Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WSBC | ||
Entity Registrant Name | WESBANCO INC | ||
Entity Central Index Key | 203596 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 38,481,049 | ||
Entity Public Float | $843,146,163 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $8,405 and $15,550, respectively | $94,002 | $95,551 |
Securities: | ||
Available-for-sale, at fair value | 917,424 | 934,386 |
Held-to-maturity (fair values of $619,617 and $596,308, respectively) | 593,670 | 598,520 |
Total securities | 1,511,094 | 1,532,906 |
Loans held for sale | 5,865 | 5,855 |
Portfolio loans, net of unearned income | 4,086,766 | 3,894,917 |
Allowance for loan losses | -44,654 | -47,368 |
Net portfolio loans | 4,042,112 | 3,847,549 |
Premises and equipment, net | 93,135 | 93,157 |
Accrued interest receivable | 18,481 | 18,960 |
Goodwill and other intangible assets, net | 319,506 | 321,426 |
Bank-owned life insurance | 123,298 | 121,390 |
Other assets | 89,072 | 107,979 |
Total Assets | 6,296,565 | 6,144,773 |
Deposits: | ||
Non-interest bearing demand | 1,061,075 | 960,814 |
Interest bearing demand | 885,037 | 857,761 |
Money market | 954,957 | 942,768 |
Savings deposits | 842,818 | 789,709 |
Certificates of deposit | 1,305,096 | 1,511,478 |
Total deposits | 5,048,983 | 5,062,530 |
Federal Home Loan Bank borrowings | 223,126 | 39,508 |
Other short-term borrowings | 80,690 | 150,536 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 106,176 | 106,137 |
Total borrowings | 409,992 | 296,181 |
Accrued interest payable | 1,620 | 2,354 |
Other liabilities | 47,780 | 37,113 |
Total Liabilities | 5,508,375 | 5,398,178 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, no par value; 1,000,000 shares authorized; none outstanding | ||
Common stock, $2.0833 par value; 50,000,000 shares authorized; issued: 29,367,511 in 2014 and 2013; outstanding: 29,298,188 shares and 29,175,236 shares in 2014 and 2013, respectively | 61,182 | 61,182 |
Capital surplus | 244,661 | 244,974 |
Retained earnings | 504,578 | 460,351 |
Treasury stock (69,323 shares and 192,275 shares in 2014 and 2013, respectively, at cost) | -2,151 | -5,969 |
Accumulated other comprehensive loss | -18,825 | -12,734 |
Deferred benefits for directors | -1,255 | -1,209 |
Total Shareholders' Equity | 788,190 | 746,595 |
Total Liabilities and Shareholders' Equity | $6,296,565 | $6,144,773 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $8,405 | $15,550 |
Held-to-maturity securities, fair values | $619,617 | $596,308 |
Preferred stock, no par value | $0 | $0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $2.08 | $2.08 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,367,511 | 29,367,511 |
Common stock, shares outstanding | 29,298,188 | 29,175,236 |
Treasury stock, shares | 69,323 | 192,275 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST AND DIVIDEND INCOME | |||
Loans, including fees | $172,182 | $175,323 | $166,656 |
Interest and dividends on securities: | |||
Taxable | 29,233 | 29,193 | 32,461 |
Tax-exempt | 13,589 | 13,128 | 12,399 |
Total interest and dividends on securities | 42,822 | 42,321 | 44,860 |
Other interest income | 987 | 246 | 170 |
Total interest and dividend income | 215,991 | 217,890 | 211,686 |
INTEREST EXPENSE | |||
Interest bearing demand deposits | 1,568 | 1,415 | 1,526 |
Money market deposits | 1,877 | 1,462 | 2,183 |
Savings deposits | 532 | 525 | 864 |
Certificates of deposit | 13,286 | 22,010 | 26,371 |
Total interest expense on deposits | 17,263 | 25,412 | 30,944 |
Federal Home Loan Bank borrowings | 968 | 1,151 | 4,473 |
Other short-term borrowings | 1,333 | 2,525 | 4,480 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 3,199 | 3,315 | 3,438 |
Total interest expense | 22,763 | 32,403 | 43,335 |
NET INTEREST INCOME | 193,228 | 185,487 | 168,351 |
Provision for credit losses | 6,405 | 9,086 | 19,874 |
Net interest income after provision for credit losses | 186,823 | 176,401 | 148,477 |
NON-INTEREST INCOME | |||
Trust fees | 21,069 | 19,577 | 18,044 |
Service charges on deposits | 16,135 | 17,925 | 17,138 |
Electronic banking fees | 12,708 | 12,198 | 11,336 |
Net securities brokerage revenue | 6,922 | 6,248 | 4,604 |
Bank-owned life insurance | 4,614 | 4,664 | 3,516 |
Net gains on sales of mortgage loans | 1,604 | 2,614 | 2,876 |
Net securities gains | 903 | 684 | 2,463 |
Net losses on other real estate owned and other assets | -1,006 | -81 | -305 |
Other income | 5,555 | 5,456 | 5,103 |
Total non-interest income | 68,504 | 69,285 | 64,775 |
NON-INTEREST EXPENSE | |||
Salaries and wages | 67,408 | 65,431 | 58,913 |
Employee benefits | 21,518 | 23,255 | 21,462 |
Net occupancy | 12,122 | 11,809 | 10,905 |
Equipment | 11,542 | 10,669 | 9,221 |
Marketing | 5,242 | 5,174 | 4,235 |
FDIC insurance | 3,376 | 3,725 | 3,899 |
Amortization of intangible assets | 1,920 | 2,288 | 2,150 |
Restructuring and merger-related expense | 1,309 | 1,310 | 3,888 |
Other operating expenses | 37,196 | 37,337 | 35,447 |
Total non-interest expense | 161,633 | 160,998 | 150,120 |
Income before provision for income taxes | 93,694 | 84,688 | 63,132 |
Provision for income taxes | 23,720 | 20,763 | 13,588 |
NET INCOME | $69,974 | $63,925 | $49,544 |
EARNINGS PER COMMON SHARE | |||
Basic | $2.39 | $2.18 | $1.84 |
Diluted | $2.39 | $2.18 | $1.84 |
AVERAGE COMMON SHARES OUTSTANDING | |||
Basic | 29,249,499 | 29,270,922 | 26,867,227 |
Diluted | 29,333,876 | 29,344,683 | 26,888,847 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.88 | $0.78 | $0.70 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $69,974 | $63,925 | $49,544 |
Securities available-for-sale: | |||
Net change in unrealized gains (losses) on securities available-for-sale | 15,242 | -30,288 | 4,833 |
Related income tax (expense) benefit | -5,604 | 11,186 | -1,747 |
Net securities gains reclassified into earnings | -981 | -89 | -2,142 |
Related income tax expense | 361 | 33 | 796 |
Net effect on other comprehensive income for the period | 9,018 | -19,158 | 1,740 |
Securities held-to-maturity: | |||
Amortization of unrealized gain transferred from available-for-sale | -472 | -1,029 | -1,534 |
Related income tax expense | 173 | 383 | 577 |
Net effect on other comprehensive income for the period | -299 | -646 | -957 |
Defined benefit pension plan: | |||
Amortization of net loss and prior service costs | 1,516 | 3,579 | 2,332 |
Related income tax benefit | -558 | -1,368 | -918 |
Recognition of unrealized (loss) gain | -24,934 | 17,751 | -12,143 |
Related income tax benefit (expense) | 9,166 | -6,527 | 4,483 |
Net effect on other comprehensive income for the period | -14,810 | 13,435 | -6,246 |
Total other comprehensive income | -6,091 | -6,369 | -5,463 |
Comprehensive income | $63,883 | $57,556 | $44,081 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Benefits for Directors [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2011 | $633,790 | $55,487 | $191,679 | $388,818 | ($96) | ($902) | ($1,196) |
Beginning Balance, shares at Dec. 31, 2011 | 26,629,360 | ||||||
Net income | 49,544 | 49,544 | |||||
Total Other comprehensive loss | -5,463 | -5,463 | |||||
Comprehensive income | 44,081 | ||||||
Common dividends declared (0.70, 0.78 and 0.88 per share in December 31, 2012,2013 and 2014 respectively) | -19,116 | -19,116 | |||||
Shares issued for acquisition | 53,666 | 5,298 | 48,368 | ||||
Shares issued for acquisition, shares | 2,543,132 | ||||||
Issuance of warrant | 865 | 865 | |||||
Stock options exercised | 84 | 3 | 35 | 46 | |||
Stock options exercised, shares | 4,125 | ||||||
Restricted stock granted | 75 | -217 | 142 | ||||
Restricted stock granted, shares | 42,809 | ||||||
Treasury shares acquired | -70 | 22 | -92 | ||||
Treasury shares acquired, shares | -4,766 | ||||||
Stock compensation expense | 884 | 884 | |||||
Deferred benefits for directors-net | 36 | -36 | |||||
Ending Balance at Dec. 31, 2012 | 714,184 | 60,863 | 241,672 | 419,246 | -6,365 | -1,232 | |
Ending Balance, shares at Dec. 31, 2012 | 29,214,660 | ||||||
Net income | 63,925 | 63,925 | |||||
Total Other comprehensive loss | -6,369 | -6,369 | |||||
Comprehensive income | 57,556 | ||||||
Common dividends declared (0.70, 0.78 and 0.88 per share in December 31, 2012,2013 and 2014 respectively) | -22,820 | -22,820 | |||||
Stock options exercised | 2,869 | 249 | 2,568 | 52 | |||
Stock options exercised, shares | 121,424 | ||||||
Restricted stock granted | 79 | -348 | 269 | ||||
Restricted stock granted, shares | 48,750 | ||||||
Treasury shares acquired | -6,210 | 80 | -6,290 | ||||
Treasury shares acquired, shares | -204,926 | ||||||
Adjustment to shares issued in acquisition | -104 | -9 | -95 | ||||
Adjustment to shares issued in acquisition, shares | -4,672 | ||||||
Stock compensation expense | 1,120 | 1,120 | |||||
Deferred benefits for directors-net | -23 | 23 | |||||
Ending Balance at Dec. 31, 2013 | 746,595 | 61,182 | 244,974 | 460,351 | -5,969 | -12,734 | -1,209 |
Ending Balance, shares at Dec. 31, 2013 | 29,175,236 | ||||||
Net income | 69,974 | 69,974 | |||||
Total Other comprehensive loss | -6,091 | -6,091 | |||||
Comprehensive income | 63,883 | ||||||
Common dividends declared (0.70, 0.78 and 0.88 per share in December 31, 2012,2013 and 2014 respectively) | -25,747 | -25,747 | |||||
Stock options exercised | 2,167 | -399 | 2,566 | ||||
Stock options exercised, shares | 82,659 | 82,656 | |||||
Restricted stock granted | -1,321 | 1,321 | |||||
Restricted stock granted, shares | 42,554 | ||||||
Treasury shares acquired | -20 | 49 | -69 | ||||
Treasury shares acquired, shares | -2,258 | ||||||
Stock compensation expense | 1,312 | 1,312 | |||||
Deferred benefits for directors-net | 46 | -46 | |||||
Ending Balance at Dec. 31, 2014 | $788,190 | $61,182 | $244,661 | $504,578 | ($2,151) | ($18,825) | ($1,255) |
Ending Balance, shares at Dec. 31, 2014 | 29,298,188 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common dividends declared, per share | $0.88 | $0.78 | $0.70 |
Retained Earnings [Member] | |||
Common dividends declared, per share | $0.88 | $0.78 | $0.70 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $69,974 | $63,925 | $49,544 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 7,386 | 6,978 | 6,052 |
Other net amortization | 1,742 | 64 | 7,609 |
Provision for credit losses | 6,405 | 9,086 | 19,874 |
Net securities gains | -903 | -684 | -2,463 |
Net gains on sales of mortgage loans | -1,604 | -2,614 | -2,876 |
Decrease (increase) in deferred income tax assets | 8,690 | 6,527 | -80 |
Increase in cash surrender value of bank-owned life insurance-net | -4,614 | -4,664 | -3,516 |
Contribution to pension plan | -7,500 | -5,000 | -5,000 |
Loans originated for sale | -102,321 | -132,039 | -134,591 |
Proceeds from the sale of loans originated for sale | 103,916 | 145,474 | 124,676 |
Net change in: other assets and accrued interest receivable | 10,205 | 26,371 | 5,212 |
Net change in: other liabilities and accrued interest payable | -1,896 | -4,195 | 9,711 |
Other-net | 5,328 | 2,251 | 2,663 |
Net cash provided by operating activities | 94,808 | 111,480 | 76,815 |
INVESTING ACTIVITIES | |||
Net increase in loans | -199,760 | -220,562 | -169,215 |
Securities available-for-sale: | |||
Proceeds from sales | 16,249 | 9,265 | 202,810 |
Proceeds from maturities, prepayments and calls | 214,934 | 241,023 | 401,589 |
Purchases of securities | -201,272 | -196,514 | -420,289 |
Securities held-to-maturity: | |||
Proceeds from maturities, prepayments and calls | 47,820 | 86,512 | 113,284 |
Purchases of securities | -45,955 | -85,838 | -93,051 |
Net cash received from acquisitions | 10,945 | ||
Proceeds from bank-owned life insurance | 2,352 | 2,954 | |
Purchases of premises and equipment-net | -7,374 | -8,845 | -5,970 |
Sale of portfolio loans-net | 7,506 | 15,332 | |
Net cash (used in) provided by investing activities | -173,006 | -164,499 | 55,435 |
FINANCING ACTIVITIES | |||
(Decrease) increase in deposits | -12,869 | 119,359 | 95,001 |
Proceeds from Federal Home Loan Bank borrowings | 200,532 | ||
Repayment of Federal Home Loan Bank borrowings | -16,775 | -70,850 | -115,611 |
Decrease in other short-term borrowings | -51,021 | -11,938 | -108,255 |
(Decrease) increase in federal funds purchased | -20,000 | 20,000 | |
Repayment of junior subordinated debt | -7,732 | ||
Dividends paid to common shareholders | -25,136 | -22,243 | -18,119 |
Issuance of common stock | 2,539 | 38 | |
Treasury shares sold (purchased)-net | 1,918 | -6,170 | -24 |
Net cash provided by (used in) financing activities | 76,649 | 22,965 | -146,970 |
Net decrease in cash and cash equivalents | -1,549 | -30,054 | -14,720 |
Cash and cash equivalents at beginning of the year | 95,551 | 125,605 | 140,325 |
Cash and cash equivalents at end of the year | 94,002 | 95,551 | 125,605 |
SUPPLEMENTAL DISCLOSURES | |||
Interest paid on deposits and other borrowings | 24,521 | 36,309 | 44,454 |
Income taxes paid | 11,706 | 18,050 | 11,920 |
Transfers of loans to other real estate owned | 2,464 | 2,251 | 3,735 |
Transfers of portfolio loans to loans held for sale | 11,245 | 22,146 | |
Summary of Business Acquisition | |||
Fair value of tangible assets acquired (including $26.4 million in cash) | 611,400 | ||
Fair value of other intangibles acquired | 4,674 | ||
Fair value of liabilities assumed | -584,885 | ||
Stock issued for the purchase of acquired company's common stock | -53,667 | ||
Warrant issued for the purchase of acquired company's warrant | -865 | ||
Cash paid for the acquisition | -15,448 | ||
Goodwill and other intangibles recognized | ($38,791) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Fair value of tangible assets acquired in cash | $0 | $0 | $26.40 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations—WesBanco, Inc. (“WesBanco”) is a bank holding company offering a full range of financial services, including trust and investment services, mortgage banking, insurance and brokerage services. WesBanco’s defined business segments are community banking and trust and investment services. WesBanco’s banking subsidiary, WesBanco Bank, Inc. (“WesBanco Bank” or the “Bank”), headquartered in Wheeling, West Virginia, operates through 120 banking offices, one loan production office and 107 ATM machines in West Virginia, Ohio and western Pennsylvania. In addition, WesBanco operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. | |
Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Principles of Consolidation—The Consolidated Financial Statements include the accounts of WesBanco and those entities in which WesBanco has a controlling financial interest. All material intercompany balances and transactions have been eliminated in consolidation. | |
WesBanco determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. WesBanco consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. | |
Variable Interest Entities—Variable interest entities (“VIE”) are entities that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. WesBanco uses VIEs in various legal forms to conduct normal business activities. WesBanco reviews the structure and activities of VIEs for possible consolidation. | |
A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits of the VIE that could potentially be significant to the VIE. A VIE often holds financial assets, including loans or receivables, real estate or other property. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. WesBanco has eight wholly-owned trust subsidiaries (collectively, the “Trusts”), for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. Accordingly, the Trusts and their net assets are not included in the Consolidated Financial Statements. However, the junior subordinated deferrable interest debentures issued by WesBanco to the Trusts (refer to Note 10, “Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts”) and the minority interest in the common stock issued by the Trusts is included in the Consolidated Balance Sheets. WesBanco also owns non-controlling variable interests in certain limited partnerships for which it does not absorb a majority of expected losses or receive a majority of expected residual returns which are not included in the Consolidated Financial Statements. Refer to Note 7, “Investments in Limited Partnerships” for further detail. | |
Revenue Recognition—Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to the Bank’s deposits and lending activities, as well as income at WesBanco’s other subsidiary companies, are accrued as earned. | |
Cash and Cash Equivalents—Cash and cash equivalents include cash and due from banks, due from banks —interest bearing and federal funds sold. Generally, federal funds are sold for one-day periods. | |
Securities—Available-for-sale securities: Debt securities not classified as trading or held-to-maturity are classified as available-for-sale. These securities may be sold at any time based upon management’s assessment of changes in economic or financial market conditions, interest rate or prepayment risks, liquidity considerations and other factors. These securities are stated at fair value, with the fair value adjustment, net of tax, reported as a separate component of accumulated other comprehensive income. | |
Held-to-maturity securities: Securities that are purchased with the positive intent and ability to be held until their maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. | |
Cost method investments: Securities that do not have readily determinable fair values and for which WesBanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of Federal Home Loan Bank (“FHLB”) stock and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. | |
Securities acquired in acquisitions are recorded at fair value with the premium or discount derived from the fair market value adjustment recognized into interest income on a level yield basis over the remaining life of the security. | |
Gains and losses: Net realized gains and losses on sales of securities are included in non-interest income. The cost of securities sold is based on the specific identification method. The gain or loss is determined as of the trade date. Prior unrealized gains and losses are recorded through other comprehensive income and reversed when gains or losses are realized or if an impairment charge is recorded. | |
Amortization and accretion: Generally, premiums are amortized to call date and discounts are accreted to maturity, on a level yield basis. | |
Other-than-temporary impairment losses: An investment security is considered impaired if its fair value is less than its cost or amortized cost basis. If WesBanco intends to sell or will be required to sell the investment prior to recovery of cost, the entire impairment will be recognized in the Consolidated Statements of Income. If WesBanco does not intend to sell, nor is it more likely than not that it will be required to sell, impaired securities prior to the recovery of their cost, a review is conducted each quarter to determine if the impairment is other-than-temporary due to credit impairment. In estimating other-than-temporary impairment losses, WesBanco considers the financial condition and near-term prospects of the issuer, evaluating any credit downgrades or other indicators of a potential credit problem, the extent and duration of the decline in fair value, the type of security, either fixed or equity, and the receipt of principal and interest according to the contractual terms. If the impairment is to be considered temporary, the impairment for available-for-sale securities is recognized in other comprehensive income in the Consolidated Balance Sheet. If the impairment is to be considered other-than-temporary based on management’s review of the various factors that indicate credit impairment, the impairment must be separated into credit and non-credit portions. The credit portion is recognized in the Consolidated Statements of Income. For available-for-sale securities, the non-credit portion is calculated as the difference between the present value of the future cash flows and the fair value of the security and is recognized in other comprehensive income. | |
Loans and Loans Held for Sale—Loans originated by WesBanco are reported at the principal amount outstanding, net of unearned income, credit valuation adjustments, and unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at the lower of cost or estimated market value. Portfolio loans specifically identified as held for sale are recorded at the contractual sales price or third party valuation less selling costs. | |
Loans acquired in acquisitions are recorded at fair value with no carryover of related allowance for credit losses. The premium or discount derived from the fair market value adjustment is recognized into interest income using a level yield method over the remaining expected life of the loan. | |
Loan origination fees and direct costs are deferred and accreted or amortized into interest income or expense, as an adjustment to the yield, over the life of the loan using the level yield method. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income or expense. | |
Loans are generally placed on non-accrual when they are 90 days past due unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and the Bank is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring (“TDR”) when WesBanco for economic or legal reasons related to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. Refer to the “TDR” policy below for additional detail. | |
A loan is considered impaired, based on current information and events, if it is probable that WesBanco will be unable to collect the payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans include all non-accrual loans and TDRs. WesBanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. | |
Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that WesBanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. | |
Allowance for Credit Losses—The allowance for credit losses represents management’s estimate of probable losses inherent in the loan portfolio and in future advances against loan commitments. Determining the amount of the allowance requires significant judgment about the collectability of loans and the factors that deserve consideration in estimating probable credit losses. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the adequacy of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. | |
The evaluation includes an assessment of quantitative factors such as actual loss experience within each category of loans and testing of certain loans for impairment. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies, the volatility of historical loss rates, the velocity of changes in historical loss rates, and regulatory guidance pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the actual historical loss rates to reflect the impact these factors may have on probable losses in the portfolio. | |
Commercial real estate and commercial and industrial loans greater than $1 million that are reported as non-accrual or a TDR are tested individually for impairment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. | |
General reserves are established for loans that are not individually tested for impairment based on historical loss rates adjusted for the impact of the qualitative factors discussed above. Historical loss rates for commercial real estate and commercial and industrial loans are determined for each internal risk grade or groups of pass grades using a migration analysis that categorizes each charged-off loan based on its risk grade twelve months prior to the charge-off. Historical loss rates for commercial real estate land and construction, residential real estate, home equity and consumer loans are determined for the total of each category of loans. Historical loss rates for deposit account overdrafts are based on actual losses in relation to average overdrafts for the period. | |
Management has determined that the greater of the most recent twelve or thirty-six month historical loss rate is generally the most indicative of probable losses in the portfolio because the twelve month loss rate more accurately reflects the adverse impact of current conditions during periods of economic stress while the thirty-six month loss rate more accurately reflects probable losses during normal economic cycles. Historical loss rates for longer periods than thirty-six months may not be as meaningful because of changes in the risk profile and characteristics of the portfolio that can occur over longer periods of time. However, management does evaluate historical loss rates for periods longer than thirty-six months to give adequate consideration to the longer economic cycle and its impact on probable losses in the current period. | |
Management may also adjust its assumptions to account for differences between estimated and actual incurred losses from period to period. The variability of management’s assumptions could alter the level of the allowance for credit losses and may have a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses is continually refined and enhanced; however there have been no material substantive changes compared to prior periods. | |
TDRs—A restructuring of a debt constitutes a TDR if the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR. All TDRs are considered impaired loans. | |
When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. | |
The restructuring of a loan does not have a material effect on the allowance or provision for credit losses as the internal risk grade of a loan has more influence on the allowance than the classification of a loan as a TDR. The internal risk rating is the primary factor for establishing the allowance for commercial loans, including commercial real estate except for loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer loans. | |
Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual status as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, or if the loan returns to its original terms. | |
Mortgage Servicing Rights—Mortgage servicing rights (“MSRs”) represent the right to service loans for third party investors. MSRs are recognized as a separate asset for the rights to service mortgage loans for others, regardless of how those servicing rights are acquired. MSRs are recognized upon the sale of mortgage loans to a third party investor with the servicing rights retained by WesBanco. Servicing loans for others generally consists of collecting mortgage payments from borrowers, maintaining escrow accounts, remitting payments to third party investors and when necessary, foreclosure processing. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income includes servicing fees received from the third party investors and certain charges collected from the borrowers. Originated MSRs are recorded at allocated fair value at the time of the sale of the loans to the third party investor. MSRs are amortized in proportion to and over the estimated period of net servicing income. MSRs are carried at amortized cost, less a valuation allowance for impairment, if any. Impairment exists if the carrying value of MSRs exceeds the estimated fair value of the MSRs. | |
Premises and Equipment—Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated economic useful lives of the leased assets or the remaining terms of the underlying leases. Useful lives range from three to ten years for furniture and equipment, 15 to 39 years for buildings and building improvements, and 15 years for land improvements. Maintenance and repairs are expensed as incurred while major improvements that extend the useful life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. | |
Other Real Estate Owned and Repossessed Assets—Other real estate owned and repossessed assets, which are considered available-for-sale and are reported in other assets, are carried at the lower of cost or their estimated current fair value, less estimated costs to sell. Other real estate owned consists primarily of properties acquired through, or in lieu of, foreclosures. Repossessed collateral primarily consists of automobiles and other types of collateral acquired to satisfy defaulted consumer loans. Subsequent declines in fair value, if any, income and expense associated with the management of the collateral, and gains or losses on the disposition of these assets are recognized in the Consolidated Statements of Income. | |
Goodwill and Other Intangible Assets—WesBanco accounts for business combinations using the acquisition method of accounting. Accordingly, the identifiable assets acquired, the liabilities assumed, and any non-controlling interest of an acquired business are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value recorded as goodwill. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. | |
Goodwill is not amortized but is evaluated for impairment annually, or more often if events or circumstances indicate it may be impaired. Finite-lived intangible assets, which consist primarily of core deposit and customer list intangibles (long-term customer-relationship intangible assets) are amortized using straight-line and accelerated methods over their weighted-average estimated useful lives, ranging from ten to sixteen years in total, and are tested for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable. | |
Goodwill is evaluated for impairment by either assessing qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test, or WesBanco may elect to perform the two-step goodwill impairment test. Under the qualitative assessment, WesBanco assesses qualitative factors to determine whether it is more likely than not that the fair value of its reporting units are less than their carrying amounts, including goodwill. If it is more likely than not, the two-step goodwill impairment test is used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. In the first step, the estimated fair value of each reporting unit is compared to its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of that reporting unit is not considered impaired, and no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, step two, which involves comparing the implied fair value of goodwill to its carrying value, is completed and to the extent that the carrying value of goodwill exceeds its implied fair value, an impairment loss is recognized. | |
Intangible assets with finite useful lives (primarily core deposit and customer list intangibles) are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of an intangible asset with a finite useful life is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the fair value of the asset. WesBanco does not have any indefinite-lived intangible assets. | |
Bank-Owned Life Insurance—WesBanco has purchased life insurance policies on certain executive officers and employees. WesBanco receives the cash surrender value of each policy upon its termination or benefits are payable upon the death of the insured. These policies are recorded in the Consolidated Balance Sheets at their net cash surrender value. Changes in net cash surrender value are recognized in non-interest income in the Consolidated Statements of Income. | |
Interest Rate Lock Commitments—In order to attract potential home borrowers, WesBanco offers interest rate lock commitments (“IRLC”) to such potential borrowers. IRLC are generally for sixty days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some IRLC expire prior to the funding of the related loan. For all IRLC issued in connection with potential loans intended for sale, which consist primarily of originated longer-term fixed rate residential home mortgage loans that qualify for secondary market sale, the Bank enters into one-to-one forward sales contracts on a best efforts basis (if the loan does not close for whatever reason, there is no obligation on WesBanco’s part to sell the loan to the investor). WesBanco enters into such contracts in order to control interest rate risk during the period between the IRLC and loan funding. The IRLC is executed between the mortgagee and WesBanco, and in turn a forward sales contract is executed between WesBanco and an investor. Both the IRLC and the corresponding forward sales contract for each customer are considered a derivative. As such, changes in the fair value of the derivatives during the commitment period are recorded in current earnings and included in other income in the Consolidated Statements of Income. The fair value of IRLC is the gain or loss that would be realized on the underlying loans assuming exercise of the commitments under current market rates versus the rate incorporated in the commitments, taking into consideration fallout. The fair value of forward sales contracts is based on quoted market prices. Since loans typically close before receipt of funding from an investor, they are accounted for at the lower of cost or market as “Loans Held for Sale” in the Consolidated Balance Sheets. | |
Income Taxes—The provision for income taxes included in the Consolidated Statements of Income includes both federal and state income taxes and is based on income in the financial statements, rather than amounts reported on WesBanco’s income tax returns. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A test of the anticipated realizeability of deferred tax assets is performed at least annually. | |
Fair Value—The Accounting Standards Codification defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. The Codification also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are described below: | |
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market; | |
Level 3—Valuation is generated from model-based techniques where all significant assumptions are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of discounted cash flow models and similar techniques. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |
Earnings Per Common Share—Basic earnings per common share (“EPS”) are calculated by dividing net income available to common shareholders, by the weighted-average number of shares of common stock outstanding during the period. For diluted EPS, the weighted-average number of shares for the period is increased by the number of shares which would be issued assuming the exercise of in-the-money common stock options and any outstanding warrants. Restricted stock shares are recorded as issued and outstanding upon their grant, rather than upon vesting, and therefore are included in the weighted-average shares outstanding due to voting rights granted at the time restricted stock is granted. | |
Trust Assets—Assets held by the Bank in fiduciary or agency capacities for its customers are not included as assets in the Consolidated Balance Sheets. Certain money market trust assets are held on deposit at the Bank and are accounted for as such. | |
Stock-Based Compensation—Stock-based compensation awards granted, comprised of stock options and restricted stock, are valued at fair value and compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. For service-based awards with graded vesting schedules, compensation expense is divided equally among the vesting periods with each separately vested portion of the award recognized in compensation expense on a straight-line basis over the requisite service period. | |
Defined Benefit Pension Plan—WesBanco recognizes in the statement of financial position an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. WesBanco recognizes fluctuations in the funded status in the year in which the changes occur through other comprehensive income. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on a fitted yield curve approach whereby the yield curve compares the expected stream of future benefit payments for the plan to high quality corporate bonds available in the marketplace to determine an equivalent discount rate. Periodic pension expense includes service costs, interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially-derived market-related value, an assumed rate of annual compensation increase, and amortization or accretion of actuarial gains and losses as well as other actuarial assumptions. The plan has been closed to new entrants since August, 2007. | |
Recent Accounting Pronouncements—In November 2014, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) (ASU 2014-17) related to pushdown accounting. The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. The pronouncement is effective on November 18, 2014, after this date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. WesBanco will make an election to apply push down accounting guidance to future change-in-control events either in the reporting period in with they occur or in subsequent periods. The adoption of this pronouncement did not impact WesBanco’s Consolidated Financial Statements. | |
In August 2014, the FASB issued an accounting pronouncement (ASU 2014-14) related to the classification of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) The loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based upon the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 and may be adopted under either a modified retrospective transition method or a prospective transition method. However, the same method of transition as elected under ASU 2014-04 must be applied. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In June 2014, the FASB issued an accounting pronouncement (ASU 2014-11) related to repurchase-to-maturity transactions, repurchase financing and disclosures. The pronouncement changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The pronouncement also requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is not permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In May 2014, the FASB issued an accounting pronouncement (ASU 2014-09) related to the recognition of revenue from contracts with customers. The new revenue pronouncement creates a single source of revenue guidance for all companies in all industries and is more principles-based than current revenue guidance. The pronouncement provides a five-step model for a company to recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The five steps are (1) identify the contract with the customer, (2) identify the separate performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the separate performance obligations and (5) recognize revenue when each performance obligation is satisfied. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016 using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. Early adoption is not permitted. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. | |
In January 2014, the FASB issued an accounting pronouncement (ASU 2014-04) related to in-substance repossessions and foreclosures. The pronouncement clarifies when an in-substance repossession or foreclosure occurs. A creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 and may be adopted under either a modified retrospective transition method or a prospective transition method. Early adoption is permitted. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In January 2014, the FASB issued an accounting pronouncement (ASU 2014-01) which applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities. The pronouncement permits reporting entities to make an accounting policy election to account for these investments using the proportional amortization method if certain conditions exist. The pronouncement also requires disclosure that enables users of its financial statements to understand the nature of these investments. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The pronouncement should be applied retrospectively for all periods presented, effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Common Share | NOTE 2. EARNINGS PER COMMON SHARE | ||||||||||||
Earnings per common share are calculated as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands, except shares and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Numerator for both basic and diluted earnings per common share: | |||||||||||||
Net income | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
Denominator: | |||||||||||||
Total average basic common shares outstanding | 29,249,499 | 29,270,922 | 26,867,227 | ||||||||||
Effect of dilutive stock options and warrant | 84,377 | 73,761 | 21,620 | ||||||||||
Total diluted average common shares outstanding | 29,333,876 | 29,344,683 | 26,888,847 | ||||||||||
Earnings per common share—basic | $ | 2.39 | $ | 2.18 | $ | 1.84 | |||||||
Earnings per common share—diluted | $ | 2.39 | $ | 2.18 | $ | 1.84 | |||||||
Stock options representing shares of 0, 42,701 and 159,569 were not included in the computation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, respectively, because to do so would have been anti-dilutive. | |||||||||||||
On February 10, 2015, WesBanco issued approximately 9.2 million shares to complete its acquisition of ESB Financial Corporation (“ESB”). For additional information relating to the acquisition, refer to Note 23, “Subsequent Events.” |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Securities | NOTE 3. SECURITIES | ||||||||||||||||||||||||||||||||||||
The following table shows the amortized cost and fair values of available-for-sale and held-to-maturity securities: | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | 86,964 | $ | 1,087 | $ | (315 | ) | $ | 87,736 | $ | 75,164 | $ | 6 | $ | (1,938 | ) | $ | 73,232 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 703,535 | 4,336 | (6,758 | ) | 701,113 | 707,000 | 3,191 | (15,924 | ) | 694,267 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 86,073 | 5,365 | (5 | ) | 91,433 | 112,536 | 4,165 | (355 | ) | 116,346 | |||||||||||||||||||||||||||
Corporate debt securities | 25,974 | 141 | (119 | ) | 25,996 | 38,777 | 174 | (470 | ) | 38,481 | |||||||||||||||||||||||||||
Total debt securities | $ | 902,546 | $ | 10,929 | $ | (7,197 | ) | $ | 906,278 | $ | 933,477 | $ | 7,536 | $ | (18,687 | ) | $ | 922,326 | |||||||||||||||||||
Equity securities | 10,304 | 842 | — | 11,146 | 10,597 | 1,463 | — | 12,060 | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 912,850 | $ | 11,771 | $ | (7,197 | ) | $ | 917,424 | $ | 944,074 | $ | 8,999 | $ | (18,687 | ) | $ | 934,386 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | $ | 79,004 | $ | 3,262 | $ | (246 | ) | $ | 82,020 | $ | 99,409 | $ | 2,804 | $ | (1,023 | ) | $ | 101,190 | |||||||||||||||||||
Obligations of states and political subdivisions | 507,927 | 23,917 | (1,043 | ) | 530,801 | 496,396 | 10,158 | (13,906 | ) | 492,648 | |||||||||||||||||||||||||||
