Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WSBC | |
Entity Registrant Name | WESBANCO INC | |
Entity Central Index Key | 203596 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,449,812 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $17,871 and $8,405, respectively | $92,974 | $94,002 |
Securities: | ||
Available-for-sale, at fair value | 1,654,264 | 917,424 |
Held-to-maturity (fair values of $772,843 and $619,617, respectively) | 743,925 | 593,670 |
Total securities | 2,398,189 | 1,511,094 |
Loans held for sale | 6,064 | 5,865 |
Portfolio loans, net of unearned income | 4,873,721 | 4,086,766 |
Allowance for loan losses | -44,173 | -44,654 |
Net portfolio loans | 4,829,548 | 4,042,112 |
Premises and equipment, net | 110,900 | 93,135 |
Accrued interest receivable | 25,232 | 18,481 |
Goodwill and other intangible assets, net | 493,176 | 319,506 |
Bank-owned life insurance | 153,991 | 123,298 |
Other assets | 123,205 | 89,072 |
Total Assets | 8,233,279 | 6,296,565 |
Deposits: | ||
Non-interest bearing demand | 1,249,521 | 1,061,075 |
Interest bearing demand | 1,199,801 | 885,037 |
Money market | 1,018,184 | 954,957 |
Savings deposits | 1,064,808 | 842,818 |
Certificates of deposit | 1,883,888 | 1,305,096 |
Total deposits | 6,416,202 | 5,048,983 |
Federal Home Loan Bank borrowings | 432,456 | 223,126 |
Other short-term borrowings | 76,630 | 80,690 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 142,269 | 106,176 |
Total borrowings | 651,355 | 409,992 |
Accrued interest payable | 2,297 | 1,620 |
Other liabilities | 72,041 | 47,780 |
Total Liabilities | 7,141,895 | 5,508,375 |
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; 38,546,042 and 29,367,511 issued in 2015 and 2014, respectively; outstanding: 38,449,812 and 29,298,188 shares in 2015 and 2014, respectively | 80,304 | 61,182 |
Capital surplus | 520,596 | 244,661 |
Retained earnings | 509,622 | 504,578 |
Treasury stock (96,230 and 69,323 shares in 2015 and 2014, respectively, at cost) | -3,061 | -2,151 |
Accumulated other comprehensive loss | -13,624 | -18,825 |
Deferred benefits for directors | -2,453 | -1,255 |
Total Shareholders' Equity | 1,091,384 | 788,190 |
Total Liabilities and Shareholders' Equity | $8,233,279 | $6,296,565 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $17,871 | $8,405 |
Held-to-maturity securities, fair values | $772,843 | $619,617 |
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 | 38,546,042 | 29,367,511 |
Common stock, shares outstanding | 38,449,812 | 29,298,188 |
Treasury stock, shares | 96,230 | 69,323 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $47,713 | $42,746 |
Interest and dividends on securities: | ||
Taxable | 8,498 | 7,225 |
Tax-exempt | 3,533 | 3,385 |
Total interest and dividends on securities | 12,031 | 10,610 |
Other interest income | 635 | 101 |
Total interest and dividend income | 60,379 | 53,457 |
INTEREST EXPENSE | ||
Interest bearing demand deposits | 422 | 374 |
Money market deposits | 456 | 440 |
Savings deposits | 148 | 130 |
Certificates of deposit | 2,872 | 3,630 |
Total interest expense on deposits | 3,898 | 4,574 |
Federal Home Loan Bank borrowings | 557 | 211 |
Other short-term borrowings | 75 | 557 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 894 | 790 |
Total interest expense | 5,424 | 6,132 |
NET INTEREST INCOME | 54,955 | 47,325 |
Provision for credit losses | 1,289 | 2,199 |
Net interest income after provision for credit losses | 53,666 | 45,126 |
NON-INTEREST INCOME | ||
Trust fees | 6,053 | 5,648 |
Service charges on deposits | 3,652 | 3,860 |
Electronic banking fees | 3,325 | 3,013 |
Net securities brokerage revenue | 2,059 | 1,829 |
Bank-owned life insurance | 1,251 | 875 |
Net gains on sales of mortgage loans | 272 | 154 |
Net securities gains | 22 | 10 |
Net gain on other real estate owned and other assets | 122 | 113 |
Other income | 1,434 | 1,547 |
Total non-interest income | 18,190 | 17,049 |
NON-INTEREST EXPENSE | ||
Salaries and wages | 18,357 | 16,467 |
Employee benefits | 7,316 | 5,708 |
Net occupancy | 3,490 | 3,491 |
Equipment | 2,973 | 2,783 |
Marketing | 965 | 1,003 |
FDIC insurance | 910 | 877 |
Amortization of intangible assets | 566 | 495 |
Restructuring and merger-related expense | 9,733 | |
Other operating expenses | 9,131 | 9,271 |
Total non-interest expense | 53,441 | 40,095 |
Income before provision for income taxes | 18,415 | 22,080 |
Provision for income taxes | 4,528 | 5,659 |
NET INCOME | 13,887 | 16,421 |
EARNINGS PER COMMON SHARE | ||
Basic | $0.40 | $0.56 |
Diluted | $0.40 | $0.56 |
AVERAGE COMMON SHARES OUTSTANDING | ||
Basic | 34,393,137 | 29,182,183 |
Diluted | 34,478,335 | 29,262,680 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.23 | $0.22 |
COMPREHENSIVE INCOME | $19,088 | $19,694 |
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, 2013 | $746,595 | $61,182 | $244,974 | $460,351 | ($5,969) | ($12,734) | ($1,209) |
Beginning Balance, shares at Dec. 31, 2013 | 29,175,236 | ||||||
Net income | 16,421 | 16,421 | |||||
Other comprehensive income | 3,273 | 3,273 | |||||
Comprehensive income | 19,694 | ||||||
Common dividends declared ($0.22 per share in Mar 31, 2015 and 2014 respectively | -6,420 | -6,420 | |||||
Treasury shares acquired | -19 | 49 | -68 | ||||
Treasury shares acquired, shares | -2,258 | ||||||
Stock options exercised | 976 | -176 | 1,152 | ||||
Stock options exercised, shares | 37,092 | ||||||
Restricted stock granted | -63 | 63 | |||||
Restricted stock granted, shares | 2,040 | ||||||
Stock compensation expense | 291 | 291 | |||||
Deferred benefits for directors- net | 10 | -10 | |||||
Ending Balance at Mar. 31, 2014 | 761,117 | 61,182 | 245,085 | 470,352 | -4,822 | -9,461 | -1,219 |
Ending Balance, shares at Mar. 31, 2014 | 29,212,110 | ||||||
Beginning Balance at Dec. 31, 2014 | 788,190 | 61,182 | 244,661 | 504,578 | -2,151 | -18,825 | -1,255 |
Beginning Balance, shares at Dec. 31, 2014 | 29,298,188 | ||||||
Net income | 13,887 | 13,887 | |||||
Other comprehensive income | 5,201 | 5,201 | |||||
Comprehensive income | 19,088 | ||||||
Common dividends declared ($0.22 per share in Mar 31, 2015 and 2014 respectively | -8,843 | -8,843 | |||||
Shares issued for acquisition | 293,629 | 19,122 | 274,507 | ||||
Shares issued for acquisition, shares | 9,178,531 | ||||||
Treasury shares acquired | -1,262 | -1,262 | |||||
Treasury shares acquired, shares | -38,237 | ||||||
Stock options exercised | 308 | -44 | 352 | ||||
Stock options exercised, shares | 11,330 | ||||||
Stock compensation expense | 274 | 274 | |||||
Deferred benefits for directors- net | 1,198 | -1,198 | |||||
Ending Balance at Mar. 31, 2015 | $1,091,384 | $80,304 | $520,596 | $509,622 | ($3,061) | ($13,624) | ($2,453) |
Ending Balance, shares at Mar. 31, 2015 | 38,449,812 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Common dividends declared, per share | $0.23 | $0.22 |
Retained Earnings [Member] | ||
Common dividends declared, per share | $0.23 | $0.22 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $36,064 | $23,985 |
INVESTING ACTIVITIES | ||
Net (increase) decrease in loans | -94,812 | 3,446 |
Securities available-for-sale: | ||
Proceeds from sales | 560,676 | 3,155 |
Proceeds from maturities, prepayments and calls | 52,783 | 53,631 |
Purchases of securities | -405,998 | -77,725 |
Securities held-to-maturity: | ||
Proceeds from maturities, prepayments and calls | 9,430 | 12,325 |
Purchases of securities | -51,246 | -12,240 |
Proceeds from bank-owned life insurance | 1,185 | |
Cash paid to acquire a business, net of cash acquired | -28,551 | |
Purchases of premises and equipment - net | -2,033 | -1,485 |
Net cash provided by (used in) investing activities | 41,434 | -18,893 |
FINANCING ACTIVITIES | ||
Increase in deposits | 120,954 | 153,387 |
Proceeds from Federal Home Loan Bank borrowings | 325,000 | |
Repayment of Federal Home Loan Bank borrowings | -507,982 | -16,181 |
Decrease in other short-term borrowings | -9,060 | -37,682 |
Decrease in federal funds purchased | -20,000 | |
Dividends paid to common shareholders | -6,446 | -5,833 |
Treasury shares (purchased) sold - net | -992 | 862 |
Net cash (used in) provided by financing activities | -78,526 | 74,553 |
Net (decrease) increase in cash and cash equivalents | -1,028 | 79,645 |
Cash and cash equivalents at beginning of the period | 94,002 | 95,551 |
Cash and cash equivalents at end of the period | 92,974 | 175,196 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 5,522 | 6,589 |
Income taxes paid | 100 | |
Transfers of loans to other real estate owned | 344 | 1,287 |
Non-cash transactions related to ESB acquisition | $301,933 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of presentation — The accompanying unaudited interim financial statements of WesBanco, Inc. and its consolidated subsidiaries (“WesBanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014. | |
WesBanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly WesBanco’s financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. | |
Recent accounting pronouncements — In April 2015, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) (ASU 2015-05) that provides guidance on when to account for a cloud computing arrangement as a software license. The guidance applies only to internal-use software that a customer obtains access to in a hosting arrangement if both of the following criteria are met: (1) The customer has the contractual right to take possession of the software at any time during the hosting period without significant penalty, (2) it is feasible for the customer to either run the software on its own hardware or contract with another party unrelated to the vendor to host the software. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In February 2015, the FASB issued ASU 2015-02 that revised the consolidation model, requiring reporting entities to reevaluate whether they should consolidate certain legal entities under the revised model. The amendments in this Update modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, and eliminate the presumption that a general partner should consolidate and affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The pronouncement also provides for a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In August 2014, the FASB issued 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 did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In June 2014, the FASB issued 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 did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In May 2014, the FASB issued 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. In April 2015, the FASB issued an exposure draft of a proposed ASU that would delay by one year the effective date of ASU 2014-11. Under the proposal, the standard would be effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Mergers and Acquisitions | NOTE 2. MERGERS AND ACQUISITIONS | ||||
On February 10, 2015, WesBanco completed its acquisition of ESB Financial Corporation (“ESB”), and its wholly-owned banking subsidiary, ESB Bank (“ESB Bank”), a Pennsylvania-chartered stock savings bank headquartered in Ellwood City, Pennsylvania. The transaction expanded WesBanco’s franchise in the Pittsburgh region of western Pennsylvania from 16 to 38 offices. | |||||
On the acquisition date, ESB had $1.9 billion in assets, excluding goodwill, which included $700.8 million in loans, and $486.9 million in securities. The ESB acquisition was valued at $339.0 million, based on WesBanco’s closing stock price on February 10, 2015 of $32.00, and resulted in WesBanco issuing 9,178,531 shares of its common stock and $45.0 million in cash and other assets in exchange for ESB common stock. The assets and liabilities of ESB were 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 have been included in WesBanco’s Consolidated Statements of Income since that date. ESB was merged into WesBanco and ESB Bank was merged into WesBanco Bank, Inc. (the “Bank”) on February 10, 2015. Based on a preliminary purchase price allocation, WesBanco recorded $168.9 million in goodwill and $5.3 million in core deposit intangibles in its community banking segment. The fair values for the assets acquired and liabilities assumed are provisional amounts and are currently under review. Due to the timing of the ESB acquisition, WesBanco is still in the process of completing its fair market valuation, including the valuation of certain tangible and intangible assets as well as deferred income taxes. None of the goodwill is deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. | |||||
For the three months ended March 31, 2015, WesBanco recorded merger-related expenses of $9.7 million associated with the ESB acquisition. In 2014 WesBanco recognized $1.3 million in merger-related expenses in connection with the ESB acquisition. | |||||
The total of net interest income and non-interest income of the acquired operations of ESB was approximately $6.5 million and net income was approximately $2.7 million from February 11, 2015 through March 31, 2015. If the ESB acquisition had occurred on January 1, 2014, unaudited proforma net interest income and non-interest income of the combined entity for the three months ended March 31, 2014 would have totaled approximately $76.1 million and unaudited proforma net income would have been approximately $19.8 million as compared to proforma results of $78.2 million and $22.2 million, respectively, for the three months ended March 31, 2015. Merger-related expenses were excluded from the pro-forma results. | |||||
The purchase price of the ESB acquisition and resulting goodwill is summarized as follows: | |||||
(unaudited, in thousands) | February 10, 2015 | ||||
Purchase Price: | |||||
Fair value of WesBanco shares issued, (net of equity issuance costs of $0.1 million) | $ | 293,933 | |||
Cash consideration for outstanding ESB shares, options and restricted stock | 37,036 | ||||
Settlement of pre-existing loan to ESB | 8,000 | ||||
Total purchase price | $ | 338,969 | |||
Fair value of: | |||||
Tangible assets acquired | $ | 1,859,865 | |||
Core deposit and other intangible assets acquired | 5,346 | ||||
Liabilities assumed | (1,703,616 | ) | |||
Net cash received in the acquisition | 8,485 | ||||
Fair value of net assets acquired | 170,080 | ||||
Goodwill recognized | $ | 168,889 | |||
The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as WesBanco intends to finalize its accounting for the acquisition of ESB during 2015: | |||||
(unaudited, in thousands) | February 10, 2015 | ||||
Assets | |||||
Cash and due from banks | $ | 8,485 | |||
Securities | 486,891 | ||||
Loans | 700,849 | ||||
Goodwill and other intangible assets | 174,235 | ||||
Accrued income and other assets (1) | 672,125 | ||||
Total Assets | $ | 2,042,585 | |||
Liabilities | |||||
Deposits | $ | 1,246,992 | |||
Borrowings | 433,454 | ||||
Accrued expenses and other liabilities | 23,170 | ||||
Total liabilities | 1,703,616 | ||||
Purchase price | $ | 338,969 | |||
(1) | Includes receivables of $560.7 million from the sale of available-for-sale securities prior to the acquisition date. | ||||
At March 31, 2015 the carrying value of goodwill increased by $168.9 million from December 31, 2014 to $481.0 million. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
EARNINGS PER COMMON SHARE | NOTE 3. EARNINGS PER COMMON SHARE | ||||||||
Earnings per common share are calculated as follows: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited, in thousands, except shares and per share amounts) | 2015 | 2014 | |||||||
Numerator for both basic and diluted earnings per common share: | |||||||||
Net income | $ | 13,887 | $ | 16,421 | |||||
Denominator: | |||||||||
Total average basic common shares outstanding | 34,393,137 | 29,182,183 | |||||||
Effect of dilutive stock options and warrant | 85,198 | 80,497 | |||||||
Total diluted average common shares outstanding | 34,478,335 | 29,262,680 | |||||||
Earnings per common share - basic | $ | 0.4 | $ | 0.56 | |||||
Earnings per common share - diluted | $ | 0.4 | $ | 0.56 | |||||
All stock options outstanding were included in the computation of diluted earnings per share for the three months ended March 31, 2015 as all were considered dilutive, while 33,000 were not included in March 31, 2014, because to do so would have been anti-dilutive. | |||||||||
On February 10, 2015, WesBanco issued 9,178,531 shares to complete its acquisition of ESB. These shares are included in average shares outstanding beginning on that date. For additional information relating to the ESB acquisition, refer to Note 2, “Mergers and Acquisitions.” |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Securities | NOTE 4. SECURITIES | ||||||||||||||||||||||||||||||||||||
