balance at December 31, 2021 $ — |
Summary of Transactions with Related Parties | The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2021 Commitments to extend credit $ 380 Deposits received 46,212 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2021, 2020 and 2019. (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2021 Interest income $ 209,695 $ 2 $ — $ 34 $ 209,731 Interest expense 14,199 — — 7,149 21,348 Net interest income (expense) 195,496 2 — (7,115) 188,383 Reversal of provision for credit losses (10,132) — — — (10,132) Noninterest income 38,419 27,506 16,997 302 83,224 Noninterest expense 132,257 18,390 12,971 3,791 167,409 Intersegment (revenue) expense* (1,292) 656 636 — — Income (expense) before income taxes 113,082 8,462 3,390 (10,604) 114,330 Income tax expense (benefit) 22,735 1,755 707 (2,668) 22,529 Net income (loss) $ 90,347 $ 6,707 $ 2,683 $ (7,936) $ 91,801 Total assets $ 7,006,420 $ 53,608 $ 40,649 $ 21,744 $ 7,122,421 Net capital expenditures $ 5,772 $ 17 $ 20 $ 69 $ 5,878 For the Year Ended December 31, 2020 Interest income $ 203,904 $ 8 $ — $ 33 $ 203,945 Interest expense 22,822 — — 6,762 29,584 Net interest income (expense) 181,082 8 — (6,729) 174,361 Provision for credit losses 40,794 — — — 40,794 Noninterest income 37,910 23,814 16,682 (78) 78,328 Noninterest expense 126,131 15,720 12,142 1,005 154,998 Intersegment (revenue) expense* (1,103) 627 476 — — Income (expense) before income taxes 53,170 7,475 4,064 (7,812) 56,897 Income tax expense (benefit) 9,153 1,525 858 (1,555) 9,981 Net income (loss) $ 44,017 $ 5,950 $ 3,206 $ (6,257) $ 46,916 Total assets $ 6,234,336 $ 48,646 $ 35,906 $ 17,608 $ 6,336,496 Net capital expenditures $ 3,646 $ 24 $ 46 $ 33 $ 3,749 For the Year Ended December 31, 2019 Interest income $ 214,020 $ 41 $ — $ 32 $ 214,093 Interest expense 39,818 — — 5,043 44,861 Net interest income (expense) 174,202 41 — (5,011) 169,232 Provision for credit losses 8,511 — — — 8,511 Noninterest income 23,748 23,946 17,318 410 65,422 Noninterest expense 116,283 15,799 12,477 1,531 146,090 Intersegment (revenue) expense* (1,204) 688 516 — — Income (expense) before income taxes 74,360 7,500 4,325 (6,132) 80,053 Income tax expense (benefit) 13,859 1,392 443 (1,360) 14,334 Net income (loss) $ 60,501 $ 6,108 $ 3,882 $ (4,772) $ 65,719 Total assets $ 5,282,505 $ 44,591 $ 34,291 $ 19,537 $ 5,380,924 Net capital expenditures $ 1,886 $ 84 $ 104 $ 372 $ 2,446 *Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables disaggregate the Corporation's revenue by major source and reportable segment for the years ended December 31, 2021, 2020 and 2019. (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2021 Net interest income (1) $ 195,496 $ 2 $ — $ (7,115) $ 188,383 Noninterest income: Trust fee income — 8,403 — — 8,403 Service charges on deposit accounts 5,504 — — — 5,504 Investment advisory commission and fee income — 18,936 — — 18,936 Insurance commission and fee income — — 16,357 — 16,357 Other service fee income (2) 9,468 167 640 — 10,275 Bank owned life insurance income (1) 3,869 — — 112 3,981 Net gain on sales of investment securities (1) 145 — — — 145 Net gain on mortgage banking activities (1) 15,141 — — — 15,141 Other income (2) 4,292 — — 190 4,482 Total noninterest income $ 38,419 $ 27,506 $ 16,997 $ 302 $ 83,224 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2020 Net interest income (1) $ 181,082 $ 8 $ — $ (6,729) $ 174,361 Noninterest income: Trust fee income — 7,703 — — 7,703 Service charges on deposit accounts 4,845 — — — 4,845 Investment advisory commission and fee income — 15,944 — — 15,944 Insurance commission and fee income — — 16,087 — 16,087 Other service fee income (2) 6,781 167 595 — 7,543 Bank owned life insurance income (1) 2,831 — — 109 2,940 Net gain on sales of investment securities (1) 871 — — — 871 Net gain on mortgage banking activities (1) 16,442 — — — 16,442 Other income (2) 6,140 — — (187) 5,953 Total noninterest income $ 37,910 $ 23,814 $ 16,682 $ (78) $ 78,328 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2019 Net interest income (1) $ 174,202 $ 41 $ — $ (5,011) $ 169,232 Noninterest income: Trust fee income — 7,826 — — 7,826 Service charges on deposit accounts 5,946 — — — 5,946 Investment advisory commission and fee income — 15,940 — — 15,940 Insurance commission and fee income — — 16,571 — 16,571 Other service fee income (2) 8,414 180 747 — 9,341 Bank owned life insurance income (1) 2,849 — — 330 3,179 Net gain on sales of investment securities (1) 54 — — — 54 Net gain on mortgage banking activities (1) 3,946 — — — 3,946 Other income (2) 2,539 — — 80 2,619 Total noninterest income $ 23,748 $ 23,946 $ 17,318 $ 410 $ 65,422 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2021 2020 Assets: Cash $ 99,608 $ 154,422 Interest-earning deposits with other banks 246 211 Cash and cash equivalents 99,854 154,633 Investments in securities 978 818 Investments in subsidiaries, at equity in net assets: Bank 761,782 719,146 Non-banks — — Other assets 20,521 16,579 Total assets $ 883,135 $ 891,176 Liabilities: Subordinated notes $ 98,874 $ 183,515 Other liabilities 10,467 15,189 Total liabilities 109,341 198,704 Shareholders' equity: 773,794 692,472 Total liabilities and shareholders' equity $ 883,135 $ 891,176 |
Schedule of Condensed Income Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Income 2021 2020 2019 Dividends from Bank $ 57,526 $ 9,746 $ 29,681 Dividends from non-bank — — — Other income 23,009 21,803 23,943 Total operating income 80,535 31,549 53,624 Interest expense 7,149 6,762 5,043 Operating expenses 26,464 22,852 25,032 Income before income tax benefit and equity in undistributed income of subsidiaries 46,922 1,935 23,549 Income tax benefit (2,668) (1,555) (1,360) Income before equity in undistributed income of subsidiaries 49,590 3,490 24,909 Equity in undistributed income of subsidiaries: Bank 42,211 43,426 40,810 Non-banks — — — Net income $ 91,801 $ 46,916 $ 65,719 |
Schedule of Condensed Cash Flow Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2021 2020 2019 Cash flows from operating activities: Net income $ 91,801 $ 46,916 $ 65,719 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (42,211) (43,426) (40,810) Bank owned life insurance income (111) (108) (331) Depreciation of premises and equipment 304 320 328 Stock based compensation 3,698 1,480 2,348 Contributions to pension and other postretirement benefit plans (265) (270) (266) (Increase) decrease in other assets (5,654) 2,321 554 Increase (decrease) in other liabilities 2,510 (4,631) (1,319) Net cash provided by operating activities 50,072 2,602 26,223 Cash flow from investing activities: Other, net (68) (32) (371) Net cash used in investing activities (68) (32) (371) Cash flows from financing activities: Proceeds from issuance of subordinated notes — 98,448 — Repayment of subordinated debt (85,000) (10,000) — Purchases of treasury stock (650) (4,452) (2,045) Stock issued under dividend reinvestment and employee stock purchase plans 2,384 2,369 2,233 Proceeds from exercise of stock options 2,058 384 1,203 Cash dividends paid (23,575) (17,536) (23,435) Net cash (used in) provided by financing activities (104,783) 69,213 (22,044) Net (decrease) increase in cash and due from financial institutions (54,779) 71,783 3,808 Cash and cash equivalents at beginning of year 154,633 82,850 79,042 Cash and cash equivalents at end of period $ 99,854 $ 154,633 $ 82,850 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 6,929 $ 5,121 $ 4,800 Income tax, net of refunds received 18,130 16,172 16,460 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)communityOffice | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of banking offices (in offices) | Office | 37 | |
Number of retirement communities with banking and trust services (in communities) | community | 14 | |
Accrued interest receivable | $ 11,900,000 | |
Federal Reserve Bank stock | 14,600,000 | $ 14,600,000 |
FHLB Stock | 13,500,000 | 13,500,000 |
Other-than-temporary impairment of equity securities | $ 0 | $ 0 |
Number of days loan or lease past due for nonaccrual of interest status | 90 days | |
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] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, remaining lease term | 16 months | |
Minimum [Member] | Customer Related [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 5 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, remaining lease term | 22 years | |
Maximum [Member] | Core Deposits and Other Intangible Assets [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 15 years | |
Maximum [Member] | Customer Related [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 12 years | |
Building [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 40 years | |
Owned Building on Leased Land or Land Improvements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, description | new buildings constructed on leased land or land improvements, the estimated useful life is the initial term including anticipated renewable terms, typically not exceeding twenty-five years | |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 3 years | |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 10 years | |
Restricted Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Period over which optioned shares become exercisable | 3 years | |
Held-to-maturity Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accrued interest receivable | $ 414,000 | |
Available-for-sale Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accrued interest receivable | $ 593,000 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Net income | $ 91,801,000 | $ 46,916,000 | $ 65,719,000 |
Net income allocated to unvested restricted stock awards | (26,000) | (69,000) | (236,000) |
Net income allocated to common shares | $ 91,775,000 | $ 46,847,000 | $ 65,483,000 |
Weighted average shares outstanding | 29,403 | 29,244 | 29,300 |
Average unvested restricted stock awards | (8) | (46) | (107) |
Denominator for basic earnings per share—weighted-average shares outstanding | 29,395 | 29,198 | 29,193 |
Effect of dilutive securities—employee stock options and restricted stock units | 159 | 70 | 68 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,554 | 29,268 | 29,261 |
Basic earnings per share | $ 3.12 | $ 1.60 | $ 2.24 |
Diluted earnings per share | $ 3.11 | $ 1.60 | $ 2.24 |
Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share | 277 | 491 | 325 |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Reserve requirement at Federal Reserve Bank | $ 0 | |
Average balances at Federal Reserve Bank | 471,700 | $ 270,700 |
Pledging requirement for credit derivatives and SWAP agreements - cash | $ 100 |
Acquisitions (Details)
Acquisitions (Details) - Paul I. Sheaffer Insurance Agency [Member] | Dec. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Acquisition completion date | Dec. 1, 2021 |
Cash paid for acquisition | $ 3,800,000 |
Potential cash payments from contingent consideration, period of measurement (in years) | 3 years |
Potential cash payments from contingent consideration, end date | Nov. 30, 2024 |
Original potential cash payments from contingent consideration, minimum | $ 0 |
Original potential cash payments from contingent consideration, maximum | $ 1,900,000 |
Business combination, contingent consideration, cumulative Period | 3 years |
Goodwill related to acquisition, tax deductible | $ 3,000,000 |
Customer-related intangible | $ 2,500,000 |
Amortization period | 9 years |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Investment | Dec. 31, 2020USD ($)Investment | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 281,700,000 | $ 249,600,000 | |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 23,000,000 | $ 32,600,000 | |
Number of investments in non-federal issuer representing more than 10% of shareholders' equity | Investment | 0 | 0 | |
Maximum investment in any single non-federal issuer representing shareholders' equity | 10.00% | 10.00% | |
Unrealized loss position, fair value | $ 89,837,000 | $ 0 | |
Unrealized loss position, accumulated loss | 984,000 | 0 | |
Fair value AFS in unrealized loss with an ACL | 179,992,000 | 18,253,000 | |
Available-for-sale securities in unrealized loss position, accumulated loss | 2,300,000 | 78,000 | |
Debt securities in an unrealized loss, net of allowance | 66,200,000 | ||
Debt securities unrealized accumulated loss | 1,700,000 | ||
Securities, available-for-sale, allowance for credit loss | 929,000 | 869,000 | |
Proceeds from Sale of Debt Securities, Available-for-sale | 4,636,000 | 66,421,000 | $ 26,494,000 |
Accrued interest receivable | 11,900,000 | ||
Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 0 | |
Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value AFS in unrealized loss with an ACL | 779,000 | ||
Available-for-sale securities in unrealized loss position, accumulated loss | $ 1,000 | ||
Number of securities | Investment | 22 | ||
Securities, available-for-sale, allowance for credit loss | $ 929,000 | 869,000 | $ 0 |
Held-to-maturity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest receivable | 414,000 | ||
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest receivable | 593,000 | ||
Other Noninterest Income [Member] | Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale | $ 161,000 | $ (186,000) |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities held-to-maturity, fair value, within 1 year | $ 869,000 | ||
Investment securities held-to-maturity (fair value $178,402 and $156,325 at December 31, 2021 and 2020, respectively) | $ 176,983,000 | 151,257,000 | |
Securities held-to-maturity, gross unrealized gains | 2,403,000 | 5,068,000 | |
Securities held-to-maturity, gross unrealized losses | (984,000) | 0 | |
Securities, held-to-maturity, allowance for credit loss | 0 | 0 | |
Securities held-to-maturity, fair value | 178,402,000 | 156,325,000 | |
Debt Securities, Available-for-sale [Abstract] | |||
Securities, available-for-sale, amortized cost | 319,474,000 | 221,254,000 | |
Securities, available-for-sale, accumulated gross unrealized gain, before tax | 1,531,000 | 3,783,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3,069,000) | (5,528,000) | |
Securities, available-for-sale, allowance for credit loss | 929,000 | 869,000 | |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | 317,007,000 | 218,640,000 | |
U.S. Government Corporations and Agencies [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities held-to-maturity, amortized cost, within 1 year | 6,999,000 | ||
Securities held-to-maturity, gross unrealized gains, within 1 year | 34,000 | ||
Securities held-to-maturity, gross unrealized losses, within 1 year | 0 | ||
Securities held-to-maturity, allowance for credit losses, within 1 year | 0 | ||
Securities held-to-maturity, fair value, within 1 year | 7,033,000 | ||
Securities held-to-maturity, amortized cost, after 1 year through 5 years | 6,998,000 | ||
Securities held-to-maturity, gross unrealized gains, after 1 year to 5 years | 171,000 | ||
Securities held-to-maturity, gross unrealized losses, after 1 year to 5 years | 0 | ||
Securities held-to-maturity, allowance for credit loss, after 1 year to 5 years | 0 | ||
Securities held-to-maturity, fair value, after 1 year to 5 years | 7,169,000 | ||
Investment securities held-to-maturity (fair value $178,402 and $156,325 at December 31, 2021 and 2020, respectively) | 6,999,000 | 6,998,000 | |
Securities held-to-maturity, gross unrealized gains | 34,000 | 171,000 | |
Securities held-to-maturity, gross unrealized losses | 0 | 0 | |
Securities, held-to-maturity, allowance for credit loss | 0 | 0 | |
Securities held-to-maturity, fair value | 7,033,000 | 7,169,000 | |
State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Securities, available-for-sale, amortized cost, after 1 year to 5 years | 2,326,000 | 3,560,000 | |
Securities, available-for-sale, gross unrealized gains, after 1 year to 5 years | 7,000 | 33,000 | |
Securities, available-for-sale, gross unrealized losses, after 1 year through 5 years | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss, after 1 year to 5 years | 0 | 0 | |
Securities, available-for-sale, fair value, after 1 year to 5 years | 2,333,000 | 3,593,000 | |
Securities, available-for-sale, amortized cost, after 5 years to 10 years | 9,881,000 | ||
Securities, available-for-sale, gross unrealized gains, after 5 years to 10 years | 63,000 | ||
Securities, available-for-sale, gross unrealized losses, after 5 years through 10 years | 0 | ||
Securities, available-for-sale, allowance for credit loss, after 5 years to 10 years | 0 | ||
Securities, available-for-sale, fair value, after 5 years to 10 years | 9,944,000 | ||
Securities, available-for-sale, amortized cost | 2,326,000 | 13,441,000 | |