Corporate debt securities | 6,739 | 106 | (49 | ) | 6,796 | 2,715 | — | (245 | ) | 2,470 | |||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 593,670 | $ | 27,285 | $ | (1,338 | ) | $ | 619,617 | $ | 598,520 | $ | 12,962 | $ | (15,174 | ) | $ | 596,308 | |||||||||||||||||||
Total securities | $ | 1,506,520 | $ | 39,056 | $ | (8,535 | ) | $ | 1,537,041 | $ | 1,542,594 | $ | 21,961 | $ | (33,861 | ) | $ | 1,530,694 | |||||||||||||||||||
At December 31, 2014 and 2013, there were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of WesBanco’s shareholders’ equity. | |||||||||||||||||||||||||||||||||||||
The following table presents the fair value of available-for-sale and held-to-maturity securities by contractual maturity at December 31, 2014. In many instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | One Year | One to | Five to | After | Mortgage-backed | Total | |||||||||||||||||||||||||||||||
or less | Five Years | Ten Years | Ten Years | and Equity | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | — | $ | 25,645 | $ | 44,952 | $ | 17,139 | $ | — | $ | 87,736 | |||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | — | — | — | — | 701,113 | 701,113 | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 6,312 | 33,242 | 19,089 | 32,790 | — | 91,433 | |||||||||||||||||||||||||||||||
Corporate debt securities | 10,034 | 2,080 | 9,015 | 4,867 | — | 25,996 | |||||||||||||||||||||||||||||||
Equity securities (2) | — | — | — | — | 11,146 | 11,146 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 16,346 | $ | 60,967 | $ | 73,056 | $ | 54,796 | $ | 712,259 | $ | 917,424 | |||||||||||||||||||||||||
Held-to-maturity (3) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | $ | — | $ | — | $ | — | $ | — | $ | 82,020 | $ | 82,020 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 3,377 | 13,876 | 216,427 | 297,121 | — | 530,801 | |||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 6,796 | — | — | 6,796 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 3,377 | $ | 13,876 | $ | 223,223 | $ | 297,121 | $ | 82,020 | $ | 619,617 | |||||||||||||||||||||||||
Total securities | $ | 19,723 | $ | 74,843 | $ | 296,279 | $ | 351,917 | $ | 794,279 | $ | 1,537,041 | |||||||||||||||||||||||||
-1 | Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. | ||||||||||||||||||||||||||||||||||||
-2 | Equity securities, which have no stated maturity, are not assigned a maturity category. | ||||||||||||||||||||||||||||||||||||
-3 | The held-to-maturity portfolio is carried at an amortized cost of $593.7 million. | ||||||||||||||||||||||||||||||||||||
Securities with aggregate fair values of $706.5 million and $701.7 million at December 31, 2014 and 2013, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. Proceeds from the sale of available-for-sale securities were $16.2 million, $9.3 million and $202.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Net unrealized gains (losses) on available-for-sale securities included in accumulated other comprehensive income net of tax, as of December 31, 2014, 2013 and 2012 were $2.9 million, ($6.1) million and $13.0 million, respectively. | |||||||||||||||||||||||||||||||||||||
The following table presents the gross realized gains and losses on sales and calls of securities for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,131 | $ | 922 | $ | 2,680 | |||||||||||||||||||||||||||||||
Gross realized losses | (228 | ) | (238 | ) | (217 | ) | |||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | 903 | $ | 684 | $ | 2,463 | |||||||||||||||||||||||||||||||
The following tables provide information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | |||||||||||||||||||||||||||||
Obligations of government agencies | $ | 19,362 | $ | (77 | ) | 5 | $ | 19,757 | $ | (238 | ) | 4 | $ | 39,119 | $ | (315 | ) | 9 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 78,786 | (386 | ) | 19 | 240,055 | (6,618 | ) | 43 | 318,841 | (7,004 | ) | 62 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 12,615 | (96 | ) | 15 | 61,548 | (952 | ) | 93 | 74,163 | (1,048 | ) | 108 | |||||||||||||||||||||||||
Corporate debt securities | 2,969 | (31 | ) | 1 | 4,573 | (137 | ) | 2 | 7,542 | (168 | ) | 3 | |||||||||||||||||||||||||
Total temporarily impaired securities | $ | 113,732 | $ | (590 | ) | 40 | $ | 325,933 | $ | (7,945 | ) | 142 | $ | 439,665 | $ | (8,535 | ) | 182 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | |||||||||||||||||||||||||||||
Obligations of government agencies | $ | 54,356 | $ | -1,911 | 15 | $ | 5,083 | $ | (27 | ) | 2 | $ | 59,439 | $ | -1,938 | 17 | |||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 513,495 | (14,639 | ) | 89 | 37,002 | (2,308 | ) | 11 | 550,497 | (16,947 | ) | 100 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 181,667 | (10,830 | ) | 277 | 47,793 | (3,431 | ) | 76 | 229,460 | (14,261 | ) | 353 | |||||||||||||||||||||||||
Corporate debt securities | 19,837 | (560 | ) | 7 | 2,845 | (155 | ) | 1 | 22,682 | (715 | ) | 8 | |||||||||||||||||||||||||
Total temporarily impaired securities | $ | 769,355 | $ | (27,940 | ) | 388 | $ | 92,723 | $ | (5,921 | ) | 90 | $ | 862,078 | $ | (33,861 | ) | 478 | |||||||||||||||||||
Unrealized losses on debt securities in the tables represent temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. | |||||||||||||||||||||||||||||||||||||
WesBanco does not believe the securities presented above are impaired due to reasons of credit quality, as there are no debt securities rated below investment grade and all are paying principal and interest according to their contractual terms. WesBanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost, and therefore, management believes the unrealized losses detailed above are temporary and no impairment loss relating to these securities has been recognized. | |||||||||||||||||||||||||||||||||||||
Securities that do not have readily determinable fair values and for which WesBanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of FHLB of Pittsburgh and FHLB of Cincinnati stock totaling $11.6 million at December 31, 2014 and 2013, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. |
Loans_and_the_Allowance_for_Cr
Loans and the Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans and the Allowance for Credit Losses | NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||||||
The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs of $2.4 million and $2.7 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 262,643 | $ | 263,117 | |||||||||||||||||||||||||||||
Improved property | 1,682,817 | 1,649,802 | |||||||||||||||||||||||||||||||
Total commercial real estate | 1,945,460 | 1,912,919 | |||||||||||||||||||||||||||||||
Commercial and industrial | 638,410 | 556,249 | |||||||||||||||||||||||||||||||
Residential real estate | 928,770 | 890,804 | |||||||||||||||||||||||||||||||
Home equity | 330,031 | 284,687 | |||||||||||||||||||||||||||||||
Consumer | 244,095 | 250,258 | |||||||||||||||||||||||||||||||
Total portfolio loans | 4,086,766 | 3,894,917 | |||||||||||||||||||||||||||||||
Loans held for sale | 5,865 | 5,855 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,092,631 | $ | 3,900,772 | |||||||||||||||||||||||||||||
The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 6,056 | $ | 18,157 | $ | 9,925 | $ | 5,673 | $ | 2,017 | $ | 5,020 | $ | 520 | $ | 47,368 | |||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 6,357 | 18,219 | 10,055 | 5,678 | 2,102 | 5,039 | 520 | 47,970 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (402 | ) | 1,239 | 1,429 | 1,692 | 849 | 1,144 | 601 | 6,552 | ||||||||||||||||||||||||
Provision for loan commitments | (107 | ) | (52 | ) | (18 | ) | 4 | 5 | 21 | — | (147 | ) | |||||||||||||||||||||
Total provision for credit losses | (509 | ) | 1,187 | 1,411 | 1,696 | 854 | 1,165 | 601 | 6,405 | ||||||||||||||||||||||||
Charge-offs | — | (2,426 | ) | (3,485 | ) | (2,437 | ) | (652 | ) | (3,120 | ) | (779 | ) | (12,899 | ) | ||||||||||||||||||
Recoveries | — | 603 | 1,194 | 454 | 115 | 1,034 | 233 | 3,633 | |||||||||||||||||||||||||
Net charge-offs | — | (1,823 | ) | (2,291 | ) | (1,983 | ) | (537 | ) | (2,086 | ) | (546 | ) | (9,266 | ) | ||||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,654 | 17,573 | 9,063 | 5,382 | 2,329 | 4,078 | 575 | 44,654 | |||||||||||||||||||||||||
Allowance for loan commitments | 194 | 10 | 112 | 9 | 90 | 40 | — | 455 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,848 | $ | 17,583 | $ | 9,175 | $ | 5,391 | $ | 2,419 | $ | 4,118 | $ | 575 | $ | 45,109 | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 3,741 | $ | 23,614 | $ | 9,326 | $ | 7,182 | $ | 2,458 | $ | 5,557 | $ | 821 | $ | 52,699 | |||||||||||||||||
Allowance for loan commitments | 27 | 25 | 215 | 6 | 49 | 19 | — | 341 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 3,768 | 23,639 | 9,541 | 7,188 | 2,507 | 5,576 | 821 | 53,040 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 2,726 | 843 | 1,633 | 1,169 | (8 | ) | 2,138 | 324 | 8,825 | ||||||||||||||||||||||||
Provision for loan commitments | 274 | 37 | (85 | ) | (1 | ) | 36 | — | — | 261 | |||||||||||||||||||||||
Total provision for credit losses | 3,000 | 880 | 1,548 | 1,168 | 28 | 2,138 | 324 | 9,086 | |||||||||||||||||||||||||
Charge-offs | (536 | ) | (6,915 | ) | (1,505 | ) | (3,079 | ) | (549 | ) | (3,819 | ) | (880 | ) | (17,283 | ) | |||||||||||||||||
Recoveries | 125 | 615 | 471 | 401 | 116 | 1,144 | 255 | 3,127 | |||||||||||||||||||||||||
Net charge-offs | (411 | ) | (6,300 | ) | (1,034 | ) | (2,678 | ) | (433 | ) | (2,675 | ) | (625 | ) | (14,156 | ) | |||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 6,056 | 18,157 | 9,925 | 5,673 | 2,017 | 5,020 | 520 | 47,368 | |||||||||||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 6,357 | $ | 18,219 | $ | 10,055 | $ | 5,678 | $ | 2,102 | $ | 5,039 | $ | 520 | $ | 47,970 | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 4,842 | $ | 24,748 | $ | 11,414 | $ | 5,638 | $ | 1,962 | $ | 5,410 | $ | 796 | $ | 54,810 | |||||||||||||||||
Allowance for loan commitments | 74 | 21 | 323 | 4 | 33 | 13 | — | 468 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 4,916 | 24,769 | 11,737 | 5,642 | 1,995 | 5,423 | 796 | 55,278 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 2,171 | 5,452 | 2,147 | 5,039 | 1,610 | 2,963 | 619 | 20,001 | |||||||||||||||||||||||||
Provision for loan commitments | (47 | ) | 4 | (108 | ) | 2 | 16 | 6 | — | (127 | ) | ||||||||||||||||||||||
Total provision for credit losses | 2,124 | 5,456 | 2,039 | 5,041 | 1,626 | 2,969 | 619 | 19,874 | |||||||||||||||||||||||||
Charge-offs | (3,879 | ) | (7,693 | ) | (4,625 | ) | (3,902 | ) | (1,144 | ) | (3,851 | ) | (871 | ) | (25,965 | ) | |||||||||||||||||
Recoveries | 607 | 1,107 | 390 | 407 | 30 | 1,035 | 277 | 3,853 | |||||||||||||||||||||||||
Net charge-offs | (3,272 | ) | (6,586 | ) | (4,235 | ) | (3,495 | ) | (1,114 | ) | (2,816 | ) | (594 | ) | (22,112 | ) | |||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 3,741 | 23,614 | 9,326 | 7,182 | 2,458 | 5,557 | 821 | 52,699 | |||||||||||||||||||||||||
Allowance for loan commitments | 27 | 25 | 215 | 6 | 49 | 19 | — | 341 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 3,768 | $ | 23,639 | $ | 9,541 | $ | 7,188 | $ | 2,507 | $ | 5,576 | $ | 821 | $ | 53,040 | |||||||||||||||||
The following tables present the allowance for credit losses and recorded investments in loans by category: | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||
Real Estate- | Real Estate- | Commercial | Residential | ||||||||||||||||||||||||||||||
Land and | Improved | and | Real | Home | Over- | ||||||||||||||||||||||||||||
(in thousands) | Construction | Property | Industrial | Estate | Equity | Consumer | draft | Total | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 2,765 | $ | 1,033 | $ | — | $ | — | $ | — | $ | — | $ | 3,798 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 5,654 | 14,808 | 8,030 | 5,382 | 2,329 | 4,078 | 575 | 40,856 | |||||||||||||||||||||||||
Allowance for loan commitments | 194 | 10 | 112 | 9 | 90 | 40 | — | 455 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,848 | $ | 17,583 | $ | 9,175 | $ | 5,391 | $ | 2,419 | $ | 4,118 | $ | 575 | $ | 45,109 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 11,469 | $ | 2,844 | $ | — | $ | — | $ | — | $ | — | $ | 14,313 | |||||||||||||||||
Collectively evaluated for impairment | 262,643 | 1,671,348 | 635,566 | 928,770 | 330,031 | 244,095 | — | 4,072,453 | |||||||||||||||||||||||||
Total portfolio loans | $ | 262,643 | $ | 1,682,817 | $ | 638,410 | $ | 928,770 | $ | 330,031 | $ | 244,095 | $ | — | $ | 4,086,766 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 51 | $ | 681 | $ | — | $ | — | $ | — | $ | — | $ | 732 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 6,056 | 18,106 | 9,244 | 5,673 | 2,017 | 5,020 | 520 | 46,636 | |||||||||||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 6,357 | $ | 18,219 | $ | 10,055 | $ | 5,678 | $ | 2,102 | $ | 5,039 | $ | 520 | $ | 47,970 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 4,321 | $ | 1,754 | $ | — | $ | — | $ | — | $ | — | $ | 6,075 | |||||||||||||||||
Collectively evaluated for impairment | 263,117 | 1,645,481 | 554,495 | 890,804 | 284,687 | 250,258 | — | 3,888,842 | |||||||||||||||||||||||||
Total portfolio loans | $ | 263,117 | $ | 1,649,802 | $ | 556,249 | $ | 890,804 | $ | 284,687 | $ | 250,258 | $ | — | $ | 3,894,917 | |||||||||||||||||
-1 | Commercial loans greater than $1 million that are reported as non-accrual or as a TDR are individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
WesBanco maintains an internal loan grading system to reflect the credit quality of commercial loans. Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at the inception of each loan and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. This includes an analysis of cash flow available to repay debt, profitability, liquidity, leverage, and overall financial trends. Other factors include management, industry or property type risks, an assessment of secondary sources of repayment such as collateral or guarantees, other terms and conditions of the loan that may increase or reduce its risk, and economic conditions and other external factors that may influence repayment capacity and financial condition. | |||||||||||||||||||||||||||||||||
Commercial real estate—land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate—improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of net rental income generated by the property to service the debt, the type, quality, industry and mix of tenants, and the terms of leases, but also considers the overall financial capacity of the investors and their experience in owning and managing investment property. The risk grade assigned to owner-occupied commercial real estate and commercial and industrial loans is based primarily on historical and projected earnings, the adequacy of operating cash flow to service all of the business’ debt, and the capital resources, liquidity and leverage of the business, but also considers the industry in which the business operates, the business’ specific competitive advantages or disadvantages, the quality and experience of management, and external influences on the business such as economic conditions. Other factors that are considered for commercial and industrial loans include the type, quality and marketability of non-real estate collateral and whether the structure of the loan increases or reduces its risk. The type, age, condition, location and any environmental risks associated with a property are also considered for all types of commercial real estate. The overall financial condition and repayment capacity of any guarantors is also evaluated to determine the extent to which they mitigate other risks of the loan. The following descriptions of risk grades apply to commercial real estate and commercial and industrial loans: | |||||||||||||||||||||||||||||||||
Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment. | |||||||||||||||||||||||||||||||||
Criticized or compromised loans are currently protected but have weaknesses, which, if not corrected, may inadequately protect WesBanco Bank, Inc. (the “Bank”) at some future date. These loans represent an unwarranted credit risk and would generally not be extended in the normal course of lending. Specific issues which may warrant this grade include declining financial results, increased reliance on secondary sources of repayment or guarantor support and adverse external influences that may negatively impact the business or property. | |||||||||||||||||||||||||||||||||
Substandard and doubtful loans are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current repayment capacity and equity of the borrower or collateral pledged, if any. Substandard loans have one or more well-defined weaknesses that jeopardize their repayment or collection in full. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent to a substandard loan with the added characteristic that full repayment is highly questionable or improbable on the basis of currently existing facts, conditions and collateral values. However, recognition of loss may be deferred if there are reasonably specific pending factors that will reduce the risk if they occur. | |||||||||||||||||||||||||||||||||
The following tables summarize commercial loans by their assigned risk grade: | |||||||||||||||||||||||||||||||||
Commercial Loans by Internally Assigned Risk Grade | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Total | |||||||||||||||||||||||||||||
Real Estate- | Real Estate- | & | Commercial | ||||||||||||||||||||||||||||||
Land and | Improved | Industrial | Loans | ||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Pass | $ | 257,218 | $ | 1,627,771 | $ | 617,742 | $ | 2,502,731 | |||||||||||||||||||||||||
Criticized—compromised | 3,645 | 17,873 | 12,770 | 34,288 | |||||||||||||||||||||||||||||
Classified—substandard | 1,780 | 37,173 | 7,898 | 46,851 | |||||||||||||||||||||||||||||
Classified—doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 262,643 | $ | 1,682,817 | $ | 638,410 | $ | 2,583,870 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Pass | $ | 253,231 | $ | 1,548,780 | $ | 531,573 | $ | 2,333,584 | |||||||||||||||||||||||||
Criticized—compromised | 6,498 | 57,983 | 10,768 | 75,249 | |||||||||||||||||||||||||||||
Classified—substandard | 3,388 | 43,039 | 13,908 | 60,335 | |||||||||||||||||||||||||||||
Classified—doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 263,117 | $ | 1,649,802 | $ | 556,249 | $ | 2,469,168 | |||||||||||||||||||||||||
Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. WesBanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines were $15.2 million at December 31, 2014 and $14.4 million at December 31, 2013, of which $2.2 and $2.0 million were accruing, for each period, respectively. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard are not included in the tables above. | |||||||||||||||||||||||||||||||||
The following tables summarize the age analysis of all categories of loans. | |||||||||||||||||||||||||||||||||
Age Analysis of Loans | |||||||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days | Total | Total | 90 Days | ||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | or More | ||||||||||||||||||||||||||||
Past Due | Past Due and | ||||||||||||||||||||||||||||||||
Accruing (1) | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 261,356 | $ | 20 | $ | — | $ | 1,267 | $ | 1,287 | $ | 262,643 | $ | 71 | |||||||||||||||||||
Improved property | 1,665,363 | 961 | 4,772 | 11,721 | 17,454 | 1,682,817 | — | ||||||||||||||||||||||||||
Total commercial real estate | 1,926,719 | 981 | 4,772 | 12,988 | 18,741 | 1,945,460 | 71 | ||||||||||||||||||||||||||
Commercial and industrial | 634,482 | 1,834 | 240 | 1,854 | 3,928 | 638,410 | 22 | ||||||||||||||||||||||||||
Residential real estate | 915,968 | 1,237 | 3,384 | 8,181 | 12,802 | 928,770 | 1,306 | ||||||||||||||||||||||||||
Home equity | 325,291 | 1,877 | 895 | 1,968 | 4,740 | 330,031 | 570 | ||||||||||||||||||||||||||
Consumer | 240,365 | 2,571 | 685 | 474 | 3,730 | 244,095 | 319 | ||||||||||||||||||||||||||
Total portfolio loans | 4,042,825 | 8,500 | 9,976 | 25,465 | 43,941 | 4,086,766 | 2,288 | ||||||||||||||||||||||||||
Loans held for sale | 5,865 | — | — | — | — | 5,865 | — | ||||||||||||||||||||||||||
Total loans | $ | 4,048,690 | $ | 8,500 | $ | 9,976 | $ | 25,465 | $ | 43,941 | $ | 4,092,631 | $ | 2,288 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 7,562 | $ | 2,884 | $ | 5,552 | $ | 22,820 | $ | 31,256 | $ | 38,818 | |||||||||||||||||||||
TDRs accruing interest (1) | 11,016 | 151 | 542 | 357 | 1,050 | 12,066 | |||||||||||||||||||||||||||
Total impaired | $ | 18,578 | $ | 3,035 | $ | 6,094 | $ | 23,177 | $ | 32,306 | $ | 50,884 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 261,165 | $ | 2 | $ | — | $ | 1,950 | $ | 1,952 | $ | 263,117 | $ | 248 | |||||||||||||||||||
Improved property | 1,632,973 | 2,482 | 2,346 | 12,001 | 16,829 | 1,649,802 | 318 | ||||||||||||||||||||||||||
Total commercial real estate | 1,894,138 | 2,484 | 2,346 | 13,951 | 18,781 | 1,912,919 | 566 | ||||||||||||||||||||||||||
Commercial and industrial | 552,414 | 1,112 | 977 | 1,746 | 3,835 | 556,249 | — | ||||||||||||||||||||||||||
Residential real estate | 875,192 | 1,641 | 4,710 | 9,261 | 15,612 | 890,804 | 1,289 | ||||||||||||||||||||||||||
Home equity | 281,004 | 1,581 | 470 | 1,632 | 3,683 | 284,687 | 411 | ||||||||||||||||||||||||||
Consumer | 245,876 | 3,223 | 649 | 510 | 4,382 | 250,258 | 325 | ||||||||||||||||||||||||||
Total portfolio loans | 3,848,624 | 10,041 | 9,152 | 27,100 | 46,293 | 3,894,917 | 2,591 | ||||||||||||||||||||||||||
Loans held for sale | 5,855 | — | — | — | — | 5,855 | — | ||||||||||||||||||||||||||
Total loans | $ | 3,854,479 | $ | 10,041 | $ | 9,152 | $ | 27,100 | $ | 46,293 | $ | 3,900,772 | $ | 2,591 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 9,028 | $ | 588 | $ | 2,722 | $ | 24,295 | $ | 27,605 | $ | 36,633 | |||||||||||||||||||||
TDRs accruing interest (1) | 13,595 | 171 | 881 | 214 | 1,266 | 14,861 | |||||||||||||||||||||||||||
Total impaired | $ | 22,623 | $ | 759 | $ | 3,603 | $ | 24,509 | $ | 28,871 | $ | 51,494 | |||||||||||||||||||||
-1 | Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. | ||||||||||||||||||||||||||||||||
Impaired Loans—A loan is considered impaired, based on current information and events, if it is probable that WesBanco will be unable to collect the payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans generally included all non-accrual loans and TDRs. | |||||||||||||||||||||||||||||||||
Loans are generally placed on non-accrual when they are 90 days past due unless the loan is well-secured and in the process of collection. Loans may also be placed on non-accrual when full collection of principal is in doubt even if payments on such loans remain current, or may remain on non-accrual if they were past due but subsequently brought current. | |||||||||||||||||||||||||||||||||
Loans are categorized as TDRs when the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. | |||||||||||||||||||||||||||||||||
The following tables summarize impaired loans: | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Related | Unpaid | Recorded | Related | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | ||||||||||||||||||||||||||||
Balance (1) | Balance (1) | ||||||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,588 | $ | 1,488 | $ | — | $ | 2,663 | $ | 2,564 | $ | — | |||||||||||||||||||||
Improved property | 16,480 | 14,684 | — | 21,421 | 19,628 | — | |||||||||||||||||||||||||||
Commercial and industrial | 3,152 | 2,597 | — | 3,773 | 3,249 | — | |||||||||||||||||||||||||||
Residential real estate | 20,077 | 18,544 | — | 22,006 | 20,090 | — | |||||||||||||||||||||||||||
Home equity | 2,890 | 2,663 | — | 2,675 | 2,506 | — | |||||||||||||||||||||||||||
Consumer | 1,287 | 1,086 | — | 1,402 | 1,182 | — | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 45,474 | 41,062 | — | 53,940 | 49,219 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Improved property | 7,980 | 7,980 | 2,765 | 729 | 729 | 51 | |||||||||||||||||||||||||||
Commercial and industrial | 1,842 | 1,842 | 1,033 | 1,546 | 1,546 | 681 | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 9,822 | 9,822 | 3,798 | 2,275 | 2,275 | 732 | |||||||||||||||||||||||||||
Total impaired loans | $ | 55,296 | $ | 50,884 | $ | 3,798 | $ | 56,215 | $ | 51,494 | $ | 732 | |||||||||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | For the Year Ended | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in thousands) | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,977 | $ | 35 | $ | 4,552 | $ | 87 | $ | 9,054 | $ | 157 | |||||||||||||||||||||
Improved property | 17,669 | 441 | 22,702 | 610 | 28,493 | 632 | |||||||||||||||||||||||||||
Commercial and industrial | 3,561 | 103 | 3,757 | 112 | 6,408 | 123 | |||||||||||||||||||||||||||
Residential real estate | 18,829 | 855 | 19,915 | 803 | 15,724 | 639 | |||||||||||||||||||||||||||
Home equity | 2,356 | 75 | 2,262 | 68 | 1,324 | 64 | |||||||||||||||||||||||||||
Consumer | 1,122 | 97 | 1,377 | 89 | 480 | 95 | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 45,514 | 1,606 | 54,565 | 1,769 | 61,483 | 1,710 | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | 1,234 | — | 2,888 | 54 | |||||||||||||||||||||||||||
Improved property | 2,795 | 348 | 2,746 | 22 | 7,388 | 196 | |||||||||||||||||||||||||||
Commercial and industrial | 2,075 | 95 | 309 | 89 | — | — | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 4,870 | 443 | 4,289 | 111 | 10,276 | 250 | |||||||||||||||||||||||||||
Total impaired loans | $ | 50,384 | $ | 2,049 | $ | 58,854 | $ | 1,880 | $ | 71,759 | $ | 1,960 | |||||||||||||||||||||
The following tables present the recorded investment in non-accrual loans and TDRs: | |||||||||||||||||||||||||||||||||
Non-accrual Loans (1) | |||||||||||||||||||||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,488 | $ | 2,564 | |||||||||||||||||||||||||||||
Improved property | 20,227 | 17,305 | |||||||||||||||||||||||||||||||
Total commercial real estate | 21,715 | 19,869 | |||||||||||||||||||||||||||||||
Commercial and industrial | 4,110 | 4,380 | |||||||||||||||||||||||||||||||
Residential real estate | 10,329 | 10,240 | |||||||||||||||||||||||||||||||
Home equity | 1,923 | 1,604 | |||||||||||||||||||||||||||||||
Consumer | 741 | 540 | |||||||||||||||||||||||||||||||
Total | $ | 38,818 | $ | 36,633 | |||||||||||||||||||||||||||||
-1 | Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. | ||||||||||||||||||||||||||||||||
TDRs | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | — | $ | 464 | $ | 464 | $ | — | $ | 1,601 | $ | 1,601 | |||||||||||||||||||||
Improved property | 2,437 | 1,850 | 4,287 | 3,052 | 3,658 | 6,710 | |||||||||||||||||||||||||||
Total commercial real estate | 2,437 | 2,314 | 4,751 | 3,052 | 5,259 | 8,311 | |||||||||||||||||||||||||||
Commercial and industrial | 329 | 478 | 807 | 415 | 579 | 994 | |||||||||||||||||||||||||||
Residential real estate | 8,215 | 2,074 | 10,289 | 9,850 | 2,991 | 12,841 | |||||||||||||||||||||||||||
Home equity | 740 | 245 | 985 | 902 | 289 | 1,191 | |||||||||||||||||||||||||||
Consumer | 345 | 309 | 654 | 642 | 206 | 848 | |||||||||||||||||||||||||||
Total | $ | 12,066 | $ | 5,420 | $ | 17,486 | $ | 14,861 | $ | 9,324 | $ | 24,185 | |||||||||||||||||||||
As of December 31, 2014, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than three months. | |||||||||||||||||||||||||||||||||
The following table presents details related to loans identified as TDRs during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
New TDRs (1) | New TDRs (1) | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Modifications | Modification | Modification | Modifications | Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | $ | — | $ | — | 2 | $ | 366 | $ | 353 | |||||||||||||||||||||||
Improved property | 9 | 1,638 | 1,437 | 10 | 769 | 564 | |||||||||||||||||||||||||||
Total commercial real estate | 9 | 1,638 | 1,437 | 12 | 1,135 | 917 | |||||||||||||||||||||||||||
Commercial and industrial | 3 | 231 | 163 | 8 | 173 | 162 | |||||||||||||||||||||||||||
Residential real estate | 8 | 424 | 400 | 30 | 2,688 | 2,557 | |||||||||||||||||||||||||||
Home equity | — | — | — | 5 | 122 | 92 | |||||||||||||||||||||||||||
Consumer | 11 | 199 | 167 | 13 | 144 | 101 | |||||||||||||||||||||||||||
Total | 31 | $ | 2,492 | $ | 2,167 | 68 | $ | 4,262 | $ | 3,829 | |||||||||||||||||||||||
-1 | Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. | ||||||||||||||||||||||||||||||||
The following table summarizes TDRs which defaulted (defined as past due 90 days) during the years ended December 31, 2014 and 2013 that were restructured within the last twelve months prior to December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Defaulted TDRs (1) | Defaulted TDRs (1) | ||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Defaults | Investment | Defaults | Investment | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Improved property | — | — | — | — | |||||||||||||||||||||||||||||
Total commercial real estate | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | — | — | 1 | 14 | |||||||||||||||||||||||||||||
Residential real estate | — | — | 12 | 1,043 | |||||||||||||||||||||||||||||
Home equity | — | — | 2 | 51 | |||||||||||||||||||||||||||||
Consumer | 1 | 26 | — | — | |||||||||||||||||||||||||||||
Total | 1 | $ | 26 | 15 | $ | 1,108 | |||||||||||||||||||||||||||
-1 | Excludes loans that were either charged-off or cured by period end. The recorded investment is as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
TDRs that defaulted during the twelve month period that were restructured during the twelve months ended December 31, 2014 represented 0.2% of the total TDR balance at December 31, 2014. These loans are placed on non-accrual status unless they are both well-secured and in the process of collection. At December 31, 2014, the loan in the table above was not accruing interest. | |||||||||||||||||||||||||||||||||
The following table summarizes the recognition of interest income on impaired loans: | |||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average impaired loans | $ | 50,384 | $ | 58,854 | $ | 71,759 | |||||||||||||||||||||||||||
Amount of contractual interest income on impaired loans | 3,260 | 3,225 | 3,463 | ||||||||||||||||||||||||||||||
Amount of interest income recognized on impaired loans | 2,049 | 1,880 | 1,960 | ||||||||||||||||||||||||||||||
The following table summarizes other real estate owned and repossessed assets included in other assets: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Other real estate owned | $ | 4,920 | $ | 4,689 | |||||||||||||||||||||||||||||
Repossessed assets | 162 | 171 | |||||||||||||||||||||||||||||||
Total other real estate owned and repossessed assets | $ | 5,082 | $ | 4,860 | |||||||||||||||||||||||||||||
Residential real estate included in other real estate owned at December 31, 2014 and December 31, 2013 was $0.6 million and $0.4 million, respectively. At December 31, 2014, formal foreclosure proceedings were in process on residential real estate loans totaling $5.6 million. | |||||||||||||||||||||||||||||||||
Premises_And_Equipment
Premises And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises And Equipment | NOTE 5. PREMISES AND EQUIPMENT | ||||||||
Premises and equipment include: | |||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Land and improvements | $ | 28,158 | $ | 26,666 | |||||
Buildings and improvements | 105,436 | 102,980 | |||||||
Furniture and equipment | 66,149 | 83,023 | |||||||
Total cost | 199,743 | 212,669 | |||||||
Accumulated depreciation and amortization | (106,608 | ) | (119,512 | ) | |||||
Total premises and equipment, net | $ | 93,135 | $ | 93,157 | |||||
Depreciation and amortization expense of premises and equipment charged to operations for the years ended December 31, 2014, 2013 and 2012 was $7.4 million, $7.0 million and $6.1 million, respectively. | |||||||||
WesBanco leases certain premises and equipment under non-cancellable operating leases. Certain leases contain renewal options and rent escalation clauses calling for rent increases over the term of the lease. All leases which contain a rent escalation clause are accounted for on a straight-line basis. Rent expense under leases was $2.7 million, $2.7 million and $2.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2014 are as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 2,557 | |||||||
2016 | 1,997 | ||||||||
2017 | 1,718 | ||||||||
2018 | 1,373 | ||||||||
2019 | 1,089 | ||||||||
2020 and thereafter | 11,238 | ||||||||
Total | $ | 19,972 | |||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill And Other Intangible Assets | NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||
WesBanco’s Consolidated Balance Sheets include goodwill of $312.1 million at December 31, 2014 and 2013, respectively. WesBanco’s other intangible assets of $7.4 million and $9.3 million at December 31, 2014 and 2013, respectively, primarily consist of core deposit and other customer list intangibles which have finite lives and are amortized using straight line and accelerated methods. Other intangible assets are being amortized over estimated useful lives ranging from ten to sixteen years. Amortization of other intangible assets totaled $1.9 million, $2.3 million and $2.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. WesBanco completed its annual goodwill impairment evaluation as of November 30, 2014 and determined that goodwill was not impaired as of December 31, 2014 as there were no significant changes in market conditions, consolidated operating results, or forecasted future results from November 30, 2014, the date of the most recent goodwill impairment evaluation. Additionally, there were no events or changes in circumstances indicating impairment of intangible assets as of December 31, 2014. | |||||||||
The following table shows WesBanco’s capitalized other intangible assets and related accumulated amortization: | |||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other intangible assets: | |||||||||
Gross carrying amount | $ | 38,048 | $ | 38,048 | |||||
Accumulated amortization | (30,640 | ) | (28,720 | ) | |||||
Net carrying amount of other intangible assets | $ | 7,408 | $ | 9,328 | |||||
The following table shows the amortization on WesBanco’s other intangible assets for each of the next five years (in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 1,634 | |||||||
2016 | 1,401 | ||||||||
2017 | 1,179 | ||||||||
2018 | 965 | ||||||||
2019 | 767 |
Investments_in_Limited_Partner
Investments in Limited Partnerships | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Limited Partnerships | NOTE 7. INVESTMENTS IN LIMITED PARTNERSHIPS |
WesBanco is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved low-income housing investment tax credit projects. These investments are accounted for using the equity method of accounting and are included in other assets in the Consolidated Balance Sheets. The limited partnerships are considered to be VIEs as they generally do not have equity investors with voting rights or have equity investors that do not provide sufficient financial resources to support their activities. The VIEs have not been consolidated because WesBanco is not considered the primary beneficiary. All of WesBanco’s investments in limited partnerships are privately held, and their market values are not readily available. Investments in low-income housing partnerships are evaluated for impairment at the end of each reporting period. At December 31, 2014 and 2013, WesBanco had $1.7 million and $2.6 million, respectively, invested in these partnerships. WesBanco also recognizes the unconditional unfunded equity commitments of $0.6 million and $1.1 million at December 31, 2014 and 2013, respectively, in other liabilities. For the years ended December 31, 2014, 2013 and 2012, WesBanco included in operations under the equity method of accounting its share of the partnerships’ losses and impairment of $0.9 million, $1.2 million, and $1.5 million, respectively. Tax benefits attributed to these partnerships include low-income housing and historic tax credits which totaled $0.7 million, $0.8 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
WesBanco is also a limited partner in six other limited partnerships which provide seed money and capital to startup companies, and financing to low-income housing projects. At December 31, 2014 and 2013, WesBanco had $4.4 million and $4.6 million, respectively, invested in these partnerships, which are recorded in other assets using the equity method. WesBanco included in operations under the equity method of accounting its share of the partnerships’ net gains of $305 thousand, $31 thousand and $5 thousand for the years ended December 31, 2014, 2013 and 2012, respectively. |
Certificates_Of_Deposit
Certificates Of Deposit | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Certificates Of Deposit | NOTE 8. CERTIFICATES OF DEPOSIT | ||||
Certificates of deposit in denominations of $100 thousand or more were $706.1 million and $809.7 million as of December 31, 2014 and 2013, respectively. Interest expense on certificates of deposit of $100 thousand or more was $7.5 million, $13.0 million and $14.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
At December 31, 2014, the scheduled maturities of total certificates of deposit are as follows (in thousands): | |||||
Year | Amount | ||||
2015 | $ | 764,694 | |||
2016 | 262,625 | ||||
2017 | 87,611 | ||||
2018 | 86,341 | ||||
2019 | 82,251 | ||||
2020 and thereafter | 21,574 | ||||
Total | $ | 1,305,096 | |||
FHLB_And_Other_ShortTerm_Borro
FHLB And Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
FHLB And Other Short-Term Borrowings | NOTE 9. FHLB AND OTHER SHORT-TERM BORROWINGS |
WesBanco is a member of the FHLB system. WesBanco’s FHLB borrowings, which consist of borrowings from both the FHLB of Pittsburgh and the FHLB of Cincinnati, are secured by a blanket lien by the FHLB on certain residential mortgages and other loan types or securities with a market value in excess of the outstanding balances of the borrowings. At December 31, 2014 and 2013, WesBanco had FHLB borrowings of $223.1 million and $39.5 million, with a remaining weighted-average interest rate of 0.91% and 3.81%, respectively, with $150.9 million representing short-term borrowings at December 31, 2014. The terms of the security agreement with the FHLB include a specific assignment of collateral that requires the maintenance of qualifying mortgage and other types of loans as pledged collateral with unpaid principal amounts in excess of the FHLB advances, when discounted at certain pre-established percentages of the loans’ unpaid principal balances. FHLB stock owned by WesBanco totaling $11.6 million at December 31, 2014 and 2013, respectively, is also pledged as collateral on these advances. The remaining maximum borrowing capacity by WesBanco with the FHLB at December 31, 2014 and 2013 was estimated to be approximately $1.5 billion and $1.6 billion, respectively. | |
Other short-term borrowings of $80.7 million and $150.5 million at December 31, 2014, and 2013, respectively, may consist of securities sold under agreements to repurchase, federal funds purchased, and outstanding borrowings on a revolving line of credit. At December 31, 2014 and 2013, securities sold under agreements to repurchase were $80.7 million and $130.5 million, with a weighted average interest rate during the year of 1.36% and 1.87%, respectively. There were $20.0 million of federal funds purchased with an interest rate of 0.70% as of December 31, 2013. There were no outstanding balances of federal funds purchased at December 31, 2014. | |
The parent company revolving line of credit matures September 4, 2015. The revolving line of credit, which accrues interest at an adjusted LIBOR rate, and includes certain covenants that WesBanco was in compliance with at December 31, 2014, provides for aggregate outstanding borrowings of up to $25.0 million. There were no outstanding balances as of either December 31, 2014 or 2013. |
Junior_Subordinated_Debt_Owed_
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts | NOTE 10. JUNIOR SUBORDINATED DEBT OWED TO UNCONSOLIDATED SUBSIDIARY TRUSTS | ||||||||||||||||||||
The Trusts, consisting of WesBanco Capital Trust II, WesBanco Capital Statutory Trust III, and WesBanco Capital Trusts IV, V and VI, Oak Hill Capital Trusts 2, 3 and 4, are all wholly-owned trust subsidiaries of WesBanco formed for the purpose of issuing Trust Preferred Securities (“Trust Preferred Securities”) into a pool of other financial services entity trust preferred securities, and lending the proceeds to WesBanco. The Trust Preferred Securities were issued and sold in private placement offerings. The proceeds from the sale of the securities and the issuance of common stock by the Trusts were invested in Junior Subordinated Deferrable Interest Debentures (“Junior Subordinated Debt”) issued by WesBanco, and former Oak Hill Financial, Inc., acquired by WesBanco in 2007, which are the sole assets of the Trusts. The Trusts pay dividends on the Trust Preferred Securities at the same rate as the distributions paid by WesBanco on the Junior Subordinated Debt held by the Trusts. The Trusts provide WesBanco with the option to defer payment of interest on the Junior Subordinated Debt for an aggregate of 20 consecutive quarterly periods. Should any of these options be utilized, WesBanco may not declare or pay dividends on its common stock during any such period. Undertakings made by WesBanco with respect to the Trust Preferred Securities for the Trusts constitute a full and unconditional guarantee by WesBanco of the obligations of these Trust Preferred Securities. WesBanco organized Trusts II and III in June 2003, Trusts IV and V in June 2004 and Trust VI in March 2005. The Oak Hill Trusts 2 and 3 were organized in 2004 and Trust 4 was organized in 2005. | |||||||||||||||||||||
