Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | WSBC | |
Entity Registrant Name | WESBANCO INC | |
Entity Central Index Key | 203,596 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,527,670 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $20,402 and $8,405, respectively | $ 108,738 | $ 94,002 |
Securities: | ||
Available-for-sale, at fair value | 1,594,658 | 917,424 |
Held-to-maturity (fair values of $864,226 and $619,617, respectively) | 848,416 | 593,670 |
Total securities | 2,443,074 | 1,511,094 |
Loans held for sale | 11,160 | 5,865 |
Portfolio loans, net of unearned income | 4,933,645 | 4,086,766 |
Allowance for loan losses | (43,419) | (44,654) |
Net portfolio loans | 4,890,226 | 4,042,112 |
Premises and equipment, net | 111,692 | 93,135 |
Accrued interest receivable | 24,739 | 18,481 |
Goodwill and other intangible assets, net | 492,997 | 319,506 |
Bank-owned life insurance | 154,980 | 123,298 |
Other assets | 137,813 | 89,072 |
Total Assets | 8,375,419 | 6,296,565 |
Deposits: | ||
Non-interest bearing demand | 1,257,932 | 1,061,075 |
Interest bearing demand | 1,156,949 | 885,037 |
Money market | 989,888 | 954,957 |
Savings deposits | 1,075,711 | 842,818 |
Certificates of deposit | 1,778,565 | 1,305,096 |
Total deposits | 6,259,045 | 5,048,983 |
Federal Home Loan Bank borrowings | 781,332 | 223,126 |
Other short-term borrowings | 73,868 | 80,690 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 106,196 | 106,176 |
Total borrowings | 961,396 | 409,992 |
Accrued interest payable | 2,542 | 1,620 |
Other liabilities | 57,783 | 47,780 |
Total Liabilities | $ 7,280,766 | $ 5,508,375 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value; 1,000,000 shares authorized; none outstanding | ||
Common stock, $2.0833 par value; 100,000,000 and 50,000,000 shares authorized in 2015 and 2014, respectively; 38,546,042 and 29,367,511 issued in 2015 and 2014, respectively; outstanding: 38,519,170 and 29,298,188 shares in 2015 and 2014, respectively | $ 80,304 | $ 61,182 |
Capital surplus | 516,990 | 244,661 |
Retained earnings | 522,388 | 504,578 |
Treasury stock (26,872 and 69,323 shares in 2015 and 2014, respectively, at cost) | (867) | (2,151) |
Accumulated other comprehensive loss | (21,702) | (18,825) |
Deferred benefits for directors | (2,460) | (1,255) |
Total Shareholders' Equity | 1,094,653 | 788,190 |
Total Liabilities and Shareholders' Equity | $ 8,375,419 | $ 6,296,565 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 20,402 | $ 8,405 |
Held-to-maturity securities, fair values | $ 864,226 | $ 619,617 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 2.0833 | $ 2.0833 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 38,546,042 | 29,367,511 |
Common stock, shares outstanding | 38,519,170 | 29,298,188 |
Treasury stock, shares | 26,872 | 69,323 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 52,316 | $ 42,546 | $ 100,036 | $ 85,291 |
Interest and dividends on securities: | ||||
Taxable | 10,043 | 7,452 | 18,542 | 14,676 |
Tax-exempt | 4,052 | 3,435 | 7,585 | 6,821 |
Total interest and dividends on securities | 14,095 | 10,887 | 26,127 | 21,497 |
Other interest income | 318 | 611 | 954 | 713 |
Total interest and dividend income | 66,729 | 54,044 | 127,117 | 107,501 |
INTEREST EXPENSE | ||||
Interest bearing demand deposits | 485 | 395 | 907 | 768 |
Money market deposits | 490 | 466 | 945 | 907 |
Savings deposits | 163 | 133 | 311 | 263 |
Certificates of deposit | 2,869 | 3,422 | 5,741 | 7,052 |
Total interest expense on deposits | 4,007 | 4,416 | 7,904 | 8,990 |
Federal Home Loan Bank borrowings | 949 | 175 | 1,507 | 386 |
Other short-term borrowings | 92 | 350 | 165 | 907 |
Junior subordinated debt owed to unconsolidated subsidiary trusts | 888 | 796 | 1,784 | 1,587 |
Total interest expense | 5,936 | 5,737 | 11,360 | 11,870 |
NET INTEREST INCOME | 60,793 | 48,307 | 115,757 | 95,631 |
Provision for credit losses | 2,681 | 849 | 3,970 | 3,048 |
Net interest income after provision for credit losses | 58,112 | 47,458 | 111,787 | 92,583 |
NON-INTEREST INCOME | ||||
Trust fees | 5,476 | 5,210 | 11,529 | 10,858 |
Service charges on deposits | 4,249 | 4,078 | 7,918 | 7,937 |
Electronic banking fees | 3,496 | 3,267 | 6,821 | 6,281 |
Net securities brokerage revenue | 1,842 | 2,003 | 3,901 | 3,832 |
Bank-owned life insurance | 989 | 1,821 | 2,244 | 2,695 |
Net gains on sales of mortgage loans | 407 | 475 | 679 | 628 |
Net securities gains | 165 | 22 | 175 | |
Net gain / (loss) on other real estate owned and other assets | 152 | (165) | 185 | (52) |
Other income | 1,461 | 1,387 | 2,955 | 2,936 |
Total non-interest income | 18,072 | 18,241 | 36,254 | 35,290 |
NON-INTEREST EXPENSE | ||||
Salaries and wages | 19,300 | 16,904 | 37,636 | 33,370 |
Employee benefits | 6,807 | 5,529 | 14,123 | 11,238 |
Net occupancy | 3,243 | 2,857 | 6,765 | 6,348 |
Equipment | 3,017 | 2,914 | 5,958 | 5,698 |
Marketing | 1,715 | 1,713 | 2,707 | 2,716 |
FDIC insurance | 1,040 | 880 | 1,950 | 1,757 |
Amortization of intangible assets | 944 | 482 | 1,510 | 977 |
Restructuring and merger-related expense | 1,115 | 10,848 | ||
Other operating expenses | 9,408 | 9,025 | 18,550 | 18,294 |
Total non-interest expense | 46,589 | 40,304 | 100,047 | 80,398 |
Income before provision for income taxes | 29,595 | 25,395 | 47,994 | 47,475 |
Provision for income taxes | 7,962 | 6,520 | 12,482 | 12,179 |
NET INCOME | $ 21,633 | $ 18,875 | $ 35,512 | $ 35,296 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.56 | $ 0.65 | $ 0.97 | $ 1.21 |
Diluted | $ 0.56 | $ 0.64 | $ 0.97 | $ 1.20 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 38,472,229 | 29,242,180 | 36,443,951 | 29,212,347 |
Diluted | 38,531,700 | 29,321,927 | 36,504,671 | 29,293,424 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.23 | $ 0.22 | $ 0.46 | $ 0.44 |
COMPREHENSIVE INCOME | $ 13,547 | $ 22,943 | $ 32,635 | $ 42,637 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Benefits for Directors [Member] |
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 | 35,296 | 35,296 | |||||
Other comprehensive income | 7,341 | 7,341 | |||||
Comprehensive income | 42,637 | ||||||
Common dividends declared ($0.46 and $0.44 per share in June 30, 2015 and 2014 respectively) | (12,861) | (12,861) | |||||
Treasury shares acquired | (20) | 49 | (69) | ||||
Treasury shares acquired, shares | (2,258) | ||||||
Stock options exercised | 1,658 | (311) | 1,969 | ||||
Stock options exercised, shares | 63,393 | ||||||
Restricted stock granted | (1,321) | 1,321 | |||||
Restricted stock granted, shares | 42,554 | ||||||
Stock compensation expense | 616 | 616 | |||||
Deferred benefits for directors- net | 22 | (22) | |||||
Ending Balance at Jun. 30, 2014 | 778,625 | $ 61,182 | 244,029 | 482,786 | (2,748) | (5,393) | (1,231) |
Ending Balance, shares at Jun. 30, 2014 | 29,278,925 | ||||||
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 | 35,512 | 35,512 | |||||
Other comprehensive income | (2,877) | (2,877) | |||||
Comprehensive income | 32,635 | ||||||
Common dividends declared ($0.46 and $0.44 per share in June 30, 2015 and 2014 respectively) | (17,702) | (17,702) | |||||
Shares issued for acquisition | 293,629 | $ 19,122 | 274,507 | ||||
Shares issued for acquisition, shares | 9,178,531 | ||||||
Treasury shares acquired | (1,638) | (1,638) | |||||
Treasury shares acquired, shares | (50,224) | ||||||
Stock options exercised | 1,173 | (223) | 1,396 | ||||
Stock options exercised, shares | 44,125 | ||||||
Restricted stock granted | (1,526) | 1,526 | |||||
Restricted stock granted, shares | 48,550 | ||||||
Repurchase of stock warrant | (2,247) | (2,247) | |||||
Stock compensation expense | 613 | 613 | |||||
Deferred benefits for directors- net | 1,205 | (1,205) | |||||
Ending Balance at Jun. 30, 2015 | $ 1,094,653 | $ 80,304 | $ 516,990 | $ 522,388 | $ (867) | $ (21,702) | $ (2,460) |
Ending Balance, shares at Jun. 30, 2015 | 38,519,170 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common dividends declared, per share | $ 0.46 | $ 0.44 |
Retained Earnings [Member] | ||
Common dividends declared, per share | $ 0.46 | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 34,541 | $ 41,380 |
INVESTING ACTIVITIES | ||
Net increase in loans | (156,166) | (55,683) |
Securities available-for-sale: | ||
Proceeds from sales | 560,736 | 3,491 |
Proceeds from maturities, prepayments and calls | 121,699 | 117,595 |
Purchases of securities | (430,858) | (182,501) |
Securities held-to-maturity: | ||
Proceeds from maturities, prepayments and calls | 26,021 | 18,982 |
Purchases of securities | (173,754) | (29,704) |
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 | (4,835) | (2,659) |
Net cash used in investing activities | (84,523) | (130,479) |
FINANCING ACTIVITIES | ||
(Decrease) increase in deposits | (35,196) | 55,248 |
Proceeds from Federal Home Loan Bank borrowings | 675,000 | 115,532 |
Repayment of Federal Home Loan Bank borrowings | (509,029) | (16,368) |
Decrease in other short-term borrowings | (11,822) | (35,609) |
Decrease in federal funds purchased | (20,000) | |
Repayment of junior subordinated debt | (36,083) | |
Repurchase of common stock warrant | (2,247) | |
Dividends paid to common shareholders | (15,291) | (12,256) |
Treasury shares (purchased) sold - net | (614) | 1,489 |
Net cash provided by financing activities | 64,718 | 88,036 |
Net increase (decrease) in cash and cash equivalents | 14,736 | (1,063) |
Cash and cash equivalents at beginning of the period | 94,002 | 95,551 |
Cash and cash equivalents at end of the period | 108,738 | 94,488 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 12,288 | 12,532 |
Income taxes paid | 5,070 | 7,850 |
Transfers of loans to other real estate owned | 751 | $ 1,610 |