Securities, available-for-sale, accumulated gross unrealized gain, before tax | 7,000 | 96,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss | 0 | 0 | |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | 2,333,000 | 13,537,000 | |
Residential Mortgage Backed Securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities held-to-maturity, amortized cost, after 5 years through 10 years | 5,208,000 | 6,325,000 | |
Securities held-to-maturity, gross unrealized gains, after 5 years to 10 years | 194,000 | 253,000 | |
Securities held-to-maturity, gross unrealized losses, after 5 years to 10 years | 0 | 0 | |
Securities held-to-maturity, allowance for credit loss, after 5 years to 10 years | 0 | 0 | |
Securities held-to-maturity, fair value, after 5 years to 10 years | 5,402,000 | 6,578,000 | |
Securities held-to-maturity, amortized cost, over 10 years | 164,776,000 | 137,934,000 | |
Securities held-to-maturity, gross unrealized gains, over 10 years | 2,175,000 | 4,644,000 | |
Securities held-to-maturity, gross unrealized losses, over 10 years | (984,000) | 0 | |
Securities, held-to-maturity, allowance for credit loss, over 10 years | 0 | 0 | |
Securities Held-to-Maturity, Fair Value, Over 10 years | 165,967,000 | 142,578,000 | |
Investment securities held-to-maturity (fair value $178,402 and $156,325 at December 31, 2021 and 2020, respectively) | 169,984,000 | 144,259,000 | |
Securities held-to-maturity, gross unrealized gains | 2,369,000 | 4,897,000 | |
Securities held-to-maturity, gross unrealized losses | (984,000) | 0 | |
Securities, held-to-maturity, allowance for credit loss | 0 | 0 | |
Securities held-to-maturity, fair value | 171,369,000 | 149,156,000 | |
Debt Securities, Available-for-sale [Abstract] | |||
Securities, available-for-sale, amortized cost, within 1 year | 31,000 | ||
Securities, available-for-sale, gross unrealized gains, within 1 year | 0 | ||
Securities, available-for-sale, gross unrealized losses, within 1 year | 0 | ||
Securities, available-for-sale, allowance for credit loss, within 1 year | 0 | ||
Securities, available-for-sale, fair value, within 1 year | 31,000 | ||
Securities, available-for-sale, amortized cost, after 1 year to 5 years | 153,000 | 323,000 | |
Securities, available-for-sale, gross unrealized gains, after 1 year to 5 years | 5,000 | 10,000 | |
Securities, available-for-sale, gross unrealized losses, after 1 year through 5 years | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss, after 1 year to 5 years | 0 | 0 | |
Securities, available-for-sale, fair value, after 1 year to 5 years | 158,000 | 333,000 | |
Securities, available-for-sale, amortized cost, after 5 years to 10 years | 2,286,000 | 1,664,000 | |
Securities, available-for-sale, gross unrealized gains, after 5 years to 10 years | 82,000 | 58,000 | |
Securities, available-for-sale, gross unrealized losses, after 5 years through 10 years | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss, after 5 years to 10 years | 0 | 0 | |
Securities, available-for-sale, fair value, after 5 years to 10 years | 2,368,000 | 1,722,000 | |
Securities, available-for-sale, amortized cost, over 10 years | 220,153,000 | 110,018,000 | |
Securities, available-for-sale, gross unrealized gains, over 10 years | 671,000 | 2,153,000 | |
Securities, available-for-sale, gross unrealized losses, over 10 years | (2,276,000) | (63,000) | |
Securities available-for-sale, allowance for credit loss, over 10 years | 0 | 0 | |
Securities, available-for-sale, fair value, over 10 years | 218,548,000 | 112,108,000 | |
Securities, available-for-sale, amortized cost | 222,623,000 | 112,005,000 | |
Securities, available-for-sale, accumulated gross unrealized gain, before tax | 758,000 | 2,221,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,276,000) | (63,000) | |
Securities, available-for-sale, allowance for credit loss | 0 | 0 | |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | 221,105,000 | 114,163,000 | |
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Securities, available-for-sale, amortized cost, after 5 years to 10 years | 481,000 | 754,000 | |
Securities, available-for-sale, gross unrealized gains, after 5 years to 10 years | 7,000 | 21,000 | |
Securities, available-for-sale, gross unrealized losses, after 5 years through 10 years | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss, after 5 years to 10 years | 0 | 0 | |
Securities, available-for-sale, fair value, after 5 years to 10 years | 488,000 | 775,000 | |
Securities, available-for-sale, amortized cost, over 10 years | 2,813,000 | 4,561,000 | |
Securities, available-for-sale, gross unrealized gains, over 10 years | 0 | 0 | |
Securities, available-for-sale, gross unrealized losses, over 10 years | (23,000) | (15,000) | |
Securities available-for-sale, allowance for credit loss, over 10 years | 0 | 0 | |
Securities, available-for-sale, fair value, over 10 years | 2,790,000 | 4,546,000 | |
Securities, available-for-sale, amortized cost | 3,294,000 | 5,315,000 | |
Securities, available-for-sale, accumulated gross unrealized gain, before tax | 7,000 | 21,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (23,000) | (15,000) | |
Securities, available-for-sale, allowance for credit loss | 0 | 0 | |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | 3,278,000 | 5,321,000 | |
Corporate Bonds [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities held-to-maturity, fair value, within 1 year | 869,000 | ||
Debt Securities, Available-for-sale [Abstract] | |||
Securities, available-for-sale, amortized cost, within 1 year | 2,500,000 | 499,000 | |
Securities, available-for-sale, gross unrealized gains, within 1 year | 4,000 | 2,000 | |
Securities, available-for-sale, gross unrealized losses, within 1 year | 0 | 0 | |
Securities, available-for-sale, allowance for credit loss, within 1 year | 0 | 0 | |
Securities, available-for-sale, fair value, within 1 year | 2,504,000 | 501,000 | |
Securities, available-for-sale, amortized cost, after 1 year to 5 years | 28,731,000 | 29,498,000 | |
Securities, available-for-sale, gross unrealized gains, after 1 year to 5 years | 755,000 | 1,440,000 | |
Securities, available-for-sale, gross unrealized losses, after 1 year through 5 years | (67,000) | 0 | |
Securities, available-for-sale, allowance for credit loss, after 1 year to 5 years | 51,000 | 16,000 | |
Securities, available-for-sale, fair value, after 1 year to 5 years | 29,368,000 | 30,922,000 | |
Securities, available-for-sale, amortized cost, after 5 years to 10 years | 60,000,000 | 60,496,000 | |
Securities, available-for-sale, gross unrealized gains, after 5 years to 10 years | 0 | 3,000 | |
Securities, available-for-sale, gross unrealized losses, after 5 years through 10 years | (703,000) | (5,450,000) | |
Securities, available-for-sale, allowance for credit loss, after 5 years to 10 years | 878,000 | 853,000 | |
Securities, available-for-sale, fair value, after 5 years to 10 years | 58,419,000 | 54,196,000 | |
Securities, available-for-sale, amortized cost | 91,231,000 | 90,493,000 | |
Securities, available-for-sale, accumulated gross unrealized gain, before tax | 759,000 | 1,445,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (770,000) | (5,450,000) | |
Securities, available-for-sale, allowance for credit loss | 929,000 | 869,000 | $ 0 |
Investment securities available-for-sale (amortized cost $319,474 and $221,254, net of allowance for credit losses of $929 and $869 at December 31, 2021 and 2020, respectively) | $ 90,291,000 | $ 85,619,000 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities available-for-sale: | |||
Proceeds from sales | $ 4,636 | $ 66,421 | $ 26,494 |
Gross realized gains on sales | 145 | 885 | 78 |
Gross realized losses on sales | 0 | 14 | 24 |
Tax expense related to net realized gains on sales | $ 30 | $ 183 | $ 11 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | $ 167,895,000 | $ 18,222,000 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1,840,000) | (77,000) |
12 months or longer, fair value | 12,097,000 | 31,000 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (460,000) | (1,000) |
Total, fair value | 179,992,000 | 18,253,000 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (2,300,000) | (78,000) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Less than twelve months, fair value | 89,837,000 | 0 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (984,000) | 0 |
Twelve months or longer, fair value | 0 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Total, fair value | 89,837,000 | 0 |
Held-to-maturity securities, unrealized loss position, accumulated loss | (984,000) | 0 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 164,326,000 | 13,677,000 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1,816,000) | (62,000) |
12 months or longer, fair value | 12,097,000 | 31,000 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (460,000) | (1,000) |
Total, fair value | 176,423,000 | 13,708,000 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (2,276,000) | (63,000) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Less than twelve months, fair value | 89,837,000 | |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss | (984,000) | |
Twelve months or longer, fair value | 0 | |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | |
Total, fair value | 89,837,000 | |
Held-to-maturity securities, unrealized loss position, accumulated loss | (984,000) | |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 2,790,000 | 4,545,000 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (23,000) | (15,000) |
12 months or longer, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 |
Total, fair value | 2,790,000 | 4,545,000 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (23,000) | $ (15,000) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 779,000 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1,000) | |
12 months or longer, fair value | 0 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | |
Total, fair value | 779,000 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (1,000) |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Securities, available-for-sale, allowance for credit loss, beginning balance | $ 869 | |
Securities, available-for-sale, allowance for credit loss, ending balance | 929 | $ 869 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Securities, available-for-sale, allowance for credit loss, beginning balance | 869 | 0 |
Additions for securities for which no previous expected credit losses were recognized | (44) | |
Change in securities for which a previous expected credit loss was recognized | (16) | (569) |
Securities, available-for-sale, allowance for credit loss, ending balance | $ 929 | 869 |
Corporate Bonds [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Securities, available-for-sale, allowance for credit loss, beginning balance | $ (300) |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Nonaccrual interest income recognized | $ 19 |
Minimum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed annually | 1,000 |
Maximum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed on a performance basis | $ 1,000 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | $ 5,310,017 | $ 5,306,841 |
Loans and Leases Receivable, Allowance | (71,924) | (83,044) |
Loans | 5,238,093 | 5,223,797 |
Unearned Lease Income | (19,104) | (17,670) |
Net deferred costs (fees), included in the above table | 3,408 | (2,903) |
Overdraft deposits included in the above table | 4,268 | 948 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 956,396 | 892,665 |
Paycheck Protection Program Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 31,748 | 483,773 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 2,718,535 | 2,458,872 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 283,918 | 243,355 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 409,900 | 381,446 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 540,566 | 487,600 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 158,909 | 166,609 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | 25,504 | 27,482 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment | $ 184,541 | $ 165,039 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | $ 4,400,497 | $ 4,460,111 |
Accruing loans and leases | 5,276,807 | 5,275,149 |
Nonaccrual loans and leases | 33,210 | 31,692 |
Loans and leases held for investment | 5,310,017 | 5,306,841 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 9,036 | 16,173 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 1,609 | 2,218 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 498 | 1,392 |
Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 11,143 | 19,783 |
Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 5,265,664 | 5,255,366 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 956,396 | 892,665 |
Accruing loans and leases | 955,948 | 889,838 |
Nonaccrual loans and leases | 448 | 2,827 |
Loans and leases held for investment | 956,396 | 892,665 |
Commercial, Financial and Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 3,407 | 1,104 |
Commercial, Financial and Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 894 | 279 |
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] | ||
Financial receivables, gross | 0 | 50 |
Commercial, Financial and Agricultural [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 4,301 | 1,433 |
Commercial, Financial and Agricultural [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 951,647 | 888,405 |
Paycheck Protection Program Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 31,748 | 483,773 |
Accruing loans and leases | 31,748 | 483,773 |
Nonaccrual loans and leases | 0 | 0 |
Loans and leases held for investment | 31,748 | 483,773 |
Paycheck Protection Program Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 367 | 0 |
Paycheck Protection Program Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 0 |
Paycheck Protection Program Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 0 |
Paycheck Protection Program Loans [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 367 | 0 |
Paycheck Protection Program Loans [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 31,381 | 483,773 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 2,718,535 | 2,458,872 |
Accruing loans and leases | 2,690,635 | 2,436,133 |
Nonaccrual loans and leases | 27,900 | 22,739 |
Loans and leases held for investment | 2,718,535 | 2,458,872 |
Real Estate-Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 234 | 3,230 |
Real Estate-Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 859 |
Real Estate-Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 945 |
Real Estate-Commercial [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 234 | 5,034 |
Real Estate-Commercial [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 2,690,401 | 2,431,099 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 283,918 | 243,355 |
Accruing loans and leases | 283,918 | 243,355 |
Nonaccrual loans and leases | 0 | 0 |
Loans and leases held for investment | 283,918 | 243,355 |
Real Estate-Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 361 |
Real Estate-Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 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] | ||
Financial receivables, gross | 0 | 0 |
Real Estate-Construction [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 0 | 361 |
Real Estate-Construction [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 283,918 | 242,994 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 409,900 | 381,446 |
Accruing loans and leases | 407,713 | 378,660 |
Nonaccrual loans and leases | 2,187 | 2,786 |
Loans and leases held for investment | 409,900 | 381,446 |
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] | ||
Financial receivables, gross | 542 | 3,726 |
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] | ||
Financial receivables, gross | 0 | 603 |
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] | ||
Financial receivables, gross | 216 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 758 | 4,329 |
Real Estate-Residential Secured for Business Purpose [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 406,955 | 374,331 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 540,566 | 487,600 |
Accruing loans and leases | 538,517 | 485,514 |
Nonaccrual loans and leases | 2,049 | 2,086 |
Loans and leases held for investment | 540,566 | 487,600 |
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] | ||
Financial receivables, gross | 2,976 | 6,057 |
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] | ||
Financial receivables, gross | 162 | 80 |
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] | ||
Financial receivables, gross | 0 | 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 3,138 | 6,137 |