The Junior Subordinated Debt is presented as a separate category of long-term debt on the Consolidated Balance Sheets. For regulatory purposes, the Federal Reserve Board has allowed bank holding companies to include trust preferred securities in Tier 1 capital up to a certain limit. Provisions in the Dodd-Frank Act require the Federal Reserve Board to generally exclude trust preferred securities from Tier 1 capital, but a grandfather provision will permit bank holding companies with consolidated assets of less than $15 billion, such as WesBanco, to continue counting existing trust preferred securities as Tier 1 capital until they mature. All of the Trust Preferred Securities qualified under the current rules as Tier 1 instruments at December 31, 2014, but no such securities issued in the future will count as Tier 1 capital. The Trust Preferred Securities provide the issuer with a unique capital instrument that has a tax deductible interest feature not normally associated with the equity of a corporation. | |||||||||||||||||||||
The following table shows WesBanco’s trust subsidiaries with outstanding Trust Preferred Securities as of December 31, 2014: | |||||||||||||||||||||
(in thousands) | Trust | Common | Junior | Stated | Optional | ||||||||||||||||
Preferred | Securities | Subordinated | Maturity | Redemption | |||||||||||||||||
Securities | Debt | Date | Date | ||||||||||||||||||
WesBanco Capital Trust II (1) | $ | 13,000 | $ | 410 | $ | 13,410 | 6/30/33 | 6/30/08 | |||||||||||||
WesBanco Capital Statutory Trust III (2) | 17,000 | 526 | 17,526 | 6/26/33 | 6/26/08 | ||||||||||||||||
WesBanco Capital Trust IV (3) | 20,000 | 619 | 20,619 | 6/17/34 | 6/17/09 | ||||||||||||||||
WesBanco Capital Trust V (3) | 20,000 | 619 | 20,619 | 6/17/34 | 6/17/09 | ||||||||||||||||
WesBanco Capital Trust VI (4) | 15,000 | 464 | 15,464 | 3/17/35 | 3/17/10 | ||||||||||||||||
Oak Hill Capital Trust 2 (5) | 5,000 | 155 | 5,155 | 10/18/34 | 10/18/09 | ||||||||||||||||
Oak Hill Capital Trust 3 (6) | 8,000 | 248 | 8,248 | 10/18/34 | 10/18/09 | ||||||||||||||||
Oak Hill Capital Trust 4 (7) | 4,980 | 155 | 5,135 | 6/30/35 | 6/30/15 | ||||||||||||||||
Total | $ | 102,980 | $ | 3,196 | $ | 106,176 | |||||||||||||||
-1 | Variable rate based on the three-month LIBOR plus 3.15% with a current rate of 3.41% through March 30, 2015, adjustable quarterly. | ||||||||||||||||||||
-2 | Variable rate based on the three-month LIBOR plus 3.10% with a current rate of 3.35% through March 26, 2015, adjustable quarterly. | ||||||||||||||||||||
-3 | Variable rate based on the three-month LIBOR plus 2.65% with a current rate of 2.89% through March 17, 2015, adjustable quarterly. | ||||||||||||||||||||
-4 | Variable rate based on the three-month LIBOR plus 1.77% with a current rate of 2.01% through March 17, 2015, adjustable quarterly. | ||||||||||||||||||||
-5 | Variable rate based on the three-month LIBOR plus 2.40% with a current rate of 2.63% through January 18, 2015, adjustable quarterly. | ||||||||||||||||||||
-6 | Variable rate based on the three-month LIBOR plus 2.30% with a current rate of 2.53% through January 18, 2015, adjustable quarterly. | ||||||||||||||||||||
-7 | Fixed rate of 5.96% through June 30, 2015 and three-month LIBOR plus 1.60% thereafter, adjustable quarterly. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Employee Benefit Plans | NOTE 11. EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||
Defined Benefit Pension Plan—The WesBanco, Inc. Defined Benefit Pension Plan (“the Plan”) established on January 1, 1985, is a non-contributory, defined benefit pension plan. The Plan covers all employees of WesBanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements. Benefits of the Plan are generally based on years of service and the employee’s compensation during the last five years of employment. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. WesBanco uses a December 31 measurement date for the Plan. | |||||||||||||||||||||
The benefit obligations and funded status of the Plan are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 103,447 | $ | 81,478 | |||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 90,640 | $ | 94,502 | |||||||||||||||||
Service cost | 2,909 | 3,120 | |||||||||||||||||||
Interest cost | 4,745 | 4,096 | |||||||||||||||||||
Actuarial (gain) loss | 25,392 | (8,286 | ) | ||||||||||||||||||
Benefits paid | (5,425 | ) | (2,792 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 118,261 | $ | 90,640 | |||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 100,274 | $ | 82,608 | |||||||||||||||||
Actual return on plan assets | 7,688 | 15,458 | |||||||||||||||||||
Employer contribution | 7,500 | 5,000 | |||||||||||||||||||
Benefits paid | (5,425 | ) | (2,792 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 110,037 | $ | 100,274 | |||||||||||||||||
Amounts recognized in the statement of financial position: | |||||||||||||||||||||
Funded status | $ | (8,224 | ) | $ | 9,634 | ||||||||||||||||
Net amounts recognized as (payable) receivable pension costs in the consolidated balance sheets | $ | (8,224 | ) | $ | 9,634 | ||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||||||
Unrecognized prior service cost | $ | 182 | $ | 227 | |||||||||||||||||
Unrecognized net loss | 35,834 | 12,371 | |||||||||||||||||||
Net amounts recognized in accumulated other comprehensive income (before tax) | $ | 36,016 | $ | 12,598 | |||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||
Discount rate | 4.33 | % | 5.17 | % | |||||||||||||||||
Rate of compensation increase | 3.77 | % | 3.97 | % | |||||||||||||||||
Expected long-term return on assets | 7 | % | 7.25 | % | |||||||||||||||||
The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: | |||||||||||||||||||||
For the years ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||
Service cost | $ | 2,909 | $ | 3,120 | $ | 2,737 | |||||||||||||||
Interest cost | 4,745 | 4,096 | 3,882 | ||||||||||||||||||
Expected return on plan assets | (7,229 | ) | (5,993 | ) | (5,541 | ) | |||||||||||||||
Amortization of prior service cost | 45 | 45 | 45 | ||||||||||||||||||
Amortization of net loss | 1,471 | 3,534 | 2,287 | ||||||||||||||||||
Net periodic pension cost | $ | 1,941 | $ | 4,802 | $ | 3,410 | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||
Net (gain) loss for period | $ | 24,934 | $ | (17,751 | ) | $ | 12,143 | ||||||||||||||
Amortization of prior service cost | (45 | ) | (45 | ) | (45 | ) | |||||||||||||||
Amortization of net loss | (1,471 | ) | (3,534 | ) | (2,287 | ) | |||||||||||||||
Total recognized in other comprehensive income | $ | 23,418 | $ | (21,330 | ) | $ | 9,811 | ||||||||||||||
Total recognized in net periodic pension cost and other comprehensive income | $ | 25,359 | $ | (16,528 | ) | $ | 13,221 | ||||||||||||||
Weighted-average assumptions used to determine net periodic pension cost: | |||||||||||||||||||||
Discount rate | 5.17 | % | 4.36 | % | 5.11 | % | |||||||||||||||
Rate of compensation increase | 3.97 | % | 3 | % | 3 | % | |||||||||||||||
Expected long-term return on assets | 7.25 | % | 7.25 | % | 7.75 | % | |||||||||||||||
The estimated net loss and prior service credit for the Plan that will be amortized from accumulated other comprehensive income into the net periodic pension cost over the next fiscal year are $3.6 million and $26 thousand, respectively. Unrecognized prior service cost and unrecognized net losses are amortized on a straight-line basis. All unrecognized net losses are being amortized over the average remaining service period of approximately 10 years. | |||||||||||||||||||||
The expected long-term rate of return for the Plan’s total assets is based on the expected return of each of the Plan asset categories, weighted based on the median of the target allocation for each class. The rate will remain unchanged for 2015. | |||||||||||||||||||||
Pension Plan Investment Policy and Strategy—The investment policy as established by the Retirement Plans Committee, to be followed by the Trustee, which is WesBanco’s Trust and Investment Services department, is to invest assets based on the target allocations shown in the table below. Assets are reallocated periodically by the Trustee based on the ranges set forth by the Retirement Plans Committee to meet the target allocations. The investment policy is also subject to review periodically to determine if the policy should be changed. Plan assets are to be invested with the principal objective of maximizing long-term total return without exposing Plan assets to undue risk, taking into account the Plan’s funding needs and benefit obligations. Assets are to be invested in a balanced portfolio composed primarily of equities, fixed income and cash or cash equivalent money market investments. | |||||||||||||||||||||
A maximum of 5% may be invested in any one stock. Foreign stocks may be included, either through direct investment or by the purchase of mutual funds which invest in foreign stock. WesBanco common stock can represent up to 10% of the total market value. Corporate bonds selected for purchase must be rated Baa1 by Moody’s or BBB+ by Standard and Poor’s or higher. No more than 5% shall be invested in bonds or notes issued by the same corporation with a maximum term of twenty years. There is no limit on the holdings of U.S. Treasury or Federal Agency Securities. At December 31, 2014 and 2013 the Plan’s equity securities included 55,300 shares of WesBanco common stock with a fair market value of $1.9 million and $1.8 million, respectively. | |||||||||||||||||||||
The following table sets forth the Plan’s weighted-average asset allocations by asset category: | |||||||||||||||||||||
Target | December 31, | ||||||||||||||||||||
Allocation | |||||||||||||||||||||
for 2014 | 2014 | 2013 | |||||||||||||||||||
Asset Category: | |||||||||||||||||||||
Equity securities | 55 - 75% | 65 | % | 68 | % | ||||||||||||||||
Debt securities | 25 - 55% | 32 | % | 30 | % | ||||||||||||||||
Cash and cash equivalents | 0 - 5% | 3 | % | 2 | % | ||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
The fair values of WesBanco’s pension plan assets at December 31, 2014 and 2013, by asset category are as follows: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | Assets at Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Value | Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Defined benefit pension plan assets: | |||||||||||||||||||||
Registered investment companies | $ | 17,182 | $ | 17,182 | $ | — | $ | — | |||||||||||||
Equity securities | 65,869 | 65,869 | — | — | |||||||||||||||||
Corporate debt securities | 15,726 | — | 15,726 | — | |||||||||||||||||
Municipal obligations | 2,178 | — | 2,178 | — | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 13,261 | — | 13,261 | — | |||||||||||||||||
Total defined benefit pension plan assets (1) | $ | 114,216 | $ | 83,051 | $ | 31,165 | $ | — | |||||||||||||
-1 | The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $110.0 million. | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | Assets at Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Value | Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Defined benefit pension plan assets: | |||||||||||||||||||||
Registered investment companies | $ | 9,716 | $ | 9,716 | $ | — | $ | — | |||||||||||||
Equity securities | 64,804 | 64,804 | — | — | |||||||||||||||||
Corporate debt securities | 12,752 | — | 12,752 | — | |||||||||||||||||
Municipal obligations | 2,041 | — | 2,041 | — | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 11,450 | — | 11,450 | — | |||||||||||||||||
Total defined benefit pension plan assets (1) | $ | 100,763 | $ | 74,520 | $ | 26,243 | $ | — | |||||||||||||
-1 | The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $100.3 million. | ||||||||||||||||||||
Registered investment companies and equity securities: Valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||||||
Corporate debt securities, municipal obligations, and U.S. government agency securities: Valued at fair value based on models that consider criteria such as dealer quotes, available trade data, issuer creditworthiness, market movements, sector news, and bond and swap yield curves. | |||||||||||||||||||||
Cash Flows—WesBanco has no required minimum contribution to the Plan for 2015 and as of December 31, 2014 and expects to make a voluntary contribution of $7.5 million in 2015. WesBanco contributed $7.5 million, $5.0 million and $5.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The following table presents estimated benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands): | |||||||||||||||||||||
Year | Amount | ||||||||||||||||||||
2015 | $ | 3,409 | |||||||||||||||||||
2016 | 3,703 | ||||||||||||||||||||
2017 | 4,006 | ||||||||||||||||||||
2018 | 4,353 | ||||||||||||||||||||
2019 | 4,681 | ||||||||||||||||||||
2020 to 2024 | 29,936 | ||||||||||||||||||||
Employee Stock Ownership and 401(k) Plan (“KSOP”)—WesBanco sponsors a KSOP plan consisting of a non-contributory leveraged ESOP and a contributory 401(k) profit sharing plan covering substantially all of its employees. Under the provisions of the 401(k) plan, WesBanco matches a portion of eligible employee contributions based on rates established and approved by the Board of Directors. For each of the past three years, WesBanco matched 100% of the first 3% and 50% of the next 2% of eligible employee contributions. No ESOP contribution has been made for any of the past three years. | |||||||||||||||||||||
As of December 31, 2014, the KSOP held 542,695 shares of WesBanco common stock of which all shares were allocated to specific employee accounts. Dividends on shares are either distributed to employee accounts or paid in cash to the participant. Total expense for the KSOP was $2.2 million, $2.1 million, and $1.8 million in 2014, 2013 and 2012, respectively. WesBanco had 519,773 and 558,993 shares remaining for future issuance under the KSOP plan at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Incentive Bonus, Option and Restricted Stock Plan—The Incentive Bonus, Option and Restricted Stock Plan (the “Incentive Plan”), is a non-qualified plan that includes the following components: an Annual Bonus, a Long-Term Incentive Bonus, a Stock Option component, and a Restricted Stock component. The components allow for payments of cash, a mixture of cash and stock, granting of stock options, or granting of restricted stock, depending upon the component of the Incentive Plan in which the award is earned through the attainment of certain performance goals or on a time-based vesting requirement. Performance goals or service vesting requirements are established by WesBanco’s Compensation Committee. WesBanco had 443,388 and 568,228 shares remaining for future issuance under equity compensation plans at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Annual Bonus | |||||||||||||||||||||
Compensation expense for the Annual Bonus was $1.5 million, $1.3 million and $1.3 million for 2014, 2013, and 2012, respectively. There was no Long-Term Incentive Bonus granted for any of these periods. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
On May 21, 2014, WesBanco granted 83,800 stock options to selected participants, including certain named executive officers at an exercise price of $28.79 per share. The options granted in 2014 are service-based and vest in two equal installments on December 31, 2014 and December 31, 2015, and expire seven years from the date of grant. | |||||||||||||||||||||
Compensation expense for the stock option component of the Incentive Plan was $0.4 million and $0.3 million for 2014 and 2013, respectively. At December 31, 2014, the total unrecognized compensation expense related to non-vested stock option grants totaled $0.2 million with an expense recognition period of one year remaining. The maximum term of options granted under WesBanco’s stock option plan is ten years from the original grant date. | |||||||||||||||||||||
The total intrinsic value of options exercised for each of the years ended December 31, 2014 and 2013 was $0.6 million and $0.8 million, respectively. The cash received and related tax benefit realized from stock options exercised was $1.9 million and $0.2 million in 2014 and was $2.6 million and $0.3 million in 2013. Shares issued in connection with options exercised are issued from treasury shares acquired under WesBanco’s share repurchase plans or from issuance of authorized but unissued shares, subject to prior SEC registration. | |||||||||||||||||||||
The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that might otherwise have a significant effect on the value of stock options granted that are not considered by the model. | |||||||||||||||||||||
The following table sets forth the significant assumptions used in calculating the fair value of the grants: | |||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average life | 4.8 years | 4.5 years | 4.9 years | ||||||||||||||||||
Risk-free interest rate | 1.37 | % | 0.74 | % | 0.73 | % | |||||||||||||||
Dividend yield | 3.06 | % | 3.04 | % | 3.4 | % | |||||||||||||||
Volatility factor | 28.82 | % | 32.31 | % | 32.3 | % | |||||||||||||||
Fair value of the grants | $ | 5.41 | $ | 5.05 | $ | 3.96 | |||||||||||||||
The weighted-average life assumption is an estimate of the length of time that an employee might hold an option before option exercise, option expiration or employment termination. The weighted-average life assumption was developed using historical experience. WesBanco used a weighted historical volatility of its common stock price over the weighted average life prior to each issuance as the volatility factor assumption, adjusted for abnormal volatility during certain periods, and current and future dividend payment expectations for the dividend assumption. | |||||||||||||||||||||
The following table shows the activity for the Stock Option component of the Incentive Plan: | |||||||||||||||||||||
For the year ended | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Options | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Per Share | |||||||||||||||||||||
Outstanding at beginning of the year | 297,761 | $ | 23.62 | ||||||||||||||||||
Granted during the year | 83,800 | 28.79 | |||||||||||||||||||
Exercised during the year | (82,659 | ) | 23.46 | ||||||||||||||||||
Forfeited or expired during the year | (40,452 | ) | 29.93 | ||||||||||||||||||
Outstanding at end of the year | 258,450 | $ | 24.36 | ||||||||||||||||||
Exercisable at year end | 216,550 | $ | 23.51 | ||||||||||||||||||
The aggregate intrinsic value of the outstanding shares and the shares exercisable at year end was $2.7 million and $2.4 million, respectively. | |||||||||||||||||||||
The following table shows the average remaining life of the stock options at December 31, 2014: | |||||||||||||||||||||
Year Issued | Exercisable | Exercise | Options | Weighted | Weighted Avg. | ||||||||||||||||
at | Price Range Per | Outstanding | Average | Remaining | |||||||||||||||||
Year End | Share | Exercise | Contractual | ||||||||||||||||||
Price | Life in Years | ||||||||||||||||||||
2008 | 19,950 | $ | 21.72 | 19,950 | $ | 21.72 | 0.39 | ||||||||||||||
2010 | 18,675 | 19.27 | 18,675 | 19.27 | 2.38 | ||||||||||||||||
2011 | 24,250 | 19.76 | 24,250 | 19.76 | 3.38 | ||||||||||||||||
2012 | 36,750 | 20.02 | 36,750 | 20.02 | 4.38 | ||||||||||||||||
2013 | 75,025 | 25 | 75,025 | 25 | 5.38 | ||||||||||||||||
2014 | 41,900 | 28.79 | 83,800 | 28.79 | 6.39 | ||||||||||||||||
Total | 216,550 | $ | 19.27 to $28.79 | 258,450 | $ | 24.36 | 4.77 | ||||||||||||||
Restricted Stock | |||||||||||||||||||||
During 2014, WesBanco granted 42,540 shares of restricted stock to certain officers. The restricted shares are service-based and cliff vest 36 months from the date of grant. The weighted average fair value of the restricted stock granted was $28.64 per share. Compensation expense relating to all restricted stock was $1.0 million, $0.8 million, and $0.6 million in 2014, 2013 and 2012, respectively. At December 31, 2014, the total unrecognized compensation expense related to non-vested restricted stock grants totaled $1.4 million with a weighted average expense recognition period of 1.5 years remaining. The restricted stock grant provides the recipient with voting rights from the date of issuance. Dividends paid on the restricted shares during the restriction period are converted into additional shares of restricted stock on the date the cash dividend would have otherwise been paid, but do not vest until the related grant of the restricted shares complete their vesting. The Compensation Committee has discretion to elect to pay such dividends to participants. | |||||||||||||||||||||
The following table shows the activity for the Restricted Stock component of the Incentive Plan: | |||||||||||||||||||||
For the year ended December 31, 2014 | Restricted | Weighted Average | |||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Per Share | |||||||||||||||||||||
Non-vested at January 1, 2014 | 91,194 | $ | 23.2 | ||||||||||||||||||
Granted during the year | 42,540 | 28.64 | |||||||||||||||||||
Vested during the year | (1,749 | ) | 20.64 | ||||||||||||||||||
Forfeited or expired during the year | (1,583 | ) | 20.28 | ||||||||||||||||||
Dividend reinvestment | 3,066 | 31.4 | |||||||||||||||||||
Non-vested at end of the year | 133,468 | $ | 25.19 | ||||||||||||||||||
Other_Operating_Expenses
Other Operating Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Operating Expenses | NOTE 12. OTHER OPERATING EXPENSES | ||||||||||||
Other operating expenses consist of miscellaneous taxes, consulting fees, ATM expenses, postage, legal fees, supplies, communications, other real estate owned and foreclosure expenses, and other expenses. Other operating expenses are presented below: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Franchise and other miscellaneous taxes | $ | 6,748 | $ | 5,887 | $ | 5,629 | |||||||
Consulting, regulatory and advisory fees | 4,405 | 4,445 | 3,971 | ||||||||||
ATM and electronic banking interchange expenses | 4,222 | 4,310 | 3,748 | ||||||||||
Postage and courier expenses | 3,373 | 3,317 | 3,071 | ||||||||||
Legal fees | 2,531 | 2,549 | 2,517 | ||||||||||
Supplies | 2,425 | 2,675 | 2,460 | ||||||||||
Communications | 1,555 | 2,717 | 2,536 | ||||||||||
Other real estate owned and foreclosure expenses | 1,101 | 1,753 | 2,082 | ||||||||||
Other | 10,836 | 9,684 | 9,433 | ||||||||||
Total other operating expenses | $ | 37,196 | $ | 37,337 | $ | 35,447 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 13. INCOME TAXES | ||||||||||||
Reconciliation from the federal statutory income tax rate to the effective tax rate is as follows: | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Net tax-exempt interest income on securities of state and political subdivisions | (6.4 | %) | (6.7 | %) | (9.0 | %) | |||||||
State income taxes, net of federal tax effect | 1.4 | % | 1.6 | % | 1.5 | % | |||||||
Bank-owned life insurance | (1.7 | %) | (1.9 | %) | (1.9 | %) | |||||||
General business credits | (3.1 | %) | (3.5 | %) | (4.4 | %) | |||||||
All other—net | 0.1 | % | — | 0.3 | % | ||||||||
Effective tax rate | 25.3 | % | 24.5 | % | 21.5 | % | |||||||
The provision for income taxes applicable to income before taxes consists of the following: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 13,346 | $ | 12,399 | $ | 12,275 | |||||||
State | 1,684 | 1,837 | 1,393 | ||||||||||
Deferred: | |||||||||||||
Federal | 8,337 | 6,267 | (119 | ) | |||||||||
State | 353 | 260 | 39 | ||||||||||
Total | $ | 23,720 | $ | 20,763 | $ | 13,588 | |||||||
The following income tax amounts were recorded in shareholders’ equity as elements of other comprehensive income: | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Securities and defined benefit pension plan unrecognized items | $ | (3,538 | ) | $ | (3,707 | ) | $ | (3,192 | ) | ||||
Deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 16,386 | $ | 17,414 | $ | 19,901 | |||||||
Compensation and benefits | 8,764 | 2,324 | 10,192 | ||||||||||
Security gains and losses | 2,817 | 3,261 | 2,261 | ||||||||||
Purchase accounting adjustments | 1,497 | 3,544 | 8,037 | ||||||||||
Non-accrual interest income | 2,129 | 1,850 | 1,745 | ||||||||||
Tax credit carryforwards | 10,163 | 11,517 | 11,838 | ||||||||||
Federal net operating loss carryforwards | 597 | 1,415 | 2,316 | ||||||||||
Fair value adjustments on securities available-for-sale | — | 2,772 | — | ||||||||||
Other | 3,327 | 3,175 | 3,070 | ||||||||||
Gross deferred tax assets | 45,680 | 47,272 | 59,360 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (1,900 | ) | (1,416 | ) | (962 | ) | |||||||
Accretion on securities | (295 | ) | (262 | ) | (397 | ) | |||||||
Fair value adjustments on securities available-for-sale | (2,297 | ) | — | (8,806 | ) | ||||||||
Other | (1,728 | ) | (983 | ) | (1,257 | ) | |||||||
Gross deferred tax liabilities | (6,220 | ) | (2,661 | ) | (11,422 | ) | |||||||
Net deferred tax assets | $ | 39,460 | $ | 44,611 | $ | 47,938 | |||||||
WesBanco has a valuation allowance on certain capital loss carryforwards. The amount is immaterial to the financial statements. However, no valuation allowance was established for the remaining deferred tax assets since management believes that deferred tax assets are likely to be realized through a carry-back to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income. | |||||||||||||
Under the provisions of the Internal Revenue Code, WesBanco has approximately $6.9 million of general business credit carryforwards which expire between 2031 and 2033. WesBanco also has $3.3 million of alternative minimum tax credits that may be carried forward indefinitely. WesBanco has deferred tax assets relating to federal net operating loss carryforwards of $0.6 million which expire between 2030 and 2031. | |||||||||||||
As a result of the acquisition of Fidelity in 2012 and the previous acquisitions of Western Ohio Financial Corporation, Winton Financial Corporation and Oak Hill Financial, Inc., retained earnings at both December 31, 2014 and 2013 includes $15.2 million of qualifying and non-qualifying tax bad debt reserves existing as of December 31, 1987, upon which no provision for income taxes has been recorded. The related amount of unrecognized deferred tax liability is $5.6 million for both 2014 and 2013, respectively. If this portion of retained earnings is used in the future for any purpose other than to absorb bad debts, it will be added to future taxable income. | |||||||||||||
Federal and state income taxes applicable to securities transactions totaled $0.3 million, $0.2 million, and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
At both December 31, 2014 and December 31, 2013, WesBanco had approximately $0.7 million of unrecognized tax benefits and interest. As of December 31, 2014, $0.7 million of these tax benefits would affect the effective tax rate if recognized. At December 31, 2014 and December 31, 2013, accrued interest related to uncertain tax positions was $23 thousand and $52 thousand, respectively, net of the related federal tax benefit. WesBanco provides for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. | |||||||||||||
WesBanco is subject to U.S. federal income tax as well as to tax in various state income tax jurisdictions. WesBanco is no longer subject to any income tax examinations for years prior to 2013. Fidelity returns are no longer subject to any income tax examinations for years prior to October 1, 2011. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows: | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 673 | $ | 668 | $ | 784 | |||||||
Additions based on tax positions related to the current year | 155 | 140 | 147 | ||||||||||
Reductions for tax positions of prior years | — | — | — | ||||||||||
Reductions due to the statute of limitations | (127 | ) | (135 | ) | (263 | ) | |||||||
Settlements | — | — | — | ||||||||||
Balance at end of year | $ | 701 | $ | 673 | $ | 668 | |||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurement | NOTE 14. FAIR VALUE MEASUREMENT | ||||||||||||||||||||
Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. | |||||||||||||||||||||
Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. | |||||||||||||||||||||
The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: | |||||||||||||||||||||
Securities available-for-sale: The fair value of securities available-for-sale, which are measured on a recurring basis, are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within Level 1 or 2 in the fair value hierarchy. Certain equity securities that are lightly traded in over-the-counter markets are classified as Level 2 in the fair value hierarchy, as quoted market prices may not be available on the fair value measurement date. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within Level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated. | |||||||||||||||||||||
We may be required from time to time to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||
Impaired loans: Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The use of independent appraisals, discounted cash flow models and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Loans held for sale: Loans held for sale are carried, in aggregate, at the lower of cost or fair value. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
The following tables set forth WesBanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2014 and 2013: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | December 31, | Quoted Prices in | Significant | Significant | |||||||||||||||||
2014 | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities—available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 87,736 | $ | — | $ | 87,736 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 701,113 | — | 701,113 | — | |||||||||||||||||
Obligations of state and political subdivisions | 91,433 | — | 91,433 | — | |||||||||||||||||
Corporate debt securities | 25,996 | — | 25,996 | — | |||||||||||||||||
Equity securities | 11,146 | 8,440 | 2,706 | — | |||||||||||||||||
Total securities—available-for-sale | $ | 917,424 | $ | 8,440 | $ | 908,984 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 917,424 | $ | 8,440 | $ | 908,984 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 6,024 | $ | — | $ | — | $ | 6,024 | |||||||||||||
Other real estate owned and repossessed assets | 5,082 | — | — | 5,082 | |||||||||||||||||
Loans held for sale | 5,865 | — | 5,865 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 16,971 | $ | — | $ | 5,865 | $ | 11,106 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | December 31, | Quoted Prices in | Significant | Significant | |||||||||||||||||
2013 | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities—available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 73,232 | $ | — | $ | 73,232 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 694,267 | — | 694,267 | — | |||||||||||||||||
Obligations of state and political subdivisions | 116,346 | — | 116,346 | — | |||||||||||||||||
Corporate debt securities | 38,481 | — | 38,481 | — | |||||||||||||||||
Equity securities | 12,060 | 9,962 | 2,098 | — | |||||||||||||||||
Total securities—available-for-sale | $ | 934,386 | $ | 9,962 | $ | 924,424 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 934,386 | $ | 9,962 | $ | 924,424 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,543 | $ | — | $ | — | $ | 1,543 | |||||||||||||
Other real estate owned and repossessed assets | 4,860 | — | — | 4,860 | |||||||||||||||||
Loans held for sale | 5,855 | — | 5,855 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 12,258 | $ | — | $ | 5,855 | $ | 6,403 | |||||||||||||
WesBanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels 1, 2, or 3 for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which WesBanco has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(in thousands) | Fair Value | Valuation | Unobservable | Range / Weighted | |||||||||||||||||
Estimate | Techniques | Input | Average | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 6,024 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (39.7%) / (6.7%) | ||||||||||||||||
Liquidation expenses (2) | (1.2%) to (8.0%) / (6.7%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 5,082 | Appraisal of collateral (1)(3) | |||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 1,543 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (29.1%) / (15.6%) | ||||||||||||||||
Liquidation expenses (2) | (3.5%) to (8.0%) / (4.7%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 4,860 | Appraisal of collateral (1)(3) | |||||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expenses are presented as a percent of the appraisal. | ||||||||||||||||||||
-3 | Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management which are not identifiable. | ||||||||||||||||||||
The estimated fair values of WesBanco’s financial instruments are summarized below: | |||||||||||||||||||||
(in thousands) | Carrying | Fair Value | Fair Value Measurements | ||||||||||||||||||
Amount | Estimate | Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 94,002 | $ | 94,002 | $ | 94,002 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 917,424 | 917,424 | 8,440 | 908,984 | — | ||||||||||||||||
Securities held-to-maturity | 593,670 | 619,617 | — | 618,895 | 722 | ||||||||||||||||
Net loans | 4,042,112 | 4,047,648 | — | — | 4,047,648 | ||||||||||||||||
Loans held for sale | 5,865 | 5,865 | — | 5,865 | — | ||||||||||||||||
Accrued interest receivable | 18,481 | 18,481 | 18,481 | — | — | ||||||||||||||||
Bank-owned life insurance | 123,298 | 123,298 | 123,298 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 5,048,983 | 5,056,828 | 3,743,887 | 1,312,941 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 223,126 | 225,456 | — | 225,456 | — | ||||||||||||||||
Other borrowings | 80,690 | 80,696 | 77,534 | 3,162 | — | ||||||||||||||||
Junior subordinated debt | 106,176 | 79,212 | — | 79,212 | — | ||||||||||||||||
Accrued interest payable | 1,620 | 1,620 | 1,620 | — | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 95,551 | $ | 95,551 | $ | 95,551 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 934,386 | 934,386 | 9,962 | 924,424 | — | ||||||||||||||||
Securities held-to-maturity | 598,520 | 596,308 | — | 595,581 | 727 | ||||||||||||||||
Net loans | 3,847,549 | 3,754,465 | — | — | 3,754,465 | ||||||||||||||||
Loans held for sale | 5,855 | 5,855 | — | 5,855 | — | ||||||||||||||||
Accrued interest receivable | 18,960 | 18,960 | 18,960 | — | — | ||||||||||||||||
Bank-owned life insurance | 121,390 | 121,390 | 121,390 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 5,062,530 | 5,076,207 | 3,551,052 | 1,525,155 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 39,508 | 42,314 | — | 42,314 | — | ||||||||||||||||
Other borrowings | 150,536 | 153,015 | 104,196 | 48,819 | — | ||||||||||||||||
Junior subordinated debt | 106,137 | 74,038 | — | 74,038 | — | ||||||||||||||||
Accrued interest payable | 2,354 | 2,354 | 2,354 | — | — | ||||||||||||||||
The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on WesBanco’s consolidated balance sheets: | |||||||||||||||||||||
Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value. | |||||||||||||||||||||
Securities held-to-maturity: Fair values for securities held-to-maturity are determined in the same manner as securities available-for-sale which is described above. | |||||||||||||||||||||
Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that WesBanco believes are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||||||||||
Bank-Owned Life Insurance: The carrying value of bank-owned life insurance represents the net cash surrender value of the underlying insurance policies, should these policies be terminated. Management believes that the carrying value approximates fair value. | |||||||||||||||||||||
Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to WesBanco for borrowings with similar terms and remaining maturities. | |||||||||||||||||||||
Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used. | |||||||||||||||||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts: Due to the pooled nature of these instruments, which are not actively traded, estimated fair value is based on recent similar transactions of single issuer trust preferred securities. | |||||||||||||||||||||
Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value. | |||||||||||||||||||||
Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above table. |
Comprehensive_IncomeLoss
Comprehensive Income/(Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Comprehensive Income/(Loss) | NOTE 15. COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
The activity in accumulated other comprehensive income/(loss) for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) (1) | |||||||||||||||||
(in thousands) | Defined | Unrealized | Unrealized Gains | Total | |||||||||||||
Benefit | Gains (Losses) on | on Securities | |||||||||||||||
Pension | Securities | Transferred from | |||||||||||||||
Plan | Available-for-Sale | Available-for-Sale | |||||||||||||||
to Held-to-Maturity | |||||||||||||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Other comprehensive income/(loss) before reclassifications | (15,768 | ) | 9,638 | — | (6,130 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 958 | (620 | ) | (299 | ) | 39 | |||||||||||
Period change | (14,810 | ) | 9,018 | (299 | ) | (6,091 | ) | ||||||||||
Balance at December 31, 2014 | $ | (22,776 | ) | $ | 2,892 | $ | 1,059 | $ | (18,825 | ) | |||||||
Balance at December 31, 2012 | $ | (21,401 | ) | $ | 13,032 | $ | 2,004 | $ | (6,365 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | 11,224 | (19,102 | ) | — | (7,878 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 2,211 | (56 | ) | (646 | ) | 1,509 | |||||||||||
Period change | 13,435 | (19,158 | ) | (646 | ) | (6,369 | ) | ||||||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Balance at December 31, 2011 | $ | (15,155 | ) | $ | 11,292 | $ | 2,961 | $ | (902 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | (7,660 | ) | 3,086 | — | (4,574 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 1,414 | (1,346 | ) | (957 | ) | (889 | ) | ||||||||||
Period change | (6,246 | ) | 1,740 | (957 | ) | (5,463 | ) | ||||||||||
Balance at December 31, 2012 | $ | (21,401 | ) | $ | 13,032 | $ | 2,004 | $ | (6,365 | ) | |||||||
-1 | All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 37%. | ||||||||||||||||
Details about Accumulated Other Comprehensive | Amounts Reclassified from | Affected Line Item in the Statement of Net | |||||||||||||||
Income/(Loss) Components | Accumulated Other | Income | |||||||||||||||
Comprehensive Income/ | |||||||||||||||||
(Loss) For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Securities available-for-sale (1): | |||||||||||||||||
Net securities gains reclassified into earnings | $ | (981 | ) | $ | (89 | ) | $ | (2,142 | ) | Net securities gains (Non-interest income) | |||||||
Related income tax expense | 361 | 33 | 796 | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (620 | ) | (56 | ) | (1,346 | ) | |||||||||||
Securities held-to-maturity (1): | |||||||||||||||||
Amortization of unrealized gain transferred from available-for-sale | (472 | ) | (1,029 | ) | (1,534 | ) | Interest and dividends on securities (Interest and dividend income) | ||||||||||
Related income tax expense | 173 | 383 | 577 | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (299 | ) | (646 | ) | (957 | ) | |||||||||||
Defined benefit pension plan (2): | |||||||||||||||||
Amortization of net loss and prior service costs | 1,516 | 3,579 | 2,332 | Employee benefits (Non-interest expense) | |||||||||||||
Related income tax benefit | (558 | ) | (1,368 | ) | (918 | ) | Provision for income taxes | ||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | 958 | 2,211 | 1,414 | ||||||||||||||
Total reclassifications for the period | $ | 39 | $ | 1,509 | $ | (889 | ) | ||||||||||
-1 | For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income/(loss) see Note 3, “Securities.” | ||||||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 11, “Employee Benefit Plans” for additional detail. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingent Liabilities | NOTE 16. COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
Commitments—In the normal course of business, WesBanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. WesBanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. WesBanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $0.5 million and $0.6 million as of December 31, 2014 and December 31, 2013, respectively, and is included in other liabilities on the Consolidated Balance Sheets. | |||||||||
Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $0.2 million as of December 31, 2014 and $0.1 million as of December 31, 2013. | |||||||||
Contingent obligations to purchase loans funded by other entities include affordable housing plan guarantees and credit card guarantees. Affordable housing plan guarantees are performance guarantees for various building project loans. The guarantee amortizes as the loan balances decrease. Credit card guarantees are credit card balances not owned by WesBanco, whereby the Bank guarantees the performance of the cardholder. | |||||||||
The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: | |||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Lines of credit | $ | 984,352 | $ | 964,777 | |||||
Loans approved but not closed | 116,757 | 73,937 | |||||||
Overdraft limits | 95,965 | 96,291 | |||||||
Letters of credit | 23,362 | 18,686 | |||||||
Contingent obligations to purchase loans funded by other entities | 8,312 | 6,327 | |||||||
Contingent Liabilities—WesBanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible. |
WesBanco_Bank_Community_Develo
WesBanco Bank Community Development Corporation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
WesBanco Bank Community Development Corporation | NOTE 17. WESBANCO BANK COMMUNITY DEVELOPMENT CORPORATION | ||||||||||||||||||||
WesBanco Bank Community Development Corporation (“WBCDC”), a consolidated subsidiary of WesBanco Bank, is a Certified Development Entity (“CDE”) with $60.0 million of New Markets Tax Credits (“NMTC”). The NMTC program is administered by the Community Development Financial Institutions Fund of the U.S. Treasury and is aimed at stimulating economic and community development and job creation in low-income communities. The program provides federal tax credits to investors who make qualified equity investments (“QEIs”) in a CDE. The CDE is required to invest the proceeds of each QEI in low-income communities, which are generally defined as those census tracts with poverty rates greater than 20% and/or median family incomes that are less than or equal to 80% of the area median family income. | |||||||||||||||||||||
The credit provided to the investor totals 39% of each QEI in a CDE and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to 5% of the total amount the investor paid to the CDE for each QEI. For each of the remaining four years, the investor receives a credit equal to 6% of the total amount the investor paid to the CDE for each QEI. WesBanco will be eligible to receive $23.4 million in tax credits over the seven-year credit allowance period for its investment of up to $60.0 million in WBCDC. At December 31, 2014, all of the $60.0 million in NMTC authority had been invested in WBCDC. | |||||||||||||||||||||
WesBanco Bank recognized $2.3 million, $2.2 million and $1.9 million in NMTC in its income tax provision for the years ended December 31, 2014, 2013 and 2012, respectively. The following table sets forth the NMTC expected to be claimed by WesBanco Bank on its federal income tax returns for years 2015 through 2018 with respect to aggregate QEI amounts invested as of December 31, 2014. These tax credits are subject to certain general business tax credit limitations, as well as the alternative minimum tax, and are therefore limited in deductibility currently due to the applicability of alternative minimum tax on WesBanco’s federal income tax return. A total of $6.2 million of such NMTC have been carried forward to future tax years. | |||||||||||||||||||||
(in thousands) | Aggregate | New Markets Tax Credit | |||||||||||||||||||
Year | QEI Amount | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
2004 | $ | 10,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||
2005 | 10,000 | — | — | — | — | ||||||||||||||||
2008 | 7,500 | — | — | — | — | ||||||||||||||||
2009 | 2,500 | 150 | — | — | — | ||||||||||||||||
2010 | 14,000 | 840 | 840 | — | — | ||||||||||||||||
2011 | 5,000 | 300 | 300 | 300 | — | ||||||||||||||||
2012 | 6,000 | 360 | 360 | 360 | 360 | ||||||||||||||||
2013 | 5,000 | 250 | 300 | 300 | 300 | ||||||||||||||||
Total | $ | 60,000 | $ | 1,900 | $ | 1,800 | $ | 960 | $ | 660 | |||||||||||
The NMTC claimed by WesBanco Bank with respect to each QEI remain subject to recapture over each QEI’s credit allowance period upon the occurrence of any of the following: | |||||||||||||||||||||
• | if less than substantially all (generally defined as 85%) of the QEI proceeds are not used by WBCDC to make qualified low income community investments; | ||||||||||||||||||||
• | WBCDC ceases to be a CDE; or | ||||||||||||||||||||
• | WBCDC redeems its QEI investment prior to the end of the current credit allowance periods. | ||||||||||||||||||||
At December 31, 2014, 2013 and 2012 none of the above recapture events had occurred, nor in the opinion of management are such events anticipated to occur in the foreseeable future. | |||||||||||||||||||||
The following condensed financial statements summarize the financial position of WBCDC as of December 31, 2014, and the results of its operations and cash flows for the year ended December 31, 2014: | |||||||||||||||||||||
BALANCE SHEET | |||||||||||||||||||||
(in thousands) | December 31, | ||||||||||||||||||||
2014 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 24,270 | |||||||||||||||||||
Loans, net of allowance for loan losses of $249 | 44,676 | ||||||||||||||||||||
Investments | 980 | ||||||||||||||||||||
Other assets | 530 | ||||||||||||||||||||
Total Assets | $ | 70,456 | |||||||||||||||||||
Liabilities | $ | 294 | |||||||||||||||||||
Shareholder Equity | 70,162 | ||||||||||||||||||||
Total Liabilities and Shareholder Equity | $ | 70,456 | |||||||||||||||||||
STATEMENT OF INCOME | |||||||||||||||||||||
(in thousands) | For the year ended | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Interest income | |||||||||||||||||||||
Loans | $ | 1,527 | |||||||||||||||||||
Total interest income | 1,527 | ||||||||||||||||||||
Provision for loan losses | 43 | ||||||||||||||||||||
Net interest income after provision for loan losses | 1,484 | ||||||||||||||||||||
Non-interest income | 83 | ||||||||||||||||||||
Non-interest expense | 103 | ||||||||||||||||||||
Income before provision for income taxes | 1,464 | ||||||||||||||||||||
Provision for income taxes | 544 | ||||||||||||||||||||
Net income | $ | 920 | |||||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended | |||||||||||||||||||||
(in thousands) | December 31, 2014 | ||||||||||||||||||||
Operating Activities | |||||||||||||||||||||
Net income | $ | 920 | |||||||||||||||||||
Provision for loan losses | 43 | ||||||||||||||||||||
Gain on investments | (83 | ) | |||||||||||||||||||
Net change in other assets | 106 | ||||||||||||||||||||
Net change in liabilities | (563 | ) | |||||||||||||||||||
Net cash provided by operating activities | 423 | ||||||||||||||||||||
Investing Activities | |||||||||||||||||||||
Increase in loans | (1,193 | ) | |||||||||||||||||||
Net cash used by investing activities | (1,193 | ) | |||||||||||||||||||
Financing Activities | |||||||||||||||||||||
Qualified equity investment by parent company | — | ||||||||||||||||||||
Net cash provided by financing activities | — | ||||||||||||||||||||
Net decrease in cash and cash equivalents | (770 | ) | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 25,040 | ||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 24,270 | |||||||||||||||||||
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 18. TRANSACTIONS WITH RELATED PARTIES |
Certain directors and officers (including their affiliates, families and entities in which they are principal owners) of WesBanco and its subsidiaries are customers of, or suppliers to, those subsidiaries and have had, and are expected to have, transactions with the subsidiaries in the ordinary course of business. In addition, certain directors are also directors or officers of corporations that are customers of, or suppliers to, the Bank and have had, and are expected to have, transactions with the Bank in the ordinary course of business. In the opinion of management, such transactions are consistent with prudent banking practices and are within applicable banking regulations. Indebtedness of related parties aggregated approximately $4.4 million, $4.7 million and $4.5 million as of December 31, 2014, 2013, and 2012, respectively. During 2014, $1.6 million in related party loans were funded and $1.9 million were repaid or no longer related. At December 31, 2014, 2013 and 2012, none of the outstanding related party loans were past due 90 days or more, on non-accrual, or considered to be a TDR. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||
Regulatory Matters | NOTE 19. REGULATORY MATTERS | ||||||||||||||||||||||||||||||||
The Federal Reserve Bank is the primary regulator for the parent company, WesBanco. WesBanco Bank is a state non-member bank jointly regulated by the FDIC and the West Virginia Department of Banking. WesBanco is a legal entity separate and distinct from its subsidiaries and is dependent upon dividends from its subsidiary bank, WesBanco Bank, to provide funds for the payment of dividends to shareholders, fund its current stock repurchase plan and to provide for other cash requirements. The payment of dividends by WesBanco Bank to WesBanco is subject to state and federal banking regulations. Under applicable law, bank regulatory agency approval is required if the total of all dividends declared by a bank in any calendar year exceeds the available retained earnings or exceeds the aggregate of the bank’s net profits (as defined by regulatory agencies) for that year and its retained net profits for the preceding two years. As of December 31, 2014, under FDIC regulations, WesBanco could receive, without prior regulatory approval, a dividend of up to $28.5 million from WesBanco Bank. | |||||||||||||||||||||||||||||||||
WesBanco and WesBanco Bank are also required to maintain non-interest bearing reserve balances with the Federal Reserve Bank. The average required reserve balance was $5.0 million during 2014 and 2013. | |||||||||||||||||||||||||||||||||
Additionally, WesBanco and WesBanco Bank are subject to various regulatory capital requirements (risk-based capital ratios) administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material adverse effect on WesBanco’s financial results. | |||||||||||||||||||||||||||||||||
All bank holding companies and banking subsidiaries are required to have core capital (“Tier 1”) of at least 4% of risk-weighted assets, total capital of at least 8% of risk-weighted assets, and a minimum Tier 1 leverage ratio of 4% of adjusted quarterly average assets, except for certain highly-rated bank holding companies which may have a minimum Tier 1 leverage ratio of 3%. Tier 1 capital consists principally of shareholders’ equity; excluding items recorded in accumulated other comprehensive income, less goodwill and other intangibles. Total capital consists of Tier 1 capital plus the allowance for loan losses subject to limitation. The regulations also define “well-capitalized” levels of Tier 1 risk-based capital, total risk-based capital, and Tier 1 leverage capital as 6%, 10%, and 5%, respectively. WesBanco and WesBanco Bank were categorized as “well-capitalized” under the Federal Deposit Insurance Corporation Improvement Act at December 31, 2014 and 2013. There are no conditions or events since December 31, 2014 that management believes have changed WesBanco’s “well-capitalized” category. | |||||||||||||||||||||||||||||||||
The Basel III capital standards effective January 1, 2015 with a phase-in period ending January 1, 2019, establishes the minimum capital levels required under the Dodd-Frank Act, permanently grandfathers trust preferred securities issued before May 19, 2010, and increases the capital required for certain categories of assets. WesBanco has evaluated the impact of the Basel III final capital rule on its regulatory capital ratios and anticipates that the capital ratios, on a fully-phased in Basel III basis, will continue to exceed the well-capitalized minimum requirements. | |||||||||||||||||||||||||||||||||
WesBanco currently has $106.2 million in junior subordinated debt in its Consolidated Balance Sheets presented as a separate category of long-term debt. For regulatory purposes, trust preferred securities totaling $103.0 million, issued by unconsolidated trust subsidiaries of WesBanco underlying such junior subordinated debt, are included in Tier 1 capital in accordance with current regulatory reporting requirements. The grandfather provision of the Dodd-Frank Act permits bank holding companies with consolidated assets of less than $15 billion, such as WesBanco, to continue counting existing trust preferred securities as Tier 1 capital until they mature. | |||||||||||||||||||||||||||||||||
The following table summarizes risk-based capital amounts and ratios for WesBanco and the Bank: | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Minimum | Well | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Value (1) | Capitalized (2) | Amount | Ratio | Minimum | Amount | Ratio | Minimum | ||||||||||||||||||||||||||
Amount (1) | Amount (1) | ||||||||||||||||||||||||||||||||
WesBanco, Inc. | |||||||||||||||||||||||||||||||||
Tier 1 leverage | 4 | %(3) | N/A | $ | 593,031 | 9.88 | % | $ | 240,068 | $ | 544,083 | 9.27 | % | $ | 234,863 | ||||||||||||||||||
Tier 1 capital to risk-weighted assets | 4 | % | 6 | % | 593,031 | 13.76 | % | 172,357 | 544,083 | 13.06 | % | 166,691 | |||||||||||||||||||||
Total capital to risk-weighted assets | 8 | % | 10 | % | 638,064 | 14.81 | % | 344,714 | 591,451 | 14.19 | % | 333,382 | |||||||||||||||||||||
WesBanco Bank, Inc. | |||||||||||||||||||||||||||||||||
Tier 1 leverage | 4 | % | 5 | % | $ | 516,689 | 8.63 | % | $ | 239,533 | $ | 502,165 | 8.58 | % | $ | 234,109 | |||||||||||||||||
Tier 1 capital to risk-weighted assets | 4 | % | 6 | % | 516,689 | 12.04 | % | 171,612 | 502,165 | 12.11 | % | 165,828 | |||||||||||||||||||||
Total capital to risk-weighted assets | 8 | % | 10 | % | 561,369 | 13.08 | % | 343,225 | 549,533 | 13.25 | % | 331,656 | |||||||||||||||||||||
-1 | Minimum requirements to remain adequately capitalized. | ||||||||||||||||||||||||||||||||
-2 | Well capitalized under prompt corrective action regulations. | ||||||||||||||||||||||||||||||||
-3 | Minimum requirement is 3% for certain highly-rated bank holding companies. |
Condensed_Parent_Company_Finan
Condensed Parent Company Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Parent Company Financial Statements | NOTE 20. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS | ||||||||||||
Presented below are the Condensed Balance Sheets, Statements of Income and Statements of Cash Flows for the parent company: | |||||||||||||
BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
ASSETS | |||||||||||||
Cash and short-term investments | $ | 61,732 | $ | 22,973 | |||||||||
Investment in subsidiaries—Bank | 814,227 | 806,586 | |||||||||||
Investment in subsidiaries—Nonbank | 5,343 | 5,527 | |||||||||||
Securities available-for-sale, at fair value | 2,189 | 4,113 | |||||||||||
Other assets | 17,553 | 18,983 | |||||||||||
Total Assets | $ | 901,044 | $ | 858,182 | |||||||||
LIABILITIES | |||||||||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | $ | 106,176 | $ | 106,137 | |||||||||
Dividends payable and other liabilities | 6,678 | 5,450 | |||||||||||
Total Liabilities | 112,854 | 111,587 | |||||||||||
SHAREHOLDERS’ EQUITY | 788,190 | 746,595 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 901,044 | $ | 858,182 | |||||||||
STATEMENTS OF INCOME | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Dividends from subsidiaries—Bank | $ | 59,500 | $ | 42,000 | $ | 36,500 | |||||||
Dividends from subsidiaries—Nonbank | 1,200 | 860 | 562 | ||||||||||
Income from securities | 128 | 194 | 102 | ||||||||||
Net securities gain | 745 | 6 | 11 | ||||||||||
Other income | 416 | 67 | 96 | ||||||||||
Total income | 61,989 | 43,127 | 37,271 | ||||||||||
Total expense | 7,139 | 5,810 | 7,145 | ||||||||||
Income before income tax benefit and undistributed net income of subsidiaries | 54,850 | 37,317 | 30,126 | ||||||||||
Income tax benefit | (2,006 | ) | (2,132 | ) | (2,305 | ) | |||||||
Income before undistributed net income of subsidiaries | 56,856 | 39,449 | 32,431 | ||||||||||
Equity in undistributed net income of subsidiaries | 13,118 | 24,476 | 17,113 | ||||||||||
NET INCOME | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements. | |||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net income | (13,118 | ) | (24,476 | ) | (17,113 | ) | |||||||
Gain on securities | (745 | ) | (6 | ) | (11 | ) | |||||||
Decrease (increase) in other assets | 1,908 | (1,957 | ) | 129 | |||||||||
Other—net | 1,968 | 1,975 | (13 | ) | |||||||||
Net cash provided by operating activities | 59,987 | 39,461 | 32,536 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||
Proceed from sales —securities available-for-sale | 1,990 | 1,009 | 591 | ||||||||||
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | — | (104 | ) | (23,467 | ) | ||||||||
Net cash provided by (used in) investing activities | 1,990 | 905 | (22,876 | ) | |||||||||
FINANCING ACTIVITIES | |||||||||||||
Repayment of junior subordinated debt | — | (7,732 | ) | — | |||||||||
Issuance of common stock | — | 2,539 | 38 | ||||||||||
Treasury shares sold (purchased)—net | 1,918 | (6,170 | ) | (24 | ) | ||||||||
Dividends paid to common and preferred shareholders | (25,136 | ) | (22,243 | ) | (18,119 | ) | |||||||
Net cash used in financing activities | (23,218 | ) | (33,606 | ) | (18,105 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 38,759 | 6,760 | (8,445 | ) | |||||||||
Cash and short-term investments at beginning of year | 22,973 | 16,213 | 24,658 | ||||||||||
Cash and short-term investments at end of year | $ | 61,732 | $ | 22,973 | $ | 16,213 | |||||||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments | NOTE 21. BUSINESS SEGMENTS | ||||||||||||
WesBanco operates two reportable segments: community banking and trust and investment services. WesBanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets of the trust and investment services segment was approximately $3.8 billion, $3.7 billion and $3.2 billion at December 31, 2014, 2013, and 2012, respectively. These assets are held by WesBanco, in fiduciary or agency capacities for their customers and therefore are not included as assets on WesBanco’s Consolidated Balance Sheets. | |||||||||||||
Condensed financial information by business segment is presented below: | |||||||||||||
(in thousands) | Community | Trust and | Consolidated | ||||||||||
Banking | Investment | ||||||||||||
Services | |||||||||||||
For the year ended December 31, 2014: | |||||||||||||
Interest income | $ | 215,991 | $ | — | $ | 215,991 | |||||||
Interest expense | 22,763 | — | 22,763 | ||||||||||
Net interest income | 193,228 | — | 193,228 | ||||||||||
Provision for credit losses | 6,405 | — | 6,405 | ||||||||||
Net interest income after provision for credit losses | 186,823 | — | 186,823 | ||||||||||
Non-interest income | 47,435 | 21,069 | 68,504 | ||||||||||
Non-interest expense | 149,429 | 12,204 | 161,633 | ||||||||||
Income before provision for income taxes | 84,829 | 8,865 | 93,694 | ||||||||||
Provision for income taxes | 20,174 | 3,546 | 23,720 | ||||||||||
Net income | $ | 64,655 | $ | 5,319 | $ | 69,974 | |||||||
For the year ended December 31, 2013: | |||||||||||||
Interest income | $ | 217,890 | $ | — | $ | 217,890 | |||||||
Interest expense | 32,403 | — | 32,403 | ||||||||||
Net interest income | 185,487 | — | 185,487 | ||||||||||
Provision for credit losses | 9,086 | — | 9,086 | ||||||||||
Net interest income after provision for credit losses | 176,401 | — | 176,401 | ||||||||||
Non-interest income | 49,708 | 19,577 | 69,285 | ||||||||||
Non-interest expense | 149,136 | 11,862 | 160,998 | ||||||||||
Income before provision for income taxes | 76,973 | 7,715 | 84,688 | ||||||||||
Provision for income taxes | 17,677 | 3,086 | 20,763 | ||||||||||
Net income | $ | 59,296 | $ | 4,629 | $ | 63,925 | |||||||
For the year ended December 31, 2012: | |||||||||||||
Interest income | $ | 211,686 | $ | — | $ | 211,686 | |||||||
Interest expense | 43,335 | — | 43,335 | ||||||||||
Net interest income | 168,351 | — | 168,351 | ||||||||||
Provision for credit losses | 19,874 | — | 19,874 | ||||||||||
Net interest income after provision for credit losses | 148,477 | — | 148,477 | ||||||||||
Non-interest income | 46,731 | 18,044 | 64,775 | ||||||||||
Non-interest expense | 139,093 | 11,027 | 150,120 | ||||||||||
Income before provision for income taxes | 56,115 | 7,017 | 63,132 | ||||||||||
Provision for income taxes | 10,781 | 2,807 | 13,588 | ||||||||||
Net income | $ | 45,334 | $ | 4,210 | $ | 49,544 | |||||||
Total non-fiduciary assets of the trust and investment services segment were $4.0 million, $3.9 million, and $2.8 million at December 31, 2014, 2013, and 2012, respectively. All other assets, including goodwill and other intangible assets, were allocated to the community banking segment. |
Condensed_Quarterly_Statements
Condensed Quarterly Statements of Income (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Condensed Quarterly Statements of Income (Unaudited) | NOTE 22. CONDENSED QUARTERLY STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
The following tables set forth unaudited consolidated selected quarterly statements of income for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||
2014 Quarter ended | |||||||||||||||||||||
(dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | Annual | ||||||||||||||||
Total | |||||||||||||||||||||
Interest income | $ | 53,457 | $ | 54,044 | $ | 54,303 | $ | 54,185 | $ | 215,991 | |||||||||||
Interest expense | 6,132 | 5,737 | 5,692 | 5,199 | 22,763 | ||||||||||||||||
Net interest income | 47,325 | 48,307 | 48,611 | 48,986 | 193,228 | ||||||||||||||||
Provision for credit losses | 2,199 | 849 | 1,478 | 1,880 | 6,405 | ||||||||||||||||
Net interest income after provision for credit losses | 45,126 | 47,458 | 47,133 | 47,106 | 186,823 | ||||||||||||||||
Non-interest income | 17,039 | 18,076 | 16,073 | 16,413 | 67,601 | ||||||||||||||||
Net securities gains | 10 | 165 | 581 | 147 | 903 | ||||||||||||||||
Non-interest expense | 40,095 | 40,304 | 39,263 | 41,972 | 161,633 | ||||||||||||||||
Income before income taxes | 22,080 | 25,395 | 24,524 | 21,694 | 93,694 | ||||||||||||||||
Provision for income taxes | 5,659 | 6,520 | 6,358 | 5,182 | 23,720 | ||||||||||||||||
Net income | $ | 16,421 | $ | 18,875 | $ | 18,166 | $ | 16,512 | $ | 69,974 | |||||||||||
Earnings per common share—basic | $ | 0.56 | $ | 0.65 | $ | 0.62 | $ | 0.56 | $ | 2.39 | |||||||||||
Earnings per common share—diluted | $ | 0.56 | $ | 0.64 | $ | 0.62 | $ | 0.56 | $ | 2.39 | |||||||||||
2013 Quarter ended | |||||||||||||||||||||
(dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | Annual | ||||||||||||||||
Total | |||||||||||||||||||||
Interest income | $ | 54,892 | $ | 54,424 | $ | 54,317 | $ | 54,257 | $ | 217,890 | |||||||||||
Interest expense | 8,764 | 8,435 | 8,186 | 7,019 | 32,403 | ||||||||||||||||
Net interest income | 46,128 | 45,989 | 46,131 | 47,238 | 185,487 | ||||||||||||||||
Provision for credit losses | 2,102 | 1,021 | 2,819 | 3,144 | 9,086 | ||||||||||||||||
Net interest income after provision for credit losses | 44,026 | 44,968 | 43,312 | 44,094 | 176,401 | ||||||||||||||||
Non-interest income | 17,480 | 17,038 | 17,131 | 16,953 | 68,601 | ||||||||||||||||
Net securities gains | 16 | 686 | (15 | ) | (3 | ) | 684 | ||||||||||||||
Non-interest expense | 40,747 | 39,499 | 40,009 | 40,743 | 160,998 | ||||||||||||||||
Income before income taxes | 20,775 | 23,193 | 20,419 | 20,301 | 84,688 | ||||||||||||||||
Provision for income taxes | 4,754 | 6,176 | 4,884 | 4,948 | 20,763 | ||||||||||||||||
Net income | $ | 16,021 | $ | 17,017 | $ | 15,535 | $ | 15,353 | $ | 63,925 | |||||||||||
Earnings per common share—basic | $ | 0.55 | $ | 0.58 | $ | 0.53 | $ | 0.52 | $ | 2.18 | |||||||||||
Earnings per common share—diluted | $ | 0.55 | $ | 0.58 | $ | 0.53 | $ | 0.52 | $ | 2.18 | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 23. SUBSEQUENT EVENTS |
On February 10, 2015, WesBanco completed its acquisition of ESB Financial Corporation (“ESB”), and its wholly-owned banking subsidiary, ESB Bank, a Pennsylvania-chartered savings bank headquartered in Ellwood City, Pennsylvania. At December 31, 2014, ESB had approximately $1.9 billion in assets, which included $0.7 billion in loans, and $1.1 billion in securities. The acquisition was valued at approximately $340.0 million and resulted in WesBanco issuing approximately 9.2 million shares of its common stock and $37.2 million in cash in exchange for ESB common stock. The assets and liabilities of ESB will be recorded on WesBanco’s balance sheet at their preliminary estimated fair values as of February 10, 2015, the acquisition date, and ESB’s results of operations will be included in WesBanco’s Consolidated Statements of Income from that date. For the twelve months ended December 31, 2014, WesBanco recorded merger-related expenses of $1.3 million associated with the ESB acquisition. WesBanco accounts for business combinations using the acquisition method of accounting. The initial accounting and determination of the fair values of the assets and liabilities resulting from the business combination was incomplete at the time of this filing due to the timing of the closing of the acquisition in relation to WesBanco’s required Form 10-K filing deadline. A more complete disclosure of the business combination is expected to be reported in WesBanco’s Form 10-Q as of March 31, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations—WesBanco, Inc. (“WesBanco”) is a bank holding company offering a full range of financial services, including trust and investment services, mortgage banking, insurance and brokerage services. WesBanco’s defined business segments are community banking and trust and investment services. WesBanco’s banking subsidiary, WesBanco Bank, Inc. (“WesBanco Bank” or the “Bank”), headquartered in Wheeling, West Virginia, operates through 120 banking offices, one loan production office and 107 ATM machines in West Virginia, Ohio and western Pennsylvania. In addition, WesBanco operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. |
Use of Estimates | Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation—The Consolidated Financial Statements include the accounts of WesBanco and those entities in which WesBanco has a controlling financial interest. All material intercompany balances and transactions have been eliminated in consolidation. |
WesBanco determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. WesBanco consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. | |
Variable Interest Entities | Variable Interest Entities—Variable interest entities (“VIE”) are entities that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. WesBanco uses VIEs in various legal forms to conduct normal business activities. WesBanco reviews the structure and activities of VIEs for possible consolidation. |
A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits of the VIE that could potentially be significant to the VIE. A VIE often holds financial assets, including loans or receivables, real estate or other property. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. WesBanco has eight wholly-owned trust subsidiaries (collectively, the “Trusts”), for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. Accordingly, the Trusts and their net assets are not included in the Consolidated Financial Statements. However, the junior subordinated deferrable interest debentures issued by WesBanco to the Trusts (refer to Note 10, “Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts”) and the minority interest in the common stock issued by the Trusts is included in the Consolidated Balance Sheets. WesBanco also owns non-controlling variable interests in certain limited partnerships for which it does not absorb a majority of expected losses or receive a majority of expected residual returns which are not included in the Consolidated Financial Statements. Refer to Note 7, “Investments in Limited Partnerships” for further detail. | |
Revenue Recognition | Revenue Recognition—Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to the Bank’s deposits and lending activities, as well as income at WesBanco’s other subsidiary companies, are accrued as earned. |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents include cash and due from banks, due from banks —interest bearing and federal funds sold. Generally, federal funds are sold for one-day periods. |
Securities | Securities—Available-for-sale securities: Debt securities not classified as trading or held-to-maturity are classified as available-for-sale. These securities may be sold at any time based upon management’s assessment of changes in economic or financial market conditions, interest rate or prepayment risks, liquidity considerations and other factors. These securities are stated at fair value, with the fair value adjustment, net of tax, reported as a separate component of accumulated other comprehensive income. |
Held-to-maturity securities: Securities that are purchased with the positive intent and ability to be held until their maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. | |
Cost method investments: Securities that do not have readily determinable fair values and for which WesBanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of Federal Home Loan Bank (“FHLB”) stock and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. | |
Securities acquired in acquisitions are recorded at fair value with the premium or discount derived from the fair market value adjustment recognized into interest income on a level yield basis over the remaining life of the security. | |
Gains and losses: Net realized gains and losses on sales of securities are included in non-interest income. The cost of securities sold is based on the specific identification method. The gain or loss is determined as of the trade date. Prior unrealized gains and losses are recorded through other comprehensive income and reversed when gains or losses are realized or if an impairment charge is recorded. | |
Amortization and accretion: Generally, premiums are amortized to call date and discounts are accreted to maturity, on a level yield basis. | |
Other-than-temporary impairment losses: An investment security is considered impaired if its fair value is less than its cost or amortized cost basis. If WesBanco intends to sell or will be required to sell the investment prior to recovery of cost, the entire impairment will be recognized in the Consolidated Statements of Income. If WesBanco does not intend to sell, nor is it more likely than not that it will be required to sell, impaired securities prior to the recovery of their cost, a review is conducted each quarter to determine if the impairment is other-than-temporary due to credit impairment. In estimating other-than-temporary impairment losses, WesBanco considers the financial condition and near-term prospects of the issuer, evaluating any credit downgrades or other indicators of a potential credit problem, the extent and duration of the decline in fair value, the type of security, either fixed or equity, and the receipt of principal and interest according to the contractual terms. If the impairment is to be considered temporary, the impairment for available-for-sale securities is recognized in other comprehensive income in the Consolidated Balance Sheet. If the impairment is to be considered other-than-temporary based on management’s review of the various factors that indicate credit impairment, the impairment must be separated into credit and non-credit portions. The credit portion is recognized in the Consolidated Statements of Income. For available-for-sale securities, the non-credit portion is calculated as the difference between the present value of the future cash flows and the fair value of the security and is recognized in other comprehensive income. | |
Loans and Loans Held for Sale | Loans and Loans Held for Sale—Loans originated by WesBanco are reported at the principal amount outstanding, net of unearned income, credit valuation adjustments, and unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at the lower of cost or estimated market value. Portfolio loans specifically identified as held for sale are recorded at the contractual sales price or third party valuation less selling costs. |
Loans acquired in acquisitions are recorded at fair value with no carryover of related allowance for credit losses. The premium or discount derived from the fair market value adjustment is recognized into interest income using a level yield method over the remaining expected life of the loan. | |
Loan origination fees and direct costs are deferred and accreted or amortized into interest income or expense, as an adjustment to the yield, over the life of the loan using the level yield method. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income or expense. | |
Loans are generally placed on non-accrual when they are 90 days past due unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and the Bank is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring (“TDR”) when WesBanco for economic or legal reasons related to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. Refer to the “TDR” policy below for additional detail. | |
A loan is considered impaired, based on current information and events, if it is probable that WesBanco will be unable to collect the payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans include all non-accrual loans and TDRs. WesBanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. | |
Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that WesBanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. | |
Allowance for Credit Losses | Allowance for Credit Losses—The allowance for credit losses represents management’s estimate of probable losses inherent in the loan portfolio and in future advances against loan commitments. Determining the amount of the allowance requires significant judgment about the collectability of loans and the factors that deserve consideration in estimating probable credit losses. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the adequacy of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. |
The evaluation includes an assessment of quantitative factors such as actual loss experience within each category of loans and testing of certain loans for impairment. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies, the volatility of historical loss rates, the velocity of changes in historical loss rates, and regulatory guidance pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the actual historical loss rates to reflect the impact these factors may have on probable losses in the portfolio. | |
Commercial real estate and commercial and industrial loans greater than $1 million that are reported as non-accrual or a TDR are tested individually for impairment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. | |
General reserves are established for loans that are not individually tested for impairment based on historical loss rates adjusted for the impact of the qualitative factors discussed above. Historical loss rates for commercial real estate and commercial and industrial loans are determined for each internal risk grade or groups of pass grades using a migration analysis that categorizes each charged-off loan based on its risk grade twelve months prior to the charge-off. Historical loss rates for commercial real estate land and construction, residential real estate, home equity and consumer loans are determined for the total of each category of loans. Historical loss rates for deposit account overdrafts are based on actual losses in relation to average overdrafts for the period. | |
Management has determined that the greater of the most recent twelve or thirty-six month historical loss rate is generally the most indicative of probable losses in the portfolio because the twelve month loss rate more accurately reflects the adverse impact of current conditions during periods of economic stress while the thirty-six month loss rate more accurately reflects probable losses during normal economic cycles. Historical loss rates for longer periods than thirty-six months may not be as meaningful because of changes in the risk profile and characteristics of the portfolio that can occur over longer periods of time. However, management does evaluate historical loss rates for periods longer than thirty-six months to give adequate consideration to the longer economic cycle and its impact on probable losses in the current period. | |
Management may also adjust its assumptions to account for differences between estimated and actual incurred losses from period to period. The variability of management’s assumptions could alter the level of the allowance for credit losses and may have a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses is continually refined and enhanced; however there have been no material substantive changes compared to prior periods. | |
TDRs | TDRs—A restructuring of a debt constitutes a TDR if the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR. All TDRs are considered impaired loans. |
When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. | |
The restructuring of a loan does not have a material effect on the allowance or provision for credit losses as the internal risk grade of a loan has more influence on the allowance than the classification of a loan as a TDR. The internal risk rating is the primary factor for establishing the allowance for commercial loans, including commercial real estate except for loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer loans. | |
Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual status as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, or if the loan returns to its original terms. | |
Mortgage Servicing Rights | Mortgage Servicing Rights—Mortgage servicing rights (“MSRs”) represent the right to service loans for third party investors. MSRs are recognized as a separate asset for the rights to service mortgage loans for others, regardless of how those servicing rights are acquired. MSRs are recognized upon the sale of mortgage loans to a third party investor with the servicing rights retained by WesBanco. Servicing loans for others generally consists of collecting mortgage payments from borrowers, maintaining escrow accounts, remitting payments to third party investors and when necessary, foreclosure processing. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income includes servicing fees received from the third party investors and certain charges collected from the borrowers. Originated MSRs are recorded at allocated fair value at the time of the sale of the loans to the third party investor. MSRs are amortized in proportion to and over the estimated period of net servicing income. MSRs are carried at amortized cost, less a valuation allowance for impairment, if any. Impairment exists if the carrying value of MSRs exceeds the estimated fair value of the MSRs. |
Premises and Equipment | Premises and Equipment—Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated economic useful lives of the leased assets or the remaining terms of the underlying leases. Useful lives range from three to ten years for furniture and equipment, 15 to 39 years for buildings and building improvements, and 15 years for land improvements. Maintenance and repairs are expensed as incurred while major improvements that extend the useful life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. |
Other Real Estate Owned and Repossessed Assets | Other Real Estate Owned and Repossessed Assets—Other real estate owned and repossessed assets, which are considered available-for-sale and are reported in other assets, are carried at the lower of cost or their estimated current fair value, less estimated costs to sell. Other real estate owned consists primarily of properties acquired through, or in lieu of, foreclosures. Repossessed collateral primarily consists of automobiles and other types of collateral acquired to satisfy defaulted consumer loans. Subsequent declines in fair value, if any, income and expense associated with the management of the collateral, and gains or losses on the disposition of these assets are recognized in the Consolidated Statements of Income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets—WesBanco accounts for business combinations using the acquisition method of accounting. Accordingly, the identifiable assets acquired, the liabilities assumed, and any non-controlling interest of an acquired business are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value recorded as goodwill. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. |
Goodwill is not amortized but is evaluated for impairment annually, or more often if events or circumstances indicate it may be impaired. Finite-lived intangible assets, which consist primarily of core deposit and customer list intangibles (long-term customer-relationship intangible assets) are amortized using straight-line and accelerated methods over their weighted-average estimated useful lives, ranging from ten to sixteen years in total, and are tested for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable. | |
Goodwill is evaluated for impairment by either assessing qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test, or WesBanco may elect to perform the two-step goodwill impairment test. Under the qualitative assessment, WesBanco assesses qualitative factors to determine whether it is more likely than not that the fair value of its reporting units are less than their carrying amounts, including goodwill. If it is more likely than not, the two-step goodwill impairment test is used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. In the first step, the estimated fair value of each reporting unit is compared to its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of that reporting unit is not considered impaired, and no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, step two, which involves comparing the implied fair value of goodwill to its carrying value, is completed and to the extent that the carrying value of goodwill exceeds its implied fair value, an impairment loss is recognized. | |
Intangible assets with finite useful lives (primarily core deposit and customer list intangibles) are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of an intangible asset with a finite useful life is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the fair value of the asset. WesBanco does not have any indefinite-lived intangible assets. | |
Bank-Owned Life Insurance | Bank-Owned Life Insurance—WesBanco has purchased life insurance policies on certain executive officers and employees. WesBanco receives the cash surrender value of each policy upon its termination or benefits are payable upon the death of the insured. These policies are recorded in the Consolidated Balance Sheets at their net cash surrender value. Changes in net cash surrender value are recognized in non-interest income in the Consolidated Statements of Income. |
Interest Rate Lock Commitments | Interest Rate Lock Commitments—In order to attract potential home borrowers, WesBanco offers interest rate lock commitments (“IRLC”) to such potential borrowers. IRLC are generally for sixty days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some IRLC expire prior to the funding of the related loan. For all IRLC issued in connection with potential loans intended for sale, which consist primarily of originated longer-term fixed rate residential home mortgage loans that qualify for secondary market sale, the Bank enters into one-to-one forward sales contracts on a best efforts basis (if the loan does not close for whatever reason, there is no obligation on WesBanco’s part to sell the loan to the investor). WesBanco enters into such contracts in order to control interest rate risk during the period between the IRLC and loan funding. The IRLC is executed between the mortgagee and WesBanco, and in turn a forward sales contract is executed between WesBanco and an investor. Both the IRLC and the corresponding forward sales contract for each customer are considered a derivative. As such, changes in the fair value of the derivatives during the commitment period are recorded in current earnings and included in other income in the Consolidated Statements of Income. The fair value of IRLC is the gain or loss that would be realized on the underlying loans assuming exercise of the commitments under current market rates versus the rate incorporated in the commitments, taking into consideration fallout. The fair value of forward sales contracts is based on quoted market prices. Since loans typically close before receipt of funding from an investor, they are accounted for at the lower of cost or market as “Loans Held for Sale” in the Consolidated Balance Sheets. |
Income Taxes | Income Taxes—The provision for income taxes included in the Consolidated Statements of Income includes both federal and state income taxes and is based on income in the financial statements, rather than amounts reported on WesBanco’s income tax returns. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A test of the anticipated realizeability of deferred tax assets is performed at least annually. |
Fair Value | Fair Value—The Accounting Standards Codification defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. The Codification also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are described below: |
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market; | |
Level 3—Valuation is generated from model-based techniques where all significant assumptions are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of discounted cash flow models and similar techniques. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |
Earnings Per Common Share | Earnings Per Common Share—Basic earnings per common share (“EPS”) are calculated by dividing net income available to common shareholders, by the weighted-average number of shares of common stock outstanding during the period. For diluted EPS, the weighted-average number of shares for the period is increased by the number of shares which would be issued assuming the exercise of in-the-money common stock options and any outstanding warrants. Restricted stock shares are recorded as issued and outstanding upon their grant, rather than upon vesting, and therefore are included in the weighted-average shares outstanding due to voting rights granted at the time restricted stock is granted. |
Trust Assets | Trust Assets—Assets held by the Bank in fiduciary or agency capacities for its customers are not included as assets in the Consolidated Balance Sheets. Certain money market trust assets are held on deposit at the Bank and are accounted for as such. |
Stock-Based Compensation | Stock-Based Compensation—Stock-based compensation awards granted, comprised of stock options and restricted stock, are valued at fair value and compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. For service-based awards with graded vesting schedules, compensation expense is divided equally among the vesting periods with each separately vested portion of the award recognized in compensation expense on a straight-line basis over the requisite service period. |
Defined Benefit Pension Plan | Defined Benefit Pension Plan—WesBanco recognizes in the statement of financial position an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. WesBanco recognizes fluctuations in the funded status in the year in which the changes occur through other comprehensive income. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on a fitted yield curve approach whereby the yield curve compares the expected stream of future benefit payments for the plan to high quality corporate bonds available in the marketplace to determine an equivalent discount rate. Periodic pension expense includes service costs, interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially-derived market-related value, an assumed rate of annual compensation increase, and amortization or accretion of actuarial gains and losses as well as other actuarial assumptions. The plan has been closed to new entrants since August, 2007. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements—In November 2014, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) (ASU 2014-17) related to pushdown accounting. The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. The pronouncement is effective on November 18, 2014, after this date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. WesBanco will make an election to apply push down accounting guidance to future change-in-control events either in the reporting period in with they occur or in subsequent periods. The adoption of this pronouncement did not impact WesBanco’s Consolidated Financial Statements. |
In August 2014, the FASB issued an accounting pronouncement (ASU 2014-14) related to the classification of certain government-guaranteed mortgage loans upon foreclosure. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) The loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based upon the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 and may be adopted under either a modified retrospective transition method or a prospective transition method. However, the same method of transition as elected under ASU 2014-04 must be applied. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In June 2014, the FASB issued an accounting pronouncement (ASU 2014-11) related to repurchase-to-maturity transactions, repurchase financing and disclosures. The pronouncement changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The pronouncement also requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is not permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In May 2014, the FASB issued an accounting pronouncement (ASU 2014-09) related to the recognition of revenue from contracts with customers. The new revenue pronouncement creates a single source of revenue guidance for all companies in all industries and is more principles-based than current revenue guidance. The pronouncement provides a five-step model for a company to recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The five steps are (1) identify the contract with the customer, (2) identify the separate performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the separate performance obligations and (5) recognize revenue when each performance obligation is satisfied. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016 using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. Early adoption is not permitted. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. | |
In January 2014, the FASB issued an accounting pronouncement (ASU 2014-04) related to in-substance repossessions and foreclosures. The pronouncement clarifies when an in-substance repossession or foreclosure occurs. A creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 and may be adopted under either a modified retrospective transition method or a prospective transition method. Early adoption is permitted. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In January 2014, the FASB issued an accounting pronouncement (ASU 2014-01) which applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities. The pronouncement permits reporting entities to make an accounting policy election to account for these investments using the proportional amortization method if certain conditions exist. The pronouncement also requires disclosure that enables users of its financial statements to understand the nature of these investments. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The pronouncement should be applied retrospectively for all periods presented, effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands, except shares and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Numerator for both basic and diluted earnings per common share: | |||||||||||||
Net income | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
Denominator: | |||||||||||||
Total average basic common shares outstanding | 29,249,499 | 29,270,922 | 26,867,227 | ||||||||||
Effect of dilutive stock options and warrant | 84,377 | 73,761 | 21,620 | ||||||||||
Total diluted average common shares outstanding | 29,333,876 | 29,344,683 | 26,888,847 | ||||||||||
Earnings per common share—basic | $ | 2.39 | $ | 2.18 | $ | 1.84 | |||||||
Earnings per common share—diluted | $ | 2.39 | $ | 2.18 | $ | 1.84 | |||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities | The following table shows the amortized cost and fair values of available-for-sale and held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | 86,964 | $ | 1,087 | $ | (315 | ) | $ | 87,736 | $ | 75,164 | $ | 6 | $ | (1,938 | ) | $ | 73,232 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 703,535 | 4,336 | (6,758 | ) | 701,113 | 707,000 | 3,191 | (15,924 | ) | 694,267 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 86,073 | 5,365 | (5 | ) | 91,433 | 112,536 | 4,165 | (355 | ) | 116,346 | |||||||||||||||||||||||||||
Corporate debt securities | 25,974 | 141 | (119 | ) | 25,996 | 38,777 | 174 | (470 | ) | 38,481 | |||||||||||||||||||||||||||
Total debt securities | $ | 902,546 | $ | 10,929 | $ | (7,197 | ) | $ | 906,278 | $ | 933,477 | $ | 7,536 | $ | (18,687 | ) | $ | 922,326 | |||||||||||||||||||
Equity securities | 10,304 | 842 | — | 11,146 | 10,597 | 1,463 | — | 12,060 | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 912,850 | $ | 11,771 | $ | (7,197 | ) | $ | 917,424 | $ | 944,074 | $ | 8,999 | $ | (18,687 | ) | $ | 934,386 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | $ | 79,004 | $ | 3,262 | $ | (246 | ) | $ | 82,020 | $ | 99,409 | $ | 2,804 | $ | (1,023 | ) | $ | 101,190 | |||||||||||||||||||
Obligations of states and political subdivisions | 507,927 | 23,917 | (1,043 | ) | 530,801 | 496,396 | 10,158 | (13,906 | ) | 492,648 | |||||||||||||||||||||||||||
Corporate debt securities | 6,739 | 106 | (49 | ) | 6,796 | 2,715 | — | (245 | ) | 2,470 | |||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 593,670 | $ | 27,285 | $ | (1,338 | ) | $ | 619,617 | $ | 598,520 | $ | 12,962 | $ | (15,174 | ) | $ | 596,308 | |||||||||||||||||||
Total securities | $ | 1,506,520 | $ | 39,056 | $ | (8,535 | ) | $ | 1,537,041 | $ | 1,542,594 | $ | 21,961 | $ | (33,861 | ) | $ | 1,530,694 | |||||||||||||||||||
Schedule of Fair Value of Available-for-sale and Held-to-maturity Securities by Contractual Maturity | The following table presents the fair value of available-for-sale and held-to-maturity securities by contractual maturity at December 31, 2014. In many instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in thousands) | One Year | One to | Five to | After | Mortgage-backed | Total | |||||||||||||||||||||||||||||||
or less | Five Years | Ten Years | Ten Years | and Equity | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | — | $ | 25,645 | $ | 44,952 | $ | 17,139 | $ | — | $ | 87,736 | |||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | — | — | — | — | 701,113 | 701,113 | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 6,312 | 33,242 | 19,089 | 32,790 | — | 91,433 | |||||||||||||||||||||||||||||||
Corporate debt securities | 10,034 | 2,080 | 9,015 | 4,867 | — | 25,996 | |||||||||||||||||||||||||||||||
Equity securities (2) | — | — | — | — | 11,146 | 11,146 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 16,346 | $ | 60,967 | $ | 73,056 | $ | 54,796 | $ | 712,259 | $ | 917,424 | |||||||||||||||||||||||||
Held-to-maturity (3) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | $ | — | $ | — | $ | — | $ | — | $ | 82,020 | $ | 82,020 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 3,377 | 13,876 | 216,427 | 297,121 | 530,801 | ||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 6,796 | — | — | 6,796 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 3,377 | $ | 13,876 | $ | 223,223 | $ | 297,121 | $ | 82,020 | $ | 619,617 | |||||||||||||||||||||||||
Total securities | $ | 19,723 | $ | 74,843 | $ | 296,279 | $ | 351,917 | $ | 794,279 | $ | 1,537,041 | |||||||||||||||||||||||||
-1 | Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. | ||||||||||||||||||||||||||||||||||||
-2 | Equity securities, which have no stated maturity, are not assigned a maturity category. | ||||||||||||||||||||||||||||||||||||
-3 | The held-to-maturity portfolio is carried at an amortized cost of $593.7 million. | ||||||||||||||||||||||||||||||||||||
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of securities for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,131 | $ | 922 | $ | 2,680 | |||||||||||||||||||||||||||||||
Gross realized losses | (228 | ) | (238 | ) | (217 | ) | |||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | 903 | $ | 684 | $ | 2,463 | |||||||||||||||||||||||||||||||
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | |||||||||||||||||||||||||||||
Obligations of government agencies | $ | 19,362 | $ | (77 | ) | 5 | $ | 19,757 | $ | (238 | ) | 4 | $ | 39,119 | $ | (315 | ) | 9 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 78,786 | (386 | ) | 19 | 240,055 | (6,618 | ) | 43 | 318,841 | (7,004 | ) | 62 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 12,615 | (96 | ) | 15 | 61,548 | (952 | ) | 93 | 74,163 | (1,048 | ) | 108 | |||||||||||||||||||||||||
Corporate debt securities | 2,969 | (31 | ) | 1 | 4,573 | (137 | ) | 2 | 7,542 | (168 | ) | 3 | |||||||||||||||||||||||||
Total temporarily impaired securities | $ | 113,732 | $ | (590 | ) | 40 | $ | 325,933 | $ | (7,945 | ) | 142 | $ | 439,665 | $ | (8,535 | ) | 182 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | |||||||||||||||||||||||||||||
Obligations of government agencies | $ | 54,356 | $ | -1,911 | 15 | $ | 5,083 | $ | (27 | ) | 2 | $ | 59,439 | $ | -1,938 | 17 | |||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 513,495 | (14,639 | ) | 89 | 37,002 | (2,308 | ) | 11 | 550,497 | (16,947 | ) | 100 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 181,667 | (10,830 | ) | 277 | 47,793 | (3,431 | ) | 76 | 229,460 | (14,261 | ) | 353 | |||||||||||||||||||||||||
Corporate debt securities | 19,837 | (560 | ) | 7 | 2,845 | (155 | ) | 1 | 22,682 | (715 | ) | 8 | |||||||||||||||||||||||||
Total temporarily impaired securities | $ | 769,355 | $ | (27,940 | ) | 388 | $ | 92,723 | $ | (5,921 | ) | 90 | $ | 862,078 | $ | (33,861 | ) | 478 | |||||||||||||||||||
Loans_and_the_Allowance_for_Cr1
Loans and the Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Recorded Investment in Loans by Category | The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs of $2.4 million and $2.7 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 262,643 | $ | 263,117 | |||||||||||||||||||||||||||||
Improved property | 1,682,817 | 1,649,802 | |||||||||||||||||||||||||||||||
Total commercial real estate | 1,945,460 | 1,912,919 | |||||||||||||||||||||||||||||||
Commercial and industrial | 638,410 | 556,249 | |||||||||||||||||||||||||||||||
Residential real estate | 928,770 | 890,804 | |||||||||||||||||||||||||||||||
Home equity | 330,031 | 284,687 | |||||||||||||||||||||||||||||||
Consumer | 244,095 | 250,258 | |||||||||||||||||||||||||||||||
Total portfolio loans | 4,086,766 | 3,894,917 | |||||||||||||||||||||||||||||||
Loans held for sale | 5,865 | 5,855 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,092,631 | $ | 3,900,772 | |||||||||||||||||||||||||||||
Summary of Changes in Allowance for Credit Losses | The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 6,056 | $ | 18,157 | $ | 9,925 | $ | 5,673 | $ | 2,017 | $ | 5,020 | $ | 520 | $ | 47,368 | |||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 6,357 | 18,219 | 10,055 | 5,678 | 2,102 | 5,039 | 520 | 47,970 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (402 | ) | 1,239 | 1,429 | 1,692 | 849 | 1,144 | 601 | 6,552 | ||||||||||||||||||||||||
Provision for loan commitments | (107 | ) | (52 | ) | (18 | ) | 4 | 5 | 21 | — | (147 | ) | |||||||||||||||||||||
Total provision for credit losses | (509 | ) | 1,187 | 1,411 | 1,696 | 854 | 1,165 | 601 | 6,405 | ||||||||||||||||||||||||
Charge-offs | — | (2,426 | ) | (3,485 | ) | (2,437 | ) | (652 | ) | (3,120 | ) | (779 | ) | (12,899 | ) | ||||||||||||||||||
Recoveries | — | 603 | 1,194 | 454 | 115 | 1,034 | 233 | 3,633 | |||||||||||||||||||||||||
Net charge-offs | — | (1,823 | ) | (2,291 | ) | (1,983 | ) | (537 | ) | (2,086 | ) | (546 | ) | (9,266 | ) | ||||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,654 | 17,573 | 9,063 | 5,382 | 2,329 | 4,078 | 575 | 44,654 | |||||||||||||||||||||||||
Allowance for loan commitments | 194 | 10 | 112 | 9 | 90 | 40 | — | 455 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,848 | $ | 17,583 | $ | 9,175 | $ | 5,391 | $ | 2,419 | $ | 4,118 | $ | 575 | $ | 45,109 | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 3,741 | $ | 23,614 | $ | 9,326 | $ | 7,182 | $ | 2,458 | $ | 5,557 | $ | 821 | $ | 52,699 | |||||||||||||||||
Allowance for loan commitments | 27 | 25 | 215 | 6 | 49 | 19 | — | 341 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 3,768 | 23,639 | 9,541 | 7,188 | 2,507 | 5,576 | 821 | 53,040 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 2,726 | 843 | 1,633 | 1,169 | (8 | ) | 2,138 | 324 | 8,825 | ||||||||||||||||||||||||
Provision for loan commitments | 274 | 37 | (85 | ) | (1 | ) | 36 | — | — | 261 | |||||||||||||||||||||||
Total provision for credit losses | 3,000 | 880 | 1,548 | 1,168 | 28 | 2,138 | 324 | 9,086 | |||||||||||||||||||||||||
Charge-offs | (536 | ) | (6,915 | ) | (1,505 | ) | (3,079 | ) | (549 | ) | (3,819 | ) | (880 | ) | (17,283 | ) | |||||||||||||||||
Recoveries | 125 | 615 | 471 | 401 | 116 | 1,144 | 255 | 3,127 | |||||||||||||||||||||||||
Net charge-offs | (411 | ) | (6,300 | ) | (1,034 | ) | (2,678 | ) | (433 | ) | (2,675 | ) | (625 | ) | (14,156 | ) | |||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 6,056 | 18,157 | 9,925 | 5,673 | 2,017 | 5,020 | 520 | 47,368 | |||||||||||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 6,357 | $ | 18,219 | $ | 10,055 | $ | 5,678 | $ | 2,102 | $ | 5,039 | $ | 520 | $ | 47,970 | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Deposit | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Real Estate | Equity | Overdraft | ||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
Balance at beginning of year: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 4,842 | $ | 24,748 | $ | 11,414 | $ | 5,638 | $ | 1,962 | $ | 5,410 | $ | 796 | $ | 54,810 | |||||||||||||||||
Allowance for loan commitments | 74 | 21 | 323 | 4 | 33 | 13 | — | 468 | |||||||||||||||||||||||||
Total beginning allowance for credit losses | 4,916 | 24,769 | 11,737 | 5,642 | 1,995 | 5,423 | 796 | 55,278 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 2,171 | 5,452 | 2,147 | 5,039 | 1,610 | 2,963 | 619 | 20,001 | |||||||||||||||||||||||||
Provision for loan commitments | (47 | ) | 4 | (108 | ) | 2 | 16 | 6 | — | (127 | ) | ||||||||||||||||||||||
Total provision for credit losses | 2,124 | 5,456 | 2,039 | 5,041 | 1,626 | 2,969 | 619 | 19,874 | |||||||||||||||||||||||||
Charge-offs | (3,879 | ) | (7,693 | ) | (4,625 | ) | (3,902 | ) | (1,144 | ) | (3,851 | ) | (871 | ) | (25,965 | ) | |||||||||||||||||
Recoveries | 607 | 1,107 | 390 | 407 | 30 | 1,035 | 277 | 3,853 | |||||||||||||||||||||||||
Net charge-offs | (3,272 | ) | (6,586 | ) | (4,235 | ) | (3,495 | ) | (1,114 | ) | (2,816 | ) | (594 | ) | (22,112 | ) | |||||||||||||||||
Balance at end of period: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 3,741 | 23,614 | 9,326 | 7,182 | 2,458 | 5,557 | 821 | 52,699 | |||||||||||||||||||||||||
Allowance for loan commitments | 27 | 25 | 215 | 6 | 49 | 19 | — | 341 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 3,768 | $ | 23,639 | $ | 9,541 | $ | 7,188 | $ | 2,507 | $ | 5,576 | $ | 821 | $ | 53,040 | |||||||||||||||||
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category: | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||
Real Estate- | Real Estate- | Commercial | Residential | ||||||||||||||||||||||||||||||
Land and | Improved | and | Real | Home | Over- | ||||||||||||||||||||||||||||
(in thousands) | Construction | Property | Industrial | Estate | Equity | Consumer | draft | Total | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 2,765 | $ | 1,033 | $ | — | $ | — | $ | — | $ | — | $ | 3,798 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 5,654 | 14,808 | 8,030 | 5,382 | 2,329 | 4,078 | 575 | 40,856 | |||||||||||||||||||||||||
Allowance for loan commitments | 194 | 10 | 112 | 9 | 90 | 40 | — | 455 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,848 | $ | 17,583 | $ | 9,175 | $ | 5,391 | $ | 2,419 | $ | 4,118 | $ | 575 | $ | 45,109 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 11,469 | $ | 2,844 | $ | — | $ | — | $ | — | $ | — | $ | 14,313 | |||||||||||||||||
Collectively evaluated for impairment | 262,643 | 1,671,348 | 635,566 | 928,770 | 330,031 | 244,095 | — | 4,072,453 | |||||||||||||||||||||||||
Total portfolio loans | $ | 262,643 | $ | 1,682,817 | $ | 638,410 | $ | 928,770 | $ | 330,031 | $ | 244,095 | $ | — | $ | 4,086,766 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 51 | $ | 681 | $ | — | $ | — | $ | — | $ | — | $ | 732 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 6,056 | 18,106 | 9,244 | 5,673 | 2,017 | 5,020 | 520 | 46,636 | |||||||||||||||||||||||||
Allowance for loan commitments | 301 | 62 | 130 | 5 | 85 | 19 | — | 602 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 6,357 | $ | 18,219 | $ | 10,055 | $ | 5,678 | $ | 2,102 | $ | 5,039 | $ | 520 | $ | 47,970 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 4,321 | $ | 1,754 | $ | — | $ | — | $ | — | $ | — | $ | 6,075 | |||||||||||||||||
Collectively evaluated for impairment | 263,117 | 1,645,481 | 554,495 | 890,804 | 284,687 | 250,258 | — | 3,888,842 | |||||||||||||||||||||||||
Total portfolio loans | $ | 263,117 | $ | 1,649,802 | $ | 556,249 | $ | 890,804 | $ | 284,687 | $ | 250,258 | $ | — | $ | 3,894,917 | |||||||||||||||||
-1 | Commercial loans greater than $1 million that are reported as non-accrual or as a TDR are individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: | ||||||||||||||||||||||||||||||||
Commercial Loans by Internally Assigned Risk Grade | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Total | |||||||||||||||||||||||||||||
Real Estate- | Real Estate- | & | Commercial | ||||||||||||||||||||||||||||||
Land and | Improved | Industrial | Loans | ||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Pass | $ | 257,218 | $ | 1,627,771 | $ | 617,742 | $ | 2,502,731 | |||||||||||||||||||||||||
Criticized—compromised | 3,645 | 17,873 | 12,770 | 34,288 | |||||||||||||||||||||||||||||
Classified—substandard | 1,780 | 37,173 | 7,898 | 46,851 | |||||||||||||||||||||||||||||
Classified—doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 262,643 | $ | 1,682,817 | $ | 638,410 | $ | 2,583,870 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Pass | $ | 253,231 | $ | 1,548,780 | $ | 531,573 | $ | 2,333,584 | |||||||||||||||||||||||||
Criticized—compromised | 6,498 | 57,983 | 10,768 | 75,249 | |||||||||||||||||||||||||||||
Classified—substandard | 3,388 | 43,039 | 13,908 | 60,335 | |||||||||||||||||||||||||||||
Classified—doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 263,117 | $ | 1,649,802 | $ | 556,249 | $ | 2,469,168 | |||||||||||||||||||||||||
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans. | ||||||||||||||||||||||||||||||||
Age Analysis of Loans | |||||||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days | Total | Total | 90 Days | ||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | or More | ||||||||||||||||||||||||||||
Past Due | Past Due and | ||||||||||||||||||||||||||||||||
Accruing (1) | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 261,356 | $ | 20 | $ | — | $ | 1,267 | $ | 1,287 | $ | 262,643 | $ | 71 | |||||||||||||||||||
Improved property | 1,665,363 | 961 | 4,772 | 11,721 | 17,454 | 1,682,817 | — | ||||||||||||||||||||||||||
Total commercial real estate | 1,926,719 | 981 | 4,772 | 12,988 | 18,741 | 1,945,460 | 71 | ||||||||||||||||||||||||||
Commercial and industrial | 634,482 | 1,834 | 240 | 1,854 | 3,928 | 638,410 | 22 | ||||||||||||||||||||||||||
Residential real estate | 915,968 | 1,237 | 3,384 | 8,181 | 12,802 | 928,770 | 1,306 | ||||||||||||||||||||||||||
Home equity | 325,291 | 1,877 | 895 | 1,968 | 4,740 | 330,031 | 570 | ||||||||||||||||||||||||||
Consumer | 240,365 | 2,571 | 685 | 474 | 3,730 | 244,095 | 319 | ||||||||||||||||||||||||||
Total portfolio loans | 4,042,825 | 8,500 | 9,976 | 25,465 | 43,941 | 4,086,766 | 2,288 | ||||||||||||||||||||||||||
Loans held for sale | 5,865 | — | — | — | — | 5,865 | — | ||||||||||||||||||||||||||
Total loans | $ | 4,048,690 | $ | 8,500 | $ | 9,976 | $ | 25,465 | $ | 43,941 | $ | 4,092,631 | $ | 2,288 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 7,562 | $ | 2,884 | $ | 5,552 | $ | 22,820 | $ | 31,256 | $ | 38,818 | |||||||||||||||||||||
TDRs accruing interest (1) | 11,016 | 151 | 542 | 357 | 1,050 | 12,066 | |||||||||||||||||||||||||||
Total impaired | $ | 18,578 | $ | 3,035 | $ | 6,094 | $ | 23,177 | $ | 32,306 | $ | 50,884 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 261,165 | $ | 2 | $ | — | $ | 1,950 | $ | 1,952 | $ | 263,117 | $ | 248 | |||||||||||||||||||
Improved property | 1,632,973 | 2,482 | 2,346 | 12,001 | 16,829 | 1,649,802 | 318 | ||||||||||||||||||||||||||
Total commercial real estate | 1,894,138 | 2,484 | 2,346 | 13,951 | 18,781 | 1,912,919 | 566 | ||||||||||||||||||||||||||
Commercial and industrial | 552,414 | 1,112 | 977 | 1,746 | 3,835 | 556,249 | — | ||||||||||||||||||||||||||
Residential real estate | 875,192 | 1,641 | 4,710 | 9,261 | 15,612 | 890,804 | 1,289 | ||||||||||||||||||||||||||
Home equity | 281,004 | 1,581 | 470 | 1,632 | 3,683 | 284,687 | 411 | ||||||||||||||||||||||||||
Consumer | 245,876 | 3,223 | 649 | 510 | 4,382 | 250,258 | 325 | ||||||||||||||||||||||||||
Total portfolio loans | 3,848,624 | 10,041 | 9,152 | 27,100 | 46,293 | 3,894,917 | 2,591 | ||||||||||||||||||||||||||
Loans held for sale | 5,855 | — | — | — | — | 5,855 | — | ||||||||||||||||||||||||||
Total loans | $ | 3,854,479 | $ | 10,041 | $ | 9,152 | $ | 27,100 | $ | 46,293 | $ | 3,900,772 | $ | 2,591 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 9,028 | $ | 588 | $ | 2,722 | $ | 24,295 | $ | 27,605 | $ | 36,633 | |||||||||||||||||||||
TDRs accruing interest (1) | 13,595 | 171 | 881 | 214 | 1,266 | 14,861 | |||||||||||||||||||||||||||
Total impaired | $ | 22,623 | $ | 759 | $ | 3,603 | $ | 24,509 | $ | 28,871 | $ | 51,494 | |||||||||||||||||||||
-1 | Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. | ||||||||||||||||||||||||||||||||
Summary of Impaired Loans | The following tables summarize impaired loans: | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Related | Unpaid | Recorded | Related | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | ||||||||||||||||||||||||||||
Balance (1) | Balance (1) | ||||||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,588 | $ | 1,488 | $ | — | $ | 2,663 | $ | 2,564 | $ | — | |||||||||||||||||||||
Improved property | 16,480 | 14,684 | — | 21,421 | 19,628 | — | |||||||||||||||||||||||||||
Commercial and industrial | 3,152 | 2,597 | — | 3,773 | 3,249 | — | |||||||||||||||||||||||||||
Residential real estate | 20,077 | 18,544 | — | 22,006 | 20,090 | — | |||||||||||||||||||||||||||
Home equity | 2,890 | 2,663 | — | 2,675 | 2,506 | — | |||||||||||||||||||||||||||
Consumer | 1,287 | 1,086 | — | 1,402 | 1,182 | — | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 45,474 | 41,062 | — | 53,940 | 49,219 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Improved property | 7,980 | 7,980 | 2,765 | 729 | 729 | 51 | |||||||||||||||||||||||||||
Commercial and industrial | 1,842 | 1,842 | 1,033 | 1,546 | 1,546 | 681 | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 9,822 | 9,822 | 3,798 | 2,275 | 2,275 | 732 | |||||||||||||||||||||||||||
Total impaired loans | $ | 55,296 | $ | 50,884 | $ | 3,798 | $ | 56,215 | $ | 51,494 | $ | 732 | |||||||||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | For the Year Ended | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
(in thousands) | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,977 | $ | 35 | $ | 4,552 | $ | 87 | $ | 9,054 | $ | 157 | |||||||||||||||||||||
Improved property | 17,669 | 441 | 22,702 | 610 | 28,493 | 632 | |||||||||||||||||||||||||||
Commercial and industrial | 3,561 | 103 | 3,757 | 112 | 6,408 | 123 | |||||||||||||||||||||||||||
Residential real estate | 18,829 | 855 | 19,915 | 803 | 15,724 | 639 | |||||||||||||||||||||||||||
Home equity | 2,356 | 75 | 2,262 | 68 | 1,324 | 64 | |||||||||||||||||||||||||||
Consumer | 1,122 | 97 | 1,377 | 89 | 480 | 95 | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 45,514 | 1,606 | 54,565 | 1,769 | 61,483 | 1,710 | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | 1,234 | — | 2,888 | 54 | |||||||||||||||||||||||||||
Improved property | 2,795 | 348 | 2,746 | 22 | 7,388 | 196 | |||||||||||||||||||||||||||
Commercial and industrial | 2,075 | 95 | 309 | 89 | — | — | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 4,870 | 443 | 4,289 | 111 | 10,276 | 250 | |||||||||||||||||||||||||||
Total impaired loans | $ | 50,384 | $ | 2,049 | $ | 58,854 | $ | 1,880 | $ | 71,759 | $ | 1,960 | |||||||||||||||||||||
Recorded Investment in Non-Accrual Loans and TDRs | The following tables present the recorded investment in non-accrual loans and TDRs: | ||||||||||||||||||||||||||||||||
Non-accrual Loans (1) | |||||||||||||||||||||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,488 | $ | 2,564 | |||||||||||||||||||||||||||||
Improved property | 20,227 | 17,305 | |||||||||||||||||||||||||||||||
Total commercial real estate | 21,715 | 19,869 | |||||||||||||||||||||||||||||||
Commercial and industrial | 4,110 | 4,380 | |||||||||||||||||||||||||||||||
Residential real estate | 10,329 | 10,240 | |||||||||||||||||||||||||||||||
Home equity | 1,923 | 1,604 | |||||||||||||||||||||||||||||||
Consumer | 741 | 540 | |||||||||||||||||||||||||||||||
Total | $ | 38,818 | $ | 36,633 | |||||||||||||||||||||||||||||
-1 | Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. | ||||||||||||||||||||||||||||||||
TDRs | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | — | $ | 464 | $ | 464 | $ | — | $ | 1,601 | $ | 1,601 | |||||||||||||||||||||
Improved property | 2,437 | 1,850 | 4,287 | 3,052 | 3,658 | 6,710 | |||||||||||||||||||||||||||
Total commercial real estate | 2,437 | 2,314 | 4,751 | 3,052 | 5,259 | 8,311 | |||||||||||||||||||||||||||
Commercial and industrial | 329 | 478 | 807 | 415 | 579 | 994 | |||||||||||||||||||||||||||
Residential real estate | 8,215 | 2,074 | 10,289 | 9,850 | 2,991 | 12,841 | |||||||||||||||||||||||||||
Home equity | 740 | 245 | 985 | 902 | 289 | 1,191 | |||||||||||||||||||||||||||
Consumer | 345 | 309 | 654 | 642 | 206 | 848 | |||||||||||||||||||||||||||
Total | $ | 12,066 | $ | 5,420 | $ | 17,486 | $ | 14,861 | $ | 9,324 | $ | 24,185 | |||||||||||||||||||||
Loans Identified as TDRs | The following table presents details related to loans identified as TDRs during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
New TDRs (1) | New TDRs (1) | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Modifications | Modification | Modification | Modifications | Modification | Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | $ | — | $ | — | 2 | $ | 366 | $ | 353 | |||||||||||||||||||||||
Improved property | 9 | 1,638 | 1,437 | 10 | 769 | 564 | |||||||||||||||||||||||||||
Total commercial real estate | 9 | 1,638 | 1,437 | 12 | 1,135 | 917 | |||||||||||||||||||||||||||
Commercial and industrial | 3 | 231 | 163 | 8 | 173 | 162 | |||||||||||||||||||||||||||
Residential real estate | 8 | 424 | 400 | 30 | 2,688 | 2,557 | |||||||||||||||||||||||||||
Home equity | — | — | — | 5 | 122 | 92 | |||||||||||||||||||||||||||
Consumer | 11 | 199 | 167 | 13 | 144 | 101 | |||||||||||||||||||||||||||
Total | 31 | $ | 2,492 | $ | 2,167 | 68 | $ | 4,262 | $ | 3,829 | |||||||||||||||||||||||
-1 | Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. | ||||||||||||||||||||||||||||||||
TDRs Defaulted Later Restructured | The following table summarizes TDRs which defaulted (defined as past due 90 days) during the years ended December 31, 2014 and 2013 that were restructured within the last twelve months prior to December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Defaulted TDRs (1) | Defaulted TDRs (1) | ||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Defaults | Investment | Defaults | Investment | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Improved property | — | — | — | — | |||||||||||||||||||||||||||||
Total commercial real estate | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | — | — | 1 | 14 | |||||||||||||||||||||||||||||
Residential real estate | — | — | 12 | 1,043 | |||||||||||||||||||||||||||||
Home equity | — | — | 2 | 51 | |||||||||||||||||||||||||||||
Consumer | 1 | 26 | — | — | |||||||||||||||||||||||||||||
Total | 1 | $ | 26 | 15 | $ | 1,108 | |||||||||||||||||||||||||||
-1 | Excludes loans that were either charged-off or cured by period end. The recorded investment is as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Recognition of Interest Income on Impaired Loans | The following table summarizes the recognition of interest income on impaired loans: | ||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average impaired loans | $ | 50,384 | $ | 58,854 | $ | 71,759 | |||||||||||||||||||||||||||
Amount of contractual interest income on impaired loans | 3,260 | 3,225 | 3,463 | ||||||||||||||||||||||||||||||
Amount of interest income recognized on impaired loans | 2,049 | 1,880 | 1,960 | ||||||||||||||||||||||||||||||
Summary of Other Real Estate Owned and Repossessed Assets | The following table summarizes other real estate owned and repossessed assets included in other assets: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Other real estate owned | $ | 4,920 | $ | 4,689 | |||||||||||||||||||||||||||||
Repossessed assets | 162 | 171 | |||||||||||||||||||||||||||||||
Total other real estate owned and repossessed assets | $ | 5,082 | $ | 4,860 | |||||||||||||||||||||||||||||
Premises_And_Equipment_Tables
Premises And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Premises and Equipment | Premises and equipment include: | ||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Land and improvements | $ | 28,158 | $ | 26,666 | |||||
Buildings and improvements | 105,436 | 102,980 | |||||||
Furniture and equipment | 66,149 | 83,023 | |||||||
Total cost | 199,743 | 212,669 | |||||||
Accumulated depreciation and amortization | (106,608 | ) | (119,512 | ) | |||||
Total premises and equipment, net | $ | 93,135 | $ | 93,157 | |||||
Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2014 are as follows (in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 2,557 | |||||||
2016 | 1,997 | ||||||||
2017 | 1,718 | ||||||||
2018 | 1,373 | ||||||||
2019 | 1,089 | ||||||||
2020 and thereafter | 11,238 | ||||||||
Total | $ | 19,972 | |||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
WesBanco's Capitalized Other Intangible Assets and Related Accumulated Amortization | The following table shows WesBanco’s capitalized other intangible assets and related accumulated amortization: | ||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other intangible assets: | |||||||||
Gross carrying amount | $ | 38,048 | $ | 38,048 | |||||
Accumulated amortization | (30,640 | ) | (28,720 | ) | |||||
Net carrying amount of other intangible assets | $ | 7,408 | $ | 9,328 | |||||
Schedule of Future Amortization on Intangible Assets | The following table shows the amortization on WesBanco’s other intangible assets for each of the next five years (in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 1,634 | |||||||
2016 | 1,401 | ||||||||
2017 | 1,179 | ||||||||
2018 | 965 | ||||||||
2019 | 767 |
Certificates_Of_Deposit_Tables
Certificates Of Deposit (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Schedule of Maturities of Total Certificates of Deposit | At December 31, 2014, the scheduled maturities of total certificates of deposit are as follows (in thousands): | ||||
Year | Amount | ||||
2015 | $ | 764,694 | |||
2016 | 262,625 | ||||
2017 | 87,611 | ||||
2018 | 86,341 | ||||
2019 | 82,251 | ||||
2020 and thereafter | 21,574 | ||||
Total | $ | 1,305,096 | |||
Junior_Subordinated_Debt_Owed_1
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Schedule of Junior Subordinated Debt by Trust | The following table shows WesBanco’s trust subsidiaries with outstanding Trust Preferred Securities as of December 31, 2014: | ||||||||||||||||||||
(in thousands) | Trust | Common | Junior | Stated | Optional | ||||||||||||||||
Preferred | Securities | Subordinated | Maturity | Redemption | |||||||||||||||||
Securities | Debt | Date | Date | ||||||||||||||||||
WesBanco Capital Trust II (1) | $ | 13,000 | $ | 410 | $ | 13,410 | 6/30/33 | 6/30/08 | |||||||||||||
WesBanco Capital Statutory Trust III (2) | 17,000 | 526 | 17,526 | 6/26/33 | 6/26/08 | ||||||||||||||||
WesBanco Capital Trust IV (3) | 20,000 | 619 | 20,619 | 6/17/34 | 6/17/09 | ||||||||||||||||
WesBanco Capital Trust V (3) | 20,000 | 619 | 20,619 | 6/17/34 | 6/17/09 | ||||||||||||||||
WesBanco Capital Trust VI (4) | 15,000 | 464 | 15,464 | 3/17/35 | 3/17/10 | ||||||||||||||||
Oak Hill Capital Trust 2 (5) | 5,000 | 155 | 5,155 | 10/18/34 | 10/18/09 | ||||||||||||||||
Oak Hill Capital Trust 3 (6) | 8,000 | 248 | 8,248 | 10/18/34 | 10/18/09 | ||||||||||||||||
Oak Hill Capital Trust 4 (7) | 4,980 | 155 | 5,135 | 6/30/35 | 6/30/15 | ||||||||||||||||
Total | $ | 102,980 | $ | 3,196 | $ | 106,176 | |||||||||||||||
-1 | Variable rate based on the three-month LIBOR plus 3.15% with a current rate of 3.41% through March 30, 2015, adjustable quarterly. | ||||||||||||||||||||
-2 | Variable rate based on the three-month LIBOR plus 3.10% with a current rate of 3.35% through March 26, 2015, adjustable quarterly. | ||||||||||||||||||||
-3 | Variable rate based on the three-month LIBOR plus 2.65% with a current rate of 2.89% through March 17, 2015, adjustable quarterly. | ||||||||||||||||||||
-4 | Variable rate based on the three-month LIBOR plus 1.77% with a current rate of 2.01% through March 17, 2015, adjustable quarterly. | ||||||||||||||||||||
-5 | Variable rate based on the three-month LIBOR plus 2.40% with a current rate of 2.63% through January 18, 2015, adjustable quarterly. | ||||||||||||||||||||
-6 | Variable rate based on the three-month LIBOR plus 2.30% with a current rate of 2.53% through January 18, 2015, adjustable quarterly. | ||||||||||||||||||||
-7 | Fixed rate of 5.96% through June 30, 2015 and three-month LIBOR plus 1.60% thereafter, adjustable quarterly. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Summary of Benefit Obligations and Funded Status of the Plan | The benefit obligations and funded status of the Plan are as follows: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 103,447 | $ | 81,478 | |||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 90,640 | $ | 94,502 | |||||||||||||||||
Service cost | 2,909 | 3,120 | |||||||||||||||||||
Interest cost | 4,745 | 4,096 | |||||||||||||||||||
Actuarial (gain) loss | 25,392 | (8,286 | ) | ||||||||||||||||||
Benefits paid | (5,425 | ) | (2,792 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 118,261 | $ | 90,640 | |||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 100,274 | $ | 82,608 | |||||||||||||||||
Actual return on plan assets | 7,688 | 15,458 | |||||||||||||||||||
Employer contribution | 7,500 | 5,000 | |||||||||||||||||||
Benefits paid | (5,425 | ) | (2,792 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 110,037 | $ | 100,274 | |||||||||||||||||
Amounts recognized in the statement of financial position: | |||||||||||||||||||||
Funded status | $ | (8,224 | ) | $ | 9,634 | ||||||||||||||||
Net amounts recognized as (payable) receivable pension costs in the consolidated balance sheets | $ | (8,224 | ) | $ | 9,634 | ||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||||||
Unrecognized prior service cost | $ | 182 | $ | 227 | |||||||||||||||||
Unrecognized net loss | 35,834 | 12,371 | |||||||||||||||||||
Net amounts recognized in accumulated other comprehensive income (before tax) | $ | 36,016 | $ | 12,598 | |||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||
Discount rate | 4.33 | % | 5.17 | % | |||||||||||||||||
Rate of compensation increase | 3.77 | % | 3.97 | % | |||||||||||||||||
Expected long-term return on assets | 7 | % | 7.25 | % | |||||||||||||||||
Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs | The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: | ||||||||||||||||||||
For the years ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||
Service cost | $ | 2,909 | $ | 3,120 | $ | 2,737 | |||||||||||||||
Interest cost | 4,745 | 4,096 | 3,882 | ||||||||||||||||||
Expected return on plan assets | (7,229 | ) | (5,993 | ) | (5,541 | ) | |||||||||||||||
Amortization of prior service cost | 45 | 45 | 45 | ||||||||||||||||||
Amortization of net loss | 1,471 | 3,534 | 2,287 | ||||||||||||||||||
Net periodic pension cost | $ | 1,941 | $ | 4,802 | $ | 3,410 | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||
Net (gain) loss for period | $ | 24,934 | $ | (17,751 | ) | $ | 12,143 | ||||||||||||||
Amortization of prior service cost | (45 | ) | (45 | ) | (45 | ) | |||||||||||||||
Amortization of net loss | (1,471 | ) | (3,534 | ) | (2,287 | ) | |||||||||||||||
Total recognized in other comprehensive income | $ | 23,418 | $ | (21,330 | ) | $ | 9,811 | ||||||||||||||
Total recognized in net periodic pension cost and other comprehensive income | $ | 25,359 | $ | (16,528 | ) | $ | 13,221 | ||||||||||||||
Weighted-average assumptions used to determine net periodic pension cost: | |||||||||||||||||||||
Discount rate | 5.17 | % | 4.36 | % | 5.11 | % | |||||||||||||||
Rate of compensation increase | 3.97 | % | 3 | % | 3 | % | |||||||||||||||
Expected long-term return on assets | 7.25 | % | 7.25 | % | 7.75 | % | |||||||||||||||
Summary of Weighted-Average Asset Allocations by Asset Category | The following table sets forth the Plan’s weighted-average asset allocations by asset category: | ||||||||||||||||||||
Target | December 31, | ||||||||||||||||||||
Allocation | |||||||||||||||||||||
for 2014 | 2014 | 2013 | |||||||||||||||||||
Asset Category: | |||||||||||||||||||||
Equity securities | 55 - 75% | 65 | % | 68 | % | ||||||||||||||||
Debt securities | 25 - 55% | 32 | % | 30 | % | ||||||||||||||||