The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity securities: | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | 79,315 | $ | 1,486 | $ | (33 | ) | $ | 80,768 | $ | 86,964 | $ | 1,087 | $ | (315 | ) | $ | 87,736 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 1,279,350 | 8,091 | (3,996 | ) | 1,283,445 | 703,535 | 4,336 | (6,758 | ) | 701,113 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 89,977 | 5,693 | (17 | ) | 95,653 | 86,073 | 5,365 | (5 | ) | 91,433 | |||||||||||||||||||||||||||
Corporate debt securities | 182,781 | 430 | (121 | ) | 183,090 | 25,974 | 141 | (119 | ) | 25,996 | |||||||||||||||||||||||||||
Total debt securities | $ | 1,631,423 | $ | 15,700 | $ | (4,167 | ) | $ | 1,642,956 | $ | 902,546 | $ | 10,929 | $ | (7,197 | ) | $ | 906,278 | |||||||||||||||||||
Equity securities | 10,702 | 606 | — | 11,308 | 10,304 | 842 | — | 11,146 | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 1,642,125 | $ | 16,306 | $ | (4,167 | ) | $ | 1,654,264 | $ | 912,850 | $ | 11,771 | $ | (7,197 | ) | $ | 917,424 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | $ | 126,935 | $ | 3,244 | $ | (208 | ) | $ | 129,971 | $ | 79,004 | $ | 3,262 | $ | (246 | ) | $ | 82,020 | |||||||||||||||||||
Obligations of states and political subdivisions | 610,249 | 26,560 | (878 | ) | 635,931 | 507,927 | 23,917 | (1,043 | ) | 530,801 | |||||||||||||||||||||||||||
Corporate debt securities | 6,741 | 200 | — | 6,941 | 6,739 | 106 | (49 | ) | 6,796 | ||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 743,925 | $ | 30,004 | $ | (1,086 | ) | $ | 772,843 | $ | 593,670 | $ | 27,285 | $ | (1,338 | ) | $ | 619,617 | |||||||||||||||||||
Total securities | $ | 2,386,050 | $ | 46,310 | $ | (5,253 | ) | $ | 2,427,107 | $ | 1,506,520 | $ | 39,056 | $ | (8,535 | ) | $ | 1,537,041 | |||||||||||||||||||
At March 31, 2015, and December 31, 2014, 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 March 31, 2015. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
(unaudited, 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 | $ | — | $ | 23,276 | $ | 40,297 | $ | 17,195 | $ | — | $ | 80,768 | |||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | — | — | — | — | 1,283,445 | 1,283,445 | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 5,254 | 33,049 | 21,417 | 35,933 | — | 95,653 | |||||||||||||||||||||||||||||||
Corporate debt securities | 82,193 | 62,312 | 33,658 | 4,927 | — | 183,090 | |||||||||||||||||||||||||||||||
Equity securities (2) | — | — | — | — | 11,308 | 11,308 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 87,447 | $ | 118,637 | $ | 95,372 | $ | 58,055 | $ | 1,294,753 | $ | 1,654,264 | |||||||||||||||||||||||||
Held-to-maturity (3) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | $ | — | $ | — | $ | — | $ | — | $ | 129,971 | $ | 129,971 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,852 | 17,024 | 259,231 | 356,824 | — | 635,931 | |||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 6,941 | — | — | 6,941 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 2,852 | $ | 17,024 | $ | 266,172 | $ | 356,824 | $ | 129,971 | $ | 772,843 | |||||||||||||||||||||||||
Total securities | $ | 90,299 | $ | 135,661 | $ | 361,544 | $ | 414,879 | $ | 1,424,724 | $ | 2,427,107 | |||||||||||||||||||||||||
-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 $743.9 million. | ||||||||||||||||||||||||||||||||||||
Securities with aggregate fair values of $1.1 billion and $706.5 million at March 31, 2015 and December 31, 2014, 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 $560.7 million, entirely due to the ESB portfolio restructuring, and $3.2 million for the three months ended March 31, 2015 and 2014, respectively. Net unrealized gains on available-for-sale securities included in accumulated other comprehensive income net of tax, as of March 31, 2015 and December 31, 2014 were $7.7 million and $2.9 million, respectively. | |||||||||||||||||||||||||||||||||||||
The following table presents the gross realized gains and losses on sales and calls of securities for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 24 | $ | 195 | |||||||||||||||||||||||||||||||||
Gross realized losses | (2 | ) | (185 | ) | |||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | 22 | $ | 10 | |||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(unaudited, 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 | 17,953 | (33 | ) | 3 | — | — | 0 | 17,953 | (33 | ) | 3 | ||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 260,103 | (681 | ) | 55 | 168,693 | (3,523 | ) | 32 | 428,796 | (4,204 | ) | 87 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 68,439 | (450 | ) | 79 | 20,777 | (445 | ) | 31 | 89,216 | (895 | ) | 110 | |||||||||||||||||||||||||
Corporate debt securities | 53,122 | (113 | ) | 16 | 1,978 | (8 | ) | 1 | 55,100 | (121 | ) | 17 | |||||||||||||||||||||||||
Total temporarily impaired securities | 399,617 | (1,277 | ) | 153 | 191,448 | (3,976 | ) | 64 | 591,065 | (5,253 | ) | 217 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(unaudited, 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 | |||||||||||||||||||
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 $20.9 million and $11.6 million at March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans and the Allowance for Credit Losses | NOTE 5. 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 $2.2 million and $2.4 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 288,075 | $ | 262,643 | |||||||||||||||||||||||||||||
Improved property | 1,908,869 | 1,682,817 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,196,944 | 1,945,460 | |||||||||||||||||||||||||||||||
Commercial and industrial | 709,621 | 638,410 | |||||||||||||||||||||||||||||||
Residential real estate | 1,239,163 | 928,770 | |||||||||||||||||||||||||||||||
Home equity | 362,163 | 330,031 | |||||||||||||||||||||||||||||||
Consumer | 365,830 | 244,095 | |||||||||||||||||||||||||||||||
Total portfolio loans | 4,873,721 | 4,086,766 | |||||||||||||||||||||||||||||||
Loans held for sale | 6,064 | 5,865 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,879,785 | $ | 4,092,631 | |||||||||||||||||||||||||||||
The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses By Category | |||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 and 2014 | |||||||||||||||||||||||||||||||||
(unaudited, 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 December 31, 2014: | |||||||||||||||||||||||||||||||||
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 beginning allowance for credit losses | 5,848 | 17,583 | 9,175 | 5,391 | 2,419 | 4,118 | 575 | 45,109 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (323 | ) | 903 | (44 | ) | (208 | ) | 747 | 133 | 58 | 1,266 | ||||||||||||||||||||||
Provision for loan commitments | (16 | ) | 8 | 8 | 4 | 17 | 2 | — | 23 | ||||||||||||||||||||||||
Total provision for credit losses | (339 | ) | 911 | (36 | ) | (204 | ) | 764 | 135 | 58 | 1,289 | ||||||||||||||||||||||
Charge-offs | — | (577 | ) | (122 | ) | (358 | ) | (589 | ) | (717 | ) | (154 | ) | (2,517 | ) | ||||||||||||||||||
Recoveries | — | 136 | 114 | 218 | 10 | 229 | 63 | 770 | |||||||||||||||||||||||||
Net charge-offs | — | (441 | ) | (8 | ) | (140 | ) | (579 | ) | (488 | ) | (91 | ) | (1,747 | ) | ||||||||||||||||||
Balance at March 31, 2015: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,331 | 18,035 | 9,011 | 5,034 | 2,497 | 3,723 | 542 | 44,173 | |||||||||||||||||||||||||
Allowance for loan commitments | 178 | 18 | 120 | 13 | 107 | 42 | — | 478 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,509 | $ | 18,053 | $ | 9,131 | $ | 5,047 | $ | 2,604 | $ | 3,765 | $ | 542 | $ | 44,651 | |||||||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||||||||||
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 | (1,051 | ) | (509 | ) | 2,128 | 869 | 153 | 305 | 361 | 2,256 | |||||||||||||||||||||||
Provision for loan commitments | (8 | ) | (53 | ) | 3 | — | 1 | — | — | (57 | ) | ||||||||||||||||||||||
Total provision for credit losses | (1,059 | ) | (562 | ) | 2,131 | 869 | 154 | 305 | 361 | 2,199 | |||||||||||||||||||||||
Charge-offs | — | (493 | ) | (2,276 | ) | (879 | ) | (155 | ) | (752 | ) | (180 | ) | (4,735 | ) | ||||||||||||||||||
Recoveries | — | 120 | 65 | 109 | 11 | 227 | 62 | 594 | |||||||||||||||||||||||||
Net charge-offs | — | (373 | ) | (2,211 | ) | (770 | ) | (144 | ) | (525 | ) | (118 | ) | (4,141 | ) | ||||||||||||||||||
Balance at March 31, 2014: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,005 | 17,275 | 9,842 | 5,772 | 2,026 | 4,800 | 763 | 45,483 | |||||||||||||||||||||||||
Allowance for loan commitments | 293 | 9 | 133 | 5 | 86 | 19 | — | 545 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,298 | $ | 17,284 | $ | 9,975 | $ | 5,777 | $ | 2,112 | $ | 4,819 | $ | 763 | $ | 46,028 | |||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Over-draft | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | and Industrial | Real Estate | Equity | |||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 2,828 | $ | 873 | $ | — | $ | — | $ | — | $ | — | $ | 3,701 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 5,331 | 15,207 | 8,138 | 5,034 | 2,497 | 3,723 | 542 | 40,472 | |||||||||||||||||||||||||
Allowance for loan commitments | 178 | 18 | 120 | 13 | 107 | 42 | — | 478 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,509 | $ | 18,053 | $ | 9,131 | $ | 5,047 | $ | 2,604 | $ | 3,765 | $ | 542 | $ | 44,651 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 9,822 | $ | 2,722 | $ | — | $ | — | $ | — | $ | — | $ | 12,544 | |||||||||||||||||
Collectively evaluated for impairment | 288,075 | 1,899,047 | 706,899 | 1,239,163 | 362,163 | 365,830 | — | 4,861,177 | |||||||||||||||||||||||||
Total portfolio loans | $ | 288,075 | $ | 1,908,869 | $ | 709,621 | $ | 1,239,163 | $ | 362,163 | $ | 365,830 | $ | — | $ | 4,873,721 | |||||||||||||||||
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 | |||||||||||||||||
(1) | Commercial loans greater than $1 million that are reported as non-accrual or as a troubled debt restructuring (“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 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: | |||||||||||||||||||||||||||||||||
Commerical Loans by Internally Assigned Risk Grade | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Commercial | Commercial | Commercial | Total | |||||||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Commercial | ||||||||||||||||||||||||||||||
Land and | Improved | Loans | |||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||||||
Pass | $ | 281,730 | $ | 1,848,655 | $ | 683,226 | $ | 2,813,611 | |||||||||||||||||||||||||
Criticized - compromised | 3,653 | 18,049 | 18,957 | 40,659 | |||||||||||||||||||||||||||||
Classified - substandard | 2,692 | 42,165 | 7,438 | 52,295 | |||||||||||||||||||||||||||||
Classified - doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 288,075 | $ | 1,908,869 | $ | 709,621 | $ | 2,906,565 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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 $15.5 million at March 31, 2015 and $15.2 million at December 31, 2014, of which $1.5 and $2.2 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. | |||||||||||||||||||||||||||||||||
Acquired Loans — Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value in accordance with ASC 805, Business Combinations, with no carryover of related allowance for credit losses. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life of the acquired loans, delinquency status, estimated prepayments, payment options and other loan features, internal risk grade, estimated value of the underlying collateral and interest rate environment. | |||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality are accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (ASC 310-30), and therefore impaired if, at acquisition, the loans have evidence of credit quality deterioration since origination and it is probable that all contractually required payments will not be collected. At acquisition, WesBanco considers several factors as indicators that an acquired loan has evidence of deterioration in credit quality. These factors include loans 90 days or more past due, loans with an internal risk grade of substandard or below, loans classified as non-accrual by the acquired institution, and loans that have been previously modified as a TDR. | |||||||||||||||||||||||||||||||||
Acquired loans that were not individually determined to be impaired are considered performing and are accounted for in accordance with ASC 310-20, Nonrefundable Fees and Other Costs (ASC 310-20), whereby the premium or discount derived from the fair market value adjustment, on a loan-by-loan or pooled basis, is recognized into interest income on a level yield over the remaining expected life of the loan or pool. | |||||||||||||||||||||||||||||||||
Under the ASC 310-30 model, the excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield and is the interest component of expected cash flow. The accretable yield is recognized into income over the remaining life of the loan if the timing and/or amount of cash flows expected to be collected can be reasonably estimated. If the timing or amount of cash flows expected to be collected cannot be reasonably estimated, the cost recovery method of income recognition is used. The difference between the loan’s total scheduled principal and interest payments over all cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which WesBanco does not expect to collect. | |||||||||||||||||||||||||||||||||
Over the life of the loan, management continues to estimate cash flows expected to be collected. Decreases in expected cash flows are recognized as impairments through a charge to the provision for loan losses resulting in an increase in the allowance for loan losses. Subsequent improvements in cash flows result in first, reversal of existing valuation allowances recognized subsequent to acquisition, if any, and next, an increase in the amount of accretable yield to be subsequently recognized in interest income on a prospective basis over the loan’s remaining life. | |||||||||||||||||||||||||||||||||
In conjunction with the ESB acquisition, WesBanco acquired loans with a book value of $716.1 million. These loans were recorded at their fair value of $700.8 million, with $691.1 million categorized as performing. The fair market value adjustment on performing loans of $9.0 million at acquisition date is expected to be recognized into interest income on a level yield over the remaining expected life of the performing loans. Loans acquired with deteriorated credit quality with a book value of $16.0 million were recorded at their estimated fair value of $9.7 million. The accretable yield on the acquired impaired loans is estimated at $2.4 million, while the non-accretable difference is estimated at $3.9 million. The balance of these loans acquired with deteriorated credit quality at March 31, 2015, was $9.3 million, of which $3.6 million were categorized as non-accrual and $5.7 million were categorized as accruing TDRs. | |||||||||||||||||||||||||||||||||
The following tables summarize the age analysis of all categories of loans: | |||||||||||||||||||||||||||||||||
Age Analysis of Loans | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Current | 30-59 | 60-89 | 90 Days | Total | Total Loans | 90 Days or | ||||||||||||||||||||||||||
Days | Days | or More | Past Due | More | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due and | ||||||||||||||||||||||||||||||
Accruing (1) | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 286,883 | $ | — | $ | — | $ | 1,192 | $ | 1,192 | $ | 288,075 | $ | — | |||||||||||||||||||
Improved property | 1,889,451 | 1,093 | 1,435 | 16,890 | 19,418 | 1,908,869 | — | ||||||||||||||||||||||||||
Total commercial real estate | 2,176,334 | 1,093 | 1,435 | 18,082 | 20,610 | 2,196,944 | — | ||||||||||||||||||||||||||
Commercial and industrial | 705,380 | 916 | 1,518 | 1,807 | 4,241 | 709,621 | 3 | ||||||||||||||||||||||||||
Residential real estate | 1,226,131 | 4,981 | 1,673 | 6,378 | 13,032 | 1,239,163 | 74 | ||||||||||||||||||||||||||
Home equity | 357,545 | 1,982 | 508 | 2,128 | 4,618 | 362,163 | 684 | ||||||||||||||||||||||||||
Consumer | 362,338 | 2,117 | 868 | 507 | 3,492 | 365,830 | 270 | ||||||||||||||||||||||||||
Total portfolio loans | 4,827,728 | 11,089 | 6,002 | 28,902 | 45,993 | 4,873,721 | 1,031 | ||||||||||||||||||||||||||
Loans held for sale | 6,064 | — | — | — | — | 6,064 | — | ||||||||||||||||||||||||||