Real Estate-Residential Secured for Personal Purpose [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 535,379 | 479,377 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 158,909 | 166,609 |
Accruing loans and leases | 158,364 | 165,562 |
Nonaccrual loans and leases | 545 | 1,047 |
Loans and leases held for investment | 158,909 | 166,609 |
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] | ||
Financial receivables, gross | 646 | 607 |
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] | ||
Financial receivables, gross | 129 | 32 |
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] | ||
Financial receivables, gross | 0 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 775 | 639 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 157,589 | 164,923 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 25,504 | 27,482 |
Accruing loans and leases | 25,504 | 27,482 |
Nonaccrual loans and leases | 0 | 0 |
Loans and leases held for investment | 25,504 | 27,482 |
Loans to Individuals [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 90 | 190 |
Loans to Individuals [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 27 | 74 |
Loans to Individuals [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 180 | 185 |
Loans to Individuals [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 297 | 449 |
Loans to Individuals [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 25,207 | 27,033 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 184,541 | 165,039 |
Accruing loans and leases | 184,460 | 164,832 |
Nonaccrual loans and leases | 81 | 207 |
Loans and leases held for investment | 184,541 | 165,039 |
Lease Financings [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 774 | 898 |
Lease Financings [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 397 | 291 |
Lease Financings [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 102 | 212 |
Lease Financings [Member] | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | 1,273 | 1,401 |
Lease Financings [Member] | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial receivables, gross | $ 183,187 | $ 163,431 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Loans and Leases (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | $ 33,210,000 | $ 31,692,000 |
Accruing troubled debt restructured loans and lease modifications | 51,000 | 53,000 |
Loans and leases 90 days or more past due and accruing interest | 498,000 | 1,392,000 |
Total Nonperforming Loans and Leases | 33,759,000 | 33,137,000 |
Nonaccrual troubled debt restructured loans and lease modifications | 758,000 | 14,100,000 |
Commercial, Financial and Agricultural [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 448,000 | 2,827,000 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 0 | 50,000 |
Total Nonperforming Loans and Leases | 448,000 | 2,877,000 |
Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 27,900,000 | 22,739,000 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 0 | 945,000 |
Total Nonperforming Loans and Leases | 27,900,000 | 23,684,000 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 2,187,000 | 2,786,000 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 216,000 | 0 |
Total Nonperforming Loans and Leases | 2,403,000 | 2,786,000 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 2,049,000 | 2,086,000 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 0 | 0 |
Total Nonperforming Loans and Leases | 2,049,000 | 2,086,000 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 545,000 | 1,047,000 |
Accruing troubled debt restructured loans and lease modifications | 51,000 | 53,000 |
Loans and leases 90 days or more past due and accruing interest | 0 | 0 |
Total Nonperforming Loans and Leases | 596,000 | 1,100,000 |
Loans to Individuals [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 0 | 0 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 180,000 | 185,000 |
Total Nonperforming Loans and Leases | 180,000 | 185,000 |
Lease Financings [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual loans and leases | 81,000 | 207,000 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 102,000 | 212,000 |
Total Nonperforming Loans and Leases | $ 183,000 | $ 419,000 |
Loans and Leases - Nonaccrual (
Loans and Leases - Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | $ 33,047 | $ 30,594 |
Nonaccrual With ACL | 163 | 1,098 |
Nonaccrual loans and leases | 33,210 | 31,692 |
Loans and leases 90 days or more past due and accruing interest | 498 | 1,392 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 448 | 2,187 |
Nonaccrual With ACL | 0 | 640 |
Nonaccrual loans and leases | 448 | 2,827 |
Loans and leases 90 days or more past due and accruing interest | 0 | 50 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 27,818 | 22,739 |
Nonaccrual With ACL | 82 | 0 |
Nonaccrual loans and leases | 27,900 | 22,739 |
Loans and leases 90 days or more past due and accruing interest | 0 | 945 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 2,187 | 2,663 |
Nonaccrual With ACL | 0 | 123 |
Nonaccrual loans and leases | 2,187 | 2,786 |
Loans and leases 90 days or more past due and accruing interest | 216 | 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 2,049 | 1,958 |
Nonaccrual With ACL | 0 | 128 |
Nonaccrual loans and leases | 2,049 | 2,086 |
Loans and leases 90 days or more past due and accruing interest | 0 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 545 | 1,047 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and leases | 545 | 1,047 |
Loans and leases 90 days or more past due and accruing interest | 0 | 0 |
Loans to Individuals [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | 0 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 |
Loans and leases 90 days or more past due and accruing interest | 180 | 185 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | 0 |
Nonaccrual With ACL | 81 | 207 |
Nonaccrual loans and leases | 81 | 207 |
Loans and leases 90 days or more past due and accruing interest | $ 102 | $ 212 |
Loans and Leases - Collateral D
Loans and Leases - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | $ 33,210 | $ 31,692 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 448 | 2,827 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 27,900 | 22,739 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 2,187 | 2,786 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 2,049 | 2,086 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 545 | 1,047 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 81 | 207 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 32,954 | 30,009 |
Real Estate [Member] | Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 273 | 1,351 |
Real Estate [Member] | Real Estate-Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 27,900 | 22,739 |
Real Estate [Member] | Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 2,187 | 2,786 |
Real Estate [Member] | Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 2,049 | 2,086 |
Real Estate [Member] | Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 545 | 1,047 |
Real Estate [Member] | Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 81 | 1,401 |
Other [Member] | Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 1,194 |
Other [Member] | Real Estate-Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Other [Member] | Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Other [Member] | Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Other [Member] | Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Other [Member] | Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 81 | 207 |
None [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 175 | 282 |
None [Member] | Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 175 | 282 |
None [Member] | Real Estate-Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
None [Member] | Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
None [Member] | Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
None [Member] | Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | 0 | 0 |
None [Member] | Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual loans | $ 0 | $ 0 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,350,136 | $ 2,001,595 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,123,997 | 723,898 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 600,884 | 395,275 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 275,201 | 362,654 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 250,626 | 205,604 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 259,386 | 254,149 |
Revolving Loans Amortized Cost Basis | 540,267 | 516,936 |
Financing Receivable, before Allowance for Credit Loss | 4,400,497 | 4,460,111 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,341,674 | 1,966,242 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,083,293 | 707,620 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 568,124 | 390,152 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 252,767 | 350,602 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 248,059 | 201,130 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 248,348 | 238,726 |
Revolving Loans Amortized Cost Basis | 524,749 | 499,565 |
Financing Receivable, before Allowance for Credit Loss | 4,267,014 | 4,354,037 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 8,462 | 31,522 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 18,649 | 10,859 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 29,355 | 4,002 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 20,394 | 577 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,417 | 2,202 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,954 | 7,144 |
Revolving Loans Amortized Cost Basis | 10,260 | 9,565 |
Financing Receivable, before Allowance for Credit Loss | 96,491 | 65,871 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,831 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22,055 | 5,419 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,405 | 1,121 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,040 | 11,475 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,150 | 2,272 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,084 | 8,279 |
Revolving Loans Amortized Cost Basis | 5,258 | 7,806 |
Financing Receivable, before Allowance for Credit Loss | 36,992 | 40,203 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 305,178 | 267,150 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 216,186 | 110,092 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 63,599 | 88,792 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,335 | 64,197 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 24,920 | 43,329 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 82,679 | 89,160 |
Revolving Loans Amortized Cost Basis | 173,615 | 180,220 |
Financing Receivable, before Allowance for Credit Loss | 906,512 | 842,940 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 53 | 678 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 648 | 182 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 64 | 259 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 602 | 205 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7 | 7 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,271 | 1,431 |
Revolving Loans Amortized Cost Basis | 363 | 1,028 |
Financing Receivable, before Allowance for Credit Loss | 3,008 | 3,790 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 216,198 | 165,270 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 83,198 | 95,180 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 72,007 | 75,400 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 52,901 | 39,434 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,697 | 18,148 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 51,258 | 57,824 |
Revolving Loans Amortized Cost Basis | 457,137 | 441,409 |
Financing Receivable, before Allowance for Credit Loss | 956,396 | 892,665 |
Commercial, Financial and Agricultural [Member] | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 215,197 | 162,547 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 79,739 | 93,967 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 69,618 | 74,722 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 52,507 | 38,906 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,253 | 17,371 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 49,827 | 56,053 |
Revolving Loans Amortized Cost Basis | 442,288 | 427,336 |
Financing Receivable, before Allowance for Credit Loss | 932,429 | 870,902 |
Commercial, Financial and Agricultural [Member] | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,001 | 2,723 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,459 | 783 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,389 | 316 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 394 | 500 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 428 | 777 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,231 | 1,144 |
Revolving Loans Amortized Cost Basis | 10,162 | 8,318 |
Financing Receivable, before Allowance for Credit Loss | 19,064 | 14,561 |
Commercial, Financial and Agricultural [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 430 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 362 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 28 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 200 | 627 |
Revolving Loans Amortized Cost Basis | 4,687 | 5,755 |
Financing Receivable, before Allowance for Credit Loss | 4,903 | 7,202 |
Paycheck Protection Program Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,554 | 483,773 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 194 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 31,748 | 483,773 |
Paycheck Protection Program Loans [Member] | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,554 | 483,773 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 194 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 31,748 | 483,773 |
Paycheck Protection Program Loans [Member] | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Paycheck Protection Program Loans [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 805,445 | 1,094,180 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 894,819 | 496,071 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 434,483 | 227,853 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 157,887 | 279,619 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 197,782 | 145,498 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 179,667 | 170,063 |
Revolving Loans Amortized Cost Basis | 48,452 | 45,588 |
Financing Receivable, before Allowance for Credit Loss | 2,718,535 | 2,458,872 |
Real Estate-Commercial [Member] | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 802,878 | 1,084,157 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 858,426 | 481,997 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 407,944 | 223,646 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 155,892 | 268,236 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 195,756 | 143,041 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 172,702 | 157,503 |
Revolving Loans Amortized Cost Basis | 48,354 | 43,008 |
Financing Receivable, before Allowance for Credit Loss | 2,641,952 | 2,401,588 |
Real Estate-Commercial [Member] | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,567 | 6,220 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14,338 | 10,076 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 23,134 | 3,498 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 916 | 1,250 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,630 | 5,870 |
Revolving Loans Amortized Cost Basis | 98 | 1,247 |
Financing Receivable, before Allowance for Credit Loss | 46,683 | 28,161 |
Real Estate-Commercial [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3,803 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22,055 | 3,998 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,405 | 709 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,995 | 11,383 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,110 | 1,207 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,335 | 6,690 |
Revolving Loans Amortized Cost Basis | 0 | 1,333 |
Financing Receivable, before Allowance for Credit Loss | 29,900 | 29,123 |
Real Estate-Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 142,306 | 138,065 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 60,452 | 59,507 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 42,424 | 39,009 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 29,995 | 113 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 198 | 2,950 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 8,543 | 3,711 |