Cash and cash equivalents | 0 - 5% | 3 | % | 2 | % | ||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Fair Values of the WesBanco's Pension Plan Assets | The fair values of WesBanco’s pension plan assets at December 31, 2014 and 2013, by asset category are as follows: | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | Assets at Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Value | Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Defined benefit pension plan assets: | |||||||||||||||||||||
Registered investment companies | $ | 17,182 | $ | 17,182 | $ | — | $ | — | |||||||||||||
Equity securities | 65,869 | 65,869 | — | — | |||||||||||||||||
Corporate debt securities | 15,726 | — | 15,726 | — | |||||||||||||||||
Municipal obligations | 2,178 | — | 2,178 | — | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 13,261 | — | 13,261 | — | |||||||||||||||||
Total defined benefit pension plan assets (1) | $ | 114,216 | $ | 83,051 | $ | 31,165 | $ | — | |||||||||||||
-1 | The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $110.0 million. | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | Assets at Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||
Value | Active Markets for | Other | Unobservable | ||||||||||||||||||
Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Defined benefit pension plan assets: | |||||||||||||||||||||
Registered investment companies | $ | 9,716 | $ | 9,716 | $ | — | $ | — | |||||||||||||
Equity securities | 64,804 | 64,804 | — | — | |||||||||||||||||
Corporate debt securities | 12,752 | — | 12,752 | — | |||||||||||||||||
Municipal obligations | 2,041 | — | 2,041 | — | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 11,450 | — | 11,450 | — | |||||||||||||||||
Total defined benefit pension plan assets (1) | $ | 100,763 | $ | 74,520 | $ | 26,243 | $ | — | |||||||||||||
-1 | The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $100.3 million. | ||||||||||||||||||||
Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter | The following table presents estimated benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands): | ||||||||||||||||||||
Year | Amount | ||||||||||||||||||||
2015 | $ | 3,409 | |||||||||||||||||||
2016 | 3,703 | ||||||||||||||||||||
2017 | 4,006 | ||||||||||||||||||||
2018 | 4,353 | ||||||||||||||||||||
2019 | 4,681 | ||||||||||||||||||||
2020 to 2024 | 29,936 | ||||||||||||||||||||
Significant Assumptions Used in Calculating the Fair Value of the Grants | The following table sets forth the significant assumptions used in calculating the fair value of the grants: | ||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average life | 4.8 years | 4.5 years | 4.9 years | ||||||||||||||||||
Risk-free interest rate | 1.37 | % | 0.74 | % | 0.73 | % | |||||||||||||||
Dividend yield | 3.06 | % | 3.04 | % | 3.4 | % | |||||||||||||||
Volatility factor | 28.82 | % | 32.31 | % | 32.3 | % | |||||||||||||||
Fair value of the grants | $ | 5.41 | $ | 5.05 | $ | 3.96 | |||||||||||||||
Summary of Activity for the Stock Option Component of the Incentive Plan | The following table shows the activity for the Stock Option component of the Incentive Plan: | ||||||||||||||||||||
For the year ended | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Options | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Per Share | |||||||||||||||||||||
Outstanding at beginning of the year | 297,761 | $ | 23.62 | ||||||||||||||||||
Granted during the year | 83,800 | 28.79 | |||||||||||||||||||
Exercised during the year | (82,659 | ) | 23.46 | ||||||||||||||||||
Forfeited or expired during the year | (40,452 | ) | 29.93 | ||||||||||||||||||
Outstanding at end of the year | 258,450 | $ | 24.36 | ||||||||||||||||||
Exercisable at year end | 216,550 | $ | 23.51 | ||||||||||||||||||
Summary of Average Remaining Life of the Stock Options | The following table shows the average remaining life of the stock options at December 31, 2014: | ||||||||||||||||||||
Year Issued | Exercisable | Exercise | Options | Weighted | Weighted Avg. | ||||||||||||||||
at | Price Range Per | Outstanding | Average | Remaining | |||||||||||||||||
Year End | Share | Exercise | Contractual | ||||||||||||||||||
Price | Life in Years | ||||||||||||||||||||
2008 | 19,950 | $ | 21.72 | 19,950 | $ | 21.72 | 0.39 | ||||||||||||||
2010 | 18,675 | 19.27 | 18,675 | 19.27 | 2.38 | ||||||||||||||||
2011 | 24,250 | 19.76 | 24,250 | 19.76 | 3.38 | ||||||||||||||||
2012 | 36,750 | 20.02 | 36,750 | 20.02 | 4.38 | ||||||||||||||||
2013 | 75,025 | 25 | 75,025 | 25 | 5.38 | ||||||||||||||||
2014 | 41,900 | 28.79 | 83,800 | 28.79 | 6.39 | ||||||||||||||||
Total | 216,550 | $ | 19.27 to $28.79 | 258,450 | $ | 24.36 | 4.77 | ||||||||||||||
Schedule of Activity for the Restricted Stock Component of the Plan | The following table shows the activity for the Restricted Stock component of the Incentive Plan: | ||||||||||||||||||||
For the year ended December 31, 2014 | Restricted | Weighted Average | |||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Per Share | |||||||||||||||||||||
Non-vested at January 1, 2014 | 91,194 | $ | 23.2 | ||||||||||||||||||
Granted during the year | 42,540 | 28.64 | |||||||||||||||||||
Vested during the year | (1,749 | ) | 20.64 | ||||||||||||||||||
Forfeited or expired during the year | (1,583 | ) | 20.28 | ||||||||||||||||||
Dividend reinvestment | 3,066 | 31.4 | |||||||||||||||||||
Non-vested at end of the year | 133,468 | $ | 25.19 | ||||||||||||||||||
Other_Operating_Expenses_Table
Other Operating Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of Other Operating Expenses | Other operating expenses consist of miscellaneous taxes, consulting fees, ATM expenses, postage, legal fees, supplies, communications, other real estate owned and foreclosure expenses, and other expenses. Other operating expenses are presented below: | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Franchise and other miscellaneous taxes | $ | 6,748 | $ | 5,887 | $ | 5,629 | |||||||
Consulting, regulatory and advisory fees | 4,405 | 4,445 | 3,971 | ||||||||||
ATM and electronic banking interchange expenses | 4,222 | 4,310 | 3,748 | ||||||||||
Postage and courier expenses | 3,373 | 3,317 | 3,071 | ||||||||||
Legal fees | 2,531 | 2,549 | 2,517 | ||||||||||
Supplies | 2,425 | 2,675 | 2,460 | ||||||||||
Communications | 1,555 | 2,717 | 2,536 | ||||||||||
Other real estate owned and foreclosure expenses | 1,101 | 1,753 | 2,082 | ||||||||||
Other | 10,836 | 9,684 | 9,433 | ||||||||||
Total other operating expenses | $ | 37,196 | $ | 37,337 | $ | 35,447 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Reconciliation from Federal Statutory Income Tax Rate to Effective Tax Rate | Reconciliation from the federal statutory income tax rate to the effective tax rate is as follows: | ||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Net tax-exempt interest income on securities of state and political subdivisions | (6.4 | %) | (6.7 | %) | (9.0 | %) | |||||||
State income taxes, net of federal tax effect | 1.4 | % | 1.6 | % | 1.5 | % | |||||||
Bank-owned life insurance | (1.7 | %) | (1.9 | %) | (1.9 | %) | |||||||
General business credits | (3.1 | %) | (3.5 | %) | (4.4 | %) | |||||||
All other—net | 0.1 | % | — | 0.3 | % | ||||||||
Effective tax rate | 25.3 | % | 24.5 | % | 21.5 | % | |||||||
Provision for Income Taxes Applicable to Income Before Taxes | The provision for income taxes applicable to income before taxes consists of the following: | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 13,346 | $ | 12,399 | $ | 12,275 | |||||||
State | 1,684 | 1,837 | 1,393 | ||||||||||
Deferred: | |||||||||||||
Federal | 8,337 | 6,267 | (119 | ) | |||||||||
State | 353 | 260 | 39 | ||||||||||
Total | $ | 23,720 | $ | 20,763 | $ | 13,588 | |||||||
Schedule of Income Tax Amounts were Recorded in Shareholder's Equity as Elements of Other Comprehensive Income | The following income tax amounts were recorded in shareholders’ equity as elements of other comprehensive income: | ||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Securities and defined benefit pension plan unrecognized items | $ | (3,538 | ) | $ | (3,707 | ) | $ | (3,192 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 16,386 | $ | 17,414 | $ | 19,901 | |||||||
Compensation and benefits | 8,764 | 2,324 | 10,192 | ||||||||||
Security gains and losses | 2,817 | 3,261 | 2,261 | ||||||||||
Purchase accounting adjustments | 1,497 | 3,544 | 8,037 | ||||||||||
Non-accrual interest income | 2,129 | 1,850 | 1,745 | ||||||||||
Tax credit carryforwards | 10,163 | 11,517 | 11,838 | ||||||||||
Federal net operating loss carryforwards | 597 | 1,415 | 2,316 | ||||||||||
Fair value adjustments on securities available-for-sale | — | 2,772 | — | ||||||||||
Other | 3,327 | 3,175 | 3,070 | ||||||||||
Gross deferred tax assets | 45,680 | 47,272 | 59,360 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (1,900 | ) | (1,416 | ) | (962 | ) | |||||||
Accretion on securities | (295 | ) | (262 | ) | (397 | ) | |||||||
Fair value adjustments on securities available-for-sale | (2,297 | ) | — | (8,806 | ) | ||||||||
Other | (1,728 | ) | (983 | ) | (1,257 | ) | |||||||
Gross deferred tax liabilities | (6,220 | ) | (2,661 | ) | (11,422 | ) | |||||||
Net deferred tax assets | $ | 39,460 | $ | 44,611 | $ | 47,938 | |||||||
Schedule of Unrecognized Tax Benefits (Excluding Interest and Federal Income Tax Benefit of Unrecognized State Tax Benefits) | A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows: | ||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 673 | $ | 668 | $ | 784 | |||||||
Additions based on tax positions related to the current year | 155 | 140 | 147 | ||||||||||
Reductions for tax positions of prior years | — | — | — | ||||||||||
Reductions due to the statute of limitations | (127 | ) | (135 | ) | (263 | ) | |||||||
Settlements | — | — | — | ||||||||||
Balance at end of year | $ | 701 | $ | 673 | $ | 668 | |||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following tables set forth WesBanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | December 31, | Quoted Prices in | Significant | Significant | |||||||||||||||||
2014 | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities—available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 87,736 | $ | — | $ | 87,736 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 701,113 | — | 701,113 | — | |||||||||||||||||
Obligations of state and political subdivisions | 91,433 | — | 91,433 | — | |||||||||||||||||
Corporate debt securities | 25,996 | — | 25,996 | — | |||||||||||||||||
Equity securities | 11,146 | 8,440 | 2,706 | — | |||||||||||||||||
Total securities—available-for-sale | $ | 917,424 | $ | 8,440 | $ | 908,984 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 917,424 | $ | 8,440 | $ | 908,984 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 6,024 | $ | — | $ | — | $ | 6,024 | |||||||||||||
Other real estate owned and repossessed assets | 5,082 | — | — | 5,082 | |||||||||||||||||
Loans held for sale | 5,865 | — | 5,865 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 16,971 | $ | — | $ | 5,865 | $ | 11,106 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(in thousands) | December 31, | Quoted Prices in | Significant | Significant | |||||||||||||||||
2013 | Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities—available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 73,232 | $ | — | $ | 73,232 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 694,267 | — | 694,267 | — | |||||||||||||||||
Obligations of state and political subdivisions | 116,346 | — | 116,346 | — | |||||||||||||||||
Corporate debt securities | 38,481 | — | 38,481 | — | |||||||||||||||||
Equity securities | 12,060 | 9,962 | 2,098 | — | |||||||||||||||||
Total securities—available-for-sale | $ | 934,386 | $ | 9,962 | $ | 924,424 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 934,386 | $ | 9,962 | $ | 924,424 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 1,543 | $ | — | $ | — | $ | 1,543 | |||||||||||||
Other real estate owned and repossessed assets | 4,860 | — | — | 4,860 | |||||||||||||||||
Loans held for sale | 5,855 | — | 5,855 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 12,258 | $ | — | $ | 5,855 | $ | 6,403 | |||||||||||||
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which WesBanco has utilized Level 3 inputs to determine fair value: | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
(in thousands) | Fair Value | Valuation | Unobservable | Range / Weighted | |||||||||||||||||
Estimate | Techniques | Input | Average | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Impaired loans | $ | 6,024 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (39.7%) / (6.7%) | ||||||||||||||||
Liquidation expenses (2) | (1.2%) to (8.0%) / (6.7%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 5,082 | Appraisal of collateral (1)(3) | |||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | 1,543 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (29.1%) / (15.6%) | ||||||||||||||||
Liquidation expenses (2) | (3.5%) to (8.0%) / (4.7%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 4,860 | Appraisal of collateral (1)(3) | |||||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expenses are presented as a percent of the appraisal. | ||||||||||||||||||||
-3 | Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management which are not identifiable. | ||||||||||||||||||||
Estimates Fair Values of Financial Instruments | The estimated fair values of WesBanco’s financial instruments are summarized below: | ||||||||||||||||||||
(in thousands) | Carrying | Fair Value | Fair Value Measurements | ||||||||||||||||||
Amount | Estimate | Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 94,002 | $ | 94,002 | $ | 94,002 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 917,424 | 917,424 | 8,440 | 908,984 | — | ||||||||||||||||
Securities held-to-maturity | 593,670 | 619,617 | — | 618,895 | 722 | ||||||||||||||||
Net loans | 4,042,112 | 4,047,648 | — | — | 4,047,648 | ||||||||||||||||
Loans held for sale | 5,865 | 5,865 | — | 5,865 | — | ||||||||||||||||
Accrued interest receivable | 18,481 | 18,481 | 18,481 | — | — | ||||||||||||||||
Bank-owned life insurance | 123,298 | 123,298 | 123,298 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 5,048,983 | 5,056,828 | 3,743,887 | 1,312,941 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 223,126 | 225,456 | — | 225,456 | — | ||||||||||||||||
Other borrowings | 80,690 | 80,696 | 77,534 | 3,162 | — | ||||||||||||||||
Junior subordinated debt | 106,176 | 79,212 | — | 79,212 | — | ||||||||||||||||
Accrued interest payable | 1,620 | 1,620 | 1,620 | — | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 95,551 | $ | 95,551 | $ | 95,551 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 934,386 | 934,386 | 9,962 | 924,424 | — | ||||||||||||||||
Securities held-to-maturity | 598,520 | 596,308 | — | 595,581 | 727 | ||||||||||||||||
Net loans | 3,847,549 | 3,754,465 | — | — | 3,754,465 | ||||||||||||||||
Loans held for sale | 5,855 | 5,855 | — | 5,855 | — | ||||||||||||||||
Accrued interest receivable | 18,960 | 18,960 | 18,960 | — | — | ||||||||||||||||
Bank-owned life insurance | 121,390 | 121,390 | 121,390 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 5,062,530 | 5,076,207 | 3,551,052 | 1,525,155 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 39,508 | 42,314 | — | 42,314 | — | ||||||||||||||||
Other borrowings | 150,536 | 153,015 | 104,196 | 48,819 | — | ||||||||||||||||
Junior subordinated debt | 106,137 | 74,038 | — | 74,038 | — | ||||||||||||||||
Accrued interest payable | 2,354 | 2,354 | 2,354 | — | — |
Comprehensive_IncomeLoss_Table
Comprehensive Income/(Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive Income/(Loss) | The activity in accumulated other comprehensive income/(loss) for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) (1) | |||||||||||||||||
(in thousands) | Defined | Unrealized | Unrealized Gains | Total | |||||||||||||
Benefit | Gains (Losses) on | on Securities | |||||||||||||||
Pension | Securities | Transferred from | |||||||||||||||
Plan | Available-for-Sale | Available-for-Sale | |||||||||||||||
to Held-to-Maturity | |||||||||||||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Other comprehensive income/(loss) before reclassifications | (15,768 | ) | 9,638 | — | (6,130 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 958 | (620 | ) | (299 | ) | 39 | |||||||||||
Period change | (14,810 | ) | 9,018 | (299 | ) | (6,091 | ) | ||||||||||
Balance at December 31, 2014 | $ | (22,776 | ) | $ | 2,892 | $ | 1,059 | $ | (18,825 | ) | |||||||
Balance at December 31, 2012 | $ | (21,401 | ) | $ | 13,032 | $ | 2,004 | $ | (6,365 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | 11,224 | (19,102 | ) | — | (7,878 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 2,211 | (56 | ) | (646 | ) | 1,509 | |||||||||||
Period change | 13,435 | (19,158 | ) | (646 | ) | (6,369 | ) | ||||||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Balance at December 31, 2011 | $ | (15,155 | ) | $ | 11,292 | $ | 2,961 | $ | (902 | ) | |||||||
Other comprehensive income/(loss) before reclassifications | (7,660 | ) | 3,086 | — | (4,574 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 1,414 | (1,346 | ) | (957 | ) | (889 | ) | ||||||||||
Period change | (6,246 | ) | 1,740 | (957 | ) | (5,463 | ) | ||||||||||
Balance at December 31, 2012 | $ | (21,401 | ) | $ | 13,032 | $ | 2,004 | $ | (6,365 | ) | |||||||
-1 | All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 37%. | ||||||||||||||||
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||
Details about Accumulated Other Comprehensive | Amounts Reclassified from | Affected Line Item in the Statement of Net | |||||||||||||||
Income/(Loss) Components | Accumulated Other | Income | |||||||||||||||
Comprehensive Income/ | |||||||||||||||||
(Loss) For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Securities available-for-sale (1): | |||||||||||||||||
Net securities gains reclassified into earnings | $ | (981 | ) | $ | (89 | ) | $ | (2,142 | ) | Net securities gains (Non-interest income) | |||||||
Related income tax expense | 361 | 33 | 796 | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (620 | ) | (56 | ) | (1,346 | ) | |||||||||||
Securities held-to-maturity (1): | |||||||||||||||||
Amortization of unrealized gain transferred from available-for-sale | (472 | ) | (1,029 | ) | (1,534 | ) | Interest and dividends on securities (Interest and dividend income) | ||||||||||
Related income tax expense | 173 | 383 | 577 | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (299 | ) | (646 | ) | (957 | ) | |||||||||||
Defined benefit pension plan (2): | |||||||||||||||||
Amortization of net loss and prior service costs | 1,516 | 3,579 | 2,332 | Employee benefits (Non-interest expense) | |||||||||||||
Related income tax benefit | (558 | ) | (1,368 | ) | (918 | ) | Provision for income taxes | ||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | 958 | 2,211 | 1,414 | ||||||||||||||
Total reclassifications for the period | $ | 39 | $ | 1,509 | $ | (889 | ) | ||||||||||
-1 | For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income/(loss) see Note 3, “Securities.” | ||||||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 11, “Employee Benefit Plans” for additional detail. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding | The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: | ||||||||
December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Lines of credit | $ | 984,352 | $ | 964,777 | |||||
Loans approved but not closed | 116,757 | 73,937 | |||||||
Overdraft limits | 95,965 | 96,291 | |||||||
Letters of credit | 23,362 | 18,686 | |||||||
Contingent obligations to purchase loans funded by other entities | 8,312 | 6,327 |
WesBanco_Bank_Community_Develo1
WesBanco Bank Community Development Corporation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Summary of New Market Tax Credit Carry Forward | |||||||||||||||||||||
(in thousands) | Aggregate | New Markets Tax Credit | |||||||||||||||||||
Year | QEI Amount | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
2004 | $ | 10,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||
2005 | 10,000 | — | — | — | — | ||||||||||||||||
2008 | 7,500 | — | — | — | — | ||||||||||||||||
2009 | 2,500 | 150 | — | — | — | ||||||||||||||||
2010 | 14,000 | 840 | 840 | — | — | ||||||||||||||||
2011 | 5,000 | 300 | 300 | 300 | — | ||||||||||||||||
2012 | 6,000 | 360 | 360 | 360 | 360 | ||||||||||||||||
2013 | 5,000 | 250 | 300 | 300 | 300 | ||||||||||||||||
Total | $ | 60,000 | $ | 1,900 | $ | 1,800 | $ | 960 | $ | 660 | |||||||||||
Condensed_Parent_Company_Finan1
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
WBCDC [Member] | |||||||||||||
Schedule of Condensed Balance Sheet | BALANCE SHEET | ||||||||||||
(in thousands) | December 31, | ||||||||||||
2014 | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 24,270 | |||||||||||
Loans, net of allowance for loan losses of $249 | 44,676 | ||||||||||||
Investments | 980 | ||||||||||||
Other assets | 530 | ||||||||||||
Total Assets | $ | 70,456 | |||||||||||
Liabilities | $ | 294 | |||||||||||
Shareholder Equity | 70,162 | ||||||||||||
Total Liabilities and Shareholder Equity | $ | 70,456 | |||||||||||
Schedule of Condensed Income Statement | STATEMENT OF INCOME | ||||||||||||
(in thousands) | For the year ended | ||||||||||||
December 31, 2014 | |||||||||||||
Interest income | |||||||||||||
Loans | $ | 1,527 | |||||||||||
Total interest income | 1,527 | ||||||||||||
Provision for loan losses | 43 | ||||||||||||
Net interest income after provision for loan losses | 1,484 | ||||||||||||
Non-interest income | 83 | ||||||||||||
Non-interest expense | 103 | ||||||||||||
Income before provision for income taxes | 1,464 | ||||||||||||
Provision for income taxes | 544 | ||||||||||||
Net income | $ | 920 | |||||||||||
Schedule of Condensed Cash Flow Statement | STATEMENT OF CASH FLOWS | ||||||||||||
For the year ended | |||||||||||||
(in thousands) | December 31, 2014 | ||||||||||||
Operating Activities | |||||||||||||
Net income | $ | 920 | |||||||||||
Provision for loan losses | 43 | ||||||||||||
Gain on investments | (83 | ) | |||||||||||
Net change in other assets | 106 | ||||||||||||
Net change in liabilities | (563 | ) | |||||||||||
Net cash provided by operating activities | 423 | ||||||||||||
Investing Activities | |||||||||||||
Increase in loans | (1,193 | ) | |||||||||||
Net cash used by investing activities | (1,193 | ) | |||||||||||
Financing Activities | |||||||||||||
Qualified equity investment by parent company | — | ||||||||||||
Net cash provided by financing activities | — | ||||||||||||
Net decrease in cash and cash equivalents | (770 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 25,040 | ||||||||||||
Cash and cash equivalents at end of year | $ | 24,270 | |||||||||||
Parent Company [Member] | |||||||||||||
Schedule of Condensed Balance Sheet | BALANCE SHEETS | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
ASSETS | |||||||||||||
Cash and short-term investments | $ | 61,732 | $ | 22,973 | |||||||||
Investment in subsidiaries—Bank | 814,227 | 806,586 | |||||||||||
Investment in subsidiaries—Nonbank | 5,343 | 5,527 | |||||||||||
Securities available-for-sale, at fair value | 2,189 | 4,113 | |||||||||||
Other assets | 17,553 | 18,983 | |||||||||||
Total Assets | $ | 901,044 | $ | 858,182 | |||||||||
LIABILITIES | |||||||||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | $ | 106,176 | $ | 106,137 | |||||||||
Dividends payable and other liabilities | 6,678 | 5,450 | |||||||||||
Total Liabilities | 112,854 | 111,587 | |||||||||||
SHAREHOLDERS’ EQUITY | 788,190 | 746,595 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 901,044 | $ | 858,182 | |||||||||
Schedule of Condensed Income Statement | STATEMENTS OF INCOME | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Dividends from subsidiaries—Bank | $ | 59,500 | $ | 42,000 | $ | 36,500 | |||||||
Dividends from subsidiaries—Nonbank | 1,200 | 860 | 562 | ||||||||||
Income from securities | 128 | 194 | 102 | ||||||||||
Net securities gain | 745 | 6 | 11 | ||||||||||
Other income | 416 | 67 | 96 | ||||||||||
Total income | 61,989 | 43,127 | 37,271 | ||||||||||
Total expense | 7,139 | 5,810 | 7,145 | ||||||||||
Income before income tax benefit and undistributed net income of subsidiaries | 54,850 | 37,317 | 30,126 | ||||||||||
Income tax benefit | (2,006 | ) | (2,132 | ) | (2,305 | ) | |||||||
Income before undistributed net income of subsidiaries | 56,856 | 39,449 | 32,431 | ||||||||||
Equity in undistributed net income of subsidiaries | 13,118 | 24,476 | 17,113 | ||||||||||
NET INCOME | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
Schedule of Condensed Cash Flow Statement | STATEMENTS OF CASH FLOWS | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 69,974 | $ | 63,925 | $ | 49,544 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net income | (13,118 | ) | (24,476 | ) | (17,113 | ) | |||||||
Gain on securities | (745 | ) | (6 | ) | (11 | ) | |||||||
Decrease (increase) in other assets | 1,908 | (1,957 | ) | 129 | |||||||||
Other—net | 1,968 | 1,975 | (13 | ) | |||||||||
Net cash provided by operating activities | 59,987 | 39,461 | 32,536 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||
Proceed from sales —securities available-for-sale | 1,990 | 1,009 | 591 | ||||||||||
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | — | (104 | ) | (23,467 | ) | ||||||||
Net cash provided by (used in) investing activities | 1,990 | 905 | (22,876 | ) | |||||||||
FINANCING ACTIVITIES | |||||||||||||
Repayment of junior subordinated debt | — | (7,732 | ) | — | |||||||||
Issuance of common stock | — | 2,539 | 38 | ||||||||||
Treasury shares sold (purchased)—net | 1,918 | (6,170 | ) | (24 | ) | ||||||||
Dividends paid to common and preferred shareholders | (25,136 | ) | (22,243 | ) | (18,119 | ) | |||||||
Net cash used in financing activities | (23,218 | ) | (33,606 | ) | (18,105 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 38,759 | 6,760 | (8,445 | ) | |||||||||
Cash and short-term investments at beginning of year | 22,973 | 16,213 | 24,658 | ||||||||||
Cash and short-term investments at end of year | $ | 61,732 | $ | 22,973 | $ | 16,213 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Risk-Based Capital Amounts and Ratios | The following table summarizes risk-based capital amounts and ratios for WesBanco and the Bank: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Minimum | Well | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Value (1) | Capitalized (2) | Amount | Ratio | Minimum | Amount | Ratio | Minimum | ||||||||||||||||||||||||||
Amount (1) | Amount (1) | ||||||||||||||||||||||||||||||||
WesBanco, Inc. | |||||||||||||||||||||||||||||||||
Tier 1 leverage | 4 | %(3) | N/A | $ | 593,031 | 9.88 | % | $ | 240,068 | $ | 544,083 | 9.27 | % | $ | 234,863 | ||||||||||||||||||
Tier 1 capital to risk-weighted assets | 4 | % | 6 | % | 593,031 | 13.76 | % | 172,357 | 544,083 | 13.06 | % | 166,691 | |||||||||||||||||||||
Total capital to risk-weighted assets | 8 | % | 10 | % | 638,064 | 14.81 | % | 344,714 | 591,451 | 14.19 | % | 333,382 | |||||||||||||||||||||
WesBanco Bank, Inc. | |||||||||||||||||||||||||||||||||
Tier 1 leverage | 4 | % | 5 | % | $ | 516,689 | 8.63 | % | $ | 239,533 | $ | 502,165 | 8.58 | % | $ | 234,109 | |||||||||||||||||
Tier 1 capital to risk-weighted assets | 4 | % | 6 | % | 516,689 | 12.04 | % | 171,612 | 502,165 | 12.11 | % | 165,828 | |||||||||||||||||||||
Total capital to risk-weighted assets | 8 | % | 10 | % | 561,369 | 13.08 | % | 343,225 | 549,533 | 13.25 | % | 331,656 | |||||||||||||||||||||
-1 | Minimum requirements to remain adequately capitalized. | ||||||||||||||||||||||||||||||||
-2 | Well capitalized under prompt corrective action regulations. | ||||||||||||||||||||||||||||||||
-3 | Minimum requirement is 3% for certain highly-rated bank holding companies. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Financial Information by Business Segment | Condensed financial information by business segment is presented below: | ||||||||||||
(in thousands) | Community | Trust and | Consolidated | ||||||||||
Banking | Investment | ||||||||||||
Services | |||||||||||||
For the year ended December 31, 2014: | |||||||||||||
Interest income | $ | 215,991 | $ | — | $ | 215,991 | |||||||
Interest expense | 22,763 | — | 22,763 | ||||||||||
Net interest income | 193,228 | — | 193,228 | ||||||||||
Provision for credit losses | 6,405 | — | 6,405 | ||||||||||
Net interest income after provision for credit losses | 186,823 | — | 186,823 | ||||||||||
Non-interest income | 47,435 | 21,069 | 68,504 | ||||||||||
Non-interest expense | 149,429 | 12,204 | 161,633 | ||||||||||
Income before provision for income taxes | 84,829 | 8,865 | 93,694 | ||||||||||
Provision for income taxes | 20,174 | 3,546 | 23,720 | ||||||||||
Net income | $ | 64,655 | $ | 5,319 | $ | 69,974 | |||||||
For the year ended December 31, 2013: | |||||||||||||
Interest income | $ | 217,890 | $ | — | $ | 217,890 | |||||||
Interest expense | 32,403 | — | 32,403 | ||||||||||
Net interest income | 185,487 | — | 185,487 | ||||||||||
Provision for credit losses | 9,086 | — | 9,086 | ||||||||||
Net interest income after provision for credit losses | 176,401 | — | 176,401 | ||||||||||
Non-interest income | 49,708 | 19,577 | 69,285 | ||||||||||
Non-interest expense | 149,136 | 11,862 | 160,998 | ||||||||||
Income before provision for income taxes | 76,973 | 7,715 | 84,688 | ||||||||||
Provision for income taxes | 17,677 | 3,086 | 20,763 | ||||||||||
Net income | $ | 59,296 | $ | 4,629 | $ | 63,925 | |||||||
For the year ended December 31, 2012: | |||||||||||||
Interest income | $ | 211,686 | $ | — | $ | 211,686 | |||||||
Interest expense | 43,335 | — | 43,335 | ||||||||||
Net interest income | 168,351 | — | 168,351 | ||||||||||
Provision for credit losses | 19,874 | — | 19,874 | ||||||||||
Net interest income after provision for credit losses | 148,477 | — | 148,477 | ||||||||||
Non-interest income | 46,731 | 18,044 | 64,775 | ||||||||||
Non-interest expense | 139,093 | 11,027 | 150,120 | ||||||||||
Income before provision for income taxes | 56,115 | 7,017 | 63,132 | ||||||||||
Provision for income taxes | 10,781 | 2,807 | 13,588 | ||||||||||
Net income | $ | 45,334 | $ | 4,210 | $ | 49,544 | |||||||
Condensed_Quarterly_Statements1
Condensed Quarterly Statements of Income (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Consolidated Selected Quarterly Statements of Income | The following tables set forth unaudited consolidated selected quarterly statements of income for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
2014 Quarter ended | |||||||||||||||||||||
(dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | Annual | ||||||||||||||||
Total | |||||||||||||||||||||
Interest income | $ | 53,457 | $ | 54,044 | $ | 54,303 | $ | 54,185 | $ | 215,991 | |||||||||||
Interest expense | 6,132 | 5,737 | 5,692 | 5,199 | 22,763 | ||||||||||||||||
Net interest income | 47,325 | 48,307 | 48,611 | 48,986 | 193,228 | ||||||||||||||||
Provision for credit losses | 2,199 | 849 | 1,478 | 1,880 | 6,405 | ||||||||||||||||
Net interest income after provision for credit losses | 45,126 | 47,458 | 47,133 | 47,106 | 186,823 | ||||||||||||||||
Non-interest income | 17,039 | 18,076 | 16,073 | 16,413 | 67,601 | ||||||||||||||||
Net securities gains | 10 | 165 | 581 | 147 | 903 | ||||||||||||||||
Non-interest expense | 40,095 | 40,304 | 39,263 | 41,972 | 161,633 | ||||||||||||||||
Income before income taxes | 22,080 | 25,395 | 24,524 | 21,694 | 93,694 | ||||||||||||||||
Provision for income taxes | 5,659 | 6,520 | 6,358 | 5,182 | 23,720 | ||||||||||||||||
Net income | $ | 16,421 | $ | 18,875 | $ | 18,166 | $ | 16,512 | $ | 69,974 | |||||||||||
Earnings per common share—basic | $ | 0.56 | $ | 0.65 | $ | 0.62 | $ | 0.56 | $ | 2.39 | |||||||||||
Earnings per common share—diluted | $ | 0.56 | $ | 0.64 | $ | 0.62 | $ | 0.56 | $ | 2.39 | |||||||||||
2013 Quarter ended | |||||||||||||||||||||
(dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | Annual | ||||||||||||||||
Total | |||||||||||||||||||||
Interest income | $ | 54,892 | $ | 54,424 | $ | 54,317 | $ | 54,257 | $ | 217,890 | |||||||||||
Interest expense | 8,764 | 8,435 | 8,186 | 7,019 | 32,403 | ||||||||||||||||
Net interest income | 46,128 | 45,989 | 46,131 | 47,238 | 185,487 | ||||||||||||||||
Provision for credit losses | 2,102 | 1,021 | 2,819 | 3,144 | 9,086 | ||||||||||||||||
Net interest income after provision for credit losses | 44,026 | 44,968 | 43,312 | 44,094 | 176,401 | ||||||||||||||||
Non-interest income | 17,480 | 17,038 | 17,131 | 16,953 | 68,601 | ||||||||||||||||
Net securities gains | 16 | 686 | (15 | ) | (3 | ) | 684 | ||||||||||||||
Non-interest expense | 40,747 | 39,499 | 40,009 | 40,743 | 160,998 | ||||||||||||||||
Income before income taxes | 20,775 | 23,193 | 20,419 | 20,301 | 84,688 | ||||||||||||||||
Provision for income taxes | 4,754 | 6,176 | 4,884 | 4,948 | 20,763 | ||||||||||||||||
Net income | $ | 16,021 | $ | 17,017 | $ | 15,535 | $ | 15,353 | $ | 63,925 | |||||||||||
Earnings per common share—basic | $ | 0.55 | $ | 0.58 | $ | 0.53 | $ | 0.52 | $ | 2.18 | |||||||||||
Earnings per common share—diluted | $ | 0.55 | $ | 0.58 | $ | 0.53 | $ | 0.52 | $ | 2.18 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Property | |
Location | |
Segment | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of Banking Offices | 120 |
Number of loan production office | 1 |
Number of ATM | 107 |
Wholly-owned trust subsidiaries | 8 |
Allowance for credit losses carryover | $0 |
Non-accrual status period | 90 days |
Loans returned to accrual status, performance period | 6 months |
Minimum loan balance individually tested for impairment | 1,000,000 |
Historical loss rate | 12 months |
Indefinite - lived intangible assets | $0 |
Period of interest rate lock commitments | 60 days |
Land and Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, Useful life | 15 years |
Consumer Loan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Period of closed end loans loans charged down to net realizable value | 120 days |
Home Equity [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Period of closed end loans loans charged down to net realizable value | 180 days |
Residential Real Estate Loans [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Period of closed end loans loans charged down to net realizable value | 180 days |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of voting interest | 50.00% |
Weighted-average estimated useful lives | 10 years |
Minimum [Member] | Furniture And Equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, Useful life | 3 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, Useful life | 15 years |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Weighted-average estimated useful lives | 16 years |
Maximum [Member] | Furniture And Equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, Useful life | 10 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, Useful life | 39 years |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator for both basic and diluted earnings per common share: | |||||||||||
Net income | $16,512 | $18,166 | $18,875 | $16,421 | $15,353 | $15,535 | $17,017 | $16,021 | $69,974 | $63,925 | $49,544 |
Denominator: | |||||||||||
Total average basic common shares outstanding | 29,249,499 | 29,270,922 | 26,867,227 | ||||||||
Effect of dilutive stock options and warrant | 84,377 | 73,761 | 21,620 | ||||||||
Total diluted average common shares outstanding | 29,333,876 | 29,344,683 | 26,888,847 | ||||||||
Earnings per common share-basic | $0.56 | $0.62 | $0.65 | $0.56 | $0.52 | $0.53 | $0.58 | $0.55 | $2.39 | $2.18 | $1.84 |
Earnings per common share-diluted | $0.56 | $0.62 | $0.64 | $0.56 | $0.52 | $0.53 | $0.58 | $0.55 | $2.39 | $2.18 | $1.84 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | ||
Feb. 10, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | ESB Financial Corporation [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of common stock shares issued | 9,200,000 | |||
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from computation of diluted earnings per share | 0 | 42,701 | 159,569 |
Securities_Schedule_of_Fair_Va
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $912,850 | $944,074 |
Available-for-sale, Gross Unrealized Gains | 11,771 | 8,999 |
Available-for-sale, Gross Unrealized Losses | -7,197 | -18,687 |
Available-for-sale, Estimated Fair Value | 917,424 | 934,386 |
Held-to-maturity, Amortized Cost | 593,670 | 598,520 |
Held-to-maturity, Gross Unrealized Gains | 27,285 | 12,962 |
Held-to-maturity, Gross Unrealized Losses | -1,338 | -15,174 |
Held-to-maturity securities, Fair value | 619,617 | 596,308 |
Total securities, Amortized Cost | 1,506,520 | 1,542,594 |
Total securities, Gross Unrealized Gains | 39,056 | 21,961 |
Total securities, Gross Unrealized Losses | -8,535 | -33,861 |
Total securities, Estimated Fair Value | 1,537,041 | 1,530,694 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 703,535 | 707,000 |
Available-for-sale, Gross Unrealized Gains | 4,336 | 3,191 |
Available-for-sale, Gross Unrealized Losses | -6,758 | -15,924 |
Available-for-sale, Estimated Fair Value | 701,113 | 694,267 |
Held-to-maturity, Amortized Cost | 79,004 | 99,409 |
Held-to-maturity, Gross Unrealized Gains | 3,262 | 2,804 |
Held-to-maturity, Gross Unrealized Losses | -246 | -1,023 |
Held-to-maturity securities, Fair value | 82,020 | 101,190 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 86,073 | 112,536 |
Available-for-sale, Gross Unrealized Gains | 5,365 | 4,165 |
Available-for-sale, Gross Unrealized Losses | -5 | -355 |
Available-for-sale, Estimated Fair Value | 91,433 | 116,346 |
Held-to-maturity, Amortized Cost | 507,927 | 496,396 |
Held-to-maturity, Gross Unrealized Gains | 23,917 | 10,158 |
Held-to-maturity, Gross Unrealized Losses | -1,043 | -13,906 |
Held-to-maturity securities, Fair value | 530,801 | 492,648 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 25,974 | 38,777 |
Available-for-sale, Gross Unrealized Gains | 141 | 174 |
Available-for-sale, Gross Unrealized Losses | -119 | -470 |
Available-for-sale, Estimated Fair Value | 25,996 | 38,481 |
Held-to-maturity, Amortized Cost | 6,739 | 2,715 |
Held-to-maturity, Gross Unrealized Gains | 106 | |
Held-to-maturity, Gross Unrealized Losses | -49 | -245 |
Held-to-maturity securities, Fair value | 6,796 | 2,470 |
Obligations of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 86,964 | 75,164 |
Available-for-sale, Gross Unrealized Gains | 1,087 | 6 |
Available-for-sale, Gross Unrealized Losses | -315 | -1,938 |
Available-for-sale, Estimated Fair Value | 87,736 | 73,232 |
Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 902,546 | 933,477 |
Available-for-sale, Gross Unrealized Gains | 10,929 | 7,536 |
Available-for-sale, Gross Unrealized Losses | -7,197 | -18,687 |
Available-for-sale, Estimated Fair Value | 906,278 | 922,326 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 10,304 | 10,597 |
Available-for-sale, Gross Unrealized Gains | 842 | 1,463 |
Available-for-sale, Estimated Fair Value | $11,146 | $12,060 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Holdings | Holdings | |||
Amortized Cost and Fair Value Debt Securities [Abstract] | ||||
Maximum percentage of equity of one issuer | 10.00% | |||
Number of holdings greater than specified percentage of equity | 0 | 0 | ||
Securities with aggregate fair values | $706,500,000 | $701,700,000 | ||
Proceeds from sale of available-for-sale securities | 16,249,000 | 9,265,000 | 202,810,000 | |
Net unrealized gains (losses) on available-for-sale securities included in AOCI | 2,892,000 | -6,126,000 | 13,032,000 | 11,292,000 |
Impaired loss relating to securities | 0 | |||
Federal home loan bank stock, Total | $11,600,000 | $11,600,000 |
Securities_Schedule_of_Fair_Va1
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | $16,346 | |
Total available-for-sale securities, One to Five Years | 60,967 | |
Total available-for-sale securities, Five to Ten Years | 73,056 | |
Total available-for-sale securities, After Ten Years | 54,796 | |
Total available-for-sale securities, Mortgage-backed and Equity | 712,259 | |
Available-for-sale, Estimated Fair Value | 917,424 | 934,386 |
Total held-to-maturity securities, One Year or less | 3,377 | |
Total held-to-maturity securities, One to Five Years | 13,876 | |
Total held-to-maturity securities, Five to Ten Years | 223,223 | |
Total held-to-maturity securities, After Ten Years | 297,121 | |
Total held-to-maturity securities, Mortgage-backed and Equity | 82,020 | |
Held-to-maturity securities, Fair value | 619,617 | 596,308 |
Total securities, One Year or less | 19,723 | |
Total securities, One to Five Years | 74,843 | |
Total securities, Five to Ten Years | 296,279 | |
Total securities, After Ten Years, Fair value | 351,917 | |
Total securities, Mortgage- backed and Equity | 794,279 | |
Total securities, Fair value | 1,537,041 | |
Obligations of Government Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One to Five Years | 25,645 | |
Total available-for-sale securities, Five to Ten Years | 44,952 | |
Total available-for-sale securities, After Ten Years | 17,139 | |
Available-for-sale, Estimated Fair Value | 87,736 | 73,232 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, Mortgage-backed and Equity | 701,113 | |
Available-for-sale, Estimated Fair Value | 701,113 | 694,267 |
Total held-to-maturity securities, Mortgage-backed and Equity | 82,020 | |
Held-to-maturity securities, Fair value | 82,020 | 101,190 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | 6,312 | |
Total available-for-sale securities, One to Five Years | 33,242 | |
Total available-for-sale securities, Five to Ten Years | 19,089 | |
Total available-for-sale securities, After Ten Years | 32,790 | |
Available-for-sale, Estimated Fair Value | 91,433 | 116,346 |
Total held-to-maturity securities, One Year or less | 3,377 | |
Total held-to-maturity securities, One to Five Years | 13,876 | |
Total held-to-maturity securities, Five to Ten Years | 216,427 | |
Total held-to-maturity securities, After Ten Years | 297,121 | |
Held-to-maturity securities, Fair value | 530,801 | 492,648 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | 10,034 | |
Total available-for-sale securities, One to Five Years | 2,080 | |
Total available-for-sale securities, Five to Ten Years | 9,015 | |
Total available-for-sale securities, After Ten Years | 4,867 | |
Available-for-sale, Estimated Fair Value | 25,996 | 38,481 |
Total held-to-maturity securities, Five to Ten Years | 6,796 | |
Held-to-maturity securities, Fair value | 6,796 | 2,470 |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, Mortgage-backed and Equity | 11,146 | |
Available-for-sale, Estimated Fair Value | $11,146 | $12,060 |
Securities_Schedule_of_Fair_Va2
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Held-to-maturity, Amortized Cost | $593,670 | $598,520 |
Securities_Schedule_of_Gross_R
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Securities Gross Realized Gain Loss [Abstract] | |||||||||||
Gross realized gains | $1,131 | $922 | $2,680 | ||||||||
Gross realized losses | -228 | -238 | -217 | ||||||||
Net realized gains (losses) | $147 | $581 | $165 | $10 | ($3) | ($15) | $686 | $16 | $903 | $684 | $2,463 |
Securities_Schedule_of_Unreali
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Security | Security |
Obligations of Government Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Less than 12 months, Fair Value | $19,362 | $54,356 |
Less than 12 months, Unrealized Losses | -77 | -1,911 |
Less than 12 months, Number of Securities | 5 | 15 |
12 months or more, Fair Value | 19,757 | 5,083 |
12 months or more, Unrealized Losses | -238 | -27 |
12 months or more, Number of Securities | 4 | 2 |
Fair Value, Total | 39,119 | 59,439 |
Unrealized Losses, Total | -315 | -1,938 |
Number of Securities Total | 9 | 17 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Less than 12 months, Fair Value | 78,786 | 513,495 |
Less than 12 months, Unrealized Losses | -386 | -14,639 |
Less than 12 months, Number of Securities | 19 | 89 |
12 months or more, Fair Value | 240,055 | 37,002 |
12 months or more, Unrealized Losses | -6,618 | -2,308 |
12 months or more, Number of Securities | 43 | 11 |
Fair Value, Total | 318,841 | 550,497 |
Unrealized Losses, Total | -7,004 | -16,947 |
Number of Securities Total | 62 | 100 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Less than 12 months, Fair Value | 12,615 | 181,667 |
Less than 12 months, Unrealized Losses | -96 | -10,830 |
Less than 12 months, Number of Securities | 15 | 277 |
12 months or more, Fair Value | 61,548 | 47,793 |
12 months or more, Unrealized Losses | -952 | -3,431 |
12 months or more, Number of Securities | 93 | 76 |
Fair Value, Total | 74,163 | 229,460 |
Unrealized Losses, Total | -1,048 | -14,261 |
Number of Securities Total | 108 | 353 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Less than 12 months, Fair Value | 2,969 | 19,837 |
Less than 12 months, Unrealized Losses | -31 | -560 |
Less than 12 months, Number of Securities | 1 | 7 |
12 months or more, Fair Value | 4,573 | 2,845 |
12 months or more, Unrealized Losses | -137 | -155 |
12 months or more, Number of Securities | 2 | 1 |
Fair Value, Total | 7,542 | 22,682 |
Unrealized Losses, Total | -168 | -715 |
Number of Securities Total | 3 | 8 |
Total Temporarily Impaired Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Less than 12 months, Fair Value | 113,732 | 769,355 |
Less than 12 months, Unrealized Losses | -590 | -27,940 |
Less than 12 months, Number of Securities | 40 | 388 |
12 months or more, Fair Value | 325,933 | 92,723 |
12 months or more, Unrealized Losses | -7,945 | -5,921 |
12 months or more, Number of Securities | 142 | 90 |
Fair Value, Total | 439,665 | 862,078 |
Unrealized Losses, Total | ($8,535) | ($33,861) |
Number of Securities Total | 182 | 478 |
Loans_and_the_Allowance_for_Cr2
Loans and the Allowance for Credit Losses - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Contract | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Deferred loan fees and costs | $2,400,000 | $2,700,000 |
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 15,200,000 | 14,400,000 |
Internally assigned loan grades to residential real estate, home equity and consumer loans | 2,200,000 | 2,000,000 |
Non-accrual status period | 90 days | |
Number of restructured contracts greater than $1 million | 0 | |
Accruing and non accrual TDR permitted interest-only payment period | 3 months | |
Percentage of TDRs defaulted during the period that were restructured within the last twelve months | 0.20% | |
Other real estate owned | 4,920,000 | 4,689,000 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Other real estate owned | 600,000 | 400,000 |
Foreclosure proceedings in process on residential real estate loans | $5,600,000 |
Loans_and_the_Allowance_for_Cr3
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $4,086,766 | $3,894,917 |
Loans held for sale | 5,865 | 5,855 |
Total loans | 4,092,631 | 3,900,772 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 262,643 | 263,117 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,682,817 | 1,649,802 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,945,460 | 1,912,919 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 638,410 | 556,249 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 928,770 | 890,804 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 330,031 | 284,687 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $244,095 | $250,258 |
Loans_and_the_Allowance_for_Cr4
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | $47,368 | $52,699 | $47,368 | $52,699 | $54,810 | ||||||
Allowance for loan commitments, beginning balance | 602 | 341 | 602 | 341 | 468 | ||||||
Total beginning allowance for credit losses | 47,970 | 53,040 | 47,970 | 53,040 | 55,278 | ||||||
Provision for loan losses | 6,552 | 8,825 | 20,001 | ||||||||
Provision for loan commitments | -147 | 261 | -127 | ||||||||
Total provision for credit losses | 1,880 | 1,478 | 849 | 2,199 | 3,144 | 2,819 | 1,021 | 2,102 | 6,405 | 9,086 | 19,874 |
Charge-offs | -12,899 | -17,283 | -25,965 | ||||||||
Recoveries | 3,633 | 3,127 | 3,853 | ||||||||
Net charge-offs | -9,266 | -14,156 | -22,112 | ||||||||
Allowance for loan losses, ending balance | 44,654 | 47,368 | 44,654 | 47,368 | 52,699 | ||||||
Allowance for loan commitments, ending balance | 455 | 602 | 455 | 602 | 341 | ||||||
Total ending allowance for credit losses | 45,109 | 47,970 | 45,109 | 47,970 | 53,040 | ||||||
Commercial Real Estate - Land and Construction [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 6,056 | 3,741 | 6,056 | 3,741 | 4,842 | ||||||
Allowance for loan commitments, beginning balance | 301 | 27 | 301 | 27 | 74 | ||||||
Total beginning allowance for credit losses | 6,357 | 3,768 | 6,357 | 3,768 | 4,916 | ||||||
Provision for loan losses | -402 | 2,726 | 2,171 | ||||||||
Provision for loan commitments | -107 | 274 | -47 | ||||||||
Total provision for credit losses | -509 | 3,000 | 2,124 | ||||||||
Charge-offs | -536 | -3,879 | |||||||||
Recoveries | 125 | 607 | |||||||||
Net charge-offs | -411 | -3,272 | |||||||||
Allowance for loan losses, ending balance | 5,654 | 6,056 | 5,654 | 6,056 | 3,741 | ||||||
Allowance for loan commitments, ending balance | 194 | 301 | 194 | 301 | 27 | ||||||
Total ending allowance for credit losses | 5,848 | 6,357 | 5,848 | 6,357 | 3,768 | ||||||
Commercial Real Estate - Improved Property [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 18,157 | 23,614 | 18,157 | 23,614 | 24,748 | ||||||
Allowance for loan commitments, beginning balance | 62 | 25 | 62 | 25 | 21 | ||||||
Total beginning allowance for credit losses | 18,219 | 23,639 | 18,219 | 23,639 | 24,769 | ||||||
Provision for loan losses | 1,239 | 843 | 5,452 | ||||||||
Provision for loan commitments | -52 | 37 | 4 | ||||||||
Total provision for credit losses | 1,187 | 880 | 5,456 | ||||||||
Charge-offs | -2,426 | -6,915 | -7,693 | ||||||||
Recoveries | 603 | 615 | 1,107 | ||||||||
Net charge-offs | -1,823 | -6,300 | -6,586 | ||||||||
Allowance for loan losses, ending balance | 17,573 | 18,157 | 17,573 | 18,157 | 23,614 | ||||||
Allowance for loan commitments, ending balance | 10 | 62 | 10 | 62 | 25 | ||||||
Total ending allowance for credit losses | 17,583 | 18,219 | 17,583 | 18,219 | 23,639 | ||||||
Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 9,925 | 9,326 | 9,925 | 9,326 | 11,414 | ||||||
Allowance for loan commitments, beginning balance | 130 | 215 | 130 | 215 | 323 | ||||||
Total beginning allowance for credit losses | 10,055 | 9,541 | 10,055 | 9,541 | 11,737 | ||||||
Provision for loan losses | 1,429 | 1,633 | 2,147 | ||||||||
Provision for loan commitments | -18 | -85 | -108 | ||||||||
Total provision for credit losses | 1,411 | 1,548 | 2,039 | ||||||||
Charge-offs | -3,485 | -1,505 | -4,625 | ||||||||
Recoveries | 1,194 | 471 | 390 | ||||||||
Net charge-offs | -2,291 | -1,034 | -4,235 | ||||||||
Allowance for loan losses, ending balance | 9,063 | 9,925 | 9,063 | 9,925 | 9,326 | ||||||
Allowance for loan commitments, ending balance | 112 | 130 | 112 | 130 | 215 | ||||||
Total ending allowance for credit losses | 9,175 | 10,055 | 9,175 | 10,055 | 9,541 | ||||||
Residential Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 5,673 | 7,182 | 5,673 | 7,182 | 5,638 | ||||||
Allowance for loan commitments, beginning balance | 5 | 6 | 5 | 6 | 4 | ||||||
Total beginning allowance for credit losses | 5,678 | 7,188 | 5,678 | 7,188 | 5,642 | ||||||
Provision for loan losses | 1,692 | 1,169 | 5,039 | ||||||||
Provision for loan commitments | 4 | -1 | 2 | ||||||||
Total provision for credit losses | 1,696 | 1,168 | 5,041 | ||||||||
Charge-offs | -2,437 | -3,079 | -3,902 | ||||||||
Recoveries | 454 | 401 | 407 | ||||||||
Net charge-offs | -1,983 | -2,678 | -3,495 | ||||||||
Allowance for loan losses, ending balance | 5,382 | 5,673 | 5,382 | 5,673 | 7,182 | ||||||
Allowance for loan commitments, ending balance | 9 | 5 | 9 | 5 | 6 | ||||||
Total ending allowance for credit losses | 5,391 | 5,678 | 5,391 | 5,678 | 7,188 | ||||||
Home Equity [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 2,017 | 2,458 | 2,017 | 2,458 | 1,962 | ||||||
Allowance for loan commitments, beginning balance | 85 | 49 | 85 | 49 | 33 | ||||||
Total beginning allowance for credit losses | 2,102 | 2,507 | 2,102 | 2,507 | 1,995 | ||||||
Provision for loan losses | 849 | -8 | 1,610 | ||||||||
Provision for loan commitments | 5 | 36 | 16 | ||||||||
Total provision for credit losses | 854 | 28 | 1,626 | ||||||||
Charge-offs | -652 | -549 | -1,144 | ||||||||
Recoveries | 115 | 116 | 30 | ||||||||
Net charge-offs | -537 | -433 | -1,114 | ||||||||
Allowance for loan losses, ending balance | 2,329 | 2,017 | 2,329 | 2,017 | 2,458 | ||||||
Allowance for loan commitments, ending balance | 90 | 85 | 90 | 85 | 49 | ||||||
Total ending allowance for credit losses | 2,419 | 2,102 | 2,419 | 2,102 | 2,507 | ||||||
Consumer [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 5,020 | 5,557 | 5,020 | 5,557 | 5,410 | ||||||
Allowance for loan commitments, beginning balance | 19 | 19 | 19 | 19 | 13 | ||||||
Total beginning allowance for credit losses | 5,039 | 5,576 | 5,039 | 5,576 | 5,423 | ||||||
Provision for loan losses | 1,144 | 2,138 | 2,963 | ||||||||
Provision for loan commitments | 21 | 6 | |||||||||
Total provision for credit losses | 1,165 | 2,138 | 2,969 | ||||||||
Charge-offs | -3,120 | -3,819 | -3,851 | ||||||||
Recoveries | 1,034 | 1,144 | 1,035 | ||||||||
Net charge-offs | -2,086 | -2,675 | -2,816 | ||||||||
Allowance for loan losses, ending balance | 4,078 | 5,020 | 4,078 | 5,020 | 5,557 | ||||||
Allowance for loan commitments, ending balance | 40 | 19 | 40 | 19 | 19 | ||||||
Total ending allowance for credit losses | 4,118 | 5,039 | 4,118 | 5,039 | 5,576 | ||||||
Deposit Overdraft [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for loan losses, beginning balance | 520 | 821 | 520 | 821 | 796 | ||||||
Total beginning allowance for credit losses | 520 | 821 | 520 | 821 | 796 | ||||||
Provision for loan losses | 601 | 324 | 619 | ||||||||
Total provision for credit losses | 601 | 324 | 619 | ||||||||
Charge-offs | -779 | -880 | -871 | ||||||||
Recoveries | 233 | 255 | 277 | ||||||||
Net charge-offs | -546 | -625 | -594 | ||||||||
Allowance for loan losses, ending balance | 575 | 520 | 575 | 520 | 821 | ||||||
Total ending allowance for credit losses | $575 | $520 | $575 | $520 | $821 |
Loans_and_the_Allowance_for_Cr5
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $3,798 | $732 | ||
Allowance for loans collectively evaluated for impairment | 40,856 | 46,636 | ||
Allowance for loan commitments | 455 | 602 | 341 | 468 |
Total allowance for credit losses | 45,109 | 47,970 | 53,040 | 55,278 |
Individually evaluated for impairment | 14,313 | 6,075 | ||
Collectively evaluated for impairment | 4,072,453 | 3,888,842 | ||
Total Loans | 4,086,766 | 3,894,917 | ||
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 5,654 | 6,056 | ||
Allowance for loan commitments | 194 | 301 | 27 | 74 |
Total allowance for credit losses | 5,848 | 6,357 | 3,768 | 4,916 |
Collectively evaluated for impairment | 262,643 | 263,117 | ||
Total Loans | 262,643 | 263,117 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 2,765 | 51 | ||
Allowance for loans collectively evaluated for impairment | 14,808 | 18,106 | ||
Allowance for loan commitments | 10 | 62 | 25 | 21 |
Total allowance for credit losses | 17,583 | 18,219 | 23,639 | 24,769 |
Individually evaluated for impairment | 11,469 | 4,321 | ||
Collectively evaluated for impairment | 1,671,348 | 1,645,481 | ||
Total Loans | 1,682,817 | 1,649,802 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1,033 | 681 | ||
Allowance for loans collectively evaluated for impairment | 8,030 | 9,244 | ||
Allowance for loan commitments | 112 | 130 | 215 | 323 |
Total allowance for credit losses | 9,175 | 10,055 | 9,541 | 11,737 |
Individually evaluated for impairment | 2,844 | 1,754 | ||
Collectively evaluated for impairment | 635,566 | 554,495 | ||
Total Loans | 638,410 | 556,249 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 5,382 | 5,673 | ||
Allowance for loan commitments | 9 | 5 | 6 | 4 |
Total allowance for credit losses | 5,391 | 5,678 | 7,188 | 5,642 |
Collectively evaluated for impairment | 928,770 | 890,804 | ||
Total Loans | 928,770 | 890,804 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 2,329 | 2,017 | ||
Allowance for loan commitments | 90 | 85 | 49 | 33 |
Total allowance for credit losses | 2,419 | 2,102 | 2,507 | 1,995 |
Collectively evaluated for impairment | 330,031 | 284,687 | ||
Total Loans | 330,031 | 284,687 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,078 | 5,020 | ||
Allowance for loan commitments | 40 | 19 | 19 | 13 |
Total allowance for credit losses | 4,118 | 5,039 | 5,576 | 5,423 |
Collectively evaluated for impairment | 244,095 | 250,258 | ||
Total Loans | 244,095 | 250,258 | ||
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 575 | 520 | ||
Total allowance for credit losses | $575 | $520 | $821 | $796 |
Loans_and_the_Allowance_for_Cr6
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Receivables [Abstract] | |
Trouble debt restructuring threshold | $1 |
Loans_and_the_Allowance_for_Cr7
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $2,583,870 | $2,469,168 |
Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,502,731 | 2,333,584 |
Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 34,288 | 75,249 |
Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 46,851 | 60,335 |
Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 262,643 | 263,117 |
Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 257,218 | 253,231 |
Commercial Real Estate - Land and Construction [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,645 | 6,498 |
Commercial Real Estate - Land and Construction [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,780 | 3,388 |
Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,682,817 | 1,649,802 |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,627,771 | 1,548,780 |
Commercial Real Estate - Improved Property [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 17,873 | 57,983 |
Commercial Real Estate - Improved Property [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 37,173 | 43,039 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 638,410 | 556,249 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 617,742 | 531,573 |
Commercial and Industrial [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 12,770 | 10,768 |
Commercial and Industrial [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $7,898 | $13,908 |
Loans_and_the_Allowance_for_Cr8
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $4,042,825 | $3,848,624 |
30-59 Days Past Due | 8,500 | 10,041 |
60-89 Days Past Due | 9,976 | 9,152 |
90 Days or More Past Due | 25,465 | 27,100 |
Total Past Due | 43,941 | 46,293 |
Total Loans | 4,086,766 | 3,894,917 |
90 Days or More Past Due and Accruing | 2,288 | 2,591 |
Loans held for sale, Current | 5,865 | 5,855 |
Loans held for sale | 5,865 | 5,855 |
Total loans, current | 4,048,690 | 3,854,479 |
Total loans | 4,092,631 | 3,900,772 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 261,356 | 261,165 |
30-59 Days Past Due | 20 | 2 |
90 Days or More Past Due | 1,267 | 1,950 |
Total Past Due | 1,287 | 1,952 |
Total Loans | 262,643 | 263,117 |
90 Days or More Past Due and Accruing | 71 | 248 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,665,363 | 1,632,973 |
30-59 Days Past Due | 961 | 2,482 |
60-89 Days Past Due | 4,772 | 2,346 |
90 Days or More Past Due | 11,721 | 12,001 |
Total Past Due | 17,454 | 16,829 |
Total Loans | 1,682,817 | 1,649,802 |
90 Days or More Past Due and Accruing | 318 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,926,719 | 1,894,138 |
30-59 Days Past Due | 981 | 2,484 |
60-89 Days Past Due | 4,772 | 2,346 |
90 Days or More Past Due | 12,988 | 13,951 |
Total Past Due | 18,741 | 18,781 |
Total Loans | 1,945,460 | 1,912,919 |
90 Days or More Past Due and Accruing | 71 | 566 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 634,482 | 552,414 |
30-59 Days Past Due | 1,834 | 1,112 |
60-89 Days Past Due | 240 | 977 |
90 Days or More Past Due | 1,854 | 1,746 |
Total Past Due | 3,928 | 3,835 |
Total Loans | 638,410 | 556,249 |
90 Days or More Past Due and Accruing | 22 | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 915,968 | 875,192 |
30-59 Days Past Due | 1,237 | 1,641 |
60-89 Days Past Due | 3,384 | 4,710 |
90 Days or More Past Due | 8,181 | 9,261 |
Total Past Due | 12,802 | 15,612 |
Total Loans | 928,770 | 890,804 |
90 Days or More Past Due and Accruing | 1,306 | 1,289 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 325,291 | 281,004 |
30-59 Days Past Due | 1,877 | 1,581 |
60-89 Days Past Due | 895 | 470 |
90 Days or More Past Due | 1,968 | 1,632 |
Total Past Due | 4,740 | 3,683 |
Total Loans | 330,031 | 284,687 |
90 Days or More Past Due and Accruing | 570 | 411 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 240,365 | 245,876 |
30-59 Days Past Due | 2,571 | 3,223 |
60-89 Days Past Due | 685 | 649 |
90 Days or More Past Due | 474 | 510 |
Total Past Due | 3,730 | 4,382 |
Total Loans | 244,095 | 250,258 |
90 Days or More Past Due and Accruing | 319 | 325 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 7,562 | 9,028 |
30-59 Days Past Due | 2,884 | 588 |
60-89 Days Past Due | 5,552 | 2,722 |
90 Days or More Past Due | 22,820 | 24,295 |
Total Past Due | 31,256 | 27,605 |
Total Loans | 38,818 | 36,633 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 11,016 | 13,595 |
30-59 Days Past Due | 151 | 171 |
60-89 Days Past Due | 542 | 881 |
90 Days or More Past Due | 357 | 214 |
Total Past Due | 1,050 | 1,266 |
Total Loans | 12,066 | 14,861 |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 18,578 | 22,623 |
30-59 Days Past Due | 3,035 | 759 |
60-89 Days Past Due | 6,094 | 3,603 |
90 Days or More Past Due | 23,177 | 24,509 |
Total Past Due | 32,306 | 28,871 |
Total Loans | $50,884 | $51,494 |
Loans_and_the_Allowance_for_Cr9
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Recovered_Sheet1
Loans and the Allowance for Credit Losses - Summary of Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | $45,474 | $53,940 | |
Total impaired loans, Unpaid principal balance | 55,296 | 56,215 | |
Recorded Investment, With no specific allowance recorded | 41,062 | 49,219 | |
Total impaired loans, Recorded investment | 50,884 | 51,494 | |
Unpaid Principal Balance, With a specific allowance recorded | 9,822 | 2,275 | |
Recorded Investment, With a specific allowance recorded | 9,822 | 2,275 | |
Related Allowance, With a specific allowance recorded | 3,798 | 732 | |
Average recorded investment, with no related specific allowance | 45,514 | 54,565 | 61,483 |
Interest income recognized, With no related specific allowance | 1,606 | 1,769 | 1,710 |
Average recorded investment, With a specific allowance recorded | 4,870 | 4,289 | 10,276 |
Interest income recognized, With a specific allowance recorded | 443 | 111 | 250 |
Total impaired loans, Average recorded investment | 50,384 | 58,854 | 71,759 |
Total impaired loans, Interest income recognized | 2,049 | 1,880 | 1,960 |
Commercial Real Estate - Land and Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 1,588 | 2,663 | |
Recorded Investment, With no specific allowance recorded | 1,488 | 2,564 | |
Average recorded investment, with no related specific allowance | 1,977 | 4,552 | 9,054 |
Interest income recognized, With no related specific allowance | 35 | 87 | 157 |
Average recorded investment, With a specific allowance recorded | 1,234 | 2,888 | |
Interest income recognized, With a specific allowance recorded | 54 | ||
Commercial Real Estate - Improved Property [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 16,480 | 21,421 | |
Recorded Investment, With no specific allowance recorded | 14,684 | 19,628 | |
Unpaid Principal Balance, With a specific allowance recorded | 7,980 | 729 | |
Recorded Investment, With a specific allowance recorded | 7,980 | 729 | |
Related Allowance, With a specific allowance recorded | 2,765 | 51 | |
Average recorded investment, with no related specific allowance | 17,669 | 22,702 | 28,493 |
Interest income recognized, With no related specific allowance | 441 | 610 | 632 |
Average recorded investment, With a specific allowance recorded | 2,795 | 2,746 | 7,388 |
Interest income recognized, With a specific allowance recorded | 348 | 22 | 196 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 3,152 | 3,773 | |
Recorded Investment, With no specific allowance recorded | 2,597 | 3,249 | |
Unpaid Principal Balance, With a specific allowance recorded | 1,842 | 1,546 | |
Recorded Investment, With a specific allowance recorded | 1,842 | 1,546 | |
Related Allowance, With a specific allowance recorded | 1,033 | 681 | |
Average recorded investment, with no related specific allowance | 3,561 | 3,757 | 6,408 |
Interest income recognized, With no related specific allowance | 103 | 112 | 123 |
Average recorded investment, With a specific allowance recorded | 2,075 | 309 | |
Interest income recognized, With a specific allowance recorded | 95 | 89 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 20,077 | 22,006 | |
Recorded Investment, With no specific allowance recorded | 18,544 | 20,090 | |
Average recorded investment, with no related specific allowance | 18,829 | 19,915 | 15,724 |
Interest income recognized, With no related specific allowance | 855 | 803 | 639 |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 2,890 | 2,675 | |
Recorded Investment, With no specific allowance recorded | 2,663 | 2,506 | |
Average recorded investment, with no related specific allowance | 2,356 | 2,262 | 1,324 |
Interest income recognized, With no related specific allowance | 75 | 68 | 64 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 1,287 | 1,402 | |
Recorded Investment, With no specific allowance recorded | 1,086 | 1,182 | |
Average recorded investment, with no related specific allowance | 1,122 | 1,377 | 480 |
Interest income recognized, With no related specific allowance | $97 | $89 | $95 |
Recovered_Sheet2
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $38,818 | $36,633 |
TDRs | 17,486 | 24,185 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 12,066 | 14,861 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 5,420 | 9,324 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 1,488 | 2,564 |
TDRs | 464 | 1,601 |
Commercial Real Estate - Land and Construction [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 464 | 1,601 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 20,227 | 17,305 |
TDRs | 4,287 | 6,710 |
Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,437 | 3,052 |
Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,850 | 3,658 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 21,715 | 19,869 |
TDRs | 4,751 | 8,311 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,437 | 3,052 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,314 | 5,259 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 4,110 | 4,380 |
TDRs | 807 | 994 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 329 | 415 |
Commercial and Industrial [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 478 | 579 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 10,329 | 10,240 |
TDRs | 10,289 | 12,841 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 8,215 | 9,850 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,074 | 2,991 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 1,923 | 1,604 |
TDRs | 985 | 1,191 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 740 | 902 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 245 | 289 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 741 | 540 |
TDRs | 654 | 848 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 345 | 642 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $309 | $206 |
Recovered_Sheet3
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 31 | 68 |
Pre-Modification Outstanding Recorded Investment | $2,492 | $4,262 |
Post-Modification Outstanding Recorded Investment | 2,167 | 3,829 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 2 | |
Pre-Modification Outstanding Recorded Investment | 366 | |
Post-Modification Outstanding Recorded Investment | 353 | |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 9 | 10 |
Pre-Modification Outstanding Recorded Investment | 1,638 | 769 |
Post-Modification Outstanding Recorded Investment | 1,437 | 564 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 9 | 12 |
Pre-Modification Outstanding Recorded Investment | 1,638 | 1,135 |
Post-Modification Outstanding Recorded Investment | 1,437 | 917 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 3 | 8 |
Pre-Modification Outstanding Recorded Investment | 231 | 173 |
Post-Modification Outstanding Recorded Investment | 163 | 162 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 8 | 30 |
Pre-Modification Outstanding Recorded Investment | 424 | 2,688 |
Post-Modification Outstanding Recorded Investment | 400 | 2,557 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 5 | |
Pre-Modification Outstanding Recorded Investment | 122 | |
Post-Modification Outstanding Recorded Investment | 92 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 11 | 13 |
Pre-Modification Outstanding Recorded Investment | 199 | 144 |
Post-Modification Outstanding Recorded Investment | $167 | $101 |
Recovered_Sheet4
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defaults | Defaults | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 15 |
Recorded Investment | $26 | $1,108 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | |
Recorded Investment | 14 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 12 | |
Recorded Investment | 1,043 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 2 | |
Recorded Investment | 51 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | |
Recorded Investment | $26 |
Recovered_Sheet5
Loans and the Allowance for Credit Losses - Recognition of Interest Income on Impaired Loan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Average impaired loans | $50,384 | $58,854 | $71,759 |
Amount of contractual interest income on impaired loans | 3,260 | 3,225 | 3,463 |
Amount of interest income recognized on impaired loans | $2,049 | $1,880 | $1,960 |
Recovered_Sheet6
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Other real estate owned | $4,920 | $4,689 |
Repossessed assets | 162 | 171 |
Total other real estate owned and repossessed assets | $5,082 | $4,860 |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land and improvements | $28,158 | $26,666 |
Buildings and improvements | 105,436 | 102,980 |
Furniture and equipment | 66,149 | 83,023 |
Total cost | 199,743 | 212,669 |
Accumulated depreciation and amortization | -106,608 | -119,512 |
Total premises and equipment, net | $93,135 | $93,157 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense charged | $7.40 | $7 | $6.10 |
Rent expense under leases | $2.70 | $2.70 | $2.50 |
Premises_and_Equipment_Future_
Premises and Equipment - Future Minimum Lease Payments Under Non-cancellable Leases (Detail) (USD $) | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | |
2015 | $2,557,000 |
2016 | 1,997,000 |
2017 | 1,718,000 |
2018 | 1,373,000 |
2019 | 1,089,000 |
2020 and thereafter | 11,238,000 |
Total | $19,972,000 |
Recovered_Sheet7
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets Goodwill And Other Assets [Line Items] | |||
Goodwill | $312,100,000 | $312,100,000 | |
Other intangible assets | 7,408,000 | 9,328,000 | |
Amortization of intangible assets | $1,920,000 | $2,288,000 | $2,150,000 |
Minimum [Member] | |||
Intangible Assets Goodwill And Other Assets [Line Items] | |||
Other intangible assets amortized over estimated useful lives | 10 years | ||
Maximum [Member] | |||
Intangible Assets Goodwill And Other Assets [Line Items] | |||
Other intangible assets amortized over estimated useful lives | 16 years |
Recovered_Sheet8
Goodwill and Other Intangible Assets - WesBanco's Capitalized Other Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other intangible assets: | ||
Gross carrying amount | $38,048 | $38,048 |
Accumulated amortization | -30,640 | -28,720 |
Net carrying amount of other intangible assets | $7,408 | $9,328 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Future Amortization on Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $1,634 |
2016 | 1,401 |
2017 | 1,179 |
2018 | 965 |
2019 | $767 |
Investments_in_Limited_Partner1
Investments in Limited Partnerships - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Partnership | |||
Equity Method Investments and Joint Ventures [Abstract] | |||
Amount invested in partnerships | $1,700,000 | $2,600,000 | |
Unfunded equity commitments in other liabilities | 600,000 | 1,100,000 | |
Partnerships losses and impairment | 900,000 | 1,200,000 | 1,500,000 |
Tax benefits including low-income housing and historic tax credits | 700,000 | 800,000 | 900,000 |
Number of limited partnerships held | 6 | ||
Investment in partnership recorded in other assets | 4,400,000 | 4,600,000 | |
Partnership gains under equity method | $305,000 | $31,000 | $5,000 |
Certificates_of_Deposit_Additi
Certificates of Deposit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Certificates of deposit in denominations of $100 thousand or more | $706.10 | $809.70 | |
Interest expense on certificates of deposit of $100 thousand or more | $7.50 | $13 | $14.90 |
Certificates_of_Deposit_Schedu
Certificates of Deposit - Schedule of Maturities of Total Certificates of Deposit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2015 | $764,694 | |
2016 | 262,625 | |
2017 | 87,611 | |
2018 | 86,341 | |
2019 | 82,251 | |
2020 and thereafter | 21,574 | |
Total | $1,305,096 | $1,511,478 |
Recovered_Sheet9
FHLB and Other Short-Term Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Federal Home Loan Bank Advances By Branch Of FHLB Bank And Other Borrowings [Line Items] | ||
Borrowings | $223,100,000 | $39,500,000 |
Weighted-average rate, Total | 0.91% | 3.81% |
Short-term borrowings | 150,900,000 | |
FHLB stock owned by WesBanco pledged as collateral on these advances | 11,600,000 | 11,600,000 |
Remaining maximum borrowing capacity | 1,500,000,000 | 1,600,000,000 |
Other short term borrowings | 80,690,000 | 150,536,000 |
Securities sold under agreements to repurchase | 80,700,000 | 130,500,000 |
Securities sold under agreements to repurchase, weighted average interest rate | 1.36% | 1.87% |
Federal funds purchased | 0 | 20,000,000 |
Federal funds purchased, Interest rate | 0.70% | |
Outstanding balance | 0 | 0 |
Revolving Credit Facility [Member] | ||
Federal Home Loan Bank Advances By Branch Of FHLB Bank And Other Borrowings [Line Items] | ||
Revolving line of credit accrued interest at LIBOR rate, provides for aggregate outstanding borrowings | $25,000,000 | |
Maturity date of revolving credit facility | 4-Sep-15 |
Junior_Subordinated_Debt_Owed_2
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts - Additional Information (Detail) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
Description of deferment period for payment of interest on junior subordinated debt under trust | 20 consecutive quarterly periods |
Minimum assets to continue counting existing trust preferred securities | $15 |
Junior_Subordinated_Debt_Owed_3
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts - Schedule of Junior Subordinated Debt by Trust (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | $102,980 | |
Common Securities | 3,196 | |
Junior Subordinated Debt | 106,176 | 106,137 |
WesBanco Capital Trust II [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 13,000 | |
Common Securities | 410 | |
Junior Subordinated Debt | 13,410 | |
Stated Maturity Date | 30-Jun-33 | |
Optional Redemption Date | 30-Jun-08 | |
WesBanco Capital Statutory Trust III [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 17,000 | |
Common Securities | 526 | |
Junior Subordinated Debt | 17,526 | |
Stated Maturity Date | 26-Jun-33 | |
Optional Redemption Date | 26-Jun-08 | |
WesBanco Capital Trust IV [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 20,000 | |
Common Securities | 619 | |
Junior Subordinated Debt | 20,619 | |
Stated Maturity Date | 17-Jun-34 | |
Optional Redemption Date | 17-Jun-09 | |
WesBanco Capital Trust V [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 20,000 | |
Common Securities | 619 | |
Junior Subordinated Debt | 20,619 | |
Stated Maturity Date | 17-Jun-34 | |
Optional Redemption Date | 17-Jun-09 | |
WesBanco Capital Trust VI [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 15,000 | |
Common Securities | 464 | |
Junior Subordinated Debt | 15,464 | |
Stated Maturity Date | 17-Mar-35 | |
Optional Redemption Date | 17-Mar-10 | |
Oak Hill Capital Trust 2 [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 5,000 | |
Common Securities | 155 | |
Junior Subordinated Debt | 5,155 | |
Stated Maturity Date | 18-Oct-34 | |
Optional Redemption Date | 18-Oct-09 | |
Oak Hill Capital Trust 3 [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 8,000 | |
Common Securities | 248 | |
Junior Subordinated Debt | 8,248 | |
Stated Maturity Date | 18-Oct-34 | |
Optional Redemption Date | 18-Oct-09 | |
Oak Hill Capital Trust 4 [Member] | ||
Trust Preferred Securities [Line Items] | ||
Trust Preferred Securities | 4,980 | |
Common Securities | 155 | |
Junior Subordinated Debt | $5,135 | |
Stated Maturity Date | 30-Jun-35 | |
Optional Redemption Date | 30-Jun-15 |
Junior_Subordinated_Debt_Owed_4
Junior Subordinated Debt Owed to Unconsolidated Subsidiary Trusts - Schedule of Junior Subordinated Debt by Trust (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
WesBanco Capital Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 3.15% |
Variable rate based on the three-month LIBOR plus, current rate | 3.41% |
WesBanco Capital Statutory Trust III [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 3.10% |
Variable rate based on the three-month LIBOR plus, current rate | 3.35% |
WesBanco Capital Trust IV [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.65% |
Variable rate based on the three-month LIBOR plus, current rate | 2.89% |
WesBanco Capital Trust V [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.65% |
Variable rate based on the three-month LIBOR plus, current rate | 2.89% |
WesBanco Capital Trust VI [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.77% |
Variable rate based on the three-month LIBOR plus, current rate | 2.01% |
Oak Hill Capital Trust 2 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.40% |
Variable rate based on the three-month LIBOR plus, current rate | 2.63% |
Oak Hill Capital Trust 3 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.30% |
Variable rate based on the three-month LIBOR plus, current rate | 2.53% |
Oak Hill Capital Trust 4 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.60% |
Fixed rate, current rate | 5.96% |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Benefits bases on years of service and compensation, years | 5 years | |||
Future amortization of net loss | $3,600,000 | |||
Future net periodic pension costs | 26,000 | |||
Average remaining service period of unrecognized net losses | 10 years | |||
Maximum amount of pension plan invested | 5.00% | |||
Maximum common stock percentage of market value of investee | 10.00% | |||
Maximum period for invested in bonds or notes issued | 20 years | |||
Number of equity shares | 55,300 | 55,300 | ||
Common stock fair market value | 1,900,000 | 1,800,000 | ||
Expected voluntary contribution for the year 2015 | 7,500,000 | |||
Employer contribution | 7,500,000 | 5,000,000 | 5,000,000 | |
Eligible employee contributions specified percentage one | 3.00% | 3.00% | 3.00% | |
Eligible employee contributions specified percentage two | 2.00% | 2.00% | 2.00% | |
ESOP | 0 | 0 | 0 | |
Eligibility percentage of employee contributions | 100.00% | 100.00% | 100.00% | |
Eligibility percentage of employee contributions | 50.00% | 50.00% | 50.00% | |
Compensation expense for Annual Bonus | 1,500,000 | 1,300,000 | 1,300,000 | |
Stock options granted to selected participants | 83,800 | |||
Stock options granted to selected participants exercise price per share | $28.79 | |||
Total intrinsic value of options exercised | 600,000 | 800,000 | ||
Cash received from stock option exercised | 1,900,000 | 200,000 | ||
Tax benefit realized from stock options exercised | 2,600,000 | 300,000 | ||
Total intrinsic value of the outstanding shares | 2,700,000 | |||
Total intrinsic value of the shares exercisable | 2,400,000 | |||
KSOP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares held by KSOP | 542,695 | |||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | 2,200,000 | 2,100,000 | 1,800,000 | |
Future issuance under equity compensation plans | 519,773 | 558,993 | ||
Equity Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Future issuance under equity compensation plans | 443,388 | 568,228 | ||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | 400,000 | 300,000 | ||
Options grant expired | 7 years | |||
Total unrecognized compensation expense related to non-vested stock option grants | 200,000 | |||
Expense recognition period | 1 year | |||
Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options grant expired | 10 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | 1,000,000 | 800,000 | 600,000 | |
Expense recognition period | 1 year 6 months | |||
Restricted stock options granted | 42,540 | |||
Restricted shares vesting period | 36 months | |||
Fair value of restricted stock granted | $28.64 | |||
Total unrecognized compensation expense related to non-vested restricted stock grants | $1,400,000 | |||
Selected Participants Including Certain Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted to selected participants | 83,800 | |||
Stock options granted to selected participants exercise price per share | $28.79 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Benefit Obligations and Funded Status of the Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation Related Costs [Abstract] | |||
Accumulated benefit obligation at end of year | $103,447 | $81,478 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 90,640 | 94,502 | |
Service cost | 2,909 | 3,120 | 2,737 |
Interest cost | 4,745 | 4,096 | 3,882 |
Actuarial (gain) loss | 25,392 | -8,286 | |
Benefits paid | -5,425 | -2,792 | |
Projected benefit obligation at end of year | 118,261 | 90,640 | 94,502 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 100,274 | 82,608 | |
Actual return on plan assets | 7,688 | 15,458 | |
Employer contribution | 7,500 | 5,000 | 5,000 |
Benefits paid | -5,425 | -2,792 | |
Fair value of plan assets at end of year | 110,037 | 100,274 | 82,608 |
Amounts recognized in the statement of financial position: | |||
Funded status | -8,224 | 9,634 | |
Net amounts recognized as (payable) receivable pension costs in the consolidated balance sheets | -8,224 | 9,634 | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Unrecognized prior service cost | 182 | 227 | |
Unrecognized net loss | 35,834 | 12,371 | |
Net amounts recognized in accumulated other comprehensive income (before tax) | $36,016 | $12,598 | |
Weighted average assumptions used to determine benefit obligations: | |||
Discount rate | 4.33% | 5.17% | |
Rate of compensation increase | 3.77% | 3.97% | |
Expected long-term return on assets | 7.00% | 7.25% |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of net periodic benefit cost: | |||
Service cost | $2,909 | $3,120 | $2,737 |
Interest cost | 4,745 | 4,096 | 3,882 |
Expected return on plan assets | -7,229 | -5,993 | -5,541 |
Amortization of prior service cost | 45 | 45 | 45 |
Amortization of net loss | 1,471 | 3,534 | 2,287 |
Net periodic pension cost | 1,941 | 4,802 | 3,410 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net (gain) loss for period | 24,934 | -17,751 | 12,143 |
Amortization of prior service cost | -45 | -45 | -45 |
Amortization of net loss | -1,471 | -3,534 | -2,287 |
Total recognized in other comprehensive income | 23,418 | -21,330 | 9,811 |
Total recognized in net periodic pension cost and other comprehensive income | $25,359 | ($16,528) | $13,221 |
Weighted-average assumptions used to determine net periodic pension cost: | |||
Discount rate | 5.17% | 4.36% | 5.11% |
Rate of compensation increase | 3.97% | 3.00% | 3.00% |
Expected long-term return on assets | 7.25% | 7.25% | 7.75% |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of Weighted-Average Asset Allocations by Asset Category (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation for 2014 Minimum | 55.00% | |
Target Allocation for 2014 Maximum | 75.00% | |
Total | 65.00% | 68.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation for 2014 Minimum | 25.00% | |
Target Allocation for 2014 Maximum | 55.00% | |
Total | 32.00% | 30.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation for 2014 Minimum | 0.00% | |
Target Allocation for 2014 Maximum | 5.00% | |
Total | 3.00% | 2.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Values of the WesBanco's Pension Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | $114,216 | $100,763 |
Registered Investment Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 17,182 | 9,716 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 65,869 | 64,804 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 15,726 | 12,752 |
Municipal Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 2,178 | 2,041 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 13,261 | 11,450 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 83,051 | 74,520 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Registered Investment Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 17,182 | 9,716 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 65,869 | 64,804 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 31,165 | 26,243 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 15,726 | 12,752 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 2,178 | 2,041 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | $13,261 | $11,450 |
Employee_Benefit_Plans_Fair_Va1
Employee Benefit Plans - Fair Values of the WesBanco's Pension Plan Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Compensation Related Costs [Abstract] | |||
Net assets available for benefits | $110,037 | $100,274 | $82,608 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation Related Costs [Abstract] | |
2015 | $3,409 |
2016 | 3,703 |
2017 | 4,006 |
2018 | 4,353 |
2019 | 4,681 |
2020 to 2024 | $29,936 |
Employee_Benefit_Plans_Signifi
Employee Benefit Plans - Significant Assumptions Used in Calculating the Fair Value of the Grants (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation Related Costs [Abstract] | |||
Weighted-average life | 4 years 9 months 18 days | 4 years 6 months | 4 years 10 months 24 days |
Risk-free interest rate | 1.37% | 0.74% | 0.73% |
Dividend yield | 3.06% | 3.04% | 3.40% |
Volatility factor | 28.82% | 32.31% | 32.30% |
Fair value of the grants | $5.41 | $5.05 | $3.96 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans - Summary of Activity for the Stock Option Component of the Incentive Plan (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Related Costs [Abstract] | |
Number of options, Outstanding at beginning of the year | 297,761 |
Number of options, Granted during the year | 83,800 |
Number of options, Exercised during the year | -82,659 |
Number of options, Forfeited or expired during the year | -40,452 |
Number of options, Outstanding at end of the year | 258,450 |
Number of options, Exercisable at year end | 216,550 |
Weighted average exercise price per share, Outstanding at beginning of the year | $23.62 |
Weighted average exercise price per share, Granted during the year | $28.79 |
Weighted average exercise price per share, Exercised during the year | $23.46 |
Weighted average exercise price per share, Forfeited or expired during the year | $29.93 |
Weighted average exercise price per share, Outstanding at end of the year | $24.36 |
Weighted average exercise price per share, Exercisable at year end | $23.51 |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans - Summary of Average Remaining Life of the Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 216,550 |
Exercise Price Range Per Share Minimum | $19.27 |
Exercise Price Range Per Share Maximum | $28.79 |
Options Outstanding | 258,450 |
Weighted Average Exercise Price | $24.36 |
Weighted Avg. Remaining Contractual Life in Years | 4 years 9 months 7 days |
2008 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 19,950 |
Exercise Price Range Per Share Minimum | $21.72 |
Options Outstanding | 19,950 |
Weighted Average Exercise Price | $21.72 |
Weighted Avg. Remaining Contractual Life in Years | 4 months 21 days |
2010 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 18,675 |
Exercise Price Range Per Share Minimum | $19.27 |
Options Outstanding | 18,675 |
Weighted Average Exercise Price | $19.27 |
Weighted Avg. Remaining Contractual Life in Years | 2 years 4 months 17 days |
2011 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 24,250 |
Exercise Price Range Per Share Minimum | $19.76 |
Options Outstanding | 24,250 |
Weighted Average Exercise Price | $19.76 |
Weighted Avg. Remaining Contractual Life in Years | 3 years 4 months 17 days |
2012 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 36,750 |
Exercise Price Range Per Share Minimum | $20.02 |
Options Outstanding | 36,750 |
Weighted Average Exercise Price | $20.02 |
Weighted Avg. Remaining Contractual Life in Years | 4 years 4 months 17 days |
2013 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 75,025 |
Exercise Price Range Per Share Minimum | $25 |
Options Outstanding | 75,025 |
Weighted Average Exercise Price | $25 |
Weighted Avg. Remaining Contractual Life in Years | 5 years 4 months 17 days |
2014 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercisable at Year End | 41,900 |
Exercise Price Range Per Share Minimum | $28.79 |
Options Outstanding | 83,800 |
Weighted Average Exercise Price | $28.79 |
Weighted Avg. Remaining Contractual Life in Years | 6 years 4 months 21 days |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Activity for the Restricted Stock Component of the Plan (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Beginning Balance | 91,194 |
Restricted Stock, Granted | 42,540 |
Restricted Stock, Vested | -1,749 |
Restricted Stock, Forfeited | -1,583 |
Restricted Stock, Dividend reinvestment | 3,066 |
Restricted Stock Ending Balance | 133,468 |
Weighted Average Grant Date Fair Value Per Share Beginning Balance | $23.20 |
Weighted Average Grant Date Fair Value Per Share, Granted | $28.64 |
Weighted Average Grant Date Fair Value Per Share, Vested | $20.64 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $20.28 |
Weighted Average Grant Date Fair Value Per Share, Dividend reinvestment | $31.40 |
Weighted Average Grant Date Fair Value Per Share Ending Balance | $25.19 |
Other_Operating_Expenses_Sched
Other Operating Expenses - Schedule of Other Operating Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Costs and Expenses [Abstract] | |||
Franchise and other miscellaneous taxes | $6,748 | $5,887 | $5,629 |
Consulting, regulatory and advisory fees | 4,405 | 4,445 | 3,971 |
ATM and electronic banking interchange expenses | 4,222 | 4,310 | 3,748 |
Postage and courier expenses | 3,373 | 3,317 | 3,071 |
Legal fees | 2,531 | 2,549 | 2,517 |
Supplies | 2,425 | 2,675 | 2,460 |
Communications | 1,555 | 2,717 | 2,536 |
Other real estate owned and foreclosure expenses | 1,101 | 1,753 | 2,082 |
Other | 10,836 | 9,684 | 9,433 |
Total other operating expenses | $37,196 | $37,337 | $35,447 |
Income_Taxes_Reconciliation_fr
Income Taxes - Reconciliation from Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Net tax-exempt interest income on securities of state and political subdivisions | -6.40% | -6.70% | -9.00% |
State income taxes, net of federal tax effect | 1.40% | 1.60% | 1.50% |
Bank-owned life insurance | -1.70% | -1.90% | -1.90% |
General business credits | -3.10% | -3.50% | -4.40% |
All other-net | 0.10% | 0.30% | |
Effective tax rate | 25.30% | 24.50% | 21.50% |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes Applicable to Income Before Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $13,346 | $12,399 | $12,275 | ||||||||
State | 1,684 | 1,837 | 1,393 | ||||||||
Deferred: | |||||||||||
Federal | 8,337 | 6,267 | -119 | ||||||||
State | 353 | 260 | 39 | ||||||||
Total | $5,182 | $6,358 | $6,520 | $5,659 | $4,948 | $4,884 | $6,176 | $4,754 | $23,720 | $20,763 | $13,588 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Amounts were Recorded in Shareholder's Equity as Elements of Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Securities and defined benefit pension plan unrecognized items | ($3,538) | ($3,707) | ($3,192) |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred tax assets and liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Allowance for loan losses | $16,386 | $17,414 | $19,901 |
Compensation and benefits | 8,764 | 2,324 | 10,192 |
Security gains and losses | 2,817 | 3,261 | 2,261 |
Purchase accounting adjustments | 1,497 | 3,544 | 8,037 |
Non-accrual interest income | 2,129 | 1,850 | 1,745 |
Tax credit carryforwards | 10,163 | 11,517 | 11,838 |
Federal net operating loss carryforwards | 597 | 1,415 | 2,316 |
Fair value adjustments on securities available-for-sale | 2,772 | ||
Other | 3,327 | 3,175 | 3,070 |
Gross deferred tax assets | 45,680 | 47,272 | 59,360 |
Deferred tax liabilities: | |||
Depreciation and amortization | -1,900 | -1,416 | -962 |
Accretion on securities | -295 | -262 | -397 |
Fair value adjustments on securities available-for-sale | -2,297 | -8,806 | |
Other | -1,728 | -983 | -1,257 |
Gross deferred tax liabilities | -6,220 | -2,661 | -11,422 |
Net deferred tax assets | $39,460 | $44,611 | $47,938 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ||||
valuation allowance of deferred tax assets | $0 | |||
General business credit carryforwards | 6,900,000 | |||
Alternative minimum tax credits | 3,300,000 | |||
Federal deferred tax assets net operating loss carryforwards | 600,000 | |||
Qualifying and non-qualifying tax bad debt reserves | 15,200,000 | 15,200,000 | ||
Provision for income taxes | 0 | |||
Related amount of unrecognized deferred tax liability | 5,600,000 | 5,600,000 | ||
Federal and state income taxes applicable to securities transactions | 300,000 | 200,000 | 900,000 | |
Unrecognized tax benefits and interest | 701,000 | 673,000 | 668,000 | 784,000 |
Unrecognized tax benefits that would affect the effective tax rate | 700,000 | |||
Accrued interest related to uncertain tax positions | $23,000 | $52,000 | ||
Earliest Tax Year [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Earliest year for tax examination | 2013 |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefits (Excluding Interest and Federal Income Tax Benefit of Unrecognized State Tax Benefits) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $673 | $668 | $784 |
Additions based on tax positions related to the current year | 155 | 140 | 147 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions due to the statute of limitations | -127 | -135 | -263 |
Settlements | 0 | 0 | 0 |
Balance at end of year | $701 | $673 | $668 |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | $917,424 | $934,386 |
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Loans held for sale | 5,865 | 5,855 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 917,424 | 934,386 |
Total recurring fair value measurements | 917,424 | 934,386 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,024 | 1,543 |
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Loans held for sale | 5,865 | 5,855 |
Total nonrecurring fair value measurements | 16,971 | 12,258 |
Obligations of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 87,736 | 73,232 |
Obligations of Government Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 87,736 | 73,232 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 701,113 | 694,267 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 701,113 | 694,267 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 91,433 | 116,346 |
Obligations of State and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 91,433 | 116,346 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 25,996 | 38,481 |
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 25,996 | 38,481 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 11,146 | 12,060 |
Equity Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 11,146 | 12,060 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 8,440 | 9,962 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 8,440 | 9,962 |
Total recurring fair value measurements | 8,440 | 9,962 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 8,440 | 9,962 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 908,984 | 924,424 |
Loans held for sale | 5,865 | 5,855 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 908,984 | 924,424 |
Total recurring fair value measurements | 908,984 | 924,424 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 5,865 | 5,855 |
Total nonrecurring fair value measurements | 5,865 | 5,855 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of Government Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 87,736 | 73,232 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 701,113 | 694,267 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 91,433 | 116,346 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 25,996 | 38,481 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 2,706 | 2,098 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,024 | 1,543 |
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Total nonrecurring fair value measurements | $11,106 | $6,403 |
Fair_Value_Measurement_Schedul1
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 6,024 | 1,543 |
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Minimum [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, Appraisal adjustments | 0.00% | 0.00% |
Impaired loans, Liquidation expenses | -1.20% | -3.50% |
Maximum [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, Appraisal adjustments | -39.70% | -29.10% |
Impaired loans, Liquidation expenses | -8.00% | -8.00% |
Weighted Average [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, Appraisal adjustments | -6.70% | -15.60% |
Impaired loans, Liquidation expenses | -6.70% | -4.70% |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 6,024 | 1,543 |
Other real estate owned and repossessed assets | 5,082 | 4,860 |
Fair_Value_Measurement_Estimat
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Assets | ||||
Cash and due from banks | $94,002 | $95,551 | $125,605 | $140,325 |
Securities available-for-sale | 917,424 | 934,386 | ||
Securities held-to-maturity | 593,670 | 598,520 | ||
Net loans | 4,042,112 | 3,847,549 | ||
Loans held for sale | 5,865 | 5,855 | ||
Accrued interest receivable | 18,481 | 18,960 | ||
Bank-owned life insurance | 123,298 | 121,390 | ||
Financial Liabilities | ||||
Deposits | 5,048,983 | 5,062,530 | ||
Federal Home Loan Bank borrowings | 223,126 | 39,508 | ||
Other borrowings | 80,690 | 150,536 | ||
Junior Subordinated Debt | 106,176 | 106,137 | ||
Accrued interest payable | 1,620 | 2,354 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 94,002 | 95,551 | ||
Securities available-for-sale | 8,440 | 9,962 | ||
Accrued interest receivable | 18,481 | 18,960 | ||
Bank-owned life insurance | 123,298 | 121,390 | ||
Financial Liabilities | ||||
Deposits | 3,743,887 | 3,551,052 | ||
Other borrowings | 77,534 | 104,196 | ||
Accrued interest payable | 1,620 | 2,354 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial Assets | ||||
Securities available-for-sale | 908,984 | 924,424 | ||
Securities held-to-maturity | 618,895 | 595,581 | ||
Loans held for sale | 5,865 | 5,855 | ||
Financial Liabilities | ||||
Deposits | 1,312,941 | 1,525,155 | ||
Federal Home Loan Bank borrowings | 225,456 | 42,314 | ||
Other borrowings | 3,162 | 48,819 | ||
Junior Subordinated Debt | 79,212 | 74,038 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial Assets | ||||
Securities held-to-maturity | 722 | 727 | ||
Net loans | 4,047,648 | 3,754,465 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 94,002 | 95,551 | ||
Securities available-for-sale | 917,424 | 934,386 | ||
Securities held-to-maturity | 593,670 | 598,520 | ||
Net loans | 4,042,112 | 3,847,549 | ||
Loans held for sale | 5,865 | 5,855 | ||
Accrued interest receivable | 18,481 | 18,960 | ||
Bank-owned life insurance | 123,298 | 121,390 | ||
Financial Liabilities | ||||
Deposits | 5,048,983 | 5,062,530 | ||
Federal Home Loan Bank borrowings | 223,126 | 39,508 | ||
Other borrowings | 80,690 | 150,536 | ||
Junior Subordinated Debt | 106,176 | 106,137 | ||
Accrued interest payable | 1,620 | 2,354 | ||
Fair Value Estimate [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 94,002 | 95,551 | ||
Securities available-for-sale | 917,424 | 934,386 | ||
Securities held-to-maturity | 619,617 | 596,308 | ||
Net loans | 4,047,648 | 3,754,465 | ||
Loans held for sale | 5,865 | 5,855 | ||
Accrued interest receivable | 18,481 | 18,960 | ||
Bank-owned life insurance | 123,298 | 121,390 | ||
Financial Liabilities | ||||
Deposits | 5,056,828 | 5,076,207 | ||
Federal Home Loan Bank borrowings | 225,456 | 42,314 | ||
Other borrowings | 80,696 | 153,015 | ||
Junior Subordinated Debt | 79,212 | 74,038 | ||
Accrued interest payable | $1,620 | $2,354 |
Comprehensive_IncomeLoss_Compo
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income/(Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Beginning Balance, Defined Benefit Pension Plan | ($7,966) | ($21,401) | ($15,155) |
Defined Benefit Pension Plan, Other comprehensive income/(loss) before reclassifications | -15,768 | 11,224 | -7,660 |
Defined Benefit Pension Plan, Amounts reclassified from accumulated other comprehensive income/(loss) | 958 | 2,211 | 1,414 |
Defined Benefit Pension Plan, Period change | -14,810 | 13,435 | -6,246 |
Ending Balance, Defined Benefit Pension Plan | -22,776 | -7,966 | -21,401 |
Beginning Balance, Unrealized Gains (Losses) on Securities Available-for-Sale | -6,126 | 13,032 | 11,292 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Other comprehensive income/(loss) before reclassifications | 9,638 | -19,102 | 3,086 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Amounts reclassified from accumulated other comprehensive income/(loss) | -620 | -56 | -1,346 |
Net effect on other comprehensive income for the period | 9,018 | -19,158 | 1,740 |
Ending Balance, Unrealized Gains (Losses) on Securities Available-for-Sale | 2,892 | -6,126 | 13,032 |
Beginning Balance, Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity | 1,358 | 2,004 | 2,961 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Other comprehensive income/(loss) before reclassifications | 0 | 0 | 0 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Amounts reclassified from accumulated other comprehensive income/(loss) | -299 | -646 | -957 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Period change | -299 | -646 | -957 |
Ending Balance, Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity | 1,059 | 1,358 | 2,004 |
Beginning Balance, Accumulated Other Comprehensive Income/(loss) | -12,734 | -6,365 | -902 |
Other comprehensive income/(loss) before reclassifications | -6,130 | -7,878 | -4,574 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 39 | 1,509 | -889 |
Total other comprehensive income | -6,091 | -6,369 | -5,463 |
Ending Balance, Accumulated Other Comprehensive Income/(loss) | ($18,825) | ($12,734) | ($6,365) |
Comprehensive_IncomeLoss_Compo1
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income/(Loss) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | |||
Percentage of Federal and State income tax rate | 37.00% | 37.00% | 37.00% |
Comprehensive_IncomeLoss_Sched
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net securities gains reclassified into earnings | ($981) | ($89) | ($2,142) |
Related income tax expense | 361 | 33 | 796 |
Net effect on other comprehensive income for the period | 9,018 | -19,158 | 1,740 |
Amortization of unrealized gain transferred from available-for-sale | -472 | -1,029 | -1,534 |
Related income tax expense | 173 | 383 | 577 |
Net effect on other comprehensive income for the period | -299 | -646 | -957 |
Defined benefit pension plan | |||
Amortization of net loss and prior service costs | 1,516 | 3,579 | 2,332 |
Related income tax benefit | -558 | -1,368 | -918 |
Net effect on other comprehensive income for the period | -14,810 | 13,435 | -6,246 |
Total reclassifications for the period | 39 | 1,509 | -889 |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net securities gains reclassified into earnings | -981 | -89 | -2,142 |
Related income tax expense | 361 | 33 | 796 |
Net effect on other comprehensive income for the period | -620 | -56 | -1,346 |
Amortization of unrealized gain transferred from available-for-sale | -472 | -1,029 | -1,534 |
Related income tax expense | 173 | 383 | 577 |
Net effect on other comprehensive income for the period | -299 | -646 | -957 |
Defined benefit pension plan | |||
Amortization of net loss and prior service costs | 1,516 | 3,579 | 2,332 |
Related income tax benefit | -558 | -1,368 | -918 |
Net effect on other comprehensive income for the period | 958 | 2,211 | 1,414 |
Total reclassifications for the period | $39 | $1,509 | ($889) |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Allowance for credit losses associated with loan commitments | $455,000 | $602,000 | $341,000 | $468,000 |
Liability associated with letters of credit | $200,000 | $100,000 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Lines of credit | $984,352 | $964,777 |
Loans approved but not closed | 116,757 | 73,937 |
Overdraft limits | 95,965 | 96,291 |
Letters of credit | 23,362 | 18,686 |
Contingent obligations to purchase loans funded by other entities | $8,312 | $6,327 |
Recovered_Sheet10
Wesbanco Bank Community Development Corporation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |||
Qualified Equity Investments | $60,000,000 | ||
WBCDC [Member] | |||
Schedule Of Subsidiary Financial Statements Table [Line Items] | |||
New Markets Tax Credits | 60,000,000 | ||
Lower limit of poverty rate tracts | 20.00% | ||
Percentage income of median family | 80.00% | ||
Percentage of credit provided to the investor | 39.00% | ||
Period of credit allowance | 7 years | ||
Percentage of total amount investor receives as credit | 5.00% | ||
Percentage of total amount investor receives as credit for the remaining four years | 6.00% | ||
Amount eligible to receive as tax credit | 23,400,000 | ||
Investment limit for credit allowance | 60,000,000 | ||
Qualified Equity Investments | 60,000,000 | ||
Provision for income tax | 2,300,000 | 2,200,000 | 1,900,000 |
Tax credit carry forward | $6,200,000 | ||
Minimum percentage of QEI proceeds utilized | 85.00% |
Recovered_Sheet11
Wesbanco Bank Community Development Corporation - Summary of New Market Tax Credit Carry Forward (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | $60,000 |
New Markets Tax Credit for year 2015 | 1,900 |
New Markets Tax Credit for year 2016 | 1,800 |
New Markets Tax Credit for year 2017 | 960 |
New Markets Tax Credit for year 2018 | 660 |
2004 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 10,000 |
2005 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 10,000 |
2008 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 7,500 |
2009 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 2,500 |
New Markets Tax Credit for year 2015 | 150 |
2010 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 14,000 |
New Markets Tax Credit for year 2015 | 840 |
New Markets Tax Credit for year 2016 | 840 |
2011 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 5,000 |
New Markets Tax Credit for year 2015 | 300 |
New Markets Tax Credit for year 2016 | 300 |
New Markets Tax Credit for year 2017 | 300 |
2012 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 6,000 |
New Markets Tax Credit for year 2015 | 360 |
New Markets Tax Credit for year 2016 | 360 |
New Markets Tax Credit for year 2017 | 360 |
New Markets Tax Credit for year 2018 | 360 |
2013 [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Aggregate QEI Amount | 5,000 |
New Markets Tax Credit for year 2015 | 250 |
New Markets Tax Credit for year 2016 | 300 |
New Markets Tax Credit for year 2017 | 300 |
New Markets Tax Credit for year 2018 | $300 |
Wesbanco_Bank_Community_Develo2
Wesbanco Bank Community Development Corporation - Schedule of Condensed Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks | $94,002 | $95,551 | $125,605 | $140,325 |
Loans, net of allowance for loan losses of $249 | 4,042,112 | 3,847,549 | ||
Other assets | 89,072 | 107,979 | ||
Total Assets | 6,296,565 | 6,144,773 | ||
Liabilities | 5,508,375 | 5,398,178 | ||
Shareholder Equity | 788,190 | 746,595 | 714,184 | 633,790 |
Total Liabilities and Shareholder Equity | 6,296,565 | 6,144,773 | ||
WBCDC [Member] | ||||
ASSETS | ||||
Cash and due from banks | 24,270 | 25,040 | ||
Loans, net of allowance for loan losses of $249 | 44,676 | |||
Investments | 980 | |||
Other assets | 530 | |||
Total Assets | 70,456 | |||
Liabilities | 294 | |||
Shareholder Equity | 70,162 | |||
Total Liabilities and Shareholder Equity | $70,456 |
Wesbanco_Bank_Community_Develo3
Wesbanco Bank Community Development Corporation - Schedule of Condensed Balance Sheet (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule Of Subsidiary Financial Statements Table [Line Items] | ||||
Allowance for loan losses | $44,654 | $47,368 | $52,699 | $54,810 |
WBCDC [Member] | ||||
Schedule Of Subsidiary Financial Statements Table [Line Items] | ||||
Allowance for loan losses | $249 |
Wesbanco_Bank_Community_Develo4
Wesbanco Bank Community Development Corporation - Schedule of Condensed Income Statement (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | |||||||||||
Loans | $172,182 | $175,323 | $166,656 | ||||||||
Total interest income | 54,185 | 54,303 | 54,044 | 53,457 | 54,257 | 54,317 | 54,424 | 54,892 | 215,991 | 217,890 | 211,686 |
Provision for loan losses | 6,552 | 8,825 | 20,001 | ||||||||
Net interest income after provision for credit losses | 47,106 | 47,133 | 47,458 | 45,126 | 44,094 | 43,312 | 44,968 | 44,026 | 186,823 | 176,401 | 148,477 |
Non-interest income | 68,504 | 69,285 | 64,775 | ||||||||
Non-interest expense | 41,972 | 39,263 | 40,304 | 40,095 | 40,743 | 40,009 | 39,499 | 40,747 | 161,633 | 160,998 | 150,120 |
Income before provision for income taxes | 21,694 | 24,524 | 25,395 | 22,080 | 20,301 | 20,419 | 23,193 | 20,775 | 93,694 | 84,688 | 63,132 |
Provision for income taxes | 5,182 | 6,358 | 6,520 | 5,659 | 4,948 | 4,884 | 6,176 | 4,754 | 23,720 | 20,763 | 13,588 |
Net income | 16,512 | 18,166 | 18,875 | 16,421 | 15,353 | 15,535 | 17,017 | 16,021 | 69,974 | 63,925 | 49,544 |
WBCDC [Member] | |||||||||||
Interest income | |||||||||||
Loans | 1,527 | ||||||||||
Total interest income | 1,527 | ||||||||||
Provision for loan losses | 43 | ||||||||||
Net interest income after provision for credit losses | 1,484 | ||||||||||
Non-interest income | 83 | ||||||||||
Non-interest expense | 103 | ||||||||||
Income before provision for income taxes | 1,464 | ||||||||||
Provision for income taxes | 544 | ||||||||||
Net income | $920 |
Wesbanco_Bank_Community_Develo5
Wesbanco Bank Community Development Corporation - Schedule of Condensed Cash Flow Statement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $69,974 | $63,925 | $49,544 |
Provision for loan losses | 6,552 | 8,825 | 20,001 |
Gain on investments | -903 | -684 | -2,463 |
Decrease (increase) in other assets | 10,205 | 26,371 | 5,212 |
Net change in liabilities | -1,896 | -4,195 | 9,711 |
INVESTING ACTIVITIES | |||
Increase in loans | -199,760 | -220,562 | -169,215 |
FINANCING ACTIVITIES | |||
Net decrease in cash and cash equivalents | -1,549 | -30,054 | -14,720 |
Cash and cash equivalents at beginning of the year | 95,551 | 125,605 | 140,325 |
Cash and cash equivalents at end of the year | 94,002 | 95,551 | 125,605 |
WBCDC [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 920 | ||
Provision for loan losses | 43 | ||
Gain on investments | -83 | ||
Decrease (increase) in other assets | 106 | ||
Net change in liabilities | -563 | ||
Net cash provided by operating activities | 423 | ||
INVESTING ACTIVITIES | |||
Increase in loans | -1,193 | ||
Net cash used by investing activities | -1,193 | ||
FINANCING ACTIVITIES | |||
Qualified equity investment by parent company | 0 | ||
Net cash provided by financing activities | 0 | ||
Net decrease in cash and cash equivalents | -770 | ||
Cash and cash equivalents at beginning of the year | 25,040 | ||
Cash and cash equivalents at end of the year | $24,270 |
Transactions_with_Related_Part1
Transactions with Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | |||
Aggregate indebtedness of related parties | $4,400,000 | $4,700,000 | $4,500,000 |
Related party loans funded | 1,600,000 | ||
Related party loans repaid | 1,900,000 | ||
Due date for related party loans | 90 days | ||
Delinquent related party loans outstanding | $0 | $0 | $0 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Potential maximum dividends without prior regulatory approval | $28,500,000 | |
Average required reserve balance in Federal Reserve Bank | 5,000,000 | 5,000,000 |
Percentage of Risk-weighted assets in bank holding companies in total capital | 8.00% | |
Percentage of Risk-weighted assets in banking subsidiaries | 4.00% | |
Percentage of well-capitalized levels of Tier 1 risk-based capital | 6.00% | |
Percentage of well-capitalized levels of total risk-based capital | 10.00% | |
Minimum tier 1 leverage ratio | 9.88% | 9.27% |
Percentage of well-capitalized levels of Tier 1 leverage capital | ||
Junior Subordinated Debt | 106,176,000 | 106,137,000 |
Provision of the Dodd-Frank | 15,000,000,000 | |
Trust Preferred Securities | 102,980,000 | |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum tier 1 leverage ratio | 3.00% | |
WesBanco Bank Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of Risk-weighted assets in bank holding companies in total capital | 8.00% | |
Percentage of well-capitalized levels of Tier 1 risk-based capital | 6.00% | |
Percentage of well-capitalized levels of total risk-based capital | 10.00% | |
Minimum tier 1 leverage ratio | 8.63% | 8.58% |
Percentage of well-capitalized levels of Tier 1 leverage capital | 5.00% | |
Junior Subordinated Debt [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Junior Subordinated Debt | $106,200,000 |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Risk-Based Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 4.00% | |
Tier 1 capital to risk-weighted assets, minimum value | 4.00% | |
Total capital to risk-weighted assets, minimum value | 8.00% | |
Tier 1 leverage, well capitalized | ||
Tier 1 capital to risk-weighted assets, well capitalized | 6.00% | |
Total capital to risk-weighted assets, well capitalized | 10.00% | |
Tier 1 leverage, amount | $593,031 | $544,083 |
Tier 1 capital to risk-weighted assets, amount | 593,031 | 544,083 |
Total capital to risk-weighted assets, amount | 638,064 | 591,451 |
Tier 1 leverage, ratio | 9.88% | 9.27% |
Tier 1 capital to risk-weighted assets, ratio | 13.76% | 13.06% |
Total capital to risk-weighted assets, ratio | 14.81% | 14.19% |
WesBanco Bank Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 4.00% | |
Tier 1 capital to risk-weighted assets, minimum value | 4.00% | |
Total capital to risk-weighted assets, minimum value | 8.00% | |
Tier 1 leverage, well capitalized | 5.00% | |
Tier 1 capital to risk-weighted assets, well capitalized | 6.00% | |
Total capital to risk-weighted assets, well capitalized | 10.00% | |
Tier 1 leverage, amount | 516,689 | 502,165 |
Tier 1 capital to risk-weighted assets, amount | 516,689 | 502,165 |
Total capital to risk-weighted assets, amount | 561,369 | 549,533 |
Tier 1 leverage, ratio | 8.63% | 8.58% |
Tier 1 capital to risk-weighted assets, ratio | 12.04% | 12.11% |
Total capital to risk-weighted assets, ratio | 13.08% | 13.25% |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 3.00% | |
Tier 1 leverage, amount | 240,068 | 234,863 |
Tier 1 capital to risk-weighted assets, amount | 172,357 | 166,691 |
Total capital to risk-weighted assets, amount | 344,714 | 333,382 |
Tier 1 leverage, ratio | 3.00% | |
Minimum [Member] | WesBanco Bank Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, amount | 239,533 | 234,109 |
Tier 1 capital to risk-weighted assets, amount | 171,612 | 165,828 |
Total capital to risk-weighted assets, amount | $343,225 | $331,656 |
Regulatory_Matters_Summary_of_1
Regulatory Matters - Summary of Risk-Based Capital Amounts and Ratios (Parenthetical) (Detail) | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 4.00% |
Minimum [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 3.00% |
Condensed_Parent_Company_Finan2
Condensed Parent Company Financial Statements - Schedule of Condensed Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and short-term investments | $94,002 | $95,551 | $125,605 | $140,325 |
Securities available-for-sale, at fair value | 917,424 | 934,386 | ||
Other assets | 89,072 | 107,979 | ||
Total Assets | 6,296,565 | 6,144,773 | ||
LIABILITIES | ||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | 106,176 | 106,137 | ||
Total Liabilities | 5,508,375 | 5,398,178 | ||
SHAREHOLDERS' EQUITY | 788,190 | 746,595 | 714,184 | 633,790 |
Total Liabilities and Shareholders' Equity | 6,296,565 | 6,144,773 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and short-term investments | 61,732 | 22,973 | 16,213 | 24,658 |
Investment in subsidiaries-Bank | 814,227 | 806,586 | ||
Investment in subsidiaries-Nonbank | 5,343 | 5,527 | ||
Securities available-for-sale, at fair value | 2,189 | 4,113 | ||
Other assets | 17,553 | 18,983 | ||
Total Assets | 901,044 | 858,182 | ||
LIABILITIES | ||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | 106,176 | 106,137 | ||
Dividends payable and other liabilities | 6,678 | 5,450 | ||
Total Liabilities | 112,854 | 111,587 | ||
SHAREHOLDERS' EQUITY | 788,190 | 746,595 | ||
Total Liabilities and Shareholders' Equity | $901,044 | $858,182 |
Condensed_Parent_Company_Finan3
Condensed Parent Company Financial Statements - Schedule of Condensed Income Statement (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income from securities | $54,185 | $54,303 | $54,044 | $53,457 | $54,257 | $54,317 | $54,424 | $54,892 | $215,991 | $217,890 | $211,686 |
Net securities gain | 903 | 684 | 2,463 | ||||||||
Other income | 5,555 | 5,456 | 5,103 | ||||||||
Total expense | 41,972 | 39,263 | 40,304 | 40,095 | 40,743 | 40,009 | 39,499 | 40,747 | 161,633 | 160,998 | 150,120 |
Income before provision for income taxes | 21,694 | 24,524 | 25,395 | 22,080 | 20,301 | 20,419 | 23,193 | 20,775 | 93,694 | 84,688 | 63,132 |
Income tax benefit | 5,182 | 6,358 | 6,520 | 5,659 | 4,948 | 4,884 | 6,176 | 4,754 | 23,720 | 20,763 | 13,588 |
Equity in undistributed net income of subsidiaries | 900 | 1,200 | 1,500 | ||||||||
NET INCOME | 16,512 | 18,166 | 18,875 | 16,421 | 15,353 | 15,535 | 17,017 | 16,021 | 69,974 | 63,925 | 49,544 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries-Bank | 59,500 | 42,000 | 36,500 | ||||||||
Dividends from subsidiaries-Nonbank | 1,200 | 860 | 562 | ||||||||
Income from securities | 128 | 194 | 102 | ||||||||
Net securities gain | 745 | 6 | 11 | ||||||||
Other income | 416 | 67 | 96 | ||||||||
Total income | 61,989 | 43,127 | 37,271 | ||||||||
Total expense | 7,139 | 5,810 | 7,145 | ||||||||
Income before provision for income taxes | 54,850 | 37,317 | 30,126 | ||||||||
Income tax benefit | -2,006 | -2,132 | -2,305 | ||||||||
Income before undistributed net income of subsidiaries | 56,856 | 39,449 | 32,431 | ||||||||
Equity in undistributed net income of subsidiaries | 13,118 | 24,476 | 17,113 | ||||||||
NET INCOME | $69,974 | $63,925 | $49,544 |
Condensed_Parent_Company_Finan4
Condensed Parent Company Financial Statements - Schedule of Condensed Cash Flow Statement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $69,974 | $63,925 | $49,544 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income | -900 | -1,200 | -1,500 |
Gain on securities | -903 | -684 | -2,463 |
Decrease (increase) in other assets | 10,205 | 26,371 | 5,212 |
Other-net | 5,328 | 2,251 | 2,663 |
INVESTING ACTIVITIES | |||
Proceed from sales -securities available-for-sale | 16,249 | 9,265 | 202,810 |
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | -15,448 | ||
FINANCING ACTIVITIES | |||
Issuance of common stock | 2,539 | 38 | |
Treasury shares sold (purchased)-net | 1,918 | -6,170 | -24 |
Net decrease in cash and cash equivalents | -1,549 | -30,054 | -14,720 |
Cash and cash equivalents at beginning of the year | 95,551 | 125,605 | 140,325 |
Cash and cash equivalents at end of the year | 94,002 | 95,551 | 125,605 |
Parent Company [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 69,974 | 63,925 | 49,544 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income | -13,118 | -24,476 | -17,113 |
Gain on securities | -745 | -6 | -11 |
Decrease (increase) in other assets | 1,908 | -1,957 | 129 |
Other-net | 1,968 | 1,975 | -13 |
Net cash provided by operating activities | 59,987 | 39,461 | 32,536 |
INVESTING ACTIVITIES | |||
Proceed from sales -securities available-for-sale | 1,990 | 1,009 | 591 |
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | -104 | -23,467 | |
Net cash provided by (used in) investing activities | 1,990 | 905 | -22,876 |
FINANCING ACTIVITIES | |||
Repayment of junior subordinated debt | -7,732 | ||
Issuance of common stock | 2,539 | 38 | |
Treasury shares sold (purchased)-net | 1,918 | -6,170 | -24 |
Dividends paid to common and preferred shareholders | -25,136 | -22,243 | -18,119 |
Net cash used in financing activities | -23,218 | -33,606 | -18,105 |
Net decrease in cash and cash equivalents | 38,759 | 6,760 | -8,445 |
Cash and cash equivalents at beginning of the year | 22,973 | 16,213 | 24,658 |
Cash and cash equivalents at end of the year | $61,732 | $22,973 | $16,213 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Segment Reporting Information [Line Items] | |||
Operating segments | 2 | ||
Trust and Investment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Market value of assets held by trust and investment services segment | 3,800,000,000 | $3,700,000,000 | $3,200,000,000 |
Total non-fiduciary assets of the trust and investment services segment | 4,000,000 | $3,900,000 | $2,800,000 |
Business_Segments_Financial_In
Business Segments - Financial Information by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $54,185 | $54,303 | $54,044 | $53,457 | $54,257 | $54,317 | $54,424 | $54,892 | $215,991 | $217,890 | $211,686 |
Interest expense | 5,199 | 5,692 | 5,737 | 6,132 | 7,019 | 8,186 | 8,435 | 8,764 | 22,763 | 32,403 | 43,335 |
Net interest income | 48,986 | 48,611 | 48,307 | 47,325 | 47,238 | 46,131 | 45,989 | 46,128 | 193,228 | 185,487 | 168,351 |
Provision for credit losses | 1,880 | 1,478 | 849 | 2,199 | 3,144 | 2,819 | 1,021 | 2,102 | 6,405 | 9,086 | 19,874 |
Net interest income after provision for credit losses | 47,106 | 47,133 | 47,458 | 45,126 | 44,094 | 43,312 | 44,968 | 44,026 | 186,823 | 176,401 | 148,477 |
Non-interest income | 68,504 | 69,285 | 64,775 | ||||||||
Non-interest expense | 41,972 | 39,263 | 40,304 | 40,095 | 40,743 | 40,009 | 39,499 | 40,747 | 161,633 | 160,998 | 150,120 |
Income before provision for income taxes | 21,694 | 24,524 | 25,395 | 22,080 | 20,301 | 20,419 | 23,193 | 20,775 | 93,694 | 84,688 | 63,132 |
Provision for income taxes | 5,182 | 6,358 | 6,520 | 5,659 | 4,948 | 4,884 | 6,176 | 4,754 | 23,720 | 20,763 | 13,588 |
Net income | 16,512 | 18,166 | 18,875 | 16,421 | 15,353 | 15,535 | 17,017 | 16,021 | 69,974 | 63,925 | 49,544 |
Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 215,991 | 217,890 | 211,686 | ||||||||
Interest expense | 22,763 | 32,403 | 43,335 | ||||||||
Net interest income | 193,228 | 185,487 | 168,351 | ||||||||
Provision for credit losses | 6,405 | 9,086 | 19,874 | ||||||||
Net interest income after provision for credit losses | 186,823 | 176,401 | 148,477 | ||||||||
Non-interest income | 47,435 | 49,708 | 46,731 | ||||||||
Non-interest expense | 149,429 | 149,136 | 139,093 | ||||||||
Income before provision for income taxes | 84,829 | 76,973 | 56,115 | ||||||||
Provision for income taxes | 20,174 | 17,677 | 10,781 | ||||||||
Net income | 64,655 | 59,296 | 45,334 | ||||||||
Trust and Investment Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Non-interest income | 21,069 | 19,577 | 18,044 | ||||||||
Non-interest expense | 12,204 | 11,862 | 11,027 | ||||||||
Income before provision for income taxes | 8,865 | 7,715 | 7,017 | ||||||||
Provision for income taxes | 3,546 | 3,086 | 2,807 | ||||||||
Net income | $5,319 | $4,629 | $4,210 |
Condensed_Quarterly_Statements2
Condensed Quarterly Statements of Income (Unaudited) - Consolidated Selected Quarterly Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Interest income | $54,185 | $54,303 | $54,044 | $53,457 | $54,257 | $54,317 | $54,424 | $54,892 | $215,991 | $217,890 | $211,686 |
Interest expense | 5,199 | 5,692 | 5,737 | 6,132 | 7,019 | 8,186 | 8,435 | 8,764 | 22,763 | 32,403 | 43,335 |
Net interest income | 48,986 | 48,611 | 48,307 | 47,325 | 47,238 | 46,131 | 45,989 | 46,128 | 193,228 | 185,487 | 168,351 |
Provision for credit losses | 1,880 | 1,478 | 849 | 2,199 | 3,144 | 2,819 | 1,021 | 2,102 | 6,405 | 9,086 | 19,874 |
Net interest income after provision for credit losses | 47,106 | 47,133 | 47,458 | 45,126 | 44,094 | 43,312 | 44,968 | 44,026 | 186,823 | 176,401 | 148,477 |
Non-interest income | 16,413 | 16,073 | 18,076 | 17,039 | 16,953 | 17,131 | 17,038 | 17,480 | 67,601 | 68,601 | |
Net securities gains | 147 | 581 | 165 | 10 | -3 | -15 | 686 | 16 | 903 | 684 | 2,463 |
Non-interest expense | 41,972 | 39,263 | 40,304 | 40,095 | 40,743 | 40,009 | 39,499 | 40,747 | 161,633 | 160,998 | 150,120 |
Income before provision for income taxes | 21,694 | 24,524 | 25,395 | 22,080 | 20,301 | 20,419 | 23,193 | 20,775 | 93,694 | 84,688 | 63,132 |
Provision for income taxes | 5,182 | 6,358 | 6,520 | 5,659 | 4,948 | 4,884 | 6,176 | 4,754 | 23,720 | 20,763 | 13,588 |
Net income | $16,512 | $18,166 | $18,875 | $16,421 | $15,353 | $15,535 | $17,017 | $16,021 | $69,974 | $63,925 | $49,544 |
Earnings per common share - basic | $0.56 | $0.62 | $0.65 | $0.56 | $0.52 | $0.53 | $0.58 | $0.55 | $2.39 | $2.18 | $1.84 |
Earnings per common share - diluted | $0.56 | $0.62 | $0.64 | $0.56 | $0.52 | $0.53 | $0.58 | $0.55 | $2.39 | $2.18 | $1.84 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (ESB Financial Corporation [Member], USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Feb. 10, 2015 | |
Subsequent Events [Line Items] | ||
Total Assets | $1,900,000,000 | |
Loans | 700,000,000 | |
Securities | 1,100,000,000 | |
Merger related expense | 1,300,000 | |
Subsequent Event [Member] | ||
Subsequent Events [Line Items] | ||
Value of acquisition | 340,000,000 | |
Number of common stock shares issued | 9,200,000 | |
Cash consideration for outstanding shares | $37,200,000 |