Total loans | $ | 4,833,792 | $ | 11,089 | $ | 6,002 | $ | 28,902 | $ | 45,993 | $ | 4,879,785 | $ | 1,031 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 9,209 | $ | 2,008 | $ | 2,319 | $ | 27,838 | $ | 32,165 | $ | 41,374 | |||||||||||||||||||||
TDRs accruing interest (1) | 16,536 | 582 | 179 | 33 | 794 | 17,330 | |||||||||||||||||||||||||||
Total impaired | $ | 25,745 | $ | 2,590 | $ | 2,498 | $ | 27,871 | $ | 32,959 | $ | 58,704 | |||||||||||||||||||||
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 | |||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||
Acquired loans that have experienced a deterioration of credit quality from origination to acquisition for which it is probable that WesBanco will be unable to collect all contractually required payments receivable, including both principal and interest, are considered impaired. | |||||||||||||||||||||||||||||||||
The following tables summarize impaired loans: | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | $ | 3,101 | $ | 2,476 | $ | — | $ | 1,588 | $ | 1,488 | $ | — | |||||||||||||||||||||
Improved property | 30,138 | 22,481 | — | 16,480 | 14,684 | — | |||||||||||||||||||||||||||
Commercial and industrial | 3,094 | 2,432 | — | 3,152 | 2,597 | — | |||||||||||||||||||||||||||
Residential real estate | 20,943 | 19,132 | — | 20,077 | 18,544 | — | |||||||||||||||||||||||||||
Home equity | 2,824 | 2,617 | — | 2,890 | 2,663 | — | |||||||||||||||||||||||||||
Consumer | 1,659 | 1,332 | — | 1,287 | 1,086 | — | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 61,759 | 50,470 | — | 45,474 | 41,062 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Improved property | 6,466 | 6,466 | 2,828 | 7,980 | 7,980 | 2,765 | |||||||||||||||||||||||||||
Commercial and industrial | 1,768 | 1,768 | 873 | 1,842 | 1,842 | 1,033 | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 8,234 | 8,234 | 3,701 | 9,822 | 9,822 | 3,798 | |||||||||||||||||||||||||||
Total impaired loans | $ | 69,993 | $ | 58,704 | $ | 3,701 | $ | 55,296 | $ | 50,884 | $ | 3,798 | |||||||||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired impaired loans. | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 2,128 | $ | 16 | $ | 2,450 | $ | 2 | |||||||||||||||||||||||||
Improved property | 18,932 | 223 | 19,158 | 20 | |||||||||||||||||||||||||||||
Commercial and industrial | 2,513 | 13 | 3,532 | 32 | |||||||||||||||||||||||||||||
Residential real estate | 18,715 | 230 | 19,463 | 182 | |||||||||||||||||||||||||||||
Home equity | 2,641 | 20 | 2,367 | 19 | |||||||||||||||||||||||||||||
Consumer | 1,194 | 20 | 1,174 | 28 | |||||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 46,123 | 522 | 48,144 | 283 | |||||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | |||||||||||||||||||||||||||||
Improved property | 7,223 | — | 729 | 1 | |||||||||||||||||||||||||||||
Commercial and industrial | 1,805 | 19 | 2,329 | 12 | |||||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 9,028 | 19 | 3,058 | 13 | |||||||||||||||||||||||||||||
Total impaired loans | $ | 55,151 | $ | 541 | $ | 51,202 | $ | 296 | |||||||||||||||||||||||||
The following tables present the recorded investment in non-accrual loans and TDRs: | |||||||||||||||||||||||||||||||||
Non-accrual Loans (1) | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,463 | $ | 1,488 | |||||||||||||||||||||||||||||
Improved property | 22,143 | 20,227 | |||||||||||||||||||||||||||||||
Total commercial real estate | 23,606 | 21,715 | |||||||||||||||||||||||||||||||
Commercial and industrial | 3,849 | 4,110 | |||||||||||||||||||||||||||||||
Residential real estate | 11,249 | 10,329 | |||||||||||||||||||||||||||||||
Home equity | 1,899 | 1,923 | |||||||||||||||||||||||||||||||
Consumer | 771 | 741 | |||||||||||||||||||||||||||||||
Total | $ | 41,374 | $ | 38,818 | |||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,013 | $ | 504 | $ | 1,517 | $ | — | $ | 464 | $ | 464 | |||||||||||||||||||||
Improved property | 6,804 | 5,399 | 12,203 | 2,437 | 1,850 | 4,287 | |||||||||||||||||||||||||||
Total commercial real estate | 7,817 | 5,903 | 13,720 | 2,437 | 2,314 | 4,751 | |||||||||||||||||||||||||||
Commercial and industrial | 351 | 376 | 727 | 329 | 478 | 807 | |||||||||||||||||||||||||||
Residential real estate | 7,883 | 2,386 | 10,269 | 8,215 | 2,074 | 10,289 | |||||||||||||||||||||||||||
Home equity | 718 | 285 | 1,003 | 740 | 245 | 985 | |||||||||||||||||||||||||||
Consumer | 561 | 274 | 835 | 345 | 309 | 654 | |||||||||||||||||||||||||||
Total | $ | 17,330 | $ | 9,224 | $ | 26,554 | $ | 12,066 | $ | 5,420 | $ | 17,486 | |||||||||||||||||||||
As of March 31, 2015, there were three 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 three months ended March 31, 2015 and 2014, respectively: | |||||||||||||||||||||||||||||||||
New TDRs (1) | |||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | 11 | $ | 1,414 | $ | 1,056 | — | $ | — | $ | — | |||||||||||||||||||||||
Improved Property | 7 | 8,568 | 8,289 | 1 | 91 | 90 | |||||||||||||||||||||||||||
Total commercial real estate | 18 | 9,982 | 9,345 | 1 | 91 | 90 | |||||||||||||||||||||||||||
Commercial and industrial | 2 | 42 | 57 | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 7 | 424 | 421 | 4 | 121 | 118 | |||||||||||||||||||||||||||
Home equity | 1 | 7 | 6 | — | — | — | |||||||||||||||||||||||||||
Consumer | 21 | 269 | 303 | 2 | 33 | 31 | |||||||||||||||||||||||||||
Total | 49 | $ | 10,724 | $ | 10,132 | 7 | $ | 245 | $ | 239 | |||||||||||||||||||||||
(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 three months ended March 31, 2015 and 2014, respectively, that were restructured within the last twelve months prior to March 31, 2015 and 2014, respectively: | |||||||||||||||||||||||||||||||||
Defaulted TDRs (1) | Defaulted TDRs (1) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | — | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | — | — | 8 | 481 | |||||||||||||||||||||||||||||
Home equity | 1 | 42 | 1 | 3 | |||||||||||||||||||||||||||||
Consumer | 1 | 27 | — | — | |||||||||||||||||||||||||||||
Total | 2 | $ | 69 | 9 | $ | 484 | |||||||||||||||||||||||||||
(1) | Excludes loans that were either charged-off or cured by period end. The recorded investment is as of March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
TDRs that defaulted during the three month period that were restructured within the last twelve months represented 0.3% of the total TDR balance at March 31, 2015. These loans are placed on non-accrual status unless they are both well-secured and in the process of collection. At March 31, 2015, none of the loans in the table above were accruing interest. | |||||||||||||||||||||||||||||||||
The following table summarizes other real estate owned and repossessed assets included in other assets: | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Other real estate owned | $ | 5,886 | $ | 4,920 | |||||||||||||||||||||||||||||
Repossessed assets | 340 | 162 | |||||||||||||||||||||||||||||||
Total other real estate owned and repossessed assets | $ | 6,226 | $ | 5,082 | |||||||||||||||||||||||||||||
Residential real estate included in other real estate owned at March 31, 2015 and December 31, 2014 was $0.8 million and $0.6 million, respectively. At March 31, 2015, formal foreclosure proceedings were in process on residential real estate loans totaling $4.3 million. |
Pension_Plan
Pension Plan | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Pension Plan | NOTE 6. PENSION PLAN | ||||||||
The following table presents the net periodic pension cost for WesBanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||
Service cost - benefits earned during year | $ | 827 | $ | 717 | |||||
Interest cost on projected benefit obligation | 1,201 | 1,170 | |||||||
Expected return on plan assets | (1,907 | ) | (1,783 | ) | |||||
Amortization of prior service cost | 6 | 11 | |||||||
Amortization of net loss | 784 | 363 | |||||||
Net periodic pension cost | $ | 911 | $ | 478 | |||||
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, and is not available to employees hired after such date. | |||||||||
A minimum required contribution of $3.1 million is due for 2015 which could be all or partially offset by the Plan’s $34.9 million available credit balance. WesBanco expects to make a voluntary contribution of $7.5 million to the Plan in 2015. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurement | NOTE 7. 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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(unaudited, in thousands) | March 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
2015 | Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities - available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 80,768 | $ | — | $ | 80,768 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 1,283,445 | — | 1,283,445 | — | |||||||||||||||||
Obligations of state and political subdivisions | 95,653 | — | 95,653 | — | |||||||||||||||||
Corporate debt securities | 183,090 | — | 183,090 | — | |||||||||||||||||
Equity securities | 11,308 | 8,538 | 2,770 | — | |||||||||||||||||
Total securities - available-for-sale | $ | 1,654,264 | $ | 8,538 | $ | 1,645,726 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 1,654,264 | $ | 8,538 | $ | 1,645,726 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 4,533 | $ | — | $ | — | $ | 4,533 | |||||||||||||
Other real estate owned and repossessed assets | 6,226 | — | — | 6,226 | |||||||||||||||||
Loans held for sale | 6,064 | — | 6,064 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 16,823 | $ | — | $ | 6,064 | $ | 10,759 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(unaudited, in thousands) | December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
2014 | Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
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 | |||||||||||||
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 level 1, 2 or 3 for the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||
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 | |||||||||||||||||||||
(unaudited, in thousands) | Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | |||||||||||||||||
Estimate | |||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||
Impaired loans | $ | 4,533 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (38.5%) / (6.9%) | ||||||||||||||||
Liquidation expenses (2) | (3.1%) to (8.0%) / (7.4%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 6,226 | Appraisal of collateral (1), (3) | |||||||||||||||||||
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) | |||||||||||||||||||
-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: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(unaudited, in thousands) | Carrying | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Amount | Estimate | Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 92,974 | $ | 92,974 | $ | 92,974 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 1,654,264 | 1,654,264 | 8,538 | 1,645,726 | — | ||||||||||||||||
Securities held-to-maturity | 743,925 | 772,843 | — | 772,088 | 755 | ||||||||||||||||
Net loans | 4,829,548 | 4,820,779 | — | — | 4,820,779 | ||||||||||||||||
Loans held for sale | 6,064 | 6,064 | — | 6,064 | — | ||||||||||||||||
Accrued interest receivable | 25,232 | 25,232 | 25,232 | — | — | ||||||||||||||||
Bank-owned life insurance | 153,991 | 153,991 | 153,991 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 6,416,202 | 6,423,499 | 4,532,314 | 1,891,185 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 432,456 | 435,089 | — | 435,089 | — | ||||||||||||||||
Other borrowings | 76,630 | 76,621 | 73,589 | 3,032 | — | ||||||||||||||||
Junior subordinated debt | 142,269 | 116,070 | — | 116,070 | — | ||||||||||||||||
Accrued interest payable | 2,297 | 2,297 | 2,297 | — | — | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(unaudited, in thousands) | Carrying | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Amount | Estimate | Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
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 | — | — | ||||||||||||||||
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 other 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 its 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 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 tables. |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Comprehensive Income | NOTE 8. COMPREHENSIVE INCOME | ||||||||||||||||
The activity in accumulated other comprehensive income for the three months ended March 31, 2015 and 2014 is as follows: | |||||||||||||||||
Accumulated Other Comprehensive Income(1) | |||||||||||||||||
(unaudited, in thousands) | Defined | Unrealized Gains | Unrealized Gains | Total | |||||||||||||
Benefit | (Losses) on | on Securities | |||||||||||||||
Pension | Securities | Transferred from | |||||||||||||||
Plan | Available-for-Sale | Available-for- | |||||||||||||||
Sale to | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||
Balance at December 31, 2014 | $ | (22,776 | ) | $ | 2,892 | $ | 1,059 | $ | (18,825 | ) | |||||||
Other comprehensive income before reclassifications | — | 4,804 | — | 4,804 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 475 | (11 | ) | (67 | ) | 397 | |||||||||||
Period change | 475 | 4,793 | (67 | ) | 5,201 | ||||||||||||
Balance at March 31, 2015 | $ | (22,301 | ) | $ | 7,685 | $ | 992 | $ | (13,624 | ) | |||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Other comprehensive income before reclassifications | — | 3,075 | — | 3,075 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 236 | 49 | (87 | ) | 198 | ||||||||||||
Period change | 236 | 3,124 | (87 | ) | 3,273 | ||||||||||||
Balance at March 31, 2014 | $ | (7,730 | ) | $ | (3,002 | ) | $ | 1,271 | $ | (9,461 | ) | ||||||
(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%. | ||||||||||||||||
The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2015 and 2014: | |||||||||||||||||
Details about Accumulated Other Comprehensive Income/(Loss) | Amounts Reclassified from | Affected Line Item in the | |||||||||||||||
Components | Accumulated Other | Statement of Net Income | |||||||||||||||
Comprehensive Income/(Loss) | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||||||||||
Securities available-for-sale (1): | |||||||||||||||||
Net securities (gains) losses reclassified into earnings | (18 | ) | $ | 78 | Net securities gains (Non-interest income) | ||||||||||||
Related income tax expense (benefit) | 7 | (29 | ) | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income for the period | (11 | ) | 49 | ||||||||||||||
Securities held-to-maturity (1): | |||||||||||||||||
Amortization of unrealized gain transferred from available-for-sale | (107 | ) | (138 | ) | Interest and dividends on securities (Interest and dividend income) | ||||||||||||
Related income tax expense | 40 | 51 | Provision for income taxes | ||||||||||||||
Net effect on accumulated other comprehensive income for the period | (67 | ) | (87 | ) | |||||||||||||
Defined benefit pension plan (2): | |||||||||||||||||
Amortization of net loss and prior service costs | 790 | 374 | Employee benefits (Non-interest expense) | ||||||||||||||
Related income tax benefit | (315 | ) | (138 | ) | Provision for income taxes | ||||||||||||
Net effect on accumulated other comprehensive income for the period | 475 | 236 | |||||||||||||||
Total reclassifications for the period | 397 | $ | 198 | ||||||||||||||
-1 | For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 4, “Securities.” | ||||||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 6, “Pension Plan” for additional detail. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingent Liabilities | NOTE 9. 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 as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, respectively. | |||||||||
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: | |||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Lines of credit | $ | 1,032,235 | $ | 984,352 | |||||
Loans approved but not closed | 295,702 | 116,757 | |||||||
Overdraft limits | 110,389 | 95,965 | |||||||
Letters of credit | 26,910 | 23,362 | |||||||
Contingent obligations to purchase loans funded by other entities | 8,457 | 8,312 | |||||||
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. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments | NOTE 10. 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 managed or held in custody by the trust and investment services segment was approximately $3.9 billion and $3.8 billion at March 31, 2015 and 2014, 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: | |||||||||||||
(unaudited, in thousands) | Community | Trust and | Consolidated | ||||||||||
Banking | Investment | ||||||||||||
Services | |||||||||||||
For the Three Months ended March 31, 2015: | |||||||||||||
Interest income | $ | 60,379 | $ | — | $ | 60,379 | |||||||
Interest expense | 5,424 | — | 5,424 | ||||||||||
Net interest income | 54,955 | — | 54,955 | ||||||||||
Provision for credit losses | 1,289 | — | 1,289 | ||||||||||
Net interest income after provision for credit losses | 53,666 | — | 53,666 | ||||||||||
Non-interest income | 12,137 | 6,053 | 18,190 | ||||||||||
Non-interest expense | 50,278 | 3,163 | 53,441 | ||||||||||
Income before provision for income taxes | 15,525 | 2,890 | 18,415 | ||||||||||
Provision for income taxes | 3,372 | 1,156 | 4,528 | ||||||||||
Net income | $ | 12,153 | $ | 1,734 | $ | 13,887 | |||||||
For the Three Months ended March 31, 2014: | |||||||||||||
Interest income | $ | 53,457 | $ | — | $ | 53,457 | |||||||
Interest expense | 6,132 | — | 6,132 | ||||||||||
Net interest income | 47,325 | — | 47,325 | ||||||||||
Provision for credit losses | 2,199 | — | 2,199 | ||||||||||
Net interest income after provision for credit losses | 45,126 | — | 45,126 | ||||||||||
Non-interest income | 11,401 | 5,648 | 17,049 | ||||||||||
Non-interest expense | 36,827 | 3,268 | 40,095 | ||||||||||
Income before provision for income taxes | 19,700 | 2,380 | 22,080 | ||||||||||
Provision for income taxes | 4,707 | 952 | 5,659 | ||||||||||
Net income | $ | 14,993 | $ | 1,428 | $ | 16,421 | |||||||
Total non-fiduciary assets of the trust and investment services segment were $3.7 million and $4.0 million at March 31, 2015 and 2014, respectively. All other assets, including goodwill and other intangible assets, were allocated to the community banking segment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation — The accompanying unaudited interim financial statements of WesBanco, Inc. and its consolidated subsidiaries (“WesBanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014. |
WesBanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly WesBanco’s financial position and results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. | |
Recent Accounting Pronouncements | Recent accounting pronouncements — In April 2015, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) (ASU 2015-05) that provides guidance on when to account for a cloud computing arrangement as a software license. The guidance applies only to internal-use software that a customer obtains access to in a hosting arrangement if both of the following criteria are met: (1) The customer has the contractual right to take possession of the software at any time during the hosting period without significant penalty, (2) it is feasible for the customer to either run the software on its own hardware or contract with another party unrelated to the vendor to host the software. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. |
In February 2015, the FASB issued ASU 2015-02 that revised the consolidation model, requiring reporting entities to reevaluate whether they should consolidate certain legal entities under the revised model. The amendments in this Update modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, and eliminate the presumption that a general partner should consolidate and affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The pronouncement also provides for a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. | |
In August 2014, the FASB issued 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 did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In June 2014, the FASB issued 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 did not have a material impact on WesBanco’s Consolidated Financial Statements. | |
In May 2014, the FASB issued 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. In April 2015, the FASB issued an exposure draft of a proposed ASU that would delay by one year the effective date of ASU 2014-11. Under the proposal, the standard would be effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. |
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Calculation of Purchase Price and Resulting Goodwill Relating to ESB Acquisition | The purchase price of the ESB acquisition and resulting goodwill is summarized as follows: | ||||
(unaudited, in thousands) | February 10, 2015 | ||||
Purchase Price: | |||||
Fair value of WesBanco shares issued, (net of equity issuance costs of $0.1 million) | $ | 293,933 | |||
Cash consideration for outstanding ESB shares, options and restricted stock | 37,036 | ||||
Settlement of pre-existing loan to ESB | 8,000 | ||||
Total purchase price | $ | 338,969 | |||
Fair value of: | |||||
Tangible assets acquired | $ | 1,859,865 | |||
Core deposit and other intangible assets acquired | 5,346 | ||||
Liabilities assumed | (1,703,616 | ) | |||
Net cash received in the acquisition | 8,485 | ||||
Fair value of net assets acquired | 170,080 | ||||
Goodwill recognized | $ | 168,889 | |||
Summary of Fair Value of Net Assets that Wesbanco Acquired from ESB | The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as WesBanco intends to finalize its accounting for the acquisition of ESB during 2015: | ||||
(unaudited, in thousands) | February 10, 2015 | ||||
Assets | |||||
Cash and due from banks | $ | 8,485 | |||
Securities | 486,891 | ||||
Loans | 700,849 | ||||
Goodwill and other intangible assets | 174,235 | ||||
Accrued income and other assets (1) | 672,125 | ||||
Total Assets | $ | 2,042,585 | |||
Liabilities | |||||
Deposits | $ | 1,246,992 | |||
Borrowings | 433,454 | ||||
Accrued expenses and other liabilities | 23,170 | ||||
Total liabilities | 1,703,616 | ||||
Purchase price | $ | 338,969 | |||
(1) | Includes receivables of $560.7 million from the sale of available-for-sale securities prior to the acquisition date. |
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited, in thousands, except shares and per share amounts) | 2015 | 2014 | |||||||
Numerator for both basic and diluted earnings per common share: | |||||||||
Net income | $ | 13,887 | $ | 16,421 | |||||
Denominator: | |||||||||
Total average basic common shares outstanding | 34,393,137 | 29,182,183 | |||||||
Effect of dilutive stock options and warrant | 85,198 | 80,497 | |||||||
Total diluted average common shares outstanding | 34,478,335 | 29,262,680 | |||||||
Earnings per common share - basic | $ | 0.4 | $ | 0.56 | |||||
Earnings per common share - diluted | $ | 0.4 | $ | 0.56 | |||||
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
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 presents the fair value and amortized cost of available-for-sale and held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||
Obligations of government agencies | $ | 79,315 | $ | 1,486 | $ | (33 | ) | $ | 80,768 | $ | 86,964 | $ | 1,087 | $ | (315 | ) | $ | 87,736 | |||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 1,279,350 | 8,091 | (3,996 | ) | 1,283,445 | 703,535 | 4,336 | (6,758 | ) | 701,113 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 89,977 | 5,693 | (17 | ) | 95,653 | 86,073 | 5,365 | (5 | ) | 91,433 | |||||||||||||||||||||||||||
Corporate debt securities | 182,781 | 430 | (121 | ) | 183,090 | 25,974 | 141 | (119 | ) | 25,996 | |||||||||||||||||||||||||||
Total debt securities | $ | 1,631,423 | $ | 15,700 | $ | (4,167 | ) | $ | 1,642,956 | $ | 902,546 | $ | 10,929 | $ | (7,197 | ) | $ | 906,278 | |||||||||||||||||||
Equity securities | 10,702 | 606 | — | 11,308 | 10,304 | 842 | — | 11,146 | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 1,642,125 | $ | 16,306 | $ | (4,167 | ) | $ | 1,654,264 | $ | 912,850 | $ | 11,771 | $ | (7,197 | ) | $ | 917,424 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | $ | 126,935 | $ | 3,244 | $ | (208 | ) | $ | 129,971 | $ | 79,004 | $ | 3,262 | $ | (246 | ) | $ | 82,020 | |||||||||||||||||||
Obligations of states and political subdivisions | 610,249 | 26,560 | (878 | ) | 635,931 | 507,927 | 23,917 | (1,043 | ) | 530,801 | |||||||||||||||||||||||||||
Corporate debt securities | 6,741 | 200 | — | 6,941 | 6,739 | 106 | (49 | ) | 6,796 | ||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 743,925 | $ | 30,004 | $ | (1,086 | ) | $ | 772,843 | $ | 593,670 | $ | 27,285 | $ | (1,338 | ) | $ | 619,617 | |||||||||||||||||||
Total securities | $ | 2,386,050 | $ | 46,310 | $ | (5,253 | ) | $ | 2,427,107 | $ | 1,506,520 | $ | 39,056 | $ | (8,535 | ) | $ | 1,537,041 | |||||||||||||||||||
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 March 31, 2015. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
(unaudited, 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 | $ | — | $ | 23,276 | $ | 40,297 | $ | 17,195 | $ | — | $ | 80,768 | |||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | — | — | — | — | 1,283,445 | 1,283,445 | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 5,254 | 33,049 | 21,417 | 35,933 | — | 95,653 | |||||||||||||||||||||||||||||||
Corporate debt securities | 82,193 | 62,312 | 33,658 | 4,927 | — | 183,090 | |||||||||||||||||||||||||||||||
Equity securities (2) | — | — | — | — | 11,308 | 11,308 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 87,447 | $ | 118,637 | $ | 95,372 | $ | 58,055 | $ | 1,294,753 | $ | 1,654,264 | |||||||||||||||||||||||||
Held-to-maturity (3) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) | $ | — | $ | — | $ | — | $ | — | $ | 129,971 | $ | 129,971 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,852 | 17,024 | 259,231 | 356,824 | — | 635,931 | |||||||||||||||||||||||||||||||
Corporate debt securities | — | — | 6,941 | — | — | 6,941 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 2,852 | $ | 17,024 | $ | 266,172 | $ | 356,824 | $ | 129,971 | $ | 772,843 | |||||||||||||||||||||||||
Total securities | $ | 90,299 | $ | 135,661 | $ | 361,544 | $ | 414,879 | $ | 1,424,724 | $ | 2,427,107 | |||||||||||||||||||||||||
-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 $743.9 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 three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 24 | $ | 195 | |||||||||||||||||||||||||||||||||
Gross realized losses | (2 | ) | (185 | ) | |||||||||||||||||||||||||||||||||
Net realized gains (losses) | $ | 22 | $ | 10 | |||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(unaudited, 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 | 17,953 | (33 | ) | 3 | — | — | 0 | 17,953 | (33 | ) | 3 | ||||||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 260,103 | (681 | ) | 55 | 168,693 | (3,523 | ) | 32 | 428,796 | (4,204 | ) | 87 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 68,439 | (450 | ) | 79 | 20,777 | (445 | ) | 31 | 89,216 | (895 | ) | 110 | |||||||||||||||||||||||||
Corporate debt securities | 53,122 | (113 | ) | 16 | 1,978 | (8 | ) | 1 | 55,100 | (121 | ) | 17 | |||||||||||||||||||||||||
Total temporarily impaired securities | 399,617 | (1,277 | ) | 153 | 191,448 | (3,976 | ) | 64 | 591,065 | (5,253 | ) | 217 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(unaudited, 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 | |||||||||||||||||||
Loans_and_the_Allowance_for_Cr1
Loans and the Allowance for Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
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 $2.2 million and $2.4 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 288,075 | $ | 262,643 | |||||||||||||||||||||||||||||
Improved property | 1,908,869 | 1,682,817 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,196,944 | 1,945,460 | |||||||||||||||||||||||||||||||
Commercial and industrial | 709,621 | 638,410 | |||||||||||||||||||||||||||||||
Residential real estate | 1,239,163 | 928,770 | |||||||||||||||||||||||||||||||
Home equity | 362,163 | 330,031 | |||||||||||||||||||||||||||||||
Consumer | 365,830 | 244,095 | |||||||||||||||||||||||||||||||
Total portfolio loans | 4,873,721 | 4,086,766 | |||||||||||||||||||||||||||||||
Loans held for sale | 6,064 | 5,865 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,879,785 | $ | 4,092,631 | |||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses By Category | |||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 and 2014 | |||||||||||||||||||||||||||||||||
(unaudited, 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 December 31, 2014: | |||||||||||||||||||||||||||||||||
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 beginning allowance for credit losses | 5,848 | 17,583 | 9,175 | 5,391 | 2,419 | 4,118 | 575 | 45,109 | |||||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (323 | ) | 903 | (44 | ) | (208 | ) | 747 | 133 | 58 | 1,266 | ||||||||||||||||||||||
Provision for loan commitments | (16 | ) | 8 | 8 | 4 | 17 | 2 | — | 23 | ||||||||||||||||||||||||
Total provision for credit losses | (339 | ) | 911 | (36 | ) | (204 | ) | 764 | 135 | 58 | 1,289 | ||||||||||||||||||||||
Charge-offs | — | (577 | ) | (122 | ) | (358 | ) | (589 | ) | (717 | ) | (154 | ) | (2,517 | ) | ||||||||||||||||||
Recoveries | — | 136 | 114 | 218 | 10 | 229 | 63 | 770 | |||||||||||||||||||||||||
Net charge-offs | — | (441 | ) | (8 | ) | (140 | ) | (579 | ) | (488 | ) | (91 | ) | (1,747 | ) | ||||||||||||||||||
Balance at March 31, 2015: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,331 | 18,035 | 9,011 | 5,034 | 2,497 | 3,723 | 542 | 44,173 | |||||||||||||||||||||||||
Allowance for loan commitments | 178 | 18 | 120 | 13 | 107 | 42 | — | 478 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,509 | $ | 18,053 | $ | 9,131 | $ | 5,047 | $ | 2,604 | $ | 3,765 | $ | 542 | $ | 44,651 | |||||||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||||||||||
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 | (1,051 | ) | (509 | ) | 2,128 | 869 | 153 | 305 | 361 | 2,256 | |||||||||||||||||||||||
Provision for loan commitments | (8 | ) | (53 | ) | 3 | — | 1 | — | — | (57 | ) | ||||||||||||||||||||||
Total provision for credit losses | (1,059 | ) | (562 | ) | 2,131 | 869 | 154 | 305 | 361 | 2,199 | |||||||||||||||||||||||
Charge-offs | — | (493 | ) | (2,276 | ) | (879 | ) | (155 | ) | (752 | ) | (180 | ) | (4,735 | ) | ||||||||||||||||||
Recoveries | — | 120 | 65 | 109 | 11 | 227 | 62 | 594 | |||||||||||||||||||||||||
Net charge-offs | — | (373 | ) | (2,211 | ) | (770 | ) | (144 | ) | (525 | ) | (118 | ) | (4,141 | ) | ||||||||||||||||||
Balance at March 31, 2014: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | 5,005 | 17,275 | 9,842 | 5,772 | 2,026 | 4,800 | 763 | 45,483 | |||||||||||||||||||||||||
Allowance for loan commitments | 293 | 9 | 133 | 5 | 86 | 19 | — | 545 | |||||||||||||||||||||||||
Total ending allowance for credit losses | $ | 5,298 | $ | 17,284 | $ | 9,975 | $ | 5,777 | $ | 2,112 | $ | 4,819 | $ | 763 | $ | 46,028 | |||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Commercial | Commercial | Commercial | Residential | Home | Consumer | Over-draft | Total | |||||||||||||||||||||||||
Real Estate- | Real Estate- | and Industrial | Real Estate | Equity | |||||||||||||||||||||||||||||
Land and | Improved | ||||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment | $ | — | $ | 2,828 | $ | 873 | $ | — | $ | — | $ | — | $ | — | $ | 3,701 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 5,331 | 15,207 | 8,138 | 5,034 | 2,497 | 3,723 | 542 | 40,472 | |||||||||||||||||||||||||
Allowance for loan commitments | 178 | 18 | 120 | 13 | 107 | 42 | — | 478 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,509 | $ | 18,053 | $ | 9,131 | $ | 5,047 | $ | 2,604 | $ | 3,765 | $ | 542 | $ | 44,651 | |||||||||||||||||
Portfolio loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | — | $ | 9,822 | $ | 2,722 | $ | — | $ | — | $ | — | $ | — | $ | 12,544 | |||||||||||||||||
Collectively evaluated for impairment | 288,075 | 1,899,047 | 706,899 | 1,239,163 | 362,163 | 365,830 | — | 4,861,177 | |||||||||||||||||||||||||
Total portfolio loans | $ | 288,075 | $ | 1,908,869 | $ | 709,621 | $ | 1,239,163 | $ | 362,163 | $ | 365,830 | $ | — | $ | 4,873,721 | |||||||||||||||||
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 | |||||||||||||||||
(1) | Commercial loans greater than $1 million that are reported as non-accrual or as a troubled debt restructuring (“TDR”) are individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: | ||||||||||||||||||||||||||||||||
Commerical Loans by Internally Assigned Risk Grade | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Commercial | Commercial | Commercial | Total | |||||||||||||||||||||||||||||
Real Estate- | Real Estate- | & Industrial | Commercial | ||||||||||||||||||||||||||||||
Land and | Improved | Loans | |||||||||||||||||||||||||||||||
Construction | Property | ||||||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||||||
Pass | $ | 281,730 | $ | 1,848,655 | $ | 683,226 | $ | 2,813,611 | |||||||||||||||||||||||||
Criticized - compromised | 3,653 | 18,049 | 18,957 | 40,659 | |||||||||||||||||||||||||||||
Classified - substandard | 2,692 | 42,165 | 7,438 | 52,295 | |||||||||||||||||||||||||||||
Classified - doubtful | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 288,075 | $ | 1,908,869 | $ | 709,621 | $ | 2,906,565 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans: | ||||||||||||||||||||||||||||||||
Age Analysis of Loans | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Current | 30-59 | 60-89 | 90 Days | Total | Total Loans | 90 Days or | ||||||||||||||||||||||||||
Days | Days | or More | Past Due | More | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due and | ||||||||||||||||||||||||||||||
Accruing (1) | |||||||||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 286,883 | $ | — | $ | — | $ | 1,192 | $ | 1,192 | $ | 288,075 | $ | — | |||||||||||||||||||
Improved property | 1,889,451 | 1,093 | 1,435 | 16,890 | 19,418 | 1,908,869 | — | ||||||||||||||||||||||||||
Total commercial real estate | 2,176,334 | 1,093 | 1,435 | 18,082 | 20,610 | 2,196,944 | — | ||||||||||||||||||||||||||
Commercial and industrial | 705,380 | 916 | 1,518 | 1,807 | 4,241 | 709,621 | 3 | ||||||||||||||||||||||||||
Residential real estate | 1,226,131 | 4,981 | 1,673 | 6,378 | 13,032 | 1,239,163 | 74 | ||||||||||||||||||||||||||
Home equity | 357,545 | 1,982 | 508 | 2,128 | 4,618 | 362,163 | 684 | ||||||||||||||||||||||||||
Consumer | 362,338 | 2,117 | 868 | 507 | 3,492 | 365,830 | 270 | ||||||||||||||||||||||||||
Total portfolio loans | 4,827,728 | 11,089 | 6,002 | 28,902 | 45,993 | 4,873,721 | 1,031 | ||||||||||||||||||||||||||
Loans held for sale | 6,064 | — | — | — | — | 6,064 | — | ||||||||||||||||||||||||||
Total loans | $ | 4,833,792 | $ | 11,089 | $ | 6,002 | $ | 28,902 | $ | 45,993 | $ | 4,879,785 | $ | 1,031 | |||||||||||||||||||
Impaired loans included above are as follows: | |||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 9,209 | $ | 2,008 | $ | 2,319 | $ | 27,838 | $ | 32,165 | $ | 41,374 | |||||||||||||||||||||
TDRs accruing interest (1) | 16,536 | 582 | 179 | 33 | 794 | 17,330 | |||||||||||||||||||||||||||
Total impaired | $ | 25,745 | $ | 2,590 | $ | 2,498 | $ | 27,871 | $ | 32,959 | $ | 58,704 | |||||||||||||||||||||
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 | |||||||||||||||||||||
-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 | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | $ | 3,101 | $ | 2,476 | $ | — | $ | 1,588 | $ | 1,488 | $ | — | |||||||||||||||||||||
Improved property | 30,138 | 22,481 | — | 16,480 | 14,684 | — | |||||||||||||||||||||||||||
Commercial and industrial | 3,094 | 2,432 | — | 3,152 | 2,597 | — | |||||||||||||||||||||||||||
Residential real estate | 20,943 | 19,132 | — | 20,077 | 18,544 | — | |||||||||||||||||||||||||||
Home equity | 2,824 | 2,617 | — | 2,890 | 2,663 | — | |||||||||||||||||||||||||||
Consumer | 1,659 | 1,332 | — | 1,287 | 1,086 | — | |||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 61,759 | 50,470 | — | 45,474 | 41,062 | — | |||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Improved property | 6,466 | 6,466 | 2,828 | 7,980 | 7,980 | 2,765 | |||||||||||||||||||||||||||
Commercial and industrial | 1,768 | 1,768 | 873 | 1,842 | 1,842 | 1,033 | |||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 8,234 | 8,234 | 3,701 | 9,822 | 9,822 | 3,798 | |||||||||||||||||||||||||||
Total impaired loans | $ | 69,993 | $ | 58,704 | $ | 3,701 | $ | 55,296 | $ | 50,884 | $ | 3,798 | |||||||||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired impaired loans. | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 2,128 | $ | 16 | $ | 2,450 | $ | 2 | |||||||||||||||||||||||||
Improved property | 18,932 | 223 | 19,158 | 20 | |||||||||||||||||||||||||||||
Commercial and industrial | 2,513 | 13 | 3,532 | 32 | |||||||||||||||||||||||||||||
Residential real estate | 18,715 | 230 | 19,463 | 182 | |||||||||||||||||||||||||||||
Home equity | 2,641 | 20 | 2,367 | 19 | |||||||||||||||||||||||||||||
Consumer | 1,194 | 20 | 1,174 | 28 | |||||||||||||||||||||||||||||
Total impaired loans without a specific allowance | 46,123 | 522 | 48,144 | 283 | |||||||||||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | — | — | — | — | |||||||||||||||||||||||||||||
Improved property | 7,223 | — | 729 | 1 | |||||||||||||||||||||||||||||
Commercial and industrial | 1,805 | 19 | 2,329 | 12 | |||||||||||||||||||||||||||||
Total impaired loans with a specific allowance | 9,028 | 19 | 3,058 | 13 | |||||||||||||||||||||||||||||
Total impaired loans | $ | 55,151 | $ | 541 | $ | 51,202 | $ | 296 | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,463 | $ | 1,488 | |||||||||||||||||||||||||||||
Improved property | 22,143 | 20,227 | |||||||||||||||||||||||||||||||
Total commercial real estate | 23,606 | 21,715 | |||||||||||||||||||||||||||||||
Commercial and industrial | 3,849 | 4,110 | |||||||||||||||||||||||||||||||
Residential real estate | 11,249 | 10,329 | |||||||||||||||||||||||||||||||
Home equity | 1,899 | 1,923 | |||||||||||||||||||||||||||||||
Consumer | 771 | 741 | |||||||||||||||||||||||||||||||
Total | $ | 41,374 | $ | 38,818 | |||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | Accruing | Non-Accrual | Total | Accruing | Non-Accrual | Total | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
Land and construction | $ | 1,013 | $ | 504 | $ | 1,517 | $ | — | $ | 464 | $ | 464 | |||||||||||||||||||||
Improved property | 6,804 | 5,399 | 12,203 | 2,437 | 1,850 | 4,287 | |||||||||||||||||||||||||||
Total commercial real estate | 7,817 | 5,903 | 13,720 | 2,437 | 2,314 | 4,751 | |||||||||||||||||||||||||||
Commercial and industrial | 351 | 376 | 727 | 329 | 478 | 807 | |||||||||||||||||||||||||||
Residential real estate | 7,883 | 2,386 | 10,269 | 8,215 | 2,074 | 10,289 | |||||||||||||||||||||||||||
Home equity | 718 | 285 | 1,003 | 740 | 245 | 985 | |||||||||||||||||||||||||||
Consumer | 561 | 274 | 835 | 345 | 309 | 654 | |||||||||||||||||||||||||||
Total | $ | 17,330 | $ | 9,224 | $ | 26,554 | $ | 12,066 | $ | 5,420 | $ | 17,486 | |||||||||||||||||||||
Loans Identified as TDRs | The following table presents details related to loans identified as TDRs during the three months ended March 31, 2015 and 2014, respectively: | ||||||||||||||||||||||||||||||||
New TDRs (1) | |||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | 11 | $ | 1,414 | $ | 1,056 | — | $ | — | $ | — | |||||||||||||||||||||||
Improved Property | 7 | 8,568 | 8,289 | 1 | 91 | 90 | |||||||||||||||||||||||||||
Total commercial real estate | 18 | 9,982 | 9,345 | 1 | 91 | 90 | |||||||||||||||||||||||||||
Commercial and industrial | 2 | 42 | 57 | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 7 | 424 | 421 | 4 | 121 | 118 | |||||||||||||||||||||||||||
Home equity | 1 | 7 | 6 | — | — | — | |||||||||||||||||||||||||||
Consumer | 21 | 269 | 303 | 2 | 33 | 31 | |||||||||||||||||||||||||||
Total | 49 | $ | 10,724 | $ | 10,132 | 7 | $ | 245 | $ | 239 | |||||||||||||||||||||||
(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 three months ended March 31, 2015 and 2014, respectively, that were restructured within the last twelve months prior to March 31, 2015 and 2014, respectively: | ||||||||||||||||||||||||||||||||
Defaulted TDRs (1) | Defaulted TDRs (1) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(unaudited, 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 | — | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | — | — | 8 | 481 | |||||||||||||||||||||||||||||
Home equity | 1 | 42 | 1 | 3 | |||||||||||||||||||||||||||||
Consumer | 1 | 27 | — | — | |||||||||||||||||||||||||||||
Total | 2 | $ | 69 | 9 | $ | 484 | |||||||||||||||||||||||||||
(1) | Excludes loans that were either charged-off or cured by period end. The recorded investment is as of March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Summary of Other Real Estate Owned and Repossessed Assets | The following table summarizes other real estate owned and repossessed assets included in other assets: | ||||||||||||||||||||||||||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Other real estate owned | $ | 5,886 | $ | 4,920 | |||||||||||||||||||||||||||||
Repossessed assets | 340 | 162 | |||||||||||||||||||||||||||||||
Total other real estate owned and repossessed assets | $ | 6,226 | $ | 5,082 | |||||||||||||||||||||||||||||
Pension_Plan_Tables
Pension Plan (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Components of Net Periodic Pension Cost | The following table presents the net periodic pension cost for WesBanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||
Service cost - benefits earned during year | $ | 827 | $ | 717 | |||||
Interest cost on projected benefit obligation | 1,201 | 1,170 | |||||||
Expected return on plan assets | (1,907 | ) | (1,783 | ) | |||||
Amortization of prior service cost | 6 | 11 | |||||||
Amortization of net loss | 784 | 363 | |||||||
Net periodic pension cost | $ | 911 | $ | 478 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(unaudited, in thousands) | March 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
2015 | Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Securities - available-for-sale | |||||||||||||||||||||
Obligations of government agencies | $ | 80,768 | $ | — | $ | 80,768 | $ | — | |||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies | 1,283,445 | — | 1,283,445 | — | |||||||||||||||||
Obligations of state and political subdivisions | 95,653 | — | 95,653 | — | |||||||||||||||||
Corporate debt securities | 183,090 | — | 183,090 | — | |||||||||||||||||
Equity securities | 11,308 | 8,538 | 2,770 | — | |||||||||||||||||
Total securities - available-for-sale | $ | 1,654,264 | $ | 8,538 | $ | 1,645,726 | $ | — | |||||||||||||
Total recurring fair value measurements | $ | 1,654,264 | $ | 8,538 | $ | 1,645,726 | $ | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 4,533 | $ | — | $ | — | $ | 4,533 | |||||||||||||
Other real estate owned and repossessed assets | 6,226 | — | — | 6,226 | |||||||||||||||||
Loans held for sale | 6,064 | — | 6,064 | — | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 16,823 | $ | — | $ | 6,064 | $ | 10,759 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
(unaudited, in thousands) | December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
2014 | Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
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 | |||||||||||||
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 | |||||||||||||||||||||
(unaudited, in thousands) | Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | |||||||||||||||||
Estimate | |||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||
Impaired loans | $ | 4,533 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0% to (38.5%) / (6.9%) | ||||||||||||||||
Liquidation expenses (2) | (3.1%) to (8.0%) / (7.4%) | ||||||||||||||||||||
Other real estate owned and repossessed assets | 6,226 | Appraisal of collateral (1), (3) | |||||||||||||||||||
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) | |||||||||||||||||||
-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: | ||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(unaudited, in thousands) | Carrying | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Amount | Estimate | Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and due from banks | $ | 92,974 | $ | 92,974 | $ | 92,974 | $ | — | $ | — | |||||||||||
Securities available-for-sale | 1,654,264 | 1,654,264 | 8,538 | 1,645,726 | — | ||||||||||||||||
Securities held-to-maturity | 743,925 | 772,843 | — | 772,088 | 755 | ||||||||||||||||
Net loans | 4,829,548 | 4,820,779 | — | — | 4,820,779 | ||||||||||||||||
Loans held for sale | 6,064 | 6,064 | — | 6,064 | — | ||||||||||||||||
Accrued interest receivable | 25,232 | 25,232 | 25,232 | — | — | ||||||||||||||||
Bank-owned life insurance | 153,991 | 153,991 | 153,991 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 6,416,202 | 6,423,499 | 4,532,314 | 1,891,185 | — | ||||||||||||||||
Federal Home Loan Bank borrowings | 432,456 | 435,089 | — | 435,089 | — | ||||||||||||||||
Other borrowings | 76,630 | 76,621 | 73,589 | 3,032 | — | ||||||||||||||||
Junior subordinated debt | 142,269 | 116,070 | — | 116,070 | — | ||||||||||||||||
Accrued interest payable | 2,297 | 2,297 | 2,297 | — | — | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(unaudited, in thousands) | Carrying | Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Amount | Estimate | Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||
Assets (level 1) | (level 2) | (level 3) | |||||||||||||||||||
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 | — | — |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the three months ended March 31, 2015 and 2014 is as follows: | ||||||||||||||||
Accumulated Other Comprehensive Income(1) | |||||||||||||||||
(unaudited, in thousands) | Defined | Unrealized Gains | Unrealized Gains | Total | |||||||||||||
Benefit | (Losses) on | on Securities | |||||||||||||||
Pension | Securities | Transferred from | |||||||||||||||
Plan | Available-for-Sale | Available-for- | |||||||||||||||
Sale to | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||
Balance at December 31, 2014 | $ | (22,776 | ) | $ | 2,892 | $ | 1,059 | $ | (18,825 | ) | |||||||
Other comprehensive income before reclassifications | — | 4,804 | — | 4,804 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 475 | (11 | ) | (67 | ) | 397 | |||||||||||
Period change | 475 | 4,793 | (67 | ) | 5,201 | ||||||||||||
Balance at March 31, 2015 | $ | (22,301 | ) | $ | 7,685 | $ | 992 | $ | (13,624 | ) | |||||||
Balance at December 31, 2013 | $ | (7,966 | ) | $ | (6,126 | ) | $ | 1,358 | $ | (12,734 | ) | ||||||
Other comprehensive income before reclassifications | — | 3,075 | — | 3,075 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 236 | 49 | (87 | ) | 198 | ||||||||||||
Period change | 236 | 3,124 | (87 | ) | 3,273 | ||||||||||||
Balance at March 31, 2014 | $ | (7,730 | ) | $ | (3,002 | ) | $ | 1,271 | $ | (9,461 | ) | ||||||
(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 | The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Details about Accumulated Other Comprehensive Income/(Loss) | Amounts Reclassified from | Affected Line Item in the | |||||||||||||||
Components | Accumulated Other | Statement of Net Income | |||||||||||||||
Comprehensive Income/(Loss) | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(unaudited, in thousands) | 2015 | 2014 | |||||||||||||||
Securities available-for-sale (1): | |||||||||||||||||
Net securities (gains) losses reclassified into earnings | (18 | ) | $ | 78 | Net securities gains (Non-interest income) | ||||||||||||
Related income tax expense (benefit) | 7 | (29 | ) | Provision for income taxes | |||||||||||||
Net effect on accumulated other comprehensive income for the period | (11 | ) | 49 | ||||||||||||||
Securities held-to-maturity (1): | |||||||||||||||||
Amortization of unrealized gain transferred from available-for-sale | (107 | ) | (138 | ) | Interest and dividends on securities (Interest and dividend income) | ||||||||||||
Related income tax expense | 40 | 51 | Provision for income taxes | ||||||||||||||
Net effect on accumulated other comprehensive income for the period | (67 | ) | (87 | ) | |||||||||||||
Defined benefit pension plan (2): | |||||||||||||||||
Amortization of net loss and prior service costs | 790 | 374 | Employee benefits (Non-interest expense) | ||||||||||||||
Related income tax benefit | (315 | ) | (138 | ) | Provision for income taxes | ||||||||||||
Net effect on accumulated other comprehensive income for the period | 475 | 236 | |||||||||||||||
Total reclassifications for the period | 397 | $ | 198 | ||||||||||||||
-1 | For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 4, “Securities.” | ||||||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 6, “Pension Plan” for additional detail. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | ||||||||
(unaudited, in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Lines of credit | $ | 1,032,235 | $ | 984,352 | |||||
Loans approved but not closed | 295,702 | 116,757 | |||||||
Overdraft limits | 110,389 | 95,965 | |||||||
Letters of credit | 26,910 | 23,362 | |||||||
Contingent obligations to purchase loans funded by other entities | 8,457 | 8,312 |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Financial Information by Business Segment | Condensed financial information by business segment is presented below: | ||||||||||||
(unaudited, in thousands) | Community | Trust and | Consolidated | ||||||||||
Banking | Investment | ||||||||||||
Services | |||||||||||||
For the Three Months ended March 31, 2015: | |||||||||||||
Interest income | $ | 60,379 | $ | — | $ | 60,379 | |||||||
Interest expense | 5,424 | — | 5,424 | ||||||||||
Net interest income | 54,955 | — | 54,955 | ||||||||||
Provision for credit losses | 1,289 | — | 1,289 | ||||||||||
Net interest income after provision for credit losses | 53,666 | — | 53,666 | ||||||||||
Non-interest income | 12,137 | 6,053 | 18,190 | ||||||||||
Non-interest expense | 50,278 | 3,163 | 53,441 | ||||||||||
Income before provision for income taxes | 15,525 | 2,890 | 18,415 | ||||||||||
Provision for income taxes | 3,372 | 1,156 | 4,528 | ||||||||||
Net income | $ | 12,153 | $ | 1,734 | $ | 13,887 | |||||||
For the Three Months ended March 31, 2014: | |||||||||||||
Interest income | $ | 53,457 | $ | — | $ | 53,457 | |||||||
Interest expense | 6,132 | — | 6,132 | ||||||||||
Net interest income | 47,325 | — | 47,325 | ||||||||||
Provision for credit losses | 2,199 | — | 2,199 | ||||||||||
Net interest income after provision for credit losses | 45,126 | — | 45,126 | ||||||||||
Non-interest income | 11,401 | 5,648 | 17,049 | ||||||||||
Non-interest expense | 36,827 | 3,268 | 40,095 | ||||||||||
Income before provision for income taxes | 19,700 | 2,380 | 22,080 | ||||||||||
Provision for income taxes | 4,707 | 952 | 5,659 | ||||||||||
Net income | $ | 14,993 | $ | 1,428 | $ | 16,421 | |||||||
Mergers_and_Acquisitions_Addit
Mergers and Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 10, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 10, 2015 | |
Office | |||||||
Business Acquisition [Line Items] | |||||||
Loans | $700,800,000 | $700,800,000 | |||||
Goodwill increase | 168,900,000 | ||||||
Net income | 13,887,000 | 16,421,000 | 16,421,000 | ||||
Unaudited proforma net interest income and non - interest income | 78,200,000 | 76,100,000 | |||||
Approximate unaudited proforma net income | 22,200,000 | 19,800,000 | |||||
Carrying value of goodwill | 481,000,000 | 481,000,000 | |||||
ESB Financial Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total Assets | 1,900,000,000 | 1,900,000,000 | |||||
Loans | 700,849,000 | 700,849,000 | |||||
Securities | 486,891,000 | 486,891,000 | |||||
Value of acquisition | 338,969,000 | ||||||
Common shares issued | 9,178,531 | ||||||
Cash consideration for outstanding shares | 45,000,000 | ||||||
Goodwill increase | 168,889,000 | ||||||
Purchase price allocation in core deposit intangible | 5,346,000 | 5,346,000 | |||||
Closing stock price | $32 | 32 | |||||
Merger related expense | 9,700,000 | 1,300,000 | |||||
Total of net interest income and non-interest income | 6,500,000 | ||||||
Net income | $2,700,000 | ||||||
Pennsylvania | |||||||
Business Acquisition [Line Items] | |||||||
Number of offices | 38 | 16 | |||||
Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Common shares issued | 9,178,531 | ||||||
Common Stock [Member] | ESB Financial Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Common shares issued | 9,178,531 |
Mergers_and_Acquisitions_Calcu
Mergers and Acquisitions - Calculation of Purchase Price and Resulting Goodwill Relating to ESB Acquisition (Detail) (USD $) | 3 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 10, 2015 |
Fair value of: | ||
Goodwill recognized | $168,900 | |
ESB Financial Corporation [Member] | ||
Purchase Price: | ||
Fair value of WesBanco shares issued, (net of equity issuance costs of $0.1 million) | 293,933 | |
Cash consideration for outstanding ESB shares, options and restricted stock | 37,036 | |
Settlement of pre-existing loan to ESB | 8,000 | |
Total purchase price | 338,969 | |
Fair value of: | ||
Tangible assets acquired | 1,859,865 | |
Core deposit and other intangible assets acquired | 5,346 | |
Liabilities assumed | -1,703,616 | |
Net cash received in the acquisition | 8,485 | |
Fair value of net assets acquired | 170,080 | |
Goodwill recognized | $168,889 |
Mergers_and_Acquisitions_Calcu1
Mergers and Acquisitions - Calculation of Purchase Price and Resulting Goodwill Relating to ESB Acquisition (Parenthetical) (Detail) (ESB Financial Corporation [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 10, 2015 |
ESB Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Equity issuance costs | $0.10 |
Mergers_and_Acquisitions_Summa
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Acquired from ESB (Detail) (USD $) | Mar. 31, 2015 | Feb. 10, 2015 |
In Thousands, unless otherwise specified | ||
Assets | ||
Loans | $700,800 | |
ESB Financial Corporation [Member] | ||
Assets | ||
Cash and due from banks | 8,485 | |
Securities | 486,891 | |
Loans | 700,849 | |
Goodwill and other intangible assets | 174,235 | |
Accrued income and other assets | 672,125 | |
Total Assets | 2,042,585 | |
Liabilities | ||
Deposits | 1,246,992 | |
Borrowings | 433,454 | |
Accrued expenses and other liabilities | 23,170 | |
Total liabilities | 1,703,616 | |
Purchase price | $338,969 |
Mergers_and_Acquisitions_Summa1
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Acquired from ESB (Parenthetical) (Detail) (ESB Financial Corporation [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
ESB Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Recievables from sale of available-for-sale securities | $560.70 |
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 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Numerator for both basic and diluted earnings per common share: | |||
Net income | $13,887 | $16,421 | $16,421 |
Denominator: | |||
Total average basic common shares outstanding | 34,393,137 | 29,182,183 | |
Effect of dilutive stock options and warrant | 85,198 | 80,497 | |
Total diluted average common shares outstanding | 34,478,335 | 29,262,680 | |
Earnings per common share - basic | $0.40 | $0.56 | |
Earnings per common share - diluted | $0.40 | $0.56 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Feb. 10, 2015 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from computation of diluted earnings per share | 33,000 | |
ESB Financial Corporation [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares issued | 9,178,531 |
Securities_Schedule_of_Fair_Va
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $1,642,125 | $912,850 |
Available-for-sale, Gross Unrealized Gains | 16,306 | 11,771 |
Available-for-sale, Gross Unrealized Losses | -4,167 | -7,197 |
Available-for-sale, Estimated Fair Value | 1,654,264 | 917,424 |
Held-to-maturity, Amortized Cost | 743,925 | 593,670 |
Held-to-maturity, Gross Unrealized Gains | 30,004 | 27,285 |
Held-to-maturity, Gross Unrealized Losses | -1,086 | -1,338 |
Held-to-maturity securities, Fair value | 772,843 | 619,617 |
Total securities, Amortized Cost | 2,386,050 | 1,506,520 |
Total securities, Gross Unrealized Gains | 46,310 | 39,056 |
Total securities, Gross Unrealized Losses | -5,253 | -8,535 |
Total securities, Estimated Fair Value | 2,427,107 | 1,537,041 |
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 | 1,279,350 | 703,535 |
Available-for-sale, Gross Unrealized Gains | 8,091 | 4,336 |
Available-for-sale, Gross Unrealized Losses | -3,996 | -6,758 |
Available-for-sale, Estimated Fair Value | 1,283,445 | 701,113 |
Held-to-maturity, Amortized Cost | 126,935 | 79,004 |
Held-to-maturity, Gross Unrealized Gains | 3,244 | 3,262 |
Held-to-maturity, Gross Unrealized Losses | -208 | -246 |
Held-to-maturity securities, Fair value | 129,971 | 82,020 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 89,977 | 86,073 |
Available-for-sale, Gross Unrealized Gains | 5,693 | 5,365 |
Available-for-sale, Gross Unrealized Losses | -17 | -5 |
Available-for-sale, Estimated Fair Value | 95,653 | 91,433 |
Held-to-maturity, Amortized Cost | 610,249 | 507,927 |
Held-to-maturity, Gross Unrealized Gains | 26,560 | 23,917 |
Held-to-maturity, Gross Unrealized Losses | -878 | -1,043 |
Held-to-maturity securities, Fair value | 635,931 | 530,801 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 182,781 | 25,974 |
Available-for-sale, Gross Unrealized Gains | 430 | 141 |
Available-for-sale, Gross Unrealized Losses | -121 | -119 |
Available-for-sale, Estimated Fair Value | 183,090 | 25,996 |
Held-to-maturity, Amortized Cost | 6,741 | 6,739 |
Held-to-maturity, Gross Unrealized Gains | 200 | 106 |
Held-to-maturity, Gross Unrealized Losses | -49 | |
Held-to-maturity securities, Fair value | 6,941 | 6,796 |
Obligations of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 79,315 | 86,964 |
Available-for-sale, Gross Unrealized Gains | 1,486 | 1,087 |
Available-for-sale, Gross Unrealized Losses | -33 | -315 |
Available-for-sale, Estimated Fair Value | 80,768 | 87,736 |
Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,631,423 | 902,546 |
Available-for-sale, Gross Unrealized Gains | 15,700 | 10,929 |
Available-for-sale, Gross Unrealized Losses | -4,167 | -7,197 |
Available-for-sale, Estimated Fair Value | 1,642,956 | 906,278 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 10,702 | 10,304 |
Available-for-sale, Gross Unrealized Gains | 606 | 842 |
Available-for-sale, Estimated Fair Value | $11,308 | $11,146 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $1,100,000,000 | $706,500,000 | ||
Proceeds from sale of available-for-sale securities | 560,676,000 | 3,155,000 | 3,200,000 | |
Net unrealized gains (losses) on available-for-sale securities included in AOCI | 7,685,000 | -3,002,000 | 2,892,000 | -6,126,000 |
Impaired loss relating to securities | 0 | |||
Federal home loan bank stock, Total | $20,900,000 | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $87,447 | |
Total available-for-sale securities, One to Five Years | 118,637 | |
Total available-for-sale securities, Five to Ten Years | 95,372 | |
Total available-for-sale securities, After Ten Years | 58,055 | |
Total available-for-sale securities, Mortgage-backed and Equity | 1,294,753 | |
Available-for-sale, Estimated Fair Value | 1,654,264 | 917,424 |
Total held-to-maturity securities, One Year or less | 2,852 | |
Total held-to-maturity securities, One to Five Years | 17,024 | |
Total held-to-maturity securities, Five to Ten Years | 266,172 | |
Total held-to-maturity securities, After Ten Years | 356,824 | |
Total held-to-maturity securities, Mortgage-backed and Equity | 129,971 | |
Held-to-maturity securities, Fair value | 772,843 | 619,617 |
Total securities, One Year or less | 90,299 | |
Total securities, One to Five Years | 135,661 | |
Total securities, Five to Ten Years | 361,544 | |
Total securities, After Ten Years, Fair value | 414,879 | |
Total securities, Mortgage- backed and Equity | 1,424,724 | |
Total securities, Fair value | 2,427,107 | |
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 | 1,283,445 | |
Available-for-sale, Estimated Fair Value | 1,283,445 | 701,113 |
Total held-to-maturity securities, Mortgage-backed and Equity | 129,971 | |
Held-to-maturity securities, Fair value | 129,971 | 82,020 |
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 | 5,254 | |
Total available-for-sale securities, One to Five Years | 33,049 | |
Total available-for-sale securities, Five to Ten Years | 21,417 | |
Total available-for-sale securities, After Ten Years | 35,933 | |
Available-for-sale, Estimated Fair Value | 95,653 | 91,433 |
Total held-to-maturity securities, One Year or less | 2,852 | |
Total held-to-maturity securities, One to Five Years | 17,024 | |
Total held-to-maturity securities, Five to Ten Years | 259,231 | |
Total held-to-maturity securities, After Ten Years | 356,824 | |
Held-to-maturity securities, Fair value | 635,931 | 530,801 |
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 | 82,193 | |
Total available-for-sale securities, One to Five Years | 62,312 | |
Total available-for-sale securities, Five to Ten Years | 33,658 | |
Total available-for-sale securities, After Ten Years | 4,927 | |
Available-for-sale, Estimated Fair Value | 183,090 | 25,996 |
Total held-to-maturity securities, Five to Ten Years | 6,941 | |
Held-to-maturity securities, Fair value | 6,941 | 6,796 |
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 | 23,276 | |
Total available-for-sale securities, Five to Ten Years | 40,297 | |
Total available-for-sale securities, After Ten Years | 17,195 | |
Available-for-sale, Estimated Fair Value | 80,768 | 87,736 |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, Mortgage-backed and Equity | 11,308 | |
Available-for-sale, Estimated Fair Value | $11,308 | $11,146 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Held-to-maturity, Amortized Cost | $743,925 | $593,670 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Securities Gross Realized Gain Loss [Abstract] | ||
Gross realized gains | $24 | $195 |
Gross realized losses | -2 | -185 |
Net realized gains (losses) | $22 | $10 |
Securities_Schedule_of_Unreali
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Security | Security |
Obligations of Government Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $17,953 | $19,362 |
Less than 12 months, Unrealized Losses | -33 | -77 |
Less than 12 months, Number of Securities | 3 | 5 |
12 months or more, Fair Value | 19,757 | |
12 months or more, Unrealized Losses | -238 | |
12 months or more, Number of Securities | 0 | 4 |
Fair Value, Total | 17,953 | 39,119 |
Unrealized Losses, Total | -33 | -315 |
Number of Securities Total | 3 | 9 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | 260,103 | 78,786 |
Less than 12 months, Unrealized Losses | -681 | -386 |
Less than 12 months, Number of Securities | 55 | 19 |
12 months or more, Fair Value | 168,693 | 240,055 |
12 months or more, Unrealized Losses | -3,523 | -6,618 |
12 months or more, Number of Securities | 32 | 43 |
Fair Value, Total | 428,796 | 318,841 |
Unrealized Losses, Total | -4,204 | -7,004 |
Number of Securities Total | 87 | 62 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | 68,439 | 12,615 |
Less than 12 months, Unrealized Losses | -450 | -96 |
Less than 12 months, Number of Securities | 79 | 15 |
12 months or more, Fair Value | 20,777 | 61,548 |
12 months or more, Unrealized Losses | -445 | -952 |
12 months or more, Number of Securities | 31 | 93 |
Fair Value, Total | 89,216 | 74,163 |
Unrealized Losses, Total | -895 | -1,048 |
Number of Securities Total | 110 | 108 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | 53,122 | 2,969 |
Less than 12 months, Unrealized Losses | -113 | -31 |
Less than 12 months, Number of Securities | 16 | 1 |
12 months or more, Fair Value | 1,978 | 4,573 |
12 months or more, Unrealized Losses | -8 | -137 |
12 months or more, Number of Securities | 1 | 2 |
Fair Value, Total | 55,100 | 7,542 |
Unrealized Losses, Total | -121 | -168 |
Number of Securities Total | 17 | 3 |
Total Temporarily Impaired Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | 399,617 | 113,732 |
Less than 12 months, Unrealized Losses | -1,277 | -590 |
Less than 12 months, Number of Securities | 153 | 40 |
12 months or more, Fair Value | 191,448 | 325,933 |
12 months or more, Unrealized Losses | -3,976 | -7,945 |
12 months or more, Number of Securities | 64 | 142 |
Fair Value, Total | 591,065 | 439,665 |
Unrealized Losses, Total | ($5,253) | ($8,535) |
Number of Securities Total | 217 | 182 |
Loans_and_the_Allowance_for_Cr2
Loans and the Allowance for Credit Losses - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Contract | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Deferred loan fees and costs | $2,200,000 | $2,400,000 |
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 15,500,000 | 15,200,000 |
Internally assigned loan grades to residential real estate, home equity and consumer loans | 1,500,000 | 2,200,000 |
Book value of acquired loans | 716,100,000 | |
Fair value of acquired loans | 700,800,000 | |
Loans acquired accretable | 2,400,000 | |
Book value, acquired loans with deteriorated credit quality | 16,000,000 | |
Fair value of acquired loans with deteriorated credit quality | 9,700,000 | |
Deteriorated credit quality loans acquired non-accretable difference | 3,900,000 | |
Balance loans acquired with deteriorated credit quality | 9,300,000 | |
Certain loans acquired in transfer not accounted for as debt securities acquired during period at acquisition non accrual | 3,600,000 | |
Certain loans acquired in transfer not accounted for as debt securities acquired during period at acquisition accrual amount | 5,700,000 | |
Non-accrual status period | 90 days | |
Number of restructured contracts greater than $1 million | 3 | |
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 | 0.30% | |
Other real estate owned | 5,886,000 | 4,920,000 |
Performing Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Fair value of acquired loans | 691,100,000 | |
Loans acquired accretable | 9,000,000 | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Other real estate owned | 800,000 | 600,000 |
Foreclosure proceedings in process on residential real estate loans | $4,300,000 |
Loans_and_the_Allowance_for_Cr3
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $4,873,721 | $4,086,766 |
Loans held for sale | 6,064 | 5,865 |
Total loans | 4,879,785 | 4,092,631 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 288,075 | 262,643 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,908,869 | 1,682,817 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 2,196,944 | 1,945,460 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 709,621 | 638,410 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,239,163 | 928,770 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 362,163 | 330,031 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $365,830 | $244,095 |
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 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | $44,654 | $47,368 | $47,368 |
Allowance for loan commitments, beginning balance | 455 | 602 | 602 |
Total beginning allowance for credit losses | 45,109 | 47,970 | 47,970 |
Provision for loan losses | 1,266 | 2,256 | |
Provision for loan commitments | 23 | -57 | |
Total provision for credit losses | 1,289 | 2,199 | 2,199 |
Charge-offs | -2,517 | -4,735 | |
Recoveries | 770 | 594 | |
Net charge-offs | -1,747 | -4,141 | |
Allowance for loan losses, ending balance | 44,173 | 45,483 | 44,654 |
Allowance for loan commitments, ending balance | 478 | 545 | 455 |
Total ending allowance for credit losses | 44,651 | 46,028 | 45,109 |
Commercial Real Estate - Land and Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 5,654 | 6,056 | 6,056 |
Allowance for loan commitments, beginning balance | 194 | 301 | 301 |
Total beginning allowance for credit losses | 5,848 | 6,357 | 6,357 |
Provision for loan losses | -323 | -1,051 | |
Provision for loan commitments | -16 | -8 | |
Total provision for credit losses | -339 | -1,059 | |
Allowance for loan losses, ending balance | 5,331 | 5,005 | |
Allowance for loan commitments, ending balance | 178 | 293 | |
Total ending allowance for credit losses | 5,509 | 5,298 | |
Commercial Real Estate - Improved Property [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 17,573 | 18,157 | 18,157 |
Allowance for loan commitments, beginning balance | 10 | 62 | 62 |
Total beginning allowance for credit losses | 17,583 | 18,219 | 18,219 |
Provision for loan losses | 903 | -509 | |
Provision for loan commitments | 8 | -53 | |
Total provision for credit losses | 911 | -562 | |
Charge-offs | -577 | -493 | |
Recoveries | 136 | 120 | |
Net charge-offs | -441 | -373 | |
Allowance for loan losses, ending balance | 18,035 | 17,275 | |
Allowance for loan commitments, ending balance | 18 | 9 | |
Total ending allowance for credit losses | 18,053 | 17,284 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 9,063 | 9,925 | 9,925 |
Allowance for loan commitments, beginning balance | 112 | 130 | 130 |
Total beginning allowance for credit losses | 9,175 | 10,055 | 10,055 |
Provision for loan losses | -44 | 2,128 | |
Provision for loan commitments | 8 | 3 | |
Total provision for credit losses | -36 | 2,131 | |
Charge-offs | -122 | -2,276 | |
Recoveries | 114 | 65 | |
Net charge-offs | -8 | -2,211 | |
Allowance for loan losses, ending balance | 9,011 | 9,842 | |
Allowance for loan commitments, ending balance | 120 | 133 | |
Total ending allowance for credit losses | 9,131 | 9,975 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 5,382 | 5,673 | 5,673 |
Allowance for loan commitments, beginning balance | 9 | 5 | 5 |
Total beginning allowance for credit losses | 5,391 | 5,678 | 5,678 |
Provision for loan losses | -208 | 869 | |
Provision for loan commitments | 4 | ||
Total provision for credit losses | -204 | 869 | |
Charge-offs | -358 | -879 | |
Recoveries | 218 | 109 | |
Net charge-offs | -140 | -770 | |
Allowance for loan losses, ending balance | 5,034 | 5,772 | |
Allowance for loan commitments, ending balance | 13 | 5 | |
Total ending allowance for credit losses | 5,047 | 5,777 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 2,329 | 2,017 | 2,017 |
Allowance for loan commitments, beginning balance | 90 | 85 | 85 |
Total beginning allowance for credit losses | 2,419 | 2,102 | 2,102 |
Provision for loan losses | 747 | 153 | |
Provision for loan commitments | 17 | 1 | |
Total provision for credit losses | 764 | 154 | |
Charge-offs | -589 | -155 | |
Recoveries | 10 | 11 | |
Net charge-offs | -579 | -144 | |
Allowance for loan losses, ending balance | 2,497 | 2,026 | |
Allowance for loan commitments, ending balance | 107 | 86 | |
Total ending allowance for credit losses | 2,604 | 2,112 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 4,078 | 5,020 | 5,020 |
Allowance for loan commitments, beginning balance | 40 | 19 | 19 |
Total beginning allowance for credit losses | 4,118 | 5,039 | 5,039 |
Provision for loan losses | 133 | 305 | |
Provision for loan commitments | 2 | ||
Total provision for credit losses | 135 | 305 | |
Charge-offs | -717 | -752 | |
Recoveries | 229 | 227 | |
Net charge-offs | -488 | -525 | |
Allowance for loan losses, ending balance | 3,723 | 4,800 | |
Allowance for loan commitments, ending balance | 42 | 19 | |
Total ending allowance for credit losses | 3,765 | 4,819 | |
Deposit Overdraft [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, beginning balance | 575 | 520 | 520 |
Total beginning allowance for credit losses | 575 | 520 | 520 |
Provision for loan losses | 58 | 361 | |
Total provision for credit losses | 58 | 361 | |
Charge-offs | -154 | -180 | |
Recoveries | 63 | 62 | |
Net charge-offs | -91 | -118 | |
Allowance for loan losses, ending balance | 542 | 763 | |
Total ending allowance for credit losses | $542 | $763 |
Loans_and_the_Allowance_for_Cr5
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $3,701 | $3,798 | ||
Allowance for loans collectively evaluated for impairment | 40,472 | 40,856 | ||
Allowance for loan commitments | 478 | 455 | 545 | 602 |
Total allowance for credit losses | 44,651 | 45,109 | 46,028 | 47,970 |
Individually evaluated for impairment | 12,544 | 14,313 | ||
Collectively evaluated for impairment | 4,861,177 | 4,072,453 | ||
Total Loans | 4,873,721 | 4,086,766 | ||
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 5,331 | 5,654 | ||
Allowance for loan commitments | 178 | 194 | 293 | 301 |
Total allowance for credit losses | 5,509 | 5,848 | 5,298 | 6,357 |
Collectively evaluated for impairment | 288,075 | 262,643 | ||
Total Loans | 288,075 | 262,643 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 2,828 | 2,765 | ||
Allowance for loans collectively evaluated for impairment | 15,207 | 14,808 | ||
Allowance for loan commitments | 18 | 10 | 9 | 62 |
Total allowance for credit losses | 18,053 | 17,583 | 17,284 | 18,219 |
Individually evaluated for impairment | 9,822 | 11,469 | ||
Collectively evaluated for impairment | 1,899,047 | 1,671,348 | ||
Total Loans | 1,908,869 | 1,682,817 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 873 | 1,033 | ||
Allowance for loans collectively evaluated for impairment | 8,138 | 8,030 | ||
Allowance for loan commitments | 120 | 112 | 133 | 130 |
Total allowance for credit losses | 9,131 | 9,175 | 9,975 | 10,055 |
Individually evaluated for impairment | 2,722 | 2,844 | ||
Collectively evaluated for impairment | 706,899 | 635,566 | ||
Total Loans | 709,621 | 638,410 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 5,034 | 5,382 | ||
Allowance for loan commitments | 13 | 9 | 5 | 5 |
Total allowance for credit losses | 5,047 | 5,391 | 5,777 | 5,678 |
Collectively evaluated for impairment | 1,239,163 | 928,770 | ||
Total Loans | 1,239,163 | 928,770 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 2,497 | 2,329 | ||
Allowance for loan commitments | 107 | 90 | 86 | 85 |
Total allowance for credit losses | 2,604 | 2,419 | 2,112 | 2,102 |
Collectively evaluated for impairment | 362,163 | 330,031 | ||
Total Loans | 362,163 | 330,031 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 3,723 | 4,078 | ||
Allowance for loan commitments | 42 | 40 | 19 | 19 |
Total allowance for credit losses | 3,765 | 4,118 | 4,819 | 5,039 |
Collectively evaluated for impairment | 365,830 | 244,095 | ||
Total Loans | 365,830 | 244,095 | ||
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 542 | 575 | ||
Total allowance for credit losses | $542 | $575 | $763 | $520 |
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 $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Receivables [Abstract] | |
Troubled 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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $2,906,565 | $2,583,870 |
Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,813,611 | 2,502,731 |
Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 40,659 | 34,288 |
Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 52,295 | 46,851 |
Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 288,075 | 262,643 |
Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 281,730 | 257,218 |
Commercial Real Estate - Land and Construction [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,653 | 3,645 |
Commercial Real Estate - Land and Construction [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,692 | 1,780 |
Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,908,869 | 1,682,817 |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,848,655 | 1,627,771 |
Commercial Real Estate - Improved Property [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 18,049 | 17,873 |
Commercial Real Estate - Improved Property [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 42,165 | 37,173 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 709,621 | 638,410 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 683,226 | 617,742 |
Commercial and Industrial [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 18,957 | 12,770 |
Commercial and Industrial [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $7,438 | $7,898 |
Loans_and_the_Allowance_for_Cr8
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $4,827,728 | $4,042,825 |
30-59 Days Past Due | 11,089 | 8,500 |
60-89 Days Past Due | 6,002 | 9,976 |
90 Days or More Past Due | 28,902 | 25,465 |
Total Past Due | 45,993 | 43,941 |
Total Loans | 4,873,721 | 4,086,766 |
90 Days or More Past Due and Accruing | 1,031 | 2,288 |
Loans held for sale, current | 6,064 | 5,865 |
Loans held for sale | 6,064 | 5,865 |
Total loans, current | 4,833,792 | 4,048,690 |
Total loans | 4,879,785 | 4,092,631 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 286,883 | 261,356 |
30-59 Days Past Due | 20 | |
90 Days or More Past Due | 1,192 | 1,267 |
Total Past Due | 1,192 | 1,287 |
Total Loans | 288,075 | 262,643 |
90 Days or More Past Due and Accruing | 71 | |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,889,451 | 1,665,363 |
30-59 Days Past Due | 1,093 | 961 |
60-89 Days Past Due | 1,435 | 4,772 |
90 Days or More Past Due | 16,890 | 11,721 |
Total Past Due | 19,418 | 17,454 |
Total Loans | 1,908,869 | 1,682,817 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,176,334 | 1,926,719 |
30-59 Days Past Due | 1,093 | 981 |
60-89 Days Past Due | 1,435 | 4,772 |
90 Days or More Past Due | 18,082 | 12,988 |
Total Past Due | 20,610 | 18,741 |
Total Loans | 2,196,944 | 1,945,460 |
90 Days or More Past Due and Accruing | 71 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 705,380 | 634,482 |
30-59 Days Past Due | 916 | 1,834 |
60-89 Days Past Due | 1,518 | 240 |
90 Days or More Past Due | 1,807 | 1,854 |
Total Past Due | 4,241 | 3,928 |
Total Loans | 709,621 | 638,410 |
90 Days or More Past Due and Accruing | 3 | 22 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,226,131 | 915,968 |
30-59 Days Past Due | 4,981 | 1,237 |
60-89 Days Past Due | 1,673 | 3,384 |
90 Days or More Past Due | 6,378 | 8,181 |
Total Past Due | 13,032 | 12,802 |
Total Loans | 1,239,163 | 928,770 |
90 Days or More Past Due and Accruing | 74 | 1,306 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 357,545 | 325,291 |
30-59 Days Past Due | 1,982 | 1,877 |
60-89 Days Past Due | 508 | 895 |
90 Days or More Past Due | 2,128 | 1,968 |
Total Past Due | 4,618 | 4,740 |
Total Loans | 362,163 | 330,031 |
90 Days or More Past Due and Accruing | 684 | 570 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 362,338 | 240,365 |
30-59 Days Past Due | 2,117 | 2,571 |
60-89 Days Past Due | 868 | 685 |
90 Days or More Past Due | 507 | 474 |
Total Past Due | 3,492 | 3,730 |
Total Loans | 365,830 | 244,095 |
90 Days or More Past Due and Accruing | 270 | 319 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 9,209 | 7,562 |
30-59 Days Past Due | 2,008 | 2,884 |
60-89 Days Past Due | 2,319 | 5,552 |
90 Days or More Past Due | 27,838 | 22,820 |
Total Past Due | 32,165 | 31,256 |
Total Loans | 41,374 | 38,818 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 16,536 | 11,016 |
30-59 Days Past Due | 582 | 151 |
60-89 Days Past Due | 179 | 542 |
90 Days or More Past Due | 33 | 357 |
Total Past Due | 794 | 1,050 |
Total Loans | 17,330 | 12,066 |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 25,745 | 18,578 |
30-59 Days Past Due | 2,590 | 3,035 |
60-89 Days Past Due | 2,498 | 6,094 |
90 Days or More Past Due | 27,871 | 23,177 |
Total Past Due | 32,959 | 32,306 |
Total Loans | $58,704 | $50,884 |
Loans_and_the_Allowance_for_Cr9
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | $61,759 | $45,474 |
Total impaired loans, Unpaid principal balance | 69,993 | 55,296 |
Recorded Investment, With no specific allowance recorded | 50,470 | 41,062 |
Total impaired loans, Recorded investment | 58,704 | 50,884 |
Unpaid Principal Balance, With a specific allowance recorded | 8,234 | 9,822 |
Recorded Investment, With a specific allowance recorded | 8,234 | 9,822 |
Related Allowance, With a specific allowance recorded | 3,701 | 3,798 |
Average recorded investment, with no related specific allowance | 46,123 | 48,144 |
Interest income recognized, With no related specific allowance | 522 | 283 |
Average recorded investment, With a specific allowance recorded | 9,028 | 3,058 |
Interest income recognized, With a specific allowance recorded | 19 | 13 |
Total impaired loans, Average recorded investment | 55,151 | 51,202 |
Total impaired loans, Interest income recognized | 541 | 296 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 3,101 | 1,588 |
Recorded Investment, With no specific allowance recorded | 2,476 | 1,488 |
Average recorded investment, with no related specific allowance | 2,128 | 2,450 |
Interest income recognized, With no related specific allowance | 16 | 2 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 30,138 | 16,480 |
Recorded Investment, With no specific allowance recorded | 22,481 | 14,684 |
Unpaid Principal Balance, With a specific allowance recorded | 6,466 | 7,980 |
Recorded Investment, With a specific allowance recorded | 6,466 | 7,980 |
Related Allowance, With a specific allowance recorded | 2,828 | 2,765 |
Average recorded investment, with no related specific allowance | 18,932 | 19,158 |
Interest income recognized, With no related specific allowance | 223 | 20 |
Average recorded investment, With a specific allowance recorded | 7,223 | 729 |
Interest income recognized, With a specific allowance recorded | 1 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 3,094 | 3,152 |
Recorded Investment, With no specific allowance recorded | 2,432 | 2,597 |
Unpaid Principal Balance, With a specific allowance recorded | 1,768 | 1,842 |
Recorded Investment, With a specific allowance recorded | 1,768 | 1,842 |
Related Allowance, With a specific allowance recorded | 873 | 1,033 |
Average recorded investment, with no related specific allowance | 2,513 | 3,532 |
Interest income recognized, With no related specific allowance | 13 | 32 |
Average recorded investment, With a specific allowance recorded | 1,805 | 2,329 |
Interest income recognized, With a specific allowance recorded | 19 | 12 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 20,943 | 20,077 |
Recorded Investment, With no specific allowance recorded | 19,132 | 18,544 |
Average recorded investment, with no related specific allowance | 18,715 | 19,463 |
Interest income recognized, With no related specific allowance | 230 | 182 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 2,824 | 2,890 |
Recorded Investment, With no specific allowance recorded | 2,617 | 2,663 |
Average recorded investment, with no related specific allowance | 2,641 | 2,367 |
Interest income recognized, With no related specific allowance | 20 | 19 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, With no specific allowance recorded | 1,659 | 1,287 |
Recorded Investment, With no specific allowance recorded | 1,332 | 1,086 |
Average recorded investment, with no related specific allowance | 1,194 | 1,174 |
Interest income recognized, With no related specific allowance | $20 | $28 |
Recovered_Sheet2
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $41,374 | $38,818 |
TDRs | 26,554 | 17,486 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 17,330 | 12,066 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 9,224 | 5,420 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 1,463 | 1,488 |
TDRs | 1,517 | 464 |
Commercial Real Estate - Land and Construction [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,013 | |
Commercial Real Estate - Land and Construction [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 504 | 464 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 22,143 | 20,227 |
TDRs | 12,203 | 4,287 |
Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 6,804 | 2,437 |
Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 5,399 | 1,850 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 23,606 | 21,715 |
TDRs | 13,720 | 4,751 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 7,817 | 2,437 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 5,903 | 2,314 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 3,849 | 4,110 |
TDRs | 727 | 807 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 351 | 329 |
Commercial and Industrial [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 376 | 478 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 11,249 | 10,329 |
TDRs | 10,269 | 10,289 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 7,883 | 8,215 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,386 | 2,074 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 1,899 | 1,923 |
TDRs | 1,003 | 985 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 718 | 740 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 285 | 245 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 771 | 741 |
TDRs | 835 | 654 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 561 | 345 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $274 | $309 |
Recovered_Sheet3
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 49 | 7 |
Pre-Modification Outstanding Recorded Investment | $10,724 | $245 |
Post-Modification Outstanding Recorded Investment | 10,132 | 239 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 11 | |
Pre-Modification Outstanding Recorded Investment | 1,414 | |
Post-Modification Outstanding Recorded Investment | 1,056 | |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 7 | 1 |
Pre-Modification Outstanding Recorded Investment | 8,568 | 91 |
Post-Modification Outstanding Recorded Investment | 8,289 | 90 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 18 | 1 |
Pre-Modification Outstanding Recorded Investment | 9,982 | 91 |
Post-Modification Outstanding Recorded Investment | 9,345 | 90 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 2 | |
Pre-Modification Outstanding Recorded Investment | 42 | |
Post-Modification Outstanding Recorded Investment | 57 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 7 | 4 |
Pre-Modification Outstanding Recorded Investment | 424 | 121 |
Post-Modification Outstanding Recorded Investment | 421 | 118 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 1 | |
Pre-Modification Outstanding Recorded Investment | 7 | |
Post-Modification Outstanding Recorded Investment | 6 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 21 | 2 |
Pre-Modification Outstanding Recorded Investment | 269 | 33 |
Post-Modification Outstanding Recorded Investment | $303 | $31 |
Recovered_Sheet4
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defaults | Defaults | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 2 | 9 |
Recorded Investment | $69 | $484 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 8 | |
Recorded Investment | 481 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 1 |
Recorded Investment | 42 | 3 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | |
Recorded Investment | $27 |
Recovered_Sheet5
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Other real estate owned | $5,886 | $4,920 |
Repossessed assets | 340 | 162 |
Total other real estate owned and repossessed assets | $6,226 | $5,082 |
Pension_Plan_Components_of_Net
Pension Plan - Components of Net Periodic Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost - benefits earned during year | $827 | $717 |
Interest cost on projected benefit obligation | 1,201 | 1,170 |
Expected return on plan assets | -1,907 | -1,783 |
Amortization of prior service cost | 6 | 11 |
Amortization of net loss | 784 | 363 |
Net periodic pension cost | $911 | $478 |
Pension_Plan_Additional_Inform
Pension Plan - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Minimum required pension plan contribution | $3.10 |
Partial credit balance utilized for minimum required contribution | 34.9 |
Employer contribution | $7.50 |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | $1,654,264 | $917,424 |
Other real estate owned and repossessed assets | 6,226 | 5,082 |
Loans held for sale | 6,064 | 5,865 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 1,654,264 | 917,424 |
Total recurring fair value measurements | 1,654,264 | 917,424 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,533 | 6,024 |
Other real estate owned and repossessed assets | 6,226 | 5,082 |
Loans held for sale | 6,064 | 5,865 |
Total nonrecurring fair value measurements | 16,823 | 16,971 |
Obligations of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 80,768 | 87,736 |
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 | 80,768 | 87,736 |
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 | 1,283,445 | 701,113 |
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 | 1,283,445 | 701,113 |
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 | 95,653 | 91,433 |
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 | 95,653 | 91,433 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 183,090 | 25,996 |
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 | 183,090 | 25,996 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 11,308 | 11,146 |
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 | 11,308 | 11,146 |
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 | 8,538 | 8,440 |
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 | 8,538 | 8,440 |
Total recurring fair value measurements | 8,538 | 8,440 |
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 | 8,538 | 8,440 |
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 | 1,645,726 | 908,984 |
Loans held for sale | 6,064 | 5,865 |
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 | 1,645,726 | 908,984 |
Total recurring fair value measurements | 1,645,726 | 908,984 |
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 | 6,064 | 5,865 |
Total nonrecurring fair value measurements | 6,064 | 5,865 |
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 | 80,768 | 87,736 |
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 | 1,283,445 | 701,113 |
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 | 95,653 | 91,433 |
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 | 183,090 | 25,996 |
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 | 2,770 | 2,706 |
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 | 4,533 | 6,024 |
Other real estate owned and repossessed assets | 6,226 | 5,082 |
Total nonrecurring fair value measurements | $10,759 | $11,106 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair value transfer amount | $0 | $0 |
Fair_Value_Measurement_Schedul1
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Other real estate owned and repossessed assets | 6,226 | 5,082 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 4,533 | 6,024 |
Other real estate owned and repossessed assets | 6,226 | 5,082 |
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 | 4,533 | 6,024 |
Other real estate owned and repossessed assets | 6,226 | 5,082 |
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 | -3.10% | -1.20% |
Maximum [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, Appraisal adjustments | -38.50% | -39.70% |
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 | -6.90% | -6.70% |
Impaired loans, Liquidation expenses | -7.40% | -6.70% |
Fair_Value_Measurement_Estimat
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial Assets | ||||
Cash and due from banks | $92,974 | $94,002 | $175,196 | $95,551 |
Securities available-for-sale | 1,654,264 | 917,424 | ||
Securities held-to-maturity | 743,925 | 593,670 | ||
Net loans | 4,829,548 | 4,042,112 | ||
Loans held for sale | 6,064 | 5,865 | ||
Accrued interest receivable | 25,232 | 18,481 | ||
Bank-owned life insurance | 153,991 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,416,202 | 5,048,983 | ||
Federal Home Loan Bank borrowings | 432,456 | 223,126 | ||
Other borrowings | 76,630 | 80,690 | ||
Junior subordinated debt | 142,269 | 106,176 | ||
Accrued interest payable | 2,297 | 1,620 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 92,974 | 94,002 | ||
Securities available-for-sale | 8,538 | 8,440 | ||
Accrued interest receivable | 25,232 | 18,481 | ||
Bank-owned life insurance | 153,991 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 4,532,314 | 3,743,887 | ||
Other borrowings | 73,589 | 77,534 | ||
Accrued interest payable | 2,297 | 1,620 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial Assets | ||||
Securities available-for-sale | 1,645,726 | 908,984 | ||
Securities held-to-maturity | 772,088 | 618,895 | ||
Loans held for sale | 6,064 | 5,865 | ||
Financial Liabilities | ||||
Deposits | 1,891,185 | 1,312,941 | ||
Federal Home Loan Bank borrowings | 435,089 | 225,456 | ||
Other borrowings | 3,032 | 3,162 | ||
Junior subordinated debt | 116,070 | 79,212 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial Assets | ||||
Securities held-to-maturity | 755 | 722 | ||
Net loans | 4,820,779 | 4,047,648 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 92,974 | 94,002 | ||
Securities available-for-sale | 1,654,264 | 917,424 | ||
Securities held-to-maturity | 743,925 | 593,670 | ||
Net loans | 4,829,548 | 4,042,112 | ||
Loans held for sale | 6,064 | 5,865 | ||
Accrued interest receivable | 25,232 | 18,481 | ||
Bank-owned life insurance | 153,991 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,416,202 | 5,048,983 | ||
Federal Home Loan Bank borrowings | 432,456 | 223,126 | ||
Other borrowings | 76,630 | 80,690 | ||
Junior subordinated debt | 142,269 | 106,176 | ||
Accrued interest payable | 2,297 | 1,620 | ||
Fair Value Estimate [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 92,974 | 94,002 | ||
Securities available-for-sale | 1,654,264 | 917,424 | ||
Securities held-to-maturity | 772,843 | 619,617 | ||
Net loans | 4,820,779 | 4,047,648 | ||
Loans held for sale | 6,064 | 5,865 | ||
Accrued interest receivable | 25,232 | 18,481 | ||
Bank-owned life insurance | 153,991 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,423,499 | 5,056,828 | ||
Federal Home Loan Bank borrowings | 435,089 | 225,456 | ||
Other borrowings | 76,621 | 80,696 | ||
Junior subordinated debt | 116,070 | 79,212 | ||
Accrued interest payable | $2,297 | $1,620 |
Comprehensive_Income_Component
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Beginning Balance, Defined Benefit Pension Plan | ($22,776) | ($7,966) |
Defined Benefit Pension Plan, Other comprehensive income before reclassifications | 0 | 0 |
Defined Benefit Pension Plan, Amounts reclassified from accumulated other comprehensive income | 475 | 236 |
Defined Benefit Pension Plan, Period change | 475 | 236 |
Ending Balance, Defined Benefit Pension Plan | -22,301 | -7,730 |
Beginning Balance, Unrealized Gains (Losses) on Securities Available-for-Sale | 2,892 | -6,126 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Other comprehensive income before reclassifications | 4,804 | 3,075 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Amounts reclassified from accumulated other comprehensive income | -11 | 49 |
Net effect on accumulated other comprehensive income for the period | 4,793 | 3,124 |
Ending Balance, Unrealized Gains (Losses) on Securities Available-for-Sale | 7,685 | -3,002 |
Beginning Balance, Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity | 1,059 | 1,358 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Other comprehensive income before reclassifications | 0 | 0 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Amounts reclassified from accumulated other comprehensive income | -67 | -87 |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Period change | -67 | -87 |
Ending Balance, Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity | 992 | 1,271 |
Beginning Balance, Accumulated Other Comprehensive Income | -18,825 | -12,734 |
Other comprehensive income before reclassifications | 4,804 | 3,075 |
Amounts reclassified from accumulated other comprehensive income | 397 | 198 |
Total other comprehensive income | 5,201 | 3,273 |
Ending Balance, Accumulated Other Comprehensive Income | ($13,624) | ($9,461) |
Comprehensive_Income_Component1
Comprehensive Income - Components of Accumulated Other Comprehensive Income (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_Income_Schedule_
Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net effect on accumulated other comprehensive income for the period | $4,793 | $3,124 |
Defined benefit pension plan (2): | ||
Total reclassifications for the period | -397 | -198 |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net securities (gains) losses reclassified into earnings | -18 | 78 |
Related income tax expense (benefit) | 7 | -29 |
Net effect on accumulated other comprehensive income for the period | -11 | 49 |
Amortization of unrealized gain transferred from available-for-sale | -107 | -138 |
Related income tax expense | 40 | 51 |
Net effect on accumulated other comprehensive income for the period | -67 | -87 |
Defined benefit pension plan (2): | ||
Amortization of net loss and prior service costs | 790 | 374 |
Related income tax benefit | -315 | -138 |
Net effect on accumulated other comprehensive income for the period | 475 | 236 |
Total reclassifications for the period | $397 | $198 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Allowance for credit losses associated with loan commitments | $478,000 | $455,000 | $545,000 | $602,000 |
Liability associated with letters of credit | $200,000 | $200,000 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Lines of credit | $1,032,235 | $984,352 |
Loans approved but not closed | 295,702 | 116,757 |
Overdraft limits | 110,389 | 95,965 |
Letters of credit | 26,910 | 23,362 |
Contingent obligations to purchase loans funded by other entities | $8,457 | $8,312 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 3,900,000,000 | $3,800,000,000 |
Total non-fiduciary assets of the trust and investment services segment | 3,700,000 | $4,000,000 |
Business_Segments_Financial_In
Business Segments - Financial Information by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Interest income | $60,379 | $53,457 | $53,457 |
Interest expense | 5,424 | 6,132 | 6,132 |
Net interest income | 54,955 | 47,325 | 47,325 |
Provision for credit losses | 1,289 | 2,199 | 2,199 |
Net interest income after provision for credit losses | 53,666 | 45,126 | 45,126 |
Non-interest income | 18,190 | 17,049 | 17,049 |
Non-interest expense | 53,441 | 40,095 | 40,095 |
Income before provision for income taxes | 18,415 | 22,080 | 22,080 |
Provision for income taxes | 4,528 | 5,659 | 5,659 |
Net income | 13,887 | 16,421 | 16,421 |
Community Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 60,379 | 53,457 | |
Interest expense | 5,424 | 6,132 | |
Net interest income | 54,955 | 47,325 | |
Provision for credit losses | 1,289 | 2,199 | |
Net interest income after provision for credit losses | 53,666 | 45,126 | |
Non-interest income | 12,137 | 11,401 | |
Non-interest expense | 50,278 | 36,827 | |
Income before provision for income taxes | 15,525 | 19,700 | |
Provision for income taxes | 3,372 | 4,707 | |
Net income | 12,153 | 14,993 | |
Trust and Investment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest income | 6,053 | 5,648 | |
Non-interest expense | 3,163 | 3,268 | |
Income before provision for income taxes | 2,890 | 2,380 | |
Provision for income taxes | 1,156 | 952 | |
Net income | $1,734 | $1,428 |