Financing Receivable, before Allowance for Credit Loss | 283,918 | 243,355 |
Real Estate-Construction [Member] | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 137,622 | 116,840 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 59,952 | 59,507 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 38,592 | 39,009 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,995 | 113 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 198 | 2,950 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 8,543 | 3,711 |
Financing Receivable, before Allowance for Credit Loss | 254,902 | 222,130 |
Real Estate-Construction [Member] | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,684 | 21,225 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 500 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,832 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 20,000 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 29,016 | 21,225 |
Real Estate-Construction [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 154,633 | 120,307 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 85,334 | 73,140 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 51,970 | 53,013 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,418 | 43,488 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 28,949 | 39,008 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 28,461 | 26,262 |
Revolving Loans Amortized Cost Basis | 26,135 | 26,228 |
Financing Receivable, before Allowance for Credit Loss | 409,900 | 381,446 |
Real Estate-Residential Secured for Business Purpose [Member] | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 154,423 | 118,925 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 84,982 | 72,149 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 51,970 | 52,775 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,373 | 43,347 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 28,852 | 37,768 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 25,819 | 25,170 |
Revolving Loans Amortized Cost Basis | 25,564 | 25,510 |
Financing Receivable, before Allowance for Credit Loss | 405,983 | 375,644 |
Real Estate-Residential Secured for Business Purpose [Member] | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 210 | 1,354 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 352 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 188 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 77 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 73 | 175 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,093 | 130 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,728 | 1,924 |
Real Estate-Residential Secured for Business Purpose [Member] | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 28 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 991 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 50 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 45 | 64 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 24 | 1,065 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,549 | 962 |
Revolving Loans Amortized Cost Basis | 571 | 718 |
Financing Receivable, before Allowance for Credit Loss | 2,189 | 3,878 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219,733 | 192,653 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 163,243 | 61,880 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 34,102 | 56,370 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 23,436 | 50,983 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,912 | 38,975 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 79,951 | 85,502 |
Revolving Loans Amortized Cost Basis | 189 | 1,237 |
Financing Receivable, before Allowance for Credit Loss | 540,566 | 487,600 |
Real Estate-Residential Secured for Personal Purpose [Member] | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219,680 | 191,987 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 162,609 | 61,880 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 34,102 | 56,314 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 23,065 | 50,983 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,912 | 38,975 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 78,960 | 84,138 |
Revolving Loans Amortized Cost Basis | 189 | 1,237 |
Financing Receivable, before Allowance for Credit Loss | 538,517 | 485,514 |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 53 | 666 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 634 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 56 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 371 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 991 | 1,364 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 2,049 | 2,086 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 961 | 1,195 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 876 | 815 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 370 | 1,027 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 588 | 1,160 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 704 | 518 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,715 | 2,225 |
Revolving Loans Amortized Cost Basis | 153,695 | 159,669 |
Financing Receivable, before Allowance for Credit Loss | 158,909 | 166,609 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 961 | 1,195 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 876 | 815 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 370 | 829 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 415 | 1,160 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 704 | 518 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,655 | 2,189 |
Revolving Loans Amortized Cost Basis | 153,332 | 158,803 |
Financing Receivable, before Allowance for Credit Loss | 158,313 | 165,509 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 198 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 173 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 60 | 36 |
Revolving Loans Amortized Cost Basis | 363 | 866 |
Financing Receivable, before Allowance for Credit Loss | 596 | 1,100 |
Loans to Individuals [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,376 | 1,795 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 893 | 1,425 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 722 | 970 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 466 | 441 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 100 | 220 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,853 | 2,289 |
Revolving Loans Amortized Cost Basis | 20,094 | 20,342 |
Financing Receivable, before Allowance for Credit Loss | 25,504 | 27,482 |
Loans to Individuals [Member] | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,376 | 1,795 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 893 | 1,425 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 722 | 970 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 466 | 441 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 100 | 220 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,673 | 2,266 |
Revolving Loans Amortized Cost Basis | 20,094 | 20,180 |
Financing Receivable, before Allowance for Credit Loss | 25,324 | 27,297 |
Loans to Individuals [Member] | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 180 | 23 |
Revolving Loans Amortized Cost Basis | 0 | 162 |
Financing Receivable, before Allowance for Credit Loss | 180 | 185 |
Lease Financings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 83,161 | 72,185 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,822 | 46,154 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28,469 | 30,684 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,447 | 11,818 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,211 | 3,623 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 431 | 575 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 184,541 | 165,039 |
Lease Financings [Member] | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 83,161 | 72,173 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,808 | 45,972 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28,405 | 30,679 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,389 | 11,613 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,204 | 3,616 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 391 | 567 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 184,358 | 164,620 |
Lease Financings [Member] | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 12 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14 | 182 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 64 | 5 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 58 | 205 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7 | 7 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 183 | 419 |
Financing Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 305,231 | 267,828 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 216,834 | 110,274 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 63,663 | 89,051 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,937 | 64,402 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 24,927 | 43,336 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 83,950 | 90,591 |
Revolving Loans Amortized Cost Basis | 173,978 | 181,248 |
Financing Receivable, before Allowance for Credit Loss | $ 909,520 | $ 846,730 |
Loans and Leases - Credit Qua_2
Loans and Leases - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | $ 5,310,017 | $ 5,306,841 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 956,396 | 892,665 |
Paycheck Protection Program Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 31,748 | 483,773 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 2,718,535 | 2,458,872 |
Real Estate-Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 283,918 | 243,355 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 409,900 | 381,446 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 540,566 | 487,600 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 158,909 | 166,609 |
Loans to Individuals [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | 25,504 | 27,482 |
Lease Financings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases held for investment | $ 184,541 | $ 165,039 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Credit Losses, Loans and Leases Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | $ 83,044 | $ 35,331 | $ 29,364 | |||
Allowance for credit losses, loans and leases | 71,924 | 83,044 | 35,331 | |||
(Reversal of provision) provision for credit losses | (10,907) | 39,439 | 8,518 | |||
Charge-offs | (3,013) | (5,899) | (3,463) | |||
Recoveries | 2,800 | 1,251 | 912 | |||
Ending balance | 71,924 | 83,044 | 35,331 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | $ 0 | $ 12,922 | $ 0 | |||
Commercial, Financial and Agricultural [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 13,584 | 8,759 | 7,983 | |||
Allowance for credit losses, loans and leases | 13,536 | 13,584 | 8,759 | |||
(Reversal of provision) provision for credit losses | (32) | 680 | 2,374 | |||
Charge-offs | (1,641) | (1,884) | (1,965) | |||
Recoveries | 1,625 | 745 | 367 | |||
Ending balance | 13,536 | 13,584 | 8,759 | |||
Commercial, Financial and Agricultural [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | 5,284 | 0 | |||
Paycheck Protection Program Loans [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 0 | |||||
Allowance for credit losses, loans and leases | 2 | 0 | ||||
(Reversal of provision) provision for credit losses | 2 | |||||
Charge-offs | 0 | |||||
Recoveries | 0 | |||||
Ending balance | 2 | 0 | ||||
Paycheck Protection Program Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | |||||
Real Estate-Commercial [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 52,230 | 15,750 | ||||
Allowance for credit losses, loans and leases | 41,095 | 52,230 | 15,750 | |||
(Reversal of provision) provision for credit losses | (11,339) | 33,090 | ||||
Charge-offs | (594) | (2,853) | ||||
Recoveries | 798 | 35 | ||||
Ending balance | 41,095 | 52,230 | 15,750 | |||
Real Estate-Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | 6,208 | ||||
Real Estate-Construction [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 3,298 | 2,446 | ||||
Allowance for credit losses, loans and leases | 4,575 | 3,298 | 2,446 | |||
(Reversal of provision) provision for credit losses | 1,277 | 823 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 4,575 | 3,298 | 2,446 | |||
Real Estate-Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | 29 | ||||
Real Estate-Commercial and Construction [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 18,196 | 13,903 | ||||
Allowance for credit losses, loans and leases | 18,196 | |||||
(Reversal of provision) provision for credit losses | 4,602 | |||||
Charge-offs | (402) | |||||
Recoveries | 93 | |||||
Ending balance | 18,196 | |||||
Real Estate-Commercial and Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | |||||
Real Estate-Residential Secured for Business Purpose [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 7,317 | 2,622 | 2,236 | |||
Allowance for credit losses, loans and leases | 6,482 | 7,317 | 2,622 | |||
(Reversal of provision) provision for credit losses | (688) | 2,306 | 396 | |||
Charge-offs | (227) | (188) | (122) | |||
Recoveries | 80 | 75 | 112 | |||
Ending balance | 6,482 | 7,317 | 2,622 | |||
Real Estate-Residential Secured for Business Purpose [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | 2,502 | 0 | |||
Real Estate-Residential Secured for Personal Purpose [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 3,055 | 2,713 | ||||
Allowance for credit losses, loans and leases | 2,403 | 3,055 | 2,713 | |||
(Reversal of provision) provision for credit losses | (652) | 1,229 | ||||
Charge-offs | 0 | (181) | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 2,403 | 3,055 | 2,713 | |||
Real Estate-Residential Secured for Personal Purpose [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | (706) | ||||
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,176 | 1,076 | ||||
Allowance for credit losses, loans and leases | 1,028 | 1,176 | 1,076 | |||
(Reversal of provision) provision for credit losses | (212) | 449 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 64 | 15 | ||||
Ending balance | 1,028 | 1,176 | 1,076 | |||
Real Estate-Home Equity Secured for Personal Purpose [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | (364) | ||||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 3,789 | 3,199 | ||||
Allowance for credit losses, loans and leases | 3,789 | |||||
(Reversal of provision) provision for credit losses | 781 | |||||
Charge-offs | (212) | |||||
Recoveries | 21 | |||||
Ending balance | 3,789 | |||||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | |||||
Loans to Individuals [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 533 | 470 | 484 | |||
Allowance for credit losses, loans and leases | 363 | 533 | 470 | |||
(Reversal of provision) provision for credit losses | (35) | 146 | 246 | |||
Charge-offs | (240) | (267) | (335) | |||
Recoveries | 105 | 80 | 75 | |||
Ending balance | 363 | 533 | 470 | |||
Loans to Individuals [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | 104 | 0 | |||
Lease Financings [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,701 | 1,311 | 1,288 | |||
Allowance for credit losses, loans and leases | 2,290 | 1,701 | 1,311 | |||
(Reversal of provision) provision for credit losses | 772 | 750 | 206 | |||
Charge-offs | (311) | (526) | (427) | |||
Recoveries | 128 | 301 | 244 | |||
Ending balance | 2,290 | 1,701 | 1,311 | |||
Lease Financings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | 0 | (135) | 0 | |||
Unallocated [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 150 | 184 | 271 | |||
Allowance for credit losses, loans and leases | 150 | 150 | 184 | |||
(Reversal of provision) provision for credit losses | 0 | (34) | (87) | |||
Ending balance | $ 150 | $ 150 | $ 184 | |||
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for credit losses, loans and leases | $ 0 | $ 0 | $ 0 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan and Lease Losses and Recorded Investment in Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | $ 11 | $ 585 | ||
Ending balance: pooled | 71,913 | 82,459 | ||
Total: Allowance for Credit Loss | 71,924 | 83,044 | $ 35,331 | $ 29,364 |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 33,129 | 31,485 | ||
Ending balance: pooled | 5,276,840 | 5,275,169 | ||
Loans measured at fair value | 48 | 187 | ||
Total loans and leases held for investment | 5,310,017 | 5,306,841 | ||
Commercial, Financial and Agricultural [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 535 | ||
Ending balance: pooled | 13,536 | 13,049 | ||
Total: Allowance for Credit Loss | 13,536 | 13,584 | 8,759 | 7,983 |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 448 | 2,827 | ||
Ending balance: pooled | 955,948 | 889,838 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 956,396 | 892,665 | ||
Paycheck Protection Program Loans [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 2 | 0 | ||
Total: Allowance for Credit Loss | 2 | 0 | ||
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 31,748 | 483,773 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 31,748 | 483,773 | ||
Real Estate-Commercial [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 11 | 0 | ||
Ending balance: pooled | 41,084 | 52,230 | ||
Total: Allowance for Credit Loss | 41,095 | 52,230 | 15,750 | |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 27,900 | 22,739 | ||
Ending balance: pooled | 2,690,587 | 2,435,946 | ||
Loans measured at fair value | 48 | 187 | ||
Total loans and leases held for investment | 2,718,535 | 2,458,872 | ||
Real Estate-Construction [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 4,575 | 3,298 | ||
Total: Allowance for Credit Loss | 4,575 | 3,298 | 2,446 | |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 283,918 | 243,355 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 283,918 | 243,355 | ||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 24 | ||
Ending balance: pooled | 6,482 | 7,293 | ||
Total: Allowance for Credit Loss | 6,482 | 7,317 | 2,622 | 2,236 |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 2,187 | 2,786 | ||
Ending balance: pooled | 407,713 | 378,660 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 409,900 | 381,446 | ||
Real Estate-Residential Secured for Personal Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 26 | ||
Ending balance: pooled | 2,403 | 3,029 | ||
Total: Allowance for Credit Loss | 2,403 | 3,055 | 2,713 | |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 2,049 | 2,086 | ||
Ending balance: pooled | 538,517 | 485,514 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 540,566 | 487,600 | ||
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 1,028 | 1,176 | ||
Total: Allowance for Credit Loss | 1,028 | 1,176 | 1,076 | |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 545 | 1,047 | ||
Ending balance: pooled | 158,364 | 165,562 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 158,909 | 166,609 | ||
Loans to Individuals [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 363 | 533 | ||
Total: Allowance for Credit Loss | 363 | 533 | 470 | 484 |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 25,504 | 27,482 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 25,504 | 27,482 | ||
Lease Financings [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 2,290 | 1,701 | ||
Total: Allowance for Credit Loss | 2,290 | 1,701 | 1,311 | 1,288 |
Loans and Leases Held for Investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 184,541 | 165,039 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 184,541 | 165,039 | ||
Unallocated [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: pooled | 150 | 150 | ||
Total: Allowance for Credit Loss | $ 150 | $ 150 | $ 184 | $ 271 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 3 | 2 |
Pre-restructuring outstanding recorded investment | $ 200 | $ 1,163 |
Post-restructuring outstanding recorded investment | $ 198 | $ 1,163 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 1 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 619 |
Post-restructuring outstanding recorded investment | $ 0 | $ 619 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 3 | 0 |
Pre-restructuring outstanding recorded investment | $ 200 | $ 0 |
Post-restructuring outstanding recorded investment | $ 198 | $ 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 1 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 544 |
Post-restructuring outstanding recorded investment | $ 0 | $ 544 |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 0 | 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 3 | 2 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 3 | 2 |
Amount | $ | $ 198 | $ 1,163 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 0 | 1 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 1 | |
Amount | $ | $ 619 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 3 | 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 3 | |
Amount | $ | $ 198 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 0 | 1 |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of loans | 1 | |
Amount | $ | $ 544 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in the Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 0 | $ 64 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 0 | $ 64 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Maturities of Lease Financing Receiveables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
2021 | $ 61,724 | |
2022 | $ 67,458 | 49,970 |
2023 | 54,859 | 35,631 |
2024 | 39,019 | 20,821 |
2025 | 24,426 | 8,319 |
2026 | 11,039 | 1,367 |
Thereafter | 2,951 | 1,396 |
Total lease financing receivables | 199,752 | 179,228 |
Unguaranteed residual | 1,186 | 914 |
Initial direct costs | 2,707 | 2,567 |
Imputed interest | (19,104) | (17,670) |
Net investment in lease financing receivables | $ 184,541 | $ 165,039 |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 103,488 | $ 100,626 |
Less: accumulated depreciation | (46,606) | (44,990) |
Net book value | 56,882 | 55,636 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 15,070 | 14,549 |
Premises and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 56,267 | 55,703 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 32,151 | $ 30,374 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 01, 2021 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | |
Amortization of intangible assets | 965,000 | 1,200,000 | 1,600,000 | |
Impairments to identifiable intangible assets | 0 | 0 | $ 0 | |
Paul I. Sheaffer Insurance Agency [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill related to acquisition | $ 3,000,000 | |||
Customer-related intangible | $ 2,500,000 | |||
Servicing Rights [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Aggregate fair value of servicing rights | $ 11,300,000 | $ 6,800,000 | ||
Range of discount rates used for valuation of servicing rights | 10.20% | 10.20% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 172,559 | $ 172,559 |
Goodwill, acquired during period | 2,951 | 0 |
Goodwill, ending balance | 175,510 | 172,559 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 138,476 | 138,476 |
Goodwill, acquired during period | 0 | 0 |
Goodwill, ending balance | 138,476 | 138,476 |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 15,434 | 15,434 |
Goodwill, acquired during period | 0 | 0 |
Goodwill, ending balance | 15,434 | 15,434 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 18,649 | 18,649 |
Goodwill, acquired during period | 2,951 | 0 |
Goodwill, ending balance | $ 21,600 | $ 18,649 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 41,841 | $ 36,746 | ||
Accumulated amortization | 29,993 | 27,880 | ||
Net carrying amount | 11,848 | 8,866 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 6,788 | 6,788 | ||
Accumulated amortization | 5,425 | 4,787 | ||
Net carrying amount | 1,363 | 2,001 | ||
Customer Related Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 8,493 | 7,604 | ||
Accumulated amortization | 5,886 | 7,147 | ||
Net carrying amount | 2,607 | 457 | ||
Servicing Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 26,560 | 22,354 | ||
Accumulated amortization | 18,682 | 15,946 | ||
Net carrying amount | 7,878 | 6,408 | ||
Valuation allowance included in accumulated amortization | $ 13 | $ 87 | $ 0 | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 1,157 |
2023 | 845 |
2024 | 648 |
2025 | 469 |
2026 | 319 |
Thereafter | 532 |
Total | $ 3,970 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Detail) - Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning of period | $ 6,408 | $ 6,626 | $ 6,768 |
Servicing rights capitalized | 4,206 | 3,194 | 1,787 |
Amortization of servicing rights | (2,810) | (3,325) | (1,929) |
Changes in valuation allowance | 74 | (87) | 0 |
End of period | 7,878 | 6,408 | 6,626 |
Residential mortgage and SBA loans serviced for others | $ 1,428,020 | $ 1,200,742 | $ 1,080,905 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Activity In The Valuation Allowance For Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | |||
Valuation allowance, beginning of period | $ (87) | $ 0 | $ 0 |
Additions | 0 | (87) | 0 |
Reductions | 74 | 0 | 0 |
Valuation allowance, end of period | $ (13) | $ (87) | $ 0 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2022 | $ 1,157 |
2023 | 845 |
2024 | 648 |
2025 | 469 |
2026 | 319 |
Thereafter | 532 |
Total | 3,970 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | 1,399 |
2023 | 1,168 |
2024 | 973 |
2025 | 808 |
2026 | 669 |
Thereafter | $ 2,861 |
Accrued Interest Receivable a_3
Accrued Interest Receivable and Other Assets - Details of Accrued Interest Receivable and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Receivable and Other Assets [Abstract] | ||
Other real estate owned | $ 279 | $ 7,355 |
Accrued interest receivable | 13,020 | 16,475 |
Accrued income and other receivables | 5,822 | 7,340 |
Fair market value of derivative financial instruments | 852 | 2,894 |
Other prepaid expenses | 12,152 | 11,470 |
Current income tax receivable | 5,528 | 0 |
Deferred Tax Assets, Net | 11,422 | 16,514 |
Other assets | 4,982 | 3,291 |
Total accrued interest and other assets | $ 54,057 | $ 65,339 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Aggregate amount of time deposits in denominations over $250 thousand | $ 119.9 | $ 161.6 |
Deposits - Schedule of Componen
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 0.17% | 0.22% |
Savings deposits | 0.04% | 0.08% |
Time deposits | 1.06% | 1.30% |
Deposits | 0.16% | 0.24% |
Deposits | ||
Noninterest-bearing deposits | $ 2,065,423 | $ 1,690,663 |
Demand deposits | 2,493,604 | 2,070,183 |
Savings deposits | 1,011,931 | 918,094 |
Time deposits | 484,166 | 563,775 |
Total deposits | $ 6,055,124 | $ 5,242,715 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Due in 2022 | $ 6,258 | |
Due in 2023 | 8,814 | |
Due in 2024 | 247,183 | |
Due in 2025 | 152,275 | |
Due in 2026 | 41,850 | |
Thereafter | 27,786 | |
Total | $ 484,166 | $ 563,775 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Aug. 05, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 14, 2030 |
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 2,500,000,000 | ||||
Outstanding short term letters of credit | 831,800,000 | $ 669,700,000 | |||
Available borrowing capacity from the Federal Home Loan Bank | 1,600,000,000 | ||||
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 28,800,000 | 40,700,000 | |||
Outstanding amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | 0 | 0 | |||
Amount of maintained line of credit with correspondent bank - parent company | 10,000,000 | ||||
Outstanding amount of line of credit with correspondent bank - parent company | 0 | 0 | |||
Total committed borrowing capacity | 2,500,000,000 | 2,200,000,000 | |||
Total committed borrowing capacity available | 1,600,000,000 | 1,500,000,000 | |||
Amount of maintained federal fund lines of credit with correspondent banks | 400,000,000 | 460,000,000 | |||
Proceeds from issuance of subordinated notes | $ 0 | $ 100,000,000 | $ 0 | ||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of debt | $ 100,000,000 | ||||
Annual fixed rate of interest | 5.00% | ||||
Proceeds from issuance of subordinated notes | $ 98,400,000 | ||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2030 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Forecast [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread of interest rate (LIBOR) | 495.20% | ||||
Debt Instrument, Term of Variable Rate Basis | 3 months |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 20,106 | $ 17,906 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 95,000 | $ 110,000 |
Weighted average interest rate | 1.34% | 1.42% |
Maximum amount outstanding at month end during the year | $ 110,000 | $ 200,000 |
Average amount outstanding during the year | $ 96,562 | $ 181,722 |
Weighted average interest rate during the year | 1.36% | 1.54% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 98,874 | $ 183,515 |
Weighted average interest rate | 5.31% | 4.96% |
Maximum amount outstanding at month end during the year | $ 183,549 | $ 193,481 |
Average amount outstanding during the year | $ 137,896 | $ 134,949 |
Weighted average interest rate during the year | 5.18% | 5.01% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 0 | $ 0 |
Weighted average interest rate | 0.00% | 0.00% |
Maximum amount outstanding at month end during the year | $ 0 | $ 0 |
Average amount outstanding during the year | $ 3 | $ 5,048 |
Weighted average interest rate during the year | 0.29% | 1.68% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 0 | $ 0 |
Weighted average interest rate | 0.00% | 0.00% |
Maximum amount outstanding at month end during the year | $ 0 | $ 40,000 |
Average amount outstanding during the year | $ 22 | $ 1,388 |
Weighted average interest rate during the year | 0.41% | 1.64% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 20,106 | $ 17,906 |
Weighted average interest rate | 0.05% | 0.05% |
Maximum amount outstanding at month end during the year | $ 26,676 | $ 39,615 |
Average amount outstanding during the year | $ 16,527 | $ 20,747 |
Weighted average interest rate during the year | 0.05% | 0.05% |
Short-term Debt | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of year | $ 0 | |
Weighted average interest rate | 0.00% | |
Maximum amount outstanding at month end during the year | $ 192,936 | |
Average amount outstanding during the year | $ 59,475 | |
Weighted average interest rate during the year | 0.35% |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
2022 | $ 0 |
2023 | 35,000 |
2024 | 60,000 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total Advances | $ 95,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
2022 Weighted average interest rate | 0.00% |
2023 Weighted average interest rate | 1.94% |
2024 Weighted average interest rate | 0.98% |
2025 Weighted average interest rate | 0.00% |
2026 Weighted average interest rate | 0.00% |
Thereafter Weighted average interest rate | 0.00% |
Weighted average interest rate | 1.34% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Amount for which no federal income tax provision has been made | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 |
Unrecognized tax benefits | 0 | $ 0 | |
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 80,400,000 | ||
Operating loss carryforwards, expiration year | 2022 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax years | 2018 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and State Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 17,611 | $ 18,498 | $ 15,043 |
State | 1,365 | 1,337 | 1,098 |
Deferred: | |||
Federal | 3,440 | (9,288) | (1,068) |
State | 113 | (566) | (739) |
Provision for federal and state income taxes, total | $ 22,529 | $ 9,981 | $ 14,334 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Differences from Expected Statutory Provision (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected provision at statutory rate | 21.00% | 21.00% | 21.00% |
Difference resulting from: | |||
Tax exempt interest income, net of disallowance | (1.60%) | (3.80%) | (3.20%) |
Increase in value of bank owned life insurance assets | (0.70%) | (1.10%) | (0.80%) |
Stock-based compensation | (0.20%) | 0.20% | 0.00% |
State income taxes, net of federal benefits | 1.00% | 1.10% | 0.40% |
Changes in valuation allowance | 0.20% | 0.20% | 0.20% |
Other | 0.00% | (0.10%) | 0.30% |
Provision for income taxes - effective income tax rate | 19.70% | 17.50% | 17.90% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses, loans and leases | $ 15,739 | $ 18,113 |
Deferred compensation | 2,004 | 1,625 |
Actuarial adjustments on retirement benefits* | 3,982 | 5,408 |
State net operating losses | 6,348 | 5,621 |
Other-than-temporary impairments on equity securities | 120 | 151 |
Net unrealized holding losses on securities available-for-sale and swaps | 370 | 483 |
Lease liability | 7,317 | 8,227 |
Deferred loan fees and costs | 0 | 583 |
Other deferred tax assets | 1,526 | 2,148 |
Gross deferred tax assets | 37,406 | 42,359 |
Valuation allowance | (5,558) | (4,766) |
Total deferred tax assets, net of valuation allowance | 31,848 | 37,593 |
Deferred tax liabilities: | ||
Mortgage servicing rights | 1,671 | 1,370 |
Retirement plans | 5,419 | 5,309 |
Deferred loan fees and costs | 65 | 0 |
Acquisition-related fair value adjustments | 1,093 | 1,236 |
Intangible assets | 3,204 | 2,580 |
Accounting method change adjustment | 0 | 385 |
Depreciation | 1,083 | 888 |
Right of use asset | 6,650 | 7,491 |
Other deferred tax liabilities | 1,241 | 1,820 |
Total deferred tax liabilities | 20,426 | 21,079 |
Net deferred tax assets | $ 11,422 | $ 16,514 |
Retirement Plans and Other Po_3
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expected long-term rate of return | 6.50% | ||
Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, target allocation, percentage | 60.00% | ||
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, target allocation, percentage | 40.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation arrangement with individual, compensation expense | $ 112 | $ 224 | $ 134 |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions for next fiscal year | $ 156 | ||
Defined benefit plan, expected long-term rate of return | 6.50% | 6.50% | |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions for next fiscal year | $ 127 | ||
Defined benefit plan, expected long-term rate of return | 0.00% | 0.00% | |
Deferred Salary Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 1,800 | $ 1,500 |
Retirement Plans and Other Po_4
Retirement Plans and Other Postretirement Benefits - Summary of Retirement Plans and Other Postretirement Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 55,366,000 | ||
Fair value of plan assets at end of year | 60,479,000 | $ 55,366,000 | |
Retirement Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 59,431,000 | 53,685,000 | |
Service cost | 567,000 | 477,000 | $ 436,000 |
Interest cost | 1,431,000 | 1,692,000 | 1,905,000 |
Actuarial (gain) loss | (1,043,000) | 6,423,000 | |
Benefits paid | (2,688,000) | (2,846,000) | |
Benefit obligation at end of year | 57,698,000 | 59,431,000 | 53,685,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 55,366,000 | 51,607,000 | |
Actual return on plan assets | 7,644,000 | 6,306,000 | |
Benefits paid | (2,688,000) | (2,846,000) | |
Corrective payment | 0 | 140,000 | |
Employer contribution and non-qualified benefit payments | 157,000 | 159,000 | |
Fair value of plan assets at end of year | 60,479,000 | 55,366,000 | 51,607,000 |
Funded status | 2,781,000 | (4,065,000) | |
Unrecognized net actuarial loss | 18,226,000 | 24,526,000 | |
Net amount recognized | 21,007,000 | 20,461,000 | |
Other Post Retirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 3,540,000 | 3,069,000 | |
Service cost | 143,000 | 109,000 | 67,000 |
Interest cost | 85,000 | 96,000 | 94,000 |
Actuarial (gain) loss | (124,000) | 377,000 | |
Benefits paid | (108,000) | (111,000) | |
Benefit obligation at end of year | 3,536,000 | 3,540,000 | 3,069,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Benefits paid | (108,000) | (111,000) | |
Corrective payment | 0 | 0 | |
Employer contribution and non-qualified benefit payments | 108,000 | 111,000 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (3,536,000) | (3,540,000) | |
Unrecognized net actuarial loss | 820,000 | 989,000 | |
Net amount recognized | $ (2,716,000) | $ (2,551,000) |
Retirement Plans and Other Po_5
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 567 | $ 477 | $ 436 |
Interest cost | 1,431 | 1,692 | 1,905 |
Expected loss on plan assets | (3,656) | (3,291) | (3,061) |
Amortization of net actuarial loss | 1,269 | 1,176 | 1,176 |
Accretion of prior service cost | 0 | 0 | (181) |
Net periodic benefit (income) cost | (389) | 54 | 275 |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 143 | 109 | 67 |
Interest cost | 85 | 96 | 94 |
Expected loss on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 47 | 26 | 0 |
Accretion of prior service cost | 0 | 0 | 0 |
Net periodic benefit (income) cost | $ 275 | $ 231 | $ 161 |
Retirement Plans and Other Po_6
Retirement Plans and Other Postretirement Benefits - Expected Amortization Expense (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 818 |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 55 |
Retirement Plans and Other Po_7
Retirement Plans and Other Postretirement Benefits - Summary of Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 2,995 |
2023 | 3,077 |
2024 | 3,114 |
2025 | 3,107 |
2026 | 3,143 |
Years 2027-2031 | 15,576 |
Total | 31,012 |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 127 |
2023 | 130 |
2024 | 135 |
2025 | 137 |
2026 | 142 |
Years 2027-2031 | 957 |
Total | $ 1,628 |
Retirement Plans and Other Po_8
Retirement Plans and Other Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed long-term rate of investment return | 6.50% | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 2.80% | 2.40% |
Assumed discount rate | 2.40% | 3.20% |
Assumed long-term rate of investment return | 6.50% | 6.50% |
Assumed cash balance interest crediting rate | 2.00% | 2.00% |
Retirement Plans [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed salary increase rate | 3.00% | 3.00% |
Assumed salary increase rate | 3.00% | 3.00% |
Retirement Plans [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed salary increase rate | 6.00% | 6.00% |
Assumed salary increase rate | 6.00% | 6.00% |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 2.80% | 2.40% |
Assumed salary increase rate | 0.00% | 0.00% |
Assumed discount rate | 2.40% | 3.20% |
Assumed long-term rate of investment return | 0.00% | 0.00% |
Assumed salary increase rate | 0.00% | 0.00% |
Assumed cash balance interest crediting rate | 0.00% | 0.00% |
Retirement Plans and Other Po_9
Retirement Plans and Other Postretirement Benefits - Summary of Corporation's Pension Plan Asset Allocation (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of corporation's pension plan asset allocation | ||
Assets category, total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets category, total | 64.00% | 60.00% |
Debt Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets category, total | 34.00% | 37.00% |
Other [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets category, total | 2.00% | 3.00% |
Retirement Plans and Other P_10
Retirement Plans and Other Postretirement Benefits - Major Categories of Assets in Corporation's Pension Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 60,479 | $ 55,366 |
Mutual Fund [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 41,951 | 37,602 |
Short-term Investments [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 1,619 | 1,984 |
U.S. Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 7,050 | 5,721 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 6,536 | 6,204 |
Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 3,323 | $ 3,855 |
Stock-Based Incentive Plan - Ad
Stock-Based Incentive Plan - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share awards authorized for issuance | 3,706,946 | |
Contractual term | 10 years | |
Options to purchase common stock outstanding | 351,252 | 453,785 |
Unvested restricted stock awards and units outstanding under the plan | 358,134 | 305,704 |
2013 Long-Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards available for future grant | 2,379,610 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase price of common shares as a percentage of fair market value | 100.00% | |
Restricted Stock Awards and Restricted Stock Units [Member] | 2003 Long-Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested restricted stock awards and units outstanding under the plan | 358,134 |
Stock-Based Incentive Plan - St
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Shares Under Option | |
Shares under option, outstanding, beginning balance | shares | 453,785 |
Shares under option, forfeited | shares | (9,500) |
Shares under option, exercised | shares | (93,033) |
Share under option, outstanding, ending balance | shares | 351,252 |
Shares under options, exercisable at December 31 | shares | 351,252 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted average exercise price per share, outstanding, beginning balance | $ / shares | $ 25.06 |
Weighted average exercise price per share, forfeited | $ / shares | 28.33 |
Weighted average exercise price per share, exercised | $ / shares | 22.13 |
Weighted average exercise price per share, outstanding, ending balance | $ / shares | 25.74 |
Weighted average exercise price per share, exercisable at December 31, 2021 | $ / shares | $ 25.74 |
Weighted average remaining contractual life, outstanding at December 31, 2021 | 5 years |
Weighted average remaining contractual life, exercisable at December 31, 2021 | 5 years |
Aggregate intrinsic value, outstanding at December 31, 2021 | $ | $ 1,467 |
Aggregate intrinsic Value, exercisable at December 31, 2021 | $ | $ 1,467 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock options, beginning balance | shares | 49,771 |
Nonvested stock options, vested | shares | (49,771) |
Nonvested stock options, ending balance | shares | 0 |
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 | $ 6.46 |
Weighted average grant date fair value, vested | $ / shares | 6.46 |
Weighted average grant date fair value, ending balance | $ / shares | $ 0 |
Stock-Based Incentive Plan - _2
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards and Units (Detail) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested share awards and units, beginning balance | shares | 305,704 |
Nonvested share units, granted | shares | 155,607 |
Nonvested share awards and units, vested | shares | (87,075) |
Nonvested share awards and units, cancelled or forfeited | shares | (16,102) |
Nonvested share awards, ending balance | shares | 358,134 |
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 | $ 21.18 |
Weighted average grant date fair value, granted | $ / shares | 27.81 |
Weighted average grant date fair value | $ / shares | 22.71 |
Weighted average grant date fair value, cancelled or forfeited | $ / shares | 22.95 |
Weighted average grant date fair value, ending balance | $ / shares | $ 23.61 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 155,607 | ||
Weighted average grant date fair value | $ 27.81 | ||
Restricted stock awards and units vested | 87,075 | ||
Weighted average grant date fair value | $ 22.71 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 155,607 | 262,844 | 114,729 |
Weighted average grant date fair value | $ 27.81 | $ 19 | $ 25.65 |
Intrinsic value of units granted | $ 4,328 | $ 4,994 | $ 3,072 |
Restricted Stock Awards and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and units vested | 87,075 | 59,855 | 44,807 |
Weighted average grant date fair value | $ 22.71 | $ 27.17 | $ 21.65 |
Intrinsic value of awards and units vested | $ 2,391 | $ 1,375 | $ 1,119 |
Stock-Based Incentive Plan - Sc
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Detail) - Restricted Stock Units (RSUs) [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 4,538 |
Weighted-average period remaining (years) | 1 year 9 months 18 days |
Stock-Based Incentive Plan - Co
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation expense: | |||
Total expense | $ 3,789 | $ 1,568 | $ 2,422 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 551 | 278 | 518 |
Stock Options [Member] | |||
Stock-based compensation expense: | |||
Total expense | 62 | 338 | 716 |
Restricted Stock Awards and Restricted Stock Units [Member] | |||
Stock-based compensation expense: | |||
Total expense | 3,636 | 1,142 | 1,632 |
Employee Stock Purchase Plan [Member] | |||
Stock-based compensation expense: | |||
Total expense | $ 91 | $ 88 | $ 74 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning balance | $ (22,144) | |||
Cumulative effect on retained earnings | 773,794 | $ 692,472 | $ 675,122 | $ 624,133 |
Other comprehensive income (loss) | 5,791 | (651) | 6,603 | |
Ending balance | (16,353) | (22,144) | ||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning balance | (1,379) | (3,231) | (11,221) | |
Other comprehensive income (loss) | 163 | 1,615 | 7,990 | |
Ending balance | (1,216) | (1,379) | (3,231) | |
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning balance | (421) | (185) | 81 | |
Other comprehensive income (loss) | 262 | (236) | (349) | |
Ending balance | (159) | (421) | (185) | |
Net Change Related to Defined Benefit Pension Plan [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning balance | (20,344) | (18,314) | (17,276) | |
Other comprehensive income (loss) | 5,366 | (2,030) | (1,038) | |
Ending balance | (14,978) | (20,344) | (18,314) | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Beginning balance | (22,144) | (21,730) | (28,416) | |
Cumulative effect on retained earnings | (16,353) | (22,144) | (21,730) | (28,416) |
Other comprehensive income (loss) | 5,791 | (651) | 6,603 | |
Ending balance | $ (16,353) | $ (22,144) | (21,730) | |
Accounting Standards Update 2017-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 0 | |||
Accounting Standards Update 2017-12 [Member] | Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 0 | |||
Accounting Standards Update 2017-12 [Member] | Net Change Related to Derivative Used for Cash Flow Hedge [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 83 | |||
Accounting Standards Update 2017-12 [Member] | Net Change Related to Defined Benefit Pension Plan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 0 | |||
Accounting Standards Update 2017-12 [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | $ 83 | |||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | (11,047) | |||
Accounting Standards Update 2016-13 | Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 237 | |||
Accounting Standards Update 2016-13 | Net Change Related to Derivative Used for Cash Flow Hedge [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 0 | |||
Accounting Standards Update 2016-13 | Net Change Related to Defined Benefit Pension Plan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | 0 | |||
Accounting Standards Update 2016-13 | Accumulated Other Comprehensive (Loss) Income [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Cumulative effect on retained earnings | $ 237 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,833 | $ 3,862 |
Short-term lease cost | 12 | 12 |
Variable lease cost | 3 | 5 |
Total lease cost | 3,848 | 3,879 |
Operating cash flows from leases | $ 3,655 | $ 3,693 |
Weighted-average remaining lease term in years | 13 years 8 months 12 days | 13 years 10 months 24 days |
Weighted-average discount rate | 4.17% | 4.14% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 3,412 | |
2023 | 3,460 | |
2024 | 3,411 | |
2025 | 3,288 | |
2026 | 3,163 | |
Thereafter | 28,011 | |
Total lease payments | 44,745 | |
Less: imputed interest | (11,292) | |
Present value of lease liabilities | $ 33,453 | $ 37,690 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies [Line Items] | |
Reserve for sold mortgages | $ 319 |
Letter of Credit [Member] | |
Commitments And Contingencies [Line Items] | |
Reserve for off-balance sheet credits | 274 |
Maximum [Member] | Letter of Credit [Member] | |
Commitments And Contingencies [Line Items] | |
Off-balance sheet risks, amount, liability | $ 48,400 |
Commitments and Contingencies_2
Commitments and Contingencies - Off-balance Sheet Financial Instruments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments to Extend Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance sheet risks, amount, liability | $ 1,638,542 |
Performance Letters Of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance sheet risks, amount, liability | 24,933 |
Standby Letters of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance sheet risks, amount, liability | 23,084 |
Other Letters Of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance sheet risks, amount, liability | $ 387 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)instrument | Dec. 31, 2016 | Dec. 31, 2020USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||||
Loans receivable with fixed rates of interest maturity period | 10 years | |||
Loans receivable with fixed rates | $ 29,100 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 14,611 | $ 15,465 | ||
Derivative liabilities | 202 | 533 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 844,974 | 833,671 | ||
Derivative liabilities | 383 | 1,295 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 46 | 179 | ||
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% | |||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative liabilities | $ 2 | 8 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 20,000 | |||
Derivative fixed interest rate | 2.10% | |||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 151 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 14,611 | 15,465 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative liabilities | 202 | 533 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 755,576 | 643,556 | ||
Derivative number of instruments held | instrument | 125 | |||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Customer [Member] | ||||
Derivative [Line Items] | ||||
Underlying derivative at fair value | $ 14,300 | |||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Derivative remaining maturity | 4 months | |||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Derivative remaining maturity | 10 years | |||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative liabilities | $ 381 | $ 535 | ||
Underlying derivative at fair value | $ 381 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) | $ 262 | $ (236) | $ (349) | |
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 | 14,611 | 15,465 | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 202 | 533 | ||
Net loss | (304) | (254) | 17 | |
Gain (loss) recognized in other comprehensive income (loss) | (159) | (421) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount | 14,611 | 15,465 | ||
Gain (loss) recognized in other comprehensive income (loss) | (159) | (421) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net loss | 304 | 254 | (22) | |
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 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative liabilities | 202 | 533 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net loss | $ 0 | $ 0 | $ (5) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | $ 844,974 | $ 833,671 | |
Derivative assets | 852 | 2,894 | |
Derivative liabilities | 383 | 1,295 | |
Derivative instruments not designated as hedging instruments gain (loss), net | (961) | (7,495) | $ (1,390) |
Interest Rate Swap [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 46 | 179 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 0 | 0 | |
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 2 | 8 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 755,576 | 643,556 | |
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 | 2,251 | 5,733 | 1,350 |
Credit Risk Contract [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 0 | 0 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 381 | 535 | |
Interest Rate Locks with Customers [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 33,876 | 77,246 | |
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 | 2,129 | (2,495) | 91 |
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 | 765 | 2,894 | |
Interest Rate Locks with Customers [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Forward Loan Sale Commitments [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 55,476 | 112,690 | |
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 | (839) | 733 | $ (131) |
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 | 87 | 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 | $ 752 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | Dec. 01, 2021USD ($) | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Servicing rights carrying amount before valuation allowance | $ 7,900,000 | $ 6,500,000 | ||
Servicing rights valuation allowance | 13,000 | 87,000 | ||
Goodwill impairment | 0 | 0 | $ 0 | |
Impairments to identifiable intangible assets | 0 | 0 | $ 0 | |
Other real estate owned | 279,000 | 7,400,000 | ||
Paul I. Sheaffer Insurance Agency [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Original potential cash payments from contingent consideration, minimum | $ 0 | |||
Original potential cash payments from contingent consideration, maximum | $ 1,900,000 | |||
Potential cash payments from contingent consideration, period of measurement (in years) | 3 years | |||
Potential cash payments from contingent consideration, end date | Nov. 30, 2024 | |||
Held for Investment [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of impaired loans held for investment | 33,100,000 | 31,500,000 | ||
Valuation allowance of impaired loans held for investment | 11,000 | $ 585,000 | ||
Lease Financings [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of impaired loans held for investment | $ 0 | |||
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of loans with unrealized gain | loan | 1 | |||
Unrealized gain on loans | $ 1,000 | |||
Commercial Loan [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of loans | loan | 1 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Securities, available-for-sale, fair value | $ 317,007 | $ 218,640 |
Investments in equity securities | 2,999 | 3,279 |
Total assets | 48 | 187 |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 317,007 | 218,640 |
Investments in equity securities | 2,999 | 3,279 |
Total assets | 342,506 | 262,039 |
Liabilities: | ||
Total liabilities | 2,214 | 1,883 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 1,629 | 55 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 204 | 541 |
Fair Value Measured on Recurring Basis [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 381 | 535 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 752 | |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 2,333 | 13,537 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 221,105 | 114,163 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 3,278 | 5,321 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 90,291 | 85,619 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 979 | 818 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 2,020 | 2,461 |
Fair Value Measured on Recurring Basis [Member] | Loans [Member] | ||
Assets: | ||
Net loans and leases held for investment | 48 | 187 |
Fair Value Measured on Recurring Basis [Member] | Loans Held for Sale | ||
Assets: | ||
Loans held for sale | 21,600 | 37,039 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 765 | 2,894 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 87 | |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Investments in equity securities | 2,999 | 3,279 |
Total assets | 2,999 | 3,279 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 979 | 818 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 2,020 | 2,461 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Loans [Member] | ||
Assets: | ||
Net loans and leases held for investment | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Loans Held for Sale | ||
Assets: | ||
Loans held for sale | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 317,007 | 209,040 |
Investments in equity securities | 0 | 0 |
Total assets | 339,459 | 248,973 |
Liabilities: | ||
Total liabilities | 204 | 1,293 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 204 | 541 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 752 | |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 2,333 | 13,537 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 221,105 | 114,163 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 3,278 | 5,321 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 90,291 | 76,019 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Loans [Member] | ||
Assets: | ||
Net loans and leases held for investment | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Loans Held for Sale | ||
Assets: | ||
Loans held for sale | 21,600 | 37,039 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 765 | 2,894 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 87 | |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 9,600 |
Investments in equity securities | 0 | 0 |
Total assets | 48 | 9,787 |
Liabilities: | ||
Total liabilities | 2,010 | 590 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 1,629 | 55 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 381 | 535 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 9,600 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Securities, available-for-sale, fair value | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Loans [Member] | ||
Assets: | ||
Net loans and leases held for investment | 48 | 187 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Loans Held for Sale | ||
Assets: | ||
Loans held for sale | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 0 | $ 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | $ 0 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Beginning balance | $ 9,252 | $ 141 |
Additions | (2,097) | (6,092) |
Payments received | (133) | (123) |
(Decrease) Increase in value | 2,522 | 5,326 |
Transfer into Level 3 | 10,000 | |
Transfer from Level 3 | (9,877) | |
Ending balance | (333) | 9,252 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (535) | (176) |
Additions | (2,097) | (6,092) |
Payments received | 0 | 0 |
(Decrease) Increase in value | 2,251 | 5,733 |
Transfer from Level 3 | 0 | |
Transfer into Level 3 | 0 | |
Ending balance | (381) | (535) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 9,600 | 0 |
Additions | 0 | 0 |
Payments received | 0 | 0 |
(Decrease) Increase in value | 277 | (400) |
Transfer into Level 3 | 10,000 | |
Transfer from Level 3 | (9,877) | |
Ending balance | 0 | 9,600 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 187 | 317 |
Additions | 0 | 0 |
Payments received | (133) | (123) |
(Decrease) Increase in value | (6) | (7) |
Transfer into Level 3 | 0 | |
Transfer from Level 3 | 0 | |
Ending balance | $ 48 | $ 187 |
Fair Value Disclosures - Contin
Fair Value Disclosures - Contingent Consideration Liability Change in Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 55 | $ 160 |
Contingent consideration from new acquisition | 1,618 | 0 |
Payment of contingent consideration | 58 | 121 |
Adjustment of contingent consideration | 14 | 16 |
Ending balance | 1,629 | 55 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 55 | 160 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 58 | 121 |
Adjustment of contingent consideration | 3 | 16 |
Ending balance | 0 | 55 |
Paul I. Sheaffer Insurance Agency [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 0 | |
Contingent consideration from new acquisition | 1,618 | |
Payment of contingent consideration | 0 | |
Adjustment of contingent consideration | 11 | |
Ending balance | $ 1,629 | $ 0 |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 279 | $ 7,400 |
Total assets | 48 | 187 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually analyzed loans held for investment | 33,118 | 30,900 |
Other real estate owned | 279 | 7,355 |
Total assets | 33,397 | 38,255 |
Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually analyzed loans held for investment | 0 | 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] | ||
Individually analyzed loans held for investment | 0 | 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] | ||
Individually analyzed loans held for investment | 33,118 | 30,900 |
Other real estate owned | 279 | 7,355 |
Total assets | $ 33,397 | $ 38,255 |
Fair Value Disclosures - Asse_3
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Held-to-maturity securities | $ 178,402 | $ 156,325 |
Total assets | 48 | 187 |
Deposits: | ||
Time deposits | 484,166 | 563,775 |
Subordinated notes | 98,874 | 183,515 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 890,150 | 219,858 |
Held-to-maturity securities | 178,402 | 156,325 |
Net loans and leases held for investment | 5,244,504 | 5,338,782 |
Servicing rights | 11,331 | 6,783 |
Total assets | 6,324,387 | 5,721,748 |
Deposits: | ||
Demand and savings deposits, non-maturity | 5,570,958 | 4,678,940 |
Time deposits | 487,874 | 574,018 |
Total deposits | 6,058,832 | 5,252,958 |
Short-term borrowings | 20,106 | 17,906 |
Long-term debt | 95,707 | 112,968 |
Subordinated notes | 107,000 | 190,045 |
Total liabilities | 6,281,645 | 5,573,877 |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 890,150 | 219,858 |
Held-to-maturity securities | 0 | 0 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 890,150 | 219,858 |
Deposits: | ||
Demand and savings deposits, non-maturity | 5,570,958 | 4,678,940 |
Time deposits | 0 | 0 |
Total deposits | 5,570,958 | 4,678,940 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 5,570,958 | 4,678,940 |
Fair Value [Member] | Level 2 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 178,402 | 156,325 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 178,402 | 156,325 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 487,874 | 574,018 |
Total deposits | 487,874 | 574,018 |
Short-term borrowings | 20,106 | 17,906 |
Long-term debt | 95,707 | 112,968 |
Subordinated notes | 107,000 | 190,045 |
Total liabilities | 710,687 | 894,937 |
Fair Value [Member] | Level 3 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Net loans and leases held for investment | 5,244,504 | 5,338,782 |
Servicing rights | 11,331 | 6,783 |
Total assets | 5,255,835 | 5,345,565 |
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 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 890,150 | 219,858 |
Held-to-maturity securities | 176,983 | 151,257 |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 28,186 | 28,183 |
Net loans and leases held for investment | 5,204,927 | 5,192,710 |
Servicing rights | 7,878 | 6,408 |
Total assets | 6,308,124 | 5,598,416 |
Deposits: | ||
Demand and savings deposits, non-maturity | 5,570,958 | 4,678,940 |
Time deposits | 484,166 | 563,775 |
Total deposits | 6,055,124 | 5,242,715 |
Short-term borrowings | 20,106 | 17,906 |
Long-term debt | 95,000 | 110,000 |
Subordinated notes | 98,874 | 183,515 |
Total liabilities | $ 6,269,104 | $ 5,554,136 |
Share Repurchase Plan - Additio
Share Repurchase Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Share Repurchase Plan, shares repurchased during period, shares | 185,072 | 0 |
Shares Repurchase Plan, shares repurchased during period, cost | $ 4 | |
Shares available to be repurchased under the plan | 679,174 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020 | Jul. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Capital to Risk Weighted Assets | 0.1108 | 0.1076 | |
Total Capital to Risk Weighted Assets | 0.1377 | 0.1531 | |
Amount available for dividend distribution without prior approval from Regulatory Agency | $ 92.8 | ||
Percentage of Bank's capital and surplus of which extensions of credit to a single affiliate are limited | 10.00% | ||
Percentage of Bank's capital and surplus of which extensions of credit to all affiliates are limited | 20.00% | ||
Basel III New Requirements [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 capital minimum buffer percent | 2.50% | ||
Minimum [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Capital to Risk Weighted Assets | 0.0850 | ||
Total Capital to Risk Weighted Assets | 0.1050 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) actual, amount | $ 786,300 | $ 801,368 |
Total Capital (to Risk-Weighted Assets) actual, ratio | 0.1377 | 0.1531 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, amount | $ 456,902 | $ 418,811 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, ratio | 0.0800 | 0.0800 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 571,128 | $ 523,513 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) actual, Amount | $ 633,023 | $ 563,491 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, ratio | 0.1108 | 0.1076 |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, amount | $ 342,677 | $ 314,108 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, ratio | 0.0600 | 0.0600 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 456,902 | $ 418,811 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.0800 | 0.0800 |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 633,023 | $ 563,491 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 11.08% | 10.76% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 257,008 | $ 235,581 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 371,233 | $ 340,284 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) actual, amount | $ 633,023 | $ 563,491 |
Tier 1 Capital (to Average Assets) actual, ratio | 0.0913 | 0.0908 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, amount | $ 277,297 | $ 248,224 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, ratio | 0.0400 | 0.0400 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 346,622 | $ 310,280 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.0500 | 0.0500 |
Bank [Member] | ||
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) actual, amount | $ 660,436 | $ 632,183 |
Total Capital (to Risk-Weighted Assets) actual, ratio | 0.1161 | 0.1212 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, amount | $ 455,178 | $ 417,416 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, ratio | 0.0800 | 0.0800 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 568,973 | $ 521,769 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) actual, Amount | $ 606,033 | $ 569,821 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, ratio | 0.1065 | 0.1092 |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, amount | $ 341,384 | $ 313,062 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, ratio | 0.0600 | 0.0600 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 455,178 | $ 417,416 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.0800 | 0.0800 |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 606,033 | $ 569,821 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 10.65% | 10.92% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 256,038 | $ 234,796 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 369,832 | $ 339,150 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) actual, amount | $ 606,033 | $ 569,821 |
Tier 1 Capital (to Average Assets) actual, ratio | 0.0877 | 0.0921 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, amount | $ 276,471 | $ 247,494 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, ratio | 0.0400 | 0.0400 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 345,588 | $ 309,368 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 0.0500 | 0.0500 |
Related Party Transactions - Su
Related Party Transactions - Summary of Activity for Loans to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Related Party Transactions [Roll Forward] | |
Beginning balance | $ 1,515 |
Amounts collected and other reductions | (1,515) |
Ending balance | $ 0 |
Related Party Transactions - _2
Related Party Transactions - Summary of Transactions with Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commitments to Extend Credit [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 380 |
Deposits Received [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 46,212 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Segment Reporting [Abstract] | ||||
Number of reportable segments (in segments) | segment | 3 | |||
Segment Reporting Information [Line Items] | ||||
Interest income | $ 209,731,000 | $ 203,945,000 | $ 214,093,000 | |
Interest expense | 21,348,000 | 29,584,000 | 44,861,000 | |
Net interest income (expense) | [1] | 188,383,000 | 174,361,000 | 169,232,000 |
(Reversal of provision) provision for credit losses | (10,132,000) | 40,794,000 | 8,511,000 | |
Noninterest income | 83,224,000 | 78,328,000 | 65,422,000 | |
Noninterest expense | 167,409,000 | 154,998,000 | 146,090,000 | |
Intersegment (revenue) expense* | 0 | 0 | 0 | |
Income before income taxes | 114,330,000 | 56,897,000 | 80,053,000 | |
Income tax expense | 22,529,000 | 9,981,000 | 14,334,000 | |
Net income (loss) | 91,801,000 | 46,916,000 | 65,719,000 | |
Total assets | 7,122,421,000 | 6,336,496,000 | 5,380,924,000 | |
Net capital expenditures | 5,878,000 | 3,749,000 | 2,446,000 | |
Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 209,695,000 | 203,904,000 | 214,020,000 | |
Interest expense | 14,199,000 | 22,822,000 | 39,818,000 | |
Net interest income (expense) | [1] | 195,496,000 | 181,082,000 | 174,202,000 |
(Reversal of provision) provision for credit losses | (10,132,000) | 40,794,000 | 8,511,000 | |
Noninterest income | 38,419,000 | 37,910,000 | 23,748,000 | |
Noninterest expense | 132,257,000 | 126,131,000 | 116,283,000 | |
Intersegment (revenue) expense* | (1,292,000) | (1,103,000) | (1,204,000) | |
Income before income taxes | 113,082,000 | 53,170,000 | 74,360,000 | |
Income tax expense | 22,735,000 | 9,153,000 | 13,859,000 | |
Net income (loss) | 90,347,000 | 44,017,000 | 60,501,000 | |
Total assets | 7,006,420,000 | 6,234,336,000 | 5,282,505,000 | |
Net capital expenditures | 5,772,000 | 3,646,000 | 1,886,000 | |
Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 2,000 | 8,000 | 41,000 | |
Interest expense | 0 | 0 | 0 | |
Net interest income (expense) | [1] | 2,000 | 8,000 | 41,000 |
(Reversal of provision) provision for credit losses | 0 | 0 | 0 | |
Noninterest income | 27,506,000 | 23,814,000 | 23,946,000 | |
Noninterest expense | 18,390,000 | 15,720,000 | 15,799,000 | |
Intersegment (revenue) expense* | 656,000 | 627,000 | 688,000 | |
Income before income taxes | 8,462,000 | 7,475,000 | 7,500,000 | |
Income tax expense | 1,755,000 | 1,525,000 | 1,392,000 | |
Net income (loss) | 6,707,000 | 5,950,000 | 6,108,000 | |
Total assets | 53,608,000 | 48,646,000 | 44,591,000 | |
Net capital expenditures | 17,000 | 24,000 | 84,000 | |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Net interest income (expense) | [1] | 0 | 0 | 0 |
(Reversal of provision) provision for credit losses | 0 | 0 | 0 | |
Noninterest income | 16,997,000 | 16,682,000 | 17,318,000 | |
Noninterest expense | 12,971,000 | 12,142,000 | 12,477,000 | |
Intersegment (revenue) expense* | 636,000 | 476,000 | 516,000 | |
Income before income taxes | 3,390,000 | 4,064,000 | 4,325,000 | |
Income tax expense | 707,000 | 858,000 | 443,000 | |
Net income (loss) | 2,683,000 | 3,206,000 | 3,882,000 | |
Total assets | 40,649,000 | 35,906,000 | 34,291,000 | |
Net capital expenditures | 20,000 | 46,000 | 104,000 | |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 34,000 | 33,000 | 32,000 | |
Interest expense | 7,149,000 | 6,762,000 | 5,043,000 | |
Net interest income (expense) | [1] | (7,115,000) | (6,729,000) | (5,011,000) |
(Reversal of provision) provision for credit losses | 0 | 0 | 0 | |
Noninterest income | 302,000 | (78,000) | 410,000 | |
Noninterest expense | 3,791,000 | 1,005,000 | 1,531,000 | |
Intersegment (revenue) expense* | 0 | 0 | 0 | |
Income before income taxes | (10,604,000) | (7,812,000) | (6,132,000) | |
Income tax expense | (2,668,000) | (1,555,000) | (1,360,000) | |
Net income (loss) | (7,936,000) | (6,257,000) | (4,772,000) | |
Total assets | 21,744,000 | 17,608,000 | 19,537,000 | |
Net capital expenditures | $ 69,000 | $ 33,000 | $ 372,000 | |
[1] | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. |
Revenue From Contracts with C_3
Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | $ 188,383 | $ 174,361 | $ 169,232 |
Insurance commission and fee income | 16,357 | 16,087 | 16,571 | |
Bank owned life insurance income | [1] | 3,981 | 2,940 | 3,179 |
Net gain on sales of investment securities | [1] | 145 | 871 | 54 |
Net gain on mortgage banking activities | [1] | 15,141 | 16,442 | 3,946 |
Other income | [2] | 4,482 | 5,953 | 2,619 |
Noninterest income | 83,224 | 78,328 | 65,422 | |
Trust fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 8,403 | 7,703 | 7,826 | |
Service charges on deposit accounts | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 5,504 | 4,845 | 5,946 | |
Investment advisory commission and fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 18,936 | 15,944 | 15,940 | |
Other service fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | [2] | 10,275 | 7,543 | 9,341 |
Banking [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | 195,496 | 181,082 | 174,202 |
Insurance commission and fee income | 0 | 0 | 0 | |
Bank owned life insurance income | [1] | 3,869 | 2,831 | 2,849 |
Net gain on sales of investment securities | [1] | 145 | 871 | 54 |
Net gain on mortgage banking activities | [1] | 15,141 | 16,442 | 3,946 |
Other income | [2] | 4,292 | 6,140 | 2,539 |
Noninterest income | 38,419 | 37,910 | 23,748 | |
Banking [Member] | Trust fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Banking [Member] | Service charges on deposit accounts | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 5,504 | 4,845 | 5,946 | |
Banking [Member] | Investment advisory commission and fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Banking [Member] | Other service fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | [2] | 9,468 | 6,781 | 8,414 |
Wealth Management [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | 2 | 8 | 41 |
Insurance commission and fee income | 0 | 0 | 0 | |
Bank owned life insurance income | [1] | 0 | 0 | 0 |
Net gain on sales of investment securities | [1] | 0 | 0 | 0 |
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 |
Other income | [2] | 0 | 0 | 0 |
Noninterest income | 27,506 | 23,814 | 23,946 | |
Wealth Management [Member] | Trust fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 8,403 | 7,703 | 7,826 | |
Wealth Management [Member] | Service charges on deposit accounts | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Wealth Management [Member] | Investment advisory commission and fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 18,936 | 15,944 | 15,940 | |
Wealth Management [Member] | Other service fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | [2] | 167 | 167 | 180 |
Insurance [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | 0 | 0 | 0 |
Insurance commission and fee income | 16,357 | 16,087 | 16,571 | |
Bank owned life insurance income | [1] | 0 | 0 | 0 |
Net gain on sales of investment securities | [1] | 0 | 0 | 0 |
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 |
Other income | [2] | 0 | 0 | 0 |
Noninterest income | 16,997 | 16,682 | 17,318 | |
Insurance [Member] | Trust fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Insurance [Member] | Service charges on deposit accounts | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Insurance [Member] | Investment advisory commission and fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Insurance [Member] | Other service fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | [2] | 640 | 595 | 747 |
Other Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net interest income (expense) | [1] | (7,115) | (6,729) | (5,011) |
Insurance commission and fee income | 0 | 0 | 0 | |
Bank owned life insurance income | [1] | 112 | 109 | 330 |
Net gain on sales of investment securities | [1] | 0 | 0 | 0 |
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 |
Other income | [2] | 190 | (187) | 80 |
Noninterest income | 302 | (78) | 410 | |
Other Segments [Member] | Trust fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Other Segments [Member] | Service charges on deposit accounts | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Other Segments [Member] | Investment advisory commission and fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | |
Other Segments [Member] | Other service fee income | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Noninterest income | [2] | $ 0 | $ 0 | $ 0 |
[1] | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. | |||
[2] | Other service fee income and other income include certain items that are in scope and certain items that are out of scope of FASB ASC 606 as described further in the following paragraphs. |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||||
Cash and due from banks | $ 49,202 | $ 62,555 | ||
Interest-earning deposits with other banks | 840,948 | 157,303 | ||
Cash and cash equivalents | 890,150 | 219,858 | $ 125,128 | $ 109,420 |
Investments in subsidiaries, at equity in net assets: | ||||
Other assets | 4,982 | 3,291 | ||
Total assets | 7,122,421 | 6,336,496 | 5,380,924 | |
Liabilities: | ||||
Subordinated notes | 98,874 | 183,515 | ||
Other liabilities | 46,070 | 52,198 | ||
Total liabilities | 6,348,627 | 5,644,024 | ||
Shareholders' equity: | 773,794 | 692,472 | 675,122 | 624,133 |
Total liabilities and shareholders' equity | 7,122,421 | 6,336,496 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 99,608 | 154,422 | ||
Interest-earning deposits with other banks | 246 | 211 | ||
Cash and cash equivalents | 99,854 | 154,633 | $ 82,850 | $ 79,042 |
Investments in securities | 978 | 818 | ||
Investments in subsidiaries, at equity in net assets: | ||||
Bank | 761,782 | 719,146 | ||
Non-banks | 0 | 0 | ||
Other assets | 20,521 | 16,579 | ||
Total assets | 883,135 | 891,176 | ||
Liabilities: | ||||
Subordinated notes | 98,874 | 183,515 | ||
Other liabilities | 10,467 | 15,189 | ||
Total liabilities | 109,341 | 198,704 | ||
Shareholders' equity: | 773,794 | 692,472 | ||
Total liabilities and shareholders' equity | $ 883,135 | $ 891,176 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only - Schedule of Condensed Income Statement (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Income | |||
Interest expense | $ 21,348,000 | $ 29,584,000 | $ 44,861,000 |
Income before income taxes | 114,330,000 | 56,897,000 | 80,053,000 |
Income tax expense | 22,529,000 | 9,981,000 | 14,334,000 |
Equity in undistributed income of subsidiaries: | |||
Net income (loss) | 91,801,000 | 46,916,000 | 65,719,000 |
Parent Company [Member] | |||
Statements of Income | |||
Dividends from Bank | 57,526,000 | 9,746,000 | 29,681,000 |
Dividends from non-bank | 0 | 0 | 0 |
Other income | 23,009,000 | 21,803,000 | 23,943,000 |
Total operating income | 80,535,000 | 31,549,000 | 53,624,000 |
Interest expense | 7,149,000 | 6,762,000 | 5,043,000 |
Operating expenses | 26,464,000 | 22,852,000 | 25,032,000 |
Income before income taxes | 46,922,000 | 1,935,000 | 23,549,000 |
Income tax expense | (2,668,000) | (1,555,000) | (1,360,000) |
Income before equity in undistributed income of subsidiaries | 49,590,000 | 3,490,000 | 24,909,000 |
Equity in undistributed income of subsidiaries: | |||
Bank | 42,211,000 | 43,426,000 | 40,810,000 |
Non-banks | 0 | 0 | 0 |
Net income (loss) | $ 91,801,000 | $ 46,916,000 | $ 65,719,000 |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net income | $ 91,801,000 | $ 46,916,000 | $ 65,719,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Bank owned life insurance income | [1] | (3,981,000) | (2,940,000) | (3,179,000) |
Depreciation of premises and equipment | 4,662,000 | 4,780,000 | 5,277,000 | |
Stock-based compensation | 3,698,000 | 1,480,000 | 2,348,000 | |
Contributions to pension and other postretirement benefit plans | (265,000) | (270,000) | (266,000) | |
(Increase) decrease in other assets | (3,131,000) | (2,835,000) | (2,332,000) | |
Increase in accrued interest payable and other liabilities | 2,195,000 | 8,608,000 | 1,409,000 | |
Net cash provided by operating activities | 102,337,000 | 51,179,000 | 73,148,000 | |
Cash flows from investing activities: | ||||
Net cash used in investing activities | (126,779,000) | (867,392,000) | (343,369,000) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of subordinated notes | 0 | 100,000,000 | 0 | |
Purchases of treasury stock | (295,000) | (4,382,000) | (2,045,000) | |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,384,000 | 2,369,000 | 2,233,000 | |
Proceeds from exercise of stock options | 2,058,000 | 384,000 | 1,203,000 | |
Cash dividends paid | (23,575,000) | (17,536,000) | (23,435,000) | |
Net cash provided by financing activities | 694,734,000 | 910,943,000 | 285,929,000 | |
Cash and cash equivalents at beginning of year | 219,858,000 | 125,128,000 | 109,420,000 | |
Cash and cash equivalents at end of year | 890,150,000 | 219,858,000 | 125,128,000 | |
Cash paid during the year for: | ||||
Interest | 21,824,000 | 29,233,000 | 44,479,000 | |
Income tax, net of refunds received | 26,589,000 | 17,316,000 | 17,171,000 | |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 91,801,000 | 46,916,000 | 65,719,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Equity in undistributed net income of subsidiaries | (42,211,000) | (43,426,000) | (40,810,000) | |
Bank owned life insurance income | (111,000) | (108,000) | (331,000) | |
Depreciation of premises and equipment | 304,000 | 320,000 | 328,000 | |
Stock-based compensation | 3,698,000 | 1,480,000 | 2,348,000 | |
Contributions to pension and other postretirement benefit plans | (265,000) | (270,000) | (266,000) | |
(Increase) decrease in other assets | (5,654,000) | 2,321,000 | 554,000 | |
Increase in accrued interest payable and other liabilities | 2,510,000 | (4,631,000) | (1,319,000) | |
Net cash provided by operating activities | 50,072,000 | 2,602,000 | 26,223,000 | |
Cash flows from investing activities: | ||||
Other, net | (68,000) | (32,000) | (371,000) | |
Net cash used in investing activities | (68,000) | (32,000) | (371,000) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of subordinated notes | 0 | 98,448,000 | 0 | |
Repayments of Subordinated Debt | (85,000,000) | (10,000,000) | 0 | |
Purchases of treasury stock | (650,000) | (4,452,000) | (2,045,000) | |
Stock issued under dividend reinvestment and employee stock purchase plans | 2,384,000 | 2,369,000 | 2,233,000 | |
Proceeds from exercise of stock options | 2,058,000 | 384,000 | 1,203,000 | |
Cash dividends paid | (23,575,000) | (17,536,000) | (23,435,000) | |
Net cash provided by financing activities | (104,783,000) | 69,213,000 | (22,044,000) | |
Net increase in cash and cash equivalents | (54,779,000) | 71,783,000 | 3,808,000 | |
Cash and cash equivalents at beginning of year | 154,633,000 | 82,850,000 | 79,042,000 | |
Cash and cash equivalents at end of year | 99,854,000 | 154,633,000 | 82,850,000 | |
Cash paid during the year for: | ||||
Interest | 6,929,000 | 5,121,000 | 4,800,000 | |
Income tax, net of refunds received | $ 18,130,000 | $ 16,172,000 | $ 16,460,000 | |
[1] | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities. |