Non-cash transactions related to ESB acquisition | $ 301,933 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — 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 FASB issued 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. While early adoption was permitted, WesBanco elected to adopt the ASU in the first quarter of 2015, which was the first interim period after December 31, 2014. 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. While early adoption was not permitted, WesBanco elected to adopt the ASU in the first quarter of 2015, which was the first interim period after December 31, 2014. Early adoption was 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 was originally 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. On July 9, 2015, the FASB approved a one-year deferral of the effective date of the update. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is now permitted as of the original effective date for interim and annual reporting periods in fiscal years beginning after December 15, 2016. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 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 $700.9 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 $169.3 million in goodwill and $5.3 million in core deposit intangibles in its community banking segment, representing the principal change in goodwill and intangibles from December 31, 2014. 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. As a result of the full integration of the operations of ESB, it is not practicable to determine the proforma results or revenue and net income included in WesBanco’s operating results relating to ESB since the date of acquisition because ESB has been fully integrated into WesBanco’s operations, and the operating results of ESB can therefore not be separately identified. For the six months ended June 30, 2015, WesBanco recorded merger-related expenses of $10.8 million associated with the ESB acquisition. In 2014 WesBanco recognized $1.3 million in merger-related expenses in connection with the 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 $ 1,858,360 Core deposit and other intangible assets acquired 5,346 Liabilities assumed (1,702,554 ) Net cash received in the acquisition 8,485 Fair value of net assets acquired 169,637 Goodwill recognized $ 169,332 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 700,933 Goodwill and other intangible assets 174,678 Accrued income and other assets (1) 670,536 Total Assets $ 2,041,523 Liabilities Deposits $ 1,246,992 Borrowings 433,454 Accrued expenses and other liabilities 22,108 Total liabilities 1,702,554 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
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 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 For the Six Months Ended June 30, June 30, (unaudited, in thousands, except shares and per share amounts) 2015 2014 2015 2014 Numerator for both basic and diluted earnings per common share: Net income $ 21,633 $ 18,875 $ 35,512 $ 35,296 Denominator: Total average basic common shares outstanding 38,472,229 29,242,180 36,443,951 29,212,347 Effect of dilutive stock options and warrant 59,471 79,747 60,720 81,077 Total diluted average common shares outstanding 38,531,700 29,321,927 36,504,671 29,293,424 Earnings per common share - basic $ 0.56 $ 0.65 $ 0.97 $ 1.21 Earnings per common share - diluted $ 0.56 $ 0.64 $ 0.97 $ 1.20 All stock options outstanding were included in the computation of diluted earnings per share for the three and six months ended June 30, 2015 and 2014, respectively, as all were considered 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 | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 (unaudited, in thousands) Amortized Gross Gross Estimated Value Amortized Gross Gross Estimated Value Available-for-sale Obligations of government agencies $ 80,160 $ 1,172 $ (295 ) $ 81,037 $ 86,964 $ 1,087 $ (315 ) $ 87,736 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,239,616 3,868 (11,062 ) 1,232,422 703,535 4,336 (6,758 ) 701,113 Obligations of states and political subdivisions 88,267 4,592 (88 ) 92,771 86,073 5,365 (5 ) 91,433 Corporate debt securities 177,395 262 (343 ) 177,314 25,974 141 (119 ) 25,996 Total debt securities $ 1,585,438 $ 9,894 $ (11,788 ) $ 1,583,544 $ 902,546 $ 10,929 $ (7,197 ) $ 906,278 Equity securities 10,533 581 — 11,114 10,304 842 — 11,146 Total available-for-sale securities $ 1,595,971 $ 10,475 $ (11,788 ) $ 1,594,658 $ 912,850 $ 11,771 $ (7,197 ) $ 917,424 Held-to-maturity Residential mortgage-backed securities and collateralized mortgage obligations of government agencies $ 120,576 $ 2,501 $ (1,153 ) $ 121,924 $ 79,004 $ 3,262 $ (246 ) $ 82,020 Obligations of states and political subdivisions 718,230 19,754 (5,270 ) 732,714 507,927 23,917 (1,043 ) 530,801 Corporate debt securities 9,610 49 (71 ) 9,588 6,739 106 (49 ) 6,796 Total held-to-maturity securities $ 848,416 $ 22,304 $ (6,494 ) $ 864,226 $ 593,670 $ 27,285 $ (1,338 ) $ 619,617 Total securities $ 2,444,387 $ 32,779 $ (18,282 ) $ 2,458,884 $ 1,506,520 $ 39,056 $ (8,535 ) $ 1,537,041 At June 30, 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 June 30, 2015. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. June 30, 2015 (unaudited, in thousands) One Year One to Five to After Ten Years Mortgage-backed Total Available-for-sale Obligations of government agencies $ — $ 25,230 $ 38,977 $ 16,830 $ — $ 81,037 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) — — — — 1,232,422 1,232,422 Obligations of states and political subdivisions 4,745 31,657 27,147 29,222 — 92,771 Corporate debt securities 82,862 56,218 33,344 4,890 — 177,314 Equity securities (2) — — — — 11,114 11,114 Total available-for-sale securities $ 87,607 $ 113,105 $ 99,468 $ 50,942 $ 1,243,536 $ 1,594,658 Held-to-maturity (3) Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) $ — $ — $ — $ — $ 121,924 $ 121,924 Obligations of states and political subdivisions 1,877 27,296 319,753 383,788 — 732,714 Corporate debt securities — 1,010 8,578 — — 9,588 Total held-to-maturity securities $ 1,877 $ 28,306 $ 328,331 $ 383,788 $ 121,924 $ 864,226 Total securities $ 89,484 $ 141,411 $ 427,799 $ 434,730 $ 1,365,460 $ 2,458,884 (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 $848.4 million. Securities with aggregate fair values of $1.1 billion and $706.5 million at June 30, 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, primarily due to the ESB portfolio restructuring, and $3.5 million for the six months ended June 30, 2015 and 2014, respectively. Net unrealized (losses) gains on available-for-sale securities included in accumulated other comprehensive income net of tax, as of June 30, 2015 and December 31, 2014 were ($0.8) 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 and six months ended June 30, 2015 and 2014, respectively. For the Three Months Ended For the Six Months Ended June 30, June 30, (unaudited, in thousands) 2015 2014 2015 2014 Gross realized gains $ 2 $ 170 $ 26 $ 365 Gross realized losses (2 ) (5 ) (4 ) (190 ) Net realized gains (losses) $ — $ 165 $ 22 $ 175 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 June 30, 2015 and December 31, 2014: June 30, 2015 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized # of Obligations of government agencies $ 37,435 $ (295 ) 9 $ — $ — — $ 37,435 $ (295 ) 9 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 755,016 (7,346 ) 138 164,273 (4,869 ) 33 919,289 (12,215 ) 171 Obligations of states and political subdivisions 299,339 (4,629 ) 415 21,889 (729 ) 33 321,228 (5,358 ) 448 Corporate debt securities 93,533 (318 ) 27 4,890 (96 ) 2 98,423 (414 ) 29 Total temporarily impaired securities $ 1,185,323 $ (12,588 ) 589 $ 191,052 $ (5,694 ) 68 $ 1,376,375 $ (18,282 ) 657 December 31, 2014 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized # of 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 $35.0 million and $11.6 million at June 30, 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 Cre
Loans and the Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 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 $1.7 million and $2.4 million at June 30, 2015 and December 31, 2014, respectively. (unaudited, in thousands) June 30, December 31, Commercial real estate: Land and construction $ 308,885 $ 262,643 Improved property 1,885,228 1,682,817 Total commercial real estate 2,194,113 1,945,460 Commercial and industrial 733,478 638,410 Residential real estate 1,241,470 928,770 Home equity 379,740 330,031 Consumer 384,844 244,095 Total portfolio loans 4,933,645 4,086,766 Loans held for sale 11,160 5,865 Total loans $ 4,944,805 $ 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 (unaudited, in thousands) Commercial Commercial Real Estate- Commercial Residential Home Consumer Deposit Total 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 (551 ) 633 1,448 25 1,254 580 231 3,620 Provision for loan commitments 13 10 301 3 23 — — 350 Total provision for credit losses (538 ) 643 1,749 28 1,277 580 231 3,970 Charge-offs — (1,234 ) (1,430 ) (944 ) (948 ) (1,414 ) (381 ) (6,351 ) Recoveries — 256 110 301 53 658 118 1,496 Net charge-offs — (978 ) (1,320 ) (643 ) (895 ) (756 ) (263 ) (4,855 ) Balance at June 30, 2015: Allowance for loan losses 5,103 17,228 9,191 4,764 2,688 3,902 543 43,419 Allowance for loan commitments 207 20 413 12 113 40 — 805 Total ending allowance for credit losses $ 5,310 $ 17,248 $ 9,604 $ 4,776 $ 2,801 $ 3,942 $ 543 $ 44,224 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 (405 ) (511 ) 1,870 575 392 642 551 3,114 Provision for loan commitments (20 ) (52 ) 1 — 5 — — (66 ) Total provision for credit losses (425 ) (563 ) 1,871 575 397 642 551 3,048 Charge-offs — (728 ) (2,384 ) (1,207 ) (348 ) (1,610 ) (362 ) (6,639 ) Recoveries — 390 543 248 71 512 134 1,898 Net charge-offs — (338 ) (1,841 ) (959 ) (277 ) (1,098 ) (228 ) (4,741 ) Balance at June 30, 2014: Allowance for loan losses 5,651 17,308 9,954 5,289 2,132 4,564 843 45,741 Allowance for loan commitments 281 10 131 5 90 19 — 536 Total ending allowance for credit losses $ 5,932 $ 17,318 $ 10,085 $ 5,294 $ 2,222 $ 4,583 $ 843 $ 46,277 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 Industrial Residential Home Consumer Over-draft Total June 30, 2015 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 2,891 $ 1,021 $ — $ — $ — $ — $ 3,912 Allowance for loans collectively evaluated for impairment 5,103 14,337 8,170 4,764 2,688 3,902 543 39,507 Allowance for loan commitments 207 20 413 12 113 40 — 805 Total allowance for credit losses $ 5,310 $ 17,248 $ 9,604 $ 4,776 $ 2,801 $ 3,942 $ 543 $ 44,224 Portfolio loans: Individually evaluated for impairment (1) $ 1,040 $ 18,054 $ 5,388 $ — $ — $ — $ — $ 24,482 Collectively evaluated for impairment 307,845 1,867,174 728,090 1,241,470 379,740 384,844 — 4,909,163 Total portfolio loans $ 308,885 $ 1,885,228 $ 733,478 $ 1,241,470 $ 379,740 $ 384,844 $ — $ 4,933,645 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 troubled debt restructuring (“TDR”), including acquired with deteriorated credit quality, 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 paragraphs provide descriptions of risk grades that are applicable 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 be inadequately protected 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 As of June 30, 2015 Pass $ 302,514 $ 1,830,655 $ 711,497 $ 2,844,666 Criticized - compromised 3,664 13,463 11,153 28,280 Classified - substandard 2,707 41,110 10,828 54,645 Classified - doubtful — — — — Total $ 308,885 $ 1,885,228 $ 733,478 $ 2,927,591 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 $15.3 million at June 30, 2015 and $15.2 million at December 31, 2014, of which $2.3 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 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 $716.2 million. These loans were recorded at their fair value of $700.9 million, with $690.1 million categorized as performing. The fair market value adjustment on performing loans of $10.0 million at acquisition date is expected to be recognized into interest income on a level yield basis over the remaining expected life of the performing loans. Loans acquired with deteriorated credit quality with a book value of $16.1 million and contractually required payments of $21.7 million were recorded at their estimated fair value of $10.8 million. The accretable yield on the acquired impaired loans was estimated at $1.9 million at the acquisition date with $1.6 million remaining at June 30, 2015. For the six months ended June 30, 2015 accretion recognized in interest income on acquired impaired loans was $0.3 million. The balance of loans acquired with deteriorated credit quality at June 30, 2015, was $10.0 million, of which $8.5 million were categorized as non-accrual and $1.5 million were categorized as accruing TDRs, while the non-accretable difference was $9.0 million. At June 30, 2015 no allowance for loan losses has been recognized related to the acquired impaired loans. The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 Days 60-89 Days 90 Days Total Total Loans 90 Days or Past Due and As of June 30, 2015 Commercial real estate: Land and construction $ 307,522 $ 252 $ — $ 1,111 $ 1,363 $ 308,885 $ — Improved property 1,870,393 1,304 797 12,734 14,835 1,885,228 180 Total commercial real estate 2,177,915 1,556 797 13,845 16,198 2,194,113 180 Commercial and industrial 729,815 356 896 2,411 3,663 733,478 3 Residential real estate 1,229,198 1,014 3,322 7,936 12,272 1,241,470 1,838 Home equity 375,663 1,212 1,010 1,855 4,077 379,740 228 Consumer 381,146 2,753 618 327 3,698 384,844 222 Total portfolio loans 4,893,737 6,891 6,643 26,374 39,908 4,933,645 2,471 Loans held for sale 11,160 — — — — 11,160 — Total loans $ 4,904,897 $ 6,891 $ 6,643 $ 26,374 $ 39,908 $ 4,944,805 $ 2,471 Impaired loans included above are as follows: Non-accrual loans $ 21,964 $ 1,030 $ 1,641 $ 23,569 $ 26,240 $ 48,204 TDRs accruing interest (1) 12,081 109 434 334 877 12,958 Total impaired $ 34,045 $ 1,139 $ 2,075 $ 23,903 $ 27,117 $ 61,162 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 — 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 June 30, 2015 December 31, 2014 (unaudited, in thousands) Unpaid Recorded Related Unpaid Recorded Related With no related specific allowance recorded: Commercial real estate: Land and construction $ 2,711 $ 2,509 $ — $ 1,588 $ 1,488 $ — Improved property 28,520 21,001 — 16,480 14,684 — Commercial and industrial 5,926 3,461 — 3,152 2,597 — Residential real estate 19,914 17,967 — 20,077 18,544 — Home equity 3,293 2,995 — 2,890 2,663 — Consumer 1,522 1,189 — 1,287 1,086 — Total impaired loans without a specific allowance 61,886 49,122 — 45,474 41,062 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 7,511 7,511 2,891 7,980 7,980 2,765 Commercial and industrial 5,833 4,529 1,021 1,842 1,842 1,033 Total impaired loans with a specific allowance 13,344 12,040 3,912 9,822 9,822 3,798 Total impaired loans $ 75,230 $ 61,162 $ 3,912 $ 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 Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 2,493 $ 2 $ 2,143 $ 13 $ 2,158 $ 18 $ 2,283 $ 15 Improved Property 21,741 240 18,572 133 19,389 463 18,924 153 Commercial and industrial 2,947 49 4,122 57 2,830 62 3,831 89 Residential real estate 18,550 235 18,864 209 18,548 465 19,272 391 Home equity 2,806 21 2,173 16 2,758 41 2,284 35 Consumer 1,261 26 1,135 18 1,202 46 1,150 46 Total impaired loans without a specific allowance 49,798 573 47,009 446 46,885 1,095 47,744 729 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved Property 6,989 56 727 3 7,319 56 727 4 Commercial and industrial 3,149 118 2,537 29 2,713 137 2,206 41 Total impaired loans with a specific allowance 10,138 174 3,264 32 10,032 193 2,933 45 Total impaired loans $ 59,936 $ 747 $ 50,273 $ 478 $ 56,917 $ 1,288 $ 50,677 $ 774 The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) (unaudited, in thousands) June 30, 2015 December 31, 2014 Commercial real estate: Land and construction $ 1,382 $ 1,488 Improved property 26,103 20,227 Total commercial real estate 27,485 21,715 Commercial and industrial 7,664 4,110 Residential real estate 10,117 10,329 Home equity 2,251 1,923 Consumer 687 741 Total $ 48,204 $ 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 June 30, 2015 December 31, 2014 (unaudited, in thousands) Accruing Non- Accrual Total Accruing Non- Accrual Total Commercial real estate: Land and construction $ 1,127 $ 501 $ 1,628 $ — $ 464 $ 464 Improved property 2,409 9,761 12,170 2,437 1,850 4,287 Total commercial real estate 3,536 10,262 13,798 2,437 2,314 4,751 Commercial and industrial 326 293 619 329 478 807 Residential real estate 7,850 2,089 9,939 8,215 2,074 10,289 Home equity 744 278 1,022 740 245 985 Consumer 502 218 720 345 309 654 Total $ 12,958 $ 13,140 $ 26,098 $ 12,066 $ 5,420 $ 17,486 As of June 30, 2015, there were two 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. WesBanco had unfunded commitments to debtors whose loans were classified as impaired of $1.3 million and $0 as of June 30, 2015 and December 31, 2014, respectively. The following table presents details related to loans identified as TDRs during the three and six months ended June 30, 2015 and 2014, respectively: New TDRs (1) For the Three Months Ended June 30, 2015 June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 112 112 Total commercial real estate — — — 1 112 112 Commercial and industrial — — — — — — Residential real estate 1 41 39 2 70 70 Home equity — — — — — — Consumer — — — 9 100 93 Total 1 $ 41 $ 39 12 $ 282 $ 275 (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. New TDRs (1) For the Six Months Ended June 30, 2015 June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction 9 $ 1,239 $ 1,160 — $ — $ — Improved Property 7 9,336 8,784 2 203 201 Total commercial real estate 16 10,575 9,944 2 203 201 Commercial and industrial 2 42 53 — — — Residential real estate 8 466 455 5 189 185 Home equity 1 7 6 — — — Consumer 19 279 273 11 138 123 Total 46 $ 11,369 $ 10,731 18 $ 530 $ 509 (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 tables summarize TDRs which defaulted (defined as past due 90 days) during the six months ended June 30, 2015 and 2014, respectively, that were restructured within the last twelve months prior to June 30, 2015 and 2014, respectively: Defaulted TDRs (1) For the Six Months Ended June 30, 2015 June 30, 2014 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate — — 4 236 Home equity 1 42 — — Consumer — — — — Total 1 $ 42 4 $ 236 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of June 30, 2015 and 2014, respectively. TDRs that defaulted during the six month period that were restructured within the last twelve months represented less than 1.0% of the total TDR balance at June 30, 2015. These loans are placed on non-accrual status unless they are both well-secured and in the process of collection. At June 30, 2015, the loan in the table above was not accruing interest. The following table summarizes other real estate owned and repossessed assets included in other assets: June 30, December 31, (unaudited, in thousands) 2015 2014 Other real estate owned $ 5,912 $ 4,920 Repossessed assets 256 162 Total other real estate owned and repossessed assets $ 6,168 $ 5,082 Residential real estate included in other real estate owned at June 30, 2015 and December 31, 2014 was $1.9 million and $0.6 million, respectively. At June 30, 2015, formal foreclosure proceedings were in process on residential real estate loans totaling $3.6 million. |
Pension Plan
Pension Plan | 6 Months Ended |
Jun. 30, 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 For the Six Months Ended June 30, June 30, (unaudited, in thousands) 2015 2014 2015 2014 Service cost - benefits earned during year $ 836 $ 725 $ 1,663 $ 1,442 Interest cost on projected benefit obligation 1,214 1,183 2,415 2,353 Expected return on plan assets (1,928 ) (1,802 ) (3,835 ) (3,585 ) Amortization of prior service cost 6 11 12 22 Amortization of net loss 793 367 1,577 730 Net periodic pension cost $ 921 $ 484 $ 1,832 $ 962 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. A voluntary contribution of $3.5 million was made in June 2015. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 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: 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: Other real estate owned and repossessed assets: Loans held for sale: 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 June 30, 2015 and December 31, 2014: June 30, 2015 Fair Value Measurements Using: (unaudited, in thousands) June 30, 2015 Quoted Prices in Significant Other Significant (level 3) Recurring fair value measurements Securities - available-for-sale Obligations of government agencies $ 81,037 $ — $ 81,037 $ — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,232,422 — 1,232,422 — Obligations of state and political subdivisions 92,771 — 92,771 — Corporate debt securities 177,314 — 177,314 — Equity securities 11,114 8,315 2,799 — Total securities - available-for-sale $ 1,594,658 $ 8,315 $ 1,586,343 $ — Total recurring fair value measurements $ 1,594,658 $ 8,315 $ 1,586,343 $ — Nonrecurring fair value measurements Impaired loans $ 8,128 $ — $ — $ 8,128 Other real estate owned and repossessed assets 6,168 — — 6,168 Loans held for sale 11,160 — 11,160 — Total nonrecurring fair value measurements $ 25,456 $ — $ 11,160 $ 14,296 December 31, 2014 Fair Value Measurements Using: (unaudited, in thousands) December 31, Quoted Prices in Significant Other Significant (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 six months ended June 30, 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) June 30, 2015: Impaired loans $ 8,128 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (42.2%) / (16.6%) Liquidation expenses (2) (2.9%) to (8.0%) / (6.7%) Other real estate owned and repossessed assets 6,168 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 (unaudited, in thousands) Carrying Fair Value Quoted Prices in Significant Other (level 2) Significant (level 3) Financial Assets Cash and due from banks $ 108,738 $ 108,738 $ 108,738 $ — $ — Securities available-for-sale 1,594,658 1,594,658 8,315 1,586,343 — Securities held-to-maturity 848,416 864,226 — 863,507 719 Net loans 4,890,226 4,883,371 — — 4,883,371 Loans held for sale 11,160 11,160 — 11,160 — Accrued interest receivable 24,739 24,739 24,739 — — Bank-owned life insurance 154,980 154,980 154,980 — — Financial Liabilities Deposits 6,259,045 6,269,284 4,480,480 1,788,804 — Federal Home Loan Bank borrowings 781,332 783,072 — 783,072 — Other borrowings 73,868 73,866 70,991 2,875 — Junior subordinated debt 106,196 78,628 — 78,628 — Accrued interest payable 2,542 2,542 2,542 — — Fair Value Measurements at (unaudited, in thousands) Carrying Fair Value Quoted Prices in Significant Other (level 2) Significant (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: Securities held-to-maturity: Net loans: Accrued interest receivable: Bank-owned life insurance: Deposits: Federal Home Loan Bank borrowings: Other borrowings: Junior subordinated debt owed to unconsolidated subsidiary trusts: Accrued interest payable: Off-balance sheet financial instruments: |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income | NOTE 8. COMPREHENSIVE INCOME The activity in accumulated other comprehensive income for the six months ended June 30, 2015 and 2014 is as follows: Accumulated Other Comprehensive Income (1) (unaudited, in thousands) Defined Unrealized Gains Available-for-Sale Unrealized Gains from Available-for- Held-to-Maturity Total Balance at December 31, 2014 $ (22,776 ) $ 2,892 $ 1,059 $ (18,825 ) Other comprehensive income before reclassifications — (3,711 ) — (3,711 ) Amounts reclassified from accumulated other comprehensive income 981 (13 ) (134 ) 834 Period change 981 (3,724 ) (134 ) (2,877 ) Balance at June 30, 2015 $ (21,795 ) $ (832 ) $ 925 $ (21,702 ) Balance at December 31, 2013 $ (7,966 ) $ (6,126 ) $ 1,358 $ (12,734 ) Other comprehensive income before reclassifications — 7,194 — 7,194 Amounts reclassified from accumulated other comprehensive income 475 (157 ) (171 ) 147 Period change 475 7,037 (171 ) 7,341 Balance at June 30, 2014 $ (7,491 ) $ 911 $ 1,187 $ (5,393 ) (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 and six months ended June 30, 2015 and 2014: Details about Accumulated Other Comprehensive Income For the Three For the Six Affected Line Item in the (unaudited, in thousands) 2015 2014 2015 2014 Securities available-for-sale (1) : Net securities gains reclassified into earnings $ (2 ) $ (170 ) $ (20 ) $ (248 ) Net securities gains (Non-interest income) Related income tax expense 1 63 7 91 Provision for income taxes Net effect on accumulated other comprehensive income for the period (1 ) (107 ) (13 ) (157 ) Securities held-to-maturity (1) : Amortization of unrealized gain transferred from available-for-sale (107 ) (132 ) (214 ) (270 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 39 48 80 99 Provision for income taxes Net effect on accumulated other comprehensive income for the period (68 ) (84 ) (134 ) (171 ) Defined benefit pension plan (2) : Amortization of net loss and prior service costs 799 378 1,589 752 Employee benefits (Non-interest expense) Related income tax benefit (293 ) (139 ) (608 ) (277 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 506 239 981 475 Total reclassifications for the period $ 437 $ 48 $ 834 $ 147 (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 Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 9. COMMITMENTS AND CONTINGENT LIABILITIES Commitments — 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 June 30, 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: June 30, December 31, (unaudited, in thousands) 2015 2014 Lines of credit $ 1,111,712 $ 984,352 Loans approved but not closed 333,624 116,757 Overdraft limits 107,619 95,965 Letters of credit 26,295 23,362 Contingent obligations to purchase loans funded by other entities 9,324 8,312 Contingent Liabilities — |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 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 $3.8 billion at both June 30, 2015 and 2014. 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 For the Three Months ended June 30, 2015: Interest income $ 66,729 $ — $ 66,729 Interest expense 5,936 — 5,936 Net interest income 60,793 — 60,793 Provision for credit losses 2,681 — 2,681 Net interest income after provision for credit losses 58,112 — 58,112 Non-interest income 12,596 5,476 18,072 Non-interest expense 43,568 3,021 46,589 Income before provision for income taxes 27,140 2,455 29,595 Provision for income taxes 6,980 982 7,962 Net income $ 20,160 $ 1,473 $ 21,633 For the Three Months ended June 30, 2014: Interest income $ 54,044 $ — $ 54,044 Interest expense 5,737 — 5,737 Net interest income 48,307 — 48,307 Provision for credit losses 849 — 849 Net interest income after provision for credit losses 47,458 — 47,458 Non-interest income 13,031 5,210 18,241 Non-interest expense 37,367 2,937 40,304 Income before provision for income taxes 23,122 2,273 25,395 Provision for income taxes 5,611 909 6,520 Net income $ 17,511 $ 1,364 $ 18,875 For the Six Months ended June 30, 2015: Interest income $ 127,117 $ — $ 127,117 Interest expense 11,360 — 11,360 Net interest income 115,757 — 115,757 Provision for credit losses 3,970 — 3,970 Net interest income after provision for credit losses 111,787 — 111,787 Non-interest income 24,725 11,529 36,254 Non-interest expense 93,863 6,184 100,047 Income before provision for income taxes 42,649 5,345 47,994 Provision for income taxes 10,344 2,138 12,482 Net income $ 32,305 $ 3,207 $ 35,512 For the Six Months ended June 30, 2014: Interest income $ 107,501 $ — $ 107,501 Interest expense 11,870 — 11,870 Net interest income 95,631 — 95,631 Provision for credit losses 3,048 — 3,048 Net interest income after provision for credit losses 92,583 — 92,583 Non-interest income 24,432 10,858 35,290 Non-interest expense 74,193 6,205 80,398 Income before provision for income taxes 42,822 4,653 47,475 Provision for income taxes 10,318 1,861 12,179 Net income $ 32,504 $ 2,792 $ 35,296 Total non-fiduciary assets of the trust and investment services segment were $3.7 million and $3.9 million at June 30, 2015 and 2014, respectively. All other assets, including goodwill and other intangible assets, were allocated to the community banking segment. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation — 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 FASB issued 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. While early adoption was permitted, WesBanco elected to adopt the ASU in the first quarter of 2015, which was the first interim period after December 31, 2014. 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. While early adoption was not permitted, WesBanco elected to adopt the ASU in the first quarter of 2015, which was the first interim period after December 31, 2014. Early adoption was 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 was originally 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. On July 9, 2015, the FASB approved a one-year deferral of the effective date of the update. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is now permitted as of the original effective date for interim and annual reporting periods in fiscal years beginning after December 15, 2016. 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) | 6 Months Ended |
Jun. 30, 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 $ 1,858,360 Core deposit and other intangible assets acquired 5,346 Liabilities assumed (1,702,554 ) Net cash received in the acquisition 8,485 Fair value of net assets acquired 169,637 Goodwill recognized $ 169,332 |
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 700,933 Goodwill and other intangible assets 174,678 Accrued income and other assets (1) 670,536 Total Assets $ 2,041,523 Liabilities Deposits $ 1,246,992 Borrowings 433,454 Accrued expenses and other liabilities 22,108 Total liabilities 1,702,554 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) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, (unaudited, in thousands, except shares and per share amounts) 2015 2014 2015 2014 Numerator for both basic and diluted earnings per common share: Net income $ 21,633 $ 18,875 $ 35,512 $ 35,296 Denominator: Total average basic common shares outstanding 38,472,229 29,242,180 36,443,951 29,212,347 Effect of dilutive stock options and warrant 59,471 79,747 60,720 81,077 Total diluted average common shares outstanding 38,531,700 29,321,927 36,504,671 29,293,424 Earnings per common share - basic $ 0.56 $ 0.65 $ 0.97 $ 1.21 Earnings per common share - diluted $ 0.56 $ 0.64 $ 0.97 $ 1.20 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 (unaudited, in thousands) Amortized Gross Gross Estimated Amortized Gross Gross Estimated Available-for-sale Obligations of government agencies $ 80,160 $ 1,172 $ (295 ) $ 81,037 $ 86,964 $ 1,087 $ (315 ) $ 87,736 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,239,616 3,868 (11,062 ) 1,232,422 703,535 4,336 (6,758 ) 701,113 Obligations of states and political subdivisions 88,267 4,592 (88 ) 92,771 86,073 5,365 (5 ) 91,433 Corporate debt securities 177,395 262 (343 ) 177,314 25,974 141 (119 ) 25,996 Total debt securities $ 1,585,438 $ 9,894 $ (11,788 ) $ 1,583,544 $ 902,546 $ 10,929 $ (7,197 ) $ 906,278 Equity securities 10,533 581 — 11,114 10,304 842 — 11,146 Total available-for-sale securities $ 1,595,971 $ 10,475 $ (11,788 ) $ 1,594,658 $ 912,850 $ 11,771 $ (7,197 ) $ 917,424 Held-to-maturity Residential mortgage-backed securities and collateralized mortgage obligations of government agencies $ 120,576 $ 2,501 $ (1,153 ) $ 121,924 $ 79,004 $ 3,262 $ (246 ) $ 82,020 Obligations of states and political subdivisions 718,230 19,754 (5,270 ) 732,714 507,927 23,917 (1,043 ) 530,801 Corporate debt securities 9,610 49 (71 ) 9,588 6,739 106 (49 ) 6,796 Total held-to-maturity securities $ 848,416 $ 22,304 $ (6,494 ) $ 864,226 $ 593,670 $ 27,285 $ (1,338 ) $ 619,617 Total securities $ 2,444,387 $ 32,779 $ (18,282 ) $ 2,458,884 $ 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 June 30, 2015. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. June 30, 2015 (unaudited, in thousands) One Year One to Five to After Mortgage-backed Total Available-for-sale Obligations of government agencies $ — $ 25,230 $ 38,977 $ 16,830 $ — $ 81,037 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) — — — — 1,232,422 1,232,422 Obligations of states and political subdivisions 4,745 31,657 27,147 29,222 — 92,771 Corporate debt securities 82,862 56,218 33,344 4,890 — 177,314 Equity securities (2) — — — — 11,114 11,114 Total available-for-sale securities $ 87,607 $ 113,105 $ 99,468 $ 50,942 $ 1,243,536 $ 1,594,658 Held-to-maturity (3) Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1) $ — $ — $ — $ — $ 121,924 $ 121,924 Obligations of states and political subdivisions 1,877 27,296 319,753 383,788 — 732,714 Corporate debt securities — 1,010 8,578 — — 9,588 Total held-to-maturity securities $ 1,877 $ 28,306 $ 328,331 $ 383,788 $ 121,924 $ 864,226 Total securities $ 89,484 $ 141,411 $ 427,799 $ 434,730 $ 1,365,460 $ 2,458,884 (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 $848.4 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 and six months ended June 30, 2015 and 2014, respectively. For the Three Months Ended For the Six Months Ended June 30, June 30, (unaudited, in thousands) 2015 2014 2015 2014 Gross realized gains $ 2 $ 170 $ 26 $ 365 Gross realized losses (2 ) (5 ) (4 ) (190 ) Net realized gains (losses) $ — $ 165 $ 22 $ 175 |
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 June 30, 2015 and December 31, 2014: June 30, 2015 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized # of Obligations of government agencies $ 37,435 $ (295 ) 9 $ — $ — — $ 37,435 $ (295 ) 9 Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 755,016 (7,346 ) 138 164,273 (4,869 ) 33 919,289 (12,215 ) 171 Obligations of states and political subdivisions 299,339 (4,629 ) 415 21,889 (729 ) 33 321,228 (5,358 ) 448 Corporate debt securities 93,533 (318 ) 27 4,890 (96 ) 2 98,423 (414 ) 29 Total temporarily impaired securities $ 1,185,323 $ (12,588 ) 589 $ 191,052 $ (5,694 ) 68 $ 1,376,375 $ (18,282 ) 657 December 31, 2014 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized # of 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 C22
Loans and the Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 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 $1.7 million and $2.4 million at June 30, 2015 and December 31, 2014, respectively. (unaudited, in thousands) June 30, December 31, Commercial real estate: Land and construction $ 308,885 $ 262,643 Improved property 1,885,228 1,682,817 Total commercial real estate 2,194,113 1,945,460 Commercial and industrial 733,478 638,410 Residential real estate 1,241,470 928,770 Home equity 379,740 330,031 Consumer 384,844 244,095 Total portfolio loans 4,933,645 4,086,766 Loans held for sale 11,160 5,865 Total loans $ 4,944,805 $ 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 Six Months Ended June 30, 2015 and 2014 (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Deposit Total 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 (551 ) 633 1,448 25 1,254 580 231 3,620 Provision for loan commitments 13 10 301 3 23 — — 350 Total provision for credit losses (538 ) 643 1,749 28 1,277 580 231 3,970 Charge-offs — (1,234 ) (1,430 ) (944 ) (948 ) (1,414 ) (381 ) (6,351 ) Recoveries — 256 110 301 53 658 118 1,496 Net charge-offs — (978 ) (1,320 ) (643 ) (895 ) (756 ) (263 ) (4,855 ) Balance at June 30, 2015: Allowance for loan losses 5,103 17,228 9,191 4,764 2,688 3,902 543 43,419 Allowance for loan commitments 207 20 413 12 113 40 — 805 Total ending allowance for credit losses $ 5,310 $ 17,248 $ 9,604 $ 4,776 $ 2,801 $ 3,942 $ 543 $ 44,224 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 (405 ) (511 ) 1,870 575 392 642 551 3,114 Provision for loan commitments (20 ) (52 ) 1 — 5 — — (66 ) Total provision for credit losses (425 ) (563 ) 1,871 575 397 642 551 3,048 Charge-offs — (728 ) (2,384 ) (1,207 ) (348 ) (1,610 ) (362 ) (6,639 ) Recoveries — 390 543 248 71 512 134 1,898 Net charge-offs — (338 ) (1,841 ) (959 ) (277 ) (1,098 ) (228 ) (4,741 ) Balance at June 30, 2014: Allowance for loan losses 5,651 17,308 9,954 5,289 2,132 4,564 843 45,741 Allowance for loan commitments 281 10 131 5 90 19 — 536 Total ending allowance for credit losses $ 5,932 $ 17,318 $ 10,085 $ 5,294 $ 2,222 $ 4,583 $ 843 $ 46,277 |
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 Industrial Residential Home Consumer Over-draft Total June 30, 2015 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 2,891 $ 1,021 $ — $ — $ — $ — $ 3,912 Allowance for loans collectively evaluated for impairment 5,103 14,337 8,170 4,764 2,688 3,902 543 39,507 Allowance for loan commitments 207 20 413 12 113 40 — 805 Total allowance for credit losses $ 5,310 $ 17,248 $ 9,604 $ 4,776 $ 2,801 $ 3,942 $ 543 $ 44,224 Portfolio loans: Individually evaluated for impairment (1) $ 1,040 $ 18,054 $ 5,388 $ — $ — $ — $ — $ 24,482 Collectively evaluated for impairment 307,845 1,867,174 728,090 1,241,470 379,740 384,844 — 4,909,163 Total portfolio loans $ 308,885 $ 1,885,228 $ 733,478 $ 1,241,470 $ 379,740 $ 384,844 $ — $ 4,933,645 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 troubled debt restructuring (“TDR”), including acquired with deteriorated credit quality, 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 As of June 30, 2015 Pass $ 302,514 $ 1,830,655 $ 711,497 $ 2,844,666 Criticized - compromised 3,664 13,463 11,153 28,280 Classified - substandard 2,707 41,110 10,828 54,645 Classified - doubtful — — — — Total $ 308,885 $ 1,885,228 $ 733,478 $ 2,927,591 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 Days 60-89 Days 90 Days Total Total 90 Days As of June 30, 2015 Commercial real estate: Land and construction $ 307,522 $ 252 $ — $ 1,111 $ 1,363 $ 308,885 $ — Improved property 1,870,393 1,304 797 12,734 14,835 1,885,228 180 Total commercial real estate 2,177,915 1,556 797 13,845 16,198 2,194,113 180 Commercial and industrial 729,815 356 896 2,411 3,663 733,478 3 Residential real estate 1,229,198 1,014 3,322 7,936 12,272 1,241,470 1,838 Home equity 375,663 1,212 1,010 1,855 4,077 379,740 228 Consumer 381,146 2,753 618 327 3,698 384,844 222 Total portfolio loans 4,893,737 6,891 6,643 26,374 39,908 4,933,645 2,471 Loans held for sale 11,160 — — — — 11,160 — Total loans $ 4,904,897 $ 6,891 $ 6,643 $ 26,374 $ 39,908 $ 4,944,805 $ 2,471 Impaired loans included above are as follows: Non-accrual loans $ 21,964 $ 1,030 $ 1,641 $ 23,569 $ 26,240 $ 48,204 TDRs accruing interest (1) 12,081 109 434 334 877 12,958 Total impaired $ 34,045 $ 1,139 $ 2,075 $ 23,903 $ 27,117 $ 61,162 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 June 30, 2015 December 31, 2014 (unaudited, in thousands) Unpaid Recorded Related Unpaid Recorded Related With no related specific allowance recorded: Commercial real estate: Land and construction $ 2,711 $ 2,509 $ — $ 1,588 $ 1,488 $ — Improved property 28,520 21,001 — 16,480 14,684 — Commercial and industrial 5,926 3,461 — 3,152 2,597 — Residential real estate 19,914 17,967 — 20,077 18,544 — Home equity 3,293 2,995 — 2,890 2,663 — Consumer 1,522 1,189 — 1,287 1,086 — Total impaired loans without a specific allowance 61,886 49,122 — 45,474 41,062 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 7,511 7,511 2,891 7,980 7,980 2,765 Commercial and industrial 5,833 4,529 1,021 1,842 1,842 1,033 Total impaired loans with a specific allowance 13,344 12,040 3,912 9,822 9,822 3,798 Total impaired loans $ 75,230 $ 61,162 $ 3,912 $ 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 Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 2,493 $ 2 $ 2,143 $ 13 $ 2,158 $ 18 $ 2,283 $ 15 Improved Property 21,741 240 18,572 133 19,389 463 18,924 153 Commercial and industrial 2,947 49 4,122 57 2,830 62 3,831 89 Residential real estate 18,550 235 18,864 209 18,548 465 19,272 391 Home equity 2,806 21 2,173 16 2,758 41 2,284 35 Consumer 1,261 26 1,135 18 1,202 46 1,150 46 Total impaired loans without a specific allowance 49,798 573 47,009 446 46,885 1,095 47,744 729 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved Property 6,989 56 727 3 7,319 56 727 4 Commercial and industrial 3,149 118 2,537 29 2,713 137 2,206 41 Total impaired loans with a specific allowance 10,138 174 3,264 32 10,032 193 2,933 45 Total impaired loans $ 59,936 $ 747 $ 50,273 $ 478 $ 56,917 $ 1,288 $ 50,677 $ 774 |
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) June 30, December 31, Commercial real estate: Land and construction $ 1,382 $ 1,488 Improved property 26,103 20,227 Total commercial real estate 27,485 21,715 Commercial and industrial 7,664 4,110 Residential real estate 10,117 10,329 Home equity 2,251 1,923 Consumer 687 741 Total $ 48,204 $ 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 June 30, 2015 December 31, 2014 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ 1,127 $ 501 $ 1,628 $ — $ 464 $ 464 Improved property 2,409 9,761 12,170 2,437 1,850 4,287 Total commercial real estate 3,536 10,262 13,798 2,437 2,314 4,751 Commercial and industrial 326 293 619 329 478 807 Residential real estate 7,850 2,089 9,939 8,215 2,074 10,289 Home equity 744 278 1,022 740 245 985 Consumer 502 218 720 345 309 654 Total $ 12,958 $ 13,140 $ 26,098 $ 12,066 $ 5,420 $ 17,486 |
Loans Identified as TDRs | The following table presents details related to loans identified as TDRs during the three and six months ended June 30, 2015 and 2014, respectively: New TDRs (1) For the Three Months Ended June 30, 2015 June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 112 112 Total commercial real estate — — — 1 112 112 Commercial and industrial — — — — — — Residential real estate 1 41 39 2 70 70 Home equity — — — — — — Consumer — — — 9 100 93 Total 1 $ 41 $ 39 12 $ 282 $ 275 (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. New TDRs (1) For the Six Months Ended June 30, 2015 June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction 9 $ 1,239 $ 1,160 — $ — $ — Improved Property 7 9,336 8,784 2 203 201 Total commercial real estate 16 10,575 9,944 2 203 201 Commercial and industrial 2 42 53 — — — Residential real estate 8 466 455 5 189 185 Home equity 1 7 6 — — — Consumer 19 279 273 11 138 123 Total 46 $ 11,369 $ 10,731 18 $ 530 $ 509 (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 tables summarize TDRs which defaulted (defined as past due 90 days) during the six months ended June 30, 2015 and 2014, respectively, that were restructured within the last twelve months prior to June 30, 2015 and 2014, respectively: Defaulted TDRs (1) For the Six Months Ended June 30, 2015 June 30, 2014 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate — — 4 236 Home equity 1 42 — — Consumer — — — — Total 1 $ 42 4 $ 236 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of June 30, 2015 and 2014, 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: June 30, December 31, (unaudited, in thousands) 2015 2014 Other real estate owned $ 5,912 $ 4,920 Repossessed assets 256 162 Total other real estate owned and repossessed assets $ 6,168 $ 5,082 |
Pension Plan (Tables)
Pension Plan (Tables) | 6 Months Ended |
Jun. 30, 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 For the Six Months Ended June 30, June 30, (unaudited, in thousands) 2015 2014 2015 2014 Service cost - benefits earned during year $ 836 $ 725 $ 1,663 $ 1,442 Interest cost on projected benefit obligation 1,214 1,183 2,415 2,353 Expected return on plan assets (1,928 ) (1,802 ) (3,835 ) (3,585 ) Amortization of prior service cost 6 11 12 22 Amortization of net loss 793 367 1,577 730 Net periodic pension cost $ 921 $ 484 $ 1,832 $ 962 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014: June 30, 2015 Fair Value Measurements Using: (unaudited, in thousands) June 30, 2015 Quoted Prices in Significant Other Significant Recurring fair value measurements Securities - available-for-sale Obligations of government agencies $ 81,037 $ — $ 81,037 $ — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,232,422 — 1,232,422 — Obligations of state and political subdivisions 92,771 — 92,771 — Corporate debt securities 177,314 — 177,314 — Equity securities 11,114 8,315 2,799 — Total securities - available-for-sale $ 1,594,658 $ 8,315 $ 1,586,343 $ — Total recurring fair value measurements $ 1,594,658 $ 8,315 $ 1,586,343 $ — Nonrecurring fair value measurements Impaired loans $ 8,128 $ — $ — $ 8,128 Other real estate owned and repossessed assets 6,168 — — 6,168 Loans held for sale 11,160 — 11,160 — Total nonrecurring fair value measurements $ 25,456 $ — $ 11,160 $ 14,296 December 31, 2014 Fair Value Measurements Using: (unaudited, in thousands) December 31, 2014 Quoted Prices in Significant Other Significant 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) June 30, 2015: Impaired loans $ 8,128 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (42.2%) / (16.6%) Liquidation expenses (2) (2.9%) to (8.0%) / (6.7%) Other real estate owned and repossessed assets 6,168 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 (unaudited, in thousands) Carrying Fair Value Quoted Prices in Significant Other (level 2) Significant (level 3) Financial Assets Cash and due from banks $ 108,738 $ 108,738 $ 108,738 $ — $ — Securities available-for-sale 1,594,658 1,594,658 8,315 1,586,343 — Securities held-to-maturity 848,416 864,226 — 863,507 719 Net loans 4,890,226 4,883,371 — — 4,883,371 Loans held for sale 11,160 11,160 — 11,160 — Accrued interest receivable 24,739 24,739 24,739 — — Bank-owned life insurance 154,980 154,980 154,980 — — Financial Liabilities Deposits 6,259,045 6,269,284 4,480,480 1,788,804 — Federal Home Loan Bank borrowings 781,332 783,072 — 783,072 — Other borrowings 73,868 73,866 70,991 2,875 — Junior subordinated debt 106,196 78,628 — 78,628 — Accrued interest payable 2,542 2,542 2,542 — — Fair Value Measurements at (unaudited, in thousands) Carrying Fair Value Quoted Prices in Significant Other (level 2) Significant (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) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the six months ended June 30, 2015 and 2014 is as follows: Accumulated Other Comprehensive Income (1) (unaudited, in thousands) Defined Unrealized Available-for-Sale Unrealized Gains Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2014 $ (22,776 ) $ 2,892 $ 1,059 $ (18,825 ) Other comprehensive income before reclassifications — (3,711 ) — (3,711 ) Amounts reclassified from accumulated other comprehensive income 981 (13 ) (134 ) 834 Period change 981 (3,724 ) (134 ) (2,877 ) Balance at June 30, 2015 $ (21,795 ) $ (832 ) $ 925 $ (21,702 ) Balance at December 31, 2013 $ (7,966 ) $ (6,126 ) $ 1,358 $ (12,734 ) Other comprehensive income before reclassifications — 7,194 — 7,194 Amounts reclassified from accumulated other comprehensive income 475 (157 ) (171 ) 147 Period change 475 7,037 (171 ) 7,341 Balance at June 30, 2014 $ (7,491 ) $ 911 $ 1,187 $ (5,393 ) (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 and six months ended June 30, 2015 and 2014: Details about Accumulated Other Comprehensive Income For the Three For the Six Affected Line Item in the (unaudited, in thousands) 2015 2014 2015 2014 Securities available-for-sale (1) : Net securities gains reclassified into earnings $ (2 ) $ (170 ) $ (20 ) $ (248 ) Net securities gains (Non-interest income) Related income tax expense 1 63 7 91 Provision for income taxes Net effect on accumulated other comprehensive income for the period (1 ) (107 ) (13 ) (157 ) Securities held-to-maturity (1) : Amortization of unrealized gain transferred from available-for-sale (107 ) (132 ) (214 ) (270 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 39 48 80 99 Provision for income taxes Net effect on accumulated other comprehensive income for the period (68 ) (84 ) (134 ) (171 ) Defined benefit pension plan (2) : Amortization of net loss and prior service costs 799 378 1,589 752 Employee benefits (Non-interest expense) Related income tax benefit (293 ) (139 ) (608 ) (277 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 506 239 981 475 Total reclassifications for the period $ 437 $ 48 $ 834 $ 147 (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 Li26
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (unaudited, in thousands) 2015 2014 Lines of credit $ 1,111,712 $ 984,352 Loans approved but not closed 333,624 116,757 Overdraft limits 107,619 95,965 Letters of credit 26,295 23,362 Contingent obligations to purchase loans funded by other entities 9,324 8,312 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 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 For the Three Months ended June 30, 2015: Interest income $ 66,729 $ — $ 66,729 Interest expense 5,936 — 5,936 Net interest income 60,793 — 60,793 Provision for credit losses 2,681 — 2,681 Net interest income after provision for credit losses 58,112 — 58,112 Non-interest income 12,596 5,476 18,072 Non-interest expense 43,568 3,021 46,589 Income before provision for income taxes 27,140 2,455 29,595 Provision for income taxes 6,980 982 7,962 Net income $ 20,160 $ 1,473 $ 21,633 For the Three Months ended June 30, 2014: Interest income $ 54,044 $ — $ 54,044 Interest expense 5,737 — 5,737 Net interest income 48,307 — 48,307 Provision for credit losses 849 — 849 Net interest income after provision for credit losses 47,458 — 47,458 Non-interest income 13,031 5,210 18,241 Non-interest expense 37,367 2,937 40,304 Income before provision for income taxes 23,122 2,273 25,395 Provision for income taxes 5,611 909 6,520 Net income $ 17,511 $ 1,364 $ 18,875 For the Six Months ended June 30, 2015: Interest income $ 127,117 $ — $ 127,117 Interest expense 11,360 — 11,360 Net interest income 115,757 — 115,757 Provision for credit losses 3,970 — 3,970 Net interest income after provision for credit losses 111,787 — 111,787 Non-interest income 24,725 11,529 36,254 Non-interest expense 93,863 6,184 100,047 Income before provision for income taxes 42,649 5,345 47,994 Provision for income taxes 10,344 2,138 12,482 Net income $ 32,305 $ 3,207 $ 35,512 For the Six Months ended June 30, 2014: Interest income $ 107,501 $ — $ 107,501 Interest expense 11,870 — 11,870 Net interest income 95,631 — 95,631 Provision for credit losses 3,048 — 3,048 Net interest income after provision for credit losses 92,583 — 92,583 Non-interest income 24,432 10,858 35,290 Non-interest expense 74,193 6,205 80,398 Income before provision for income taxes 42,822 4,653 47,475 Provision for income taxes 10,318 1,861 12,179 Net income $ 32,504 $ 2,792 $ 35,296 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 10, 2015USD ($)Office$ / sharesshares | Jun. 30, 2015USD ($)shares | Dec. 31, 2014USD ($) | Feb. 09, 2015Office |
Business Acquisition [Line Items] | ||||
Loans | $ 700,900 | |||
ESB Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Assets | $ 1,900,000 | |||
Loans | 700,933 | |||
Securities | 486,891 | |||
Value of acquisition | $ 338,969 | |||
Common shares issued | shares | 9,178,531 | |||
Cash consideration for outstanding shares | $ 45,000 | |||
Purchase price allocation, goodwill | 169,332 | |||
Purchase price allocation in core deposit intangible | $ 5,346 | |||
Closing stock price | $ / shares | $ 32 | |||
Merger related expense | $ 10,800 | $ 1,300 | ||
Pennsylvania [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of offices | Office | 38 | 16 | ||
Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Common shares issued | shares | 9,178,531 | |||
Common Stock [Member] | ESB Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Common shares issued | shares | 9,178,531 |
Mergers and Acquisitions - Calc
Mergers and Acquisitions - Calculation of Purchase Price and Resulting Goodwill Relating to ESB Acquisition (Detail) - Feb. 10, 2015 - ESB Financial Corporation [Member] - USD ($) $ in Thousands | Total |
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 | 1,858,360 |
Core deposit and other intangible assets acquired | 5,346 |
Liabilities assumed | (1,702,554) |
Net cash received in the acquisition | 8,485 |
Fair value of net assets acquired | 169,637 |
Goodwill recognized | $ 169,332 |
Mergers and Acquisitions - Ca30
Mergers and Acquisitions - Calculation of Purchase Price and Resulting Goodwill Relating to ESB Acquisition (Parenthetical) (Detail) $ in Millions | Feb. 10, 2015USD ($) |
ESB Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Equity issuance costs | $ 0.1 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Acquired from ESB (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Feb. 10, 2015 |
Assets | ||
Loans | $ 700,900 | |
ESB Financial Corporation [Member] | ||
Assets | ||
Cash and due from banks | $ 8,485 | |
Securities | 486,891 | |
Loans | 700,933 | |
Goodwill and other intangible assets | 174,678 | |
Accrued income and other assets | 670,536 | |
Total Assets | 2,041,523 | |
Liabilities | ||
Deposits | 1,246,992 | |
Borrowings | 433,454 | |
Accrued expenses and other liabilities | 22,108 | |
Total liabilities | 1,702,554 | |
Purchase price | $ 338,969 |
Mergers and Acquisitions - Su32
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Acquired from ESB (Parenthetical) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
ESB Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Receivables from sale of available-for-sale securities | $ 560.7 |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator for both basic and diluted earnings per common share: | ||||
Net income | $ 21,633 | $ 18,875 | $ 35,512 | $ 35,296 |
Denominator: | ||||
Total average basic common shares outstanding | 38,472,229 | 29,242,180 | 36,443,951 | 29,212,347 |
Effect of dilutive stock options and warrant | 59,471 | 79,747 | 60,720 | 81,077 |
Total diluted average common shares outstanding | 38,531,700 | 29,321,927 | 36,504,671 | 29,293,424 |
Earnings per common share - basic | $ 0.56 | $ 0.65 | $ 0.97 | $ 1.21 |
Earnings per common share - diluted | $ 0.56 | $ 0.64 | $ 0.97 | $ 1.20 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) | Feb. 10, 2015shares |
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 V
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 1,595,971 | $ 912,850 |
Available-for-sale, Gross Unrealized Gains | 10,475 | 11,771 |
Available-for-sale, Gross Unrealized Losses | (11,788) | (7,197) |
Available-for-sale, Estimated Fair Value | 1,594,658 | 917,424 |
Held-to-maturity, Amortized Cost | 848,416 | 593,670 |
Held-to-maturity, Gross Unrealized Gains | 22,304 | 27,285 |
Held-to-maturity, Gross Unrealized Losses | (6,494) | (1,338) |
Held-to-maturity securities, Fair value | 864,226 | 619,617 |
Total securities, Amortized Cost | 2,444,387 | 1,506,520 |
Total securities, Gross Unrealized Gains | 32,779 | 39,056 |
Total securities, Gross Unrealized Losses | (18,282) | (8,535) |
Total securities, Estimated Fair Value | 2,458,884 | 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 | 1,239,616 | 703,535 |
Available-for-sale, Gross Unrealized Gains | 3,868 | 4,336 |
Available-for-sale, Gross Unrealized Losses | (11,062) | (6,758) |
Available-for-sale, Estimated Fair Value | 1,232,422 | 701,113 |
Held-to-maturity, Amortized Cost | 120,576 | 79,004 |
Held-to-maturity, Gross Unrealized Gains | 2,501 | 3,262 |
Held-to-maturity, Gross Unrealized Losses | (1,153) | (246) |
Held-to-maturity securities, Fair value | 121,924 | 82,020 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 88,267 | 86,073 |
Available-for-sale, Gross Unrealized Gains | 4,592 | 5,365 |
Available-for-sale, Gross Unrealized Losses | (88) | (5) |
Available-for-sale, Estimated Fair Value | 92,771 | 91,433 |
Held-to-maturity, Amortized Cost | 718,230 | 507,927 |
Held-to-maturity, Gross Unrealized Gains | 19,754 | 23,917 |
Held-to-maturity, Gross Unrealized Losses | (5,270) | (1,043) |
Held-to-maturity securities, Fair value | 732,714 | 530,801 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 177,395 | 25,974 |
Available-for-sale, Gross Unrealized Gains | 262 | 141 |
Available-for-sale, Gross Unrealized Losses | (343) | (119) |
Available-for-sale, Estimated Fair Value | 177,314 | 25,996 |
Held-to-maturity, Amortized Cost | 9,610 | 6,739 |
Held-to-maturity, Gross Unrealized Gains | 49 | 106 |
Held-to-maturity, Gross Unrealized Losses | (71) | (49) |
Held-to-maturity securities, Fair value | 9,588 | 6,796 |
Obligations of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 80,160 | 86,964 |
Available-for-sale, Gross Unrealized Gains | 1,172 | 1,087 |
Available-for-sale, Gross Unrealized Losses | (295) | (315) |
Available-for-sale, Estimated Fair Value | 81,037 | 87,736 |
Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,585,438 | 902,546 |
Available-for-sale, Gross Unrealized Gains | 9,894 | 10,929 |
Available-for-sale, Gross Unrealized Losses | (11,788) | (7,197) |
Available-for-sale, Estimated Fair Value | 1,583,544 | 906,278 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 10,533 | 10,304 |
Available-for-sale, Gross Unrealized Gains | 581 | 842 |
Available-for-sale, Estimated Fair Value | $ 11,114 | $ 11,146 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 6 Months Ended | |||
Jun. 30, 2015USD ($)Holdings | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Holdings | Dec. 31, 2013USD ($) | |
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 | Holdings | 0 | 0 | ||
Securities with aggregate fair values | $ 1,100,000,000 | $ 706,500,000 | ||
Proceeds from sale of available-for-sale securities | 560,736,000 | $ 3,491,000 | ||
Net unrealized gains (losses) on available-for-sale securities included in AOCI | (832,000) | $ 911,000 | 2,892,000 | $ (6,126,000) |
Impaired loss relating to securities | 0 | |||
Federal home loan bank stock, Total | $ 35,000,000 | $ 11,600,000 |
Securities - Schedule of Fair37
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | $ 87,607 | |
Total available-for-sale securities, One to Five Years | 113,105 | |
Total available-for-sale securities, Five to Ten Years | 99,468 | |
Total available-for-sale securities, After Ten Years | 50,942 | |
Total available-for-sale securities, Mortgage-backed and Equity | 1,243,536 | |
Available-for-sale, Estimated Fair Value | 1,594,658 | $ 917,424 |
Total held-to-maturity securities, One Year or less | 1,877 | |
Total held-to-maturity securities, One to Five Years | 28,306 | |
Total held-to-maturity securities, Five to Ten Years | 328,331 | |
Total held-to-maturity securities, After Ten Years | 383,788 | |
Total held-to-maturity securities, Mortgage-backed and Equity | 121,924 | |
Held-to-maturity securities, Fair value | 864,226 | 619,617 |
Total securities, One Year or less | 89,484 | |
Total securities, One to Five Years | 141,411 | |
Total securities, Five to Ten Years | 427,799 | |
Total securities, After Ten Years, Fair value | 434,730 | |
Total securities, Mortgage- backed and Equity | 1,365,460 | |
Total securities, Fair value | 2,458,884 | |
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 | 1,232,422 | |
Available-for-sale, Estimated Fair Value | 1,232,422 | 701,113 |
Total held-to-maturity securities, Mortgage-backed and Equity | 121,924 | |
Held-to-maturity securities, Fair value | 121,924 | 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 | 4,745 | |
Total available-for-sale securities, One to Five Years | 31,657 | |
Total available-for-sale securities, Five to Ten Years | 27,147 | |
Total available-for-sale securities, After Ten Years | 29,222 | |
Available-for-sale, Estimated Fair Value | 92,771 | 91,433 |
Total held-to-maturity securities, One Year or less | 1,877 | |
Total held-to-maturity securities, One to Five Years | 27,296 | |
Total held-to-maturity securities, Five to Ten Years | 319,753 | |
Total held-to-maturity securities, After Ten Years | 383,788 | |
Held-to-maturity securities, Fair value | 732,714 | 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 | 82,862 | |
Total available-for-sale securities, One to Five Years | 56,218 | |
Total available-for-sale securities, Five to Ten Years | 33,344 | |
Total available-for-sale securities, After Ten Years | 4,890 | |
Available-for-sale, Estimated Fair Value | 177,314 | 25,996 |
Total held-to-maturity securities, One to Five Years | 1,010 | |
Total held-to-maturity securities, Five to Ten Years | 8,578 | |
Held-to-maturity securities, Fair value | 9,588 | 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 | 25,230 | |
Total available-for-sale securities, Five to Ten Years | 38,977 | |
Total available-for-sale securities, After Ten Years | 16,830 | |
Available-for-sale, Estimated Fair Value | 81,037 | 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 | 11,114 | |
Available-for-sale, Estimated Fair Value | $ 11,114 | $ 11,146 |
Securities - Schedule of Fair38
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Held-to-maturity, Amortized Cost | $ 848,416 | $ 593,670 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Securities Gross Realized Gain Loss [Abstract] | ||||
Gross realized gains | $ 2 | $ 170 | $ 26 | $ 365 |
Gross realized losses | $ (2) | (5) | (4) | (190) |
Net realized gains (losses) | $ 165 | $ 22 | $ 175 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Jun. 30, 2015USD ($)Security | Dec. 31, 2014USD ($)Security |
Obligations of Government Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 37,435 | $ 19,362 |
Less than 12 months, Unrealized Losses | $ (295) | $ (77) |
Less than 12 months, Number of Securities | Security | 9 | 5 |
12 months or more, Fair Value | $ 19,757 | |
12 months or more, Unrealized Losses | $ (238) | |
12 months or more, Number of Securities | Security | 4 | |
Fair Value, Total | $ 37,435 | $ 39,119 |
Unrealized Losses, Total | $ (295) | $ (315) |
Number of Securities Total | Security | 9 | 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 | $ 755,016 | $ 78,786 |
Less than 12 months, Unrealized Losses | $ (7,346) | $ (386) |
Less than 12 months, Number of Securities | Security | 138 | 19 |
12 months or more, Fair Value | $ 164,273 | $ 240,055 |
12 months or more, Unrealized Losses | $ (4,869) | $ (6,618) |
12 months or more, Number of Securities | Security | 33 | 43 |
Fair Value, Total | $ 919,289 | $ 318,841 |
Unrealized Losses, Total | $ (12,215) | $ (7,004) |
Number of Securities Total | Security | 171 | 62 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 299,339 | $ 12,615 |
Less than 12 months, Unrealized Losses | $ (4,629) | $ (96) |
Less than 12 months, Number of Securities | Security | 415 | 15 |
12 months or more, Fair Value | $ 21,889 | $ 61,548 |
12 months or more, Unrealized Losses | $ (729) | $ (952) |
12 months or more, Number of Securities | Security | 33 | 93 |
Fair Value, Total | $ 321,228 | $ 74,163 |
Unrealized Losses, Total | $ (5,358) | $ (1,048) |
Number of Securities Total | Security | 448 | 108 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 93,533 | $ 2,969 |
Less than 12 months, Unrealized Losses | $ (318) | $ (31) |
Less than 12 months, Number of Securities | Security | 27 | 1 |
12 months or more, Fair Value | $ 4,890 | $ 4,573 |
12 months or more, Unrealized Losses | $ (96) | $ (137) |
12 months or more, Number of Securities | Security | 2 | 2 |
Fair Value, Total | $ 98,423 | $ 7,542 |
Unrealized Losses, Total | $ (414) | $ (168) |
Number of Securities Total | Security | 29 | 3 |
Total Temporarily Impaired Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,185,323 | $ 113,732 |
Less than 12 months, Unrealized Losses | $ (12,588) | $ (590) |
Less than 12 months, Number of Securities | Security | 589 | 40 |
12 months or more, Fair Value | $ 191,052 | $ 325,933 |
12 months or more, Unrealized Losses | $ (5,694) | $ (7,945) |
12 months or more, Number of Securities | Security | 68 | 142 |
Fair Value, Total | $ 1,376,375 | $ 439,665 |
Unrealized Losses, Total | $ (18,282) | $ (8,535) |
Number of Securities Total | Security | 657 | 182 |
Loans and the Allowance for C41
Loans and the Allowance for Credit Losses - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Feb. 10, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||
Deferred loan fees and costs | $ 1,700,000 | $ 2,400,000 | |
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 15,300,000 | 15,200,000 | |
Internally assigned loan grades to residential real estate, home equity and consumer loans | 2,300,000 | 2,200,000 | |
Book value of acquired loans | 716,200,000 | ||
Fair value of acquired loans | 700,900,000 | ||
Loans acquired accretable | 1,600,000 | $ 1,900,000 | |
Book value, acquired loans with deteriorated credit quality | 16,100,000 | ||
Contractually required payments, acquired loans with deteriorated credit quality | 21,700,000 | ||
Fair value of acquired loans with deteriorated credit quality | 10,800,000 | ||
Accretion, recognized in interest income, on acquired impaired loans | 300,000 | ||
Certain loans acquired in transfer not accounted for as debt securities acquired during period at acquisition non accrual | 8,500,000 | ||
Certain loans acquired in transfer not accounted for as debt securities acquired during period at acquisition accrual amount | 1,500,000 | ||
Deteriorated credit quality loans acquired non-accretable difference | 9,000,000 | ||
Allowance for loan losses related to the acquired impaired loans | $ 0 | ||
Non-accrual status period | 90 days | ||
Number of restructured contracts greater than $1 million | Contract | 2 | ||
Accruing and non accrual TDR permitted interest-only payment period | 3 months | ||
Unfunded commitments to debtors for impaired loans | $ 1,300,000 | 0 | |
Other real estate owned | 5,912,000 | 4,920,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Balance loans acquired with deteriorated credit quality | $ 10,000,000 | ||
Maximum [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of TDRs defaulted during the period that were restructured within the last twelve months | 1.00% | ||
Performing Acquired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Fair value of acquired loans | $ 690,100,000 | ||
Loans acquired accretable | 10,000,000 | ||
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other real estate owned | 1,900,000 | $ 600,000 | |
Foreclosure proceedings in process on residential real estate loans | $ 3,600,000 |
Loans and the Allowance for C42
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 4,933,645 | $ 4,086,766 |
Loans held for sale | 11,160 | 5,865 |
Total loans | 4,944,805 | 4,092,631 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 308,885 | 262,643 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,885,228 | 1,682,817 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 2,194,113 | 1,945,460 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 733,478 | 638,410 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,241,470 | 928,770 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 379,740 | 330,031 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 384,844 | $ 244,095 |
Loans and the Allowance for C43
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | $ 44,654 | $ 47,368 | ||
Allowance for loan commitments, beginning balance | 455 | 602 | ||
Total beginning allowance for credit losses | 45,109 | 47,970 | ||
Provision for loan losses | 3,620 | 3,114 | ||
Provision for loan commitments | 350 | (66) | ||
Total provision for credit losses | $ 2,681 | $ 849 | 3,970 | 3,048 |
Charge-offs | (6,351) | (6,639) | ||
Recoveries | 1,496 | 1,898 | ||
Net charge-offs | (4,855) | (4,741) | ||
Allowance for loan losses, ending balance | 43,419 | 45,741 | 43,419 | 45,741 |
Allowance for loan commitments, ending balance | 805 | 536 | 805 | 536 |
Total ending allowance for credit losses | 44,224 | 46,277 | 44,224 | 46,277 |
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 | ||
Allowance for loan commitments, beginning balance | 194 | 301 | ||
Total beginning allowance for credit losses | 5,848 | 6,357 | ||
Provision for loan losses | (551) | (405) | ||
Provision for loan commitments | 13 | (20) | ||
Total provision for credit losses | (538) | (425) | ||
Allowance for loan losses, ending balance | 5,103 | 5,651 | 5,103 | 5,651 |
Allowance for loan commitments, ending balance | 207 | 281 | 207 | 281 |
Total ending allowance for credit losses | 5,310 | 5,932 | 5,310 | 5,932 |
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 17,573 | 18,157 | ||
Allowance for loan commitments, beginning balance | 10 | 62 | ||
Total beginning allowance for credit losses | 17,583 | 18,219 | ||
Provision for loan losses | 633 | (511) | ||
Provision for loan commitments | 10 | (52) | ||
Total provision for credit losses | 643 | (563) | ||
Charge-offs | (1,234) | (728) | ||
Recoveries | 256 | 390 | ||
Net charge-offs | (978) | (338) | ||
Allowance for loan losses, ending balance | 17,228 | 17,308 | 17,228 | 17,308 |
Allowance for loan commitments, ending balance | 20 | 10 | 20 | 10 |
Total ending allowance for credit losses | 17,248 | 17,318 | 17,248 | 17,318 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 9,063 | 9,925 | ||
Allowance for loan commitments, beginning balance | 112 | 130 | ||
Total beginning allowance for credit losses | 9,175 | 10,055 | ||
Provision for loan losses | 1,448 | 1,870 | ||
Provision for loan commitments | 301 | 1 | ||
Total provision for credit losses | 1,749 | 1,871 | ||
Charge-offs | (1,430) | (2,384) | ||
Recoveries | 110 | 543 | ||
Net charge-offs | (1,320) | (1,841) | ||
Allowance for loan losses, ending balance | 9,191 | 9,954 | 9,191 | 9,954 |
Allowance for loan commitments, ending balance | 413 | 131 | 413 | 131 |
Total ending allowance for credit losses | 9,604 | 10,085 | 9,604 | 10,085 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 5,382 | 5,673 | ||
Allowance for loan commitments, beginning balance | 9 | 5 | ||
Total beginning allowance for credit losses | 5,391 | 5,678 | ||
Provision for loan losses | 25 | 575 | ||
Provision for loan commitments | 3 | |||
Total provision for credit losses | 28 | 575 | ||
Charge-offs | (944) | (1,207) | ||
Recoveries | 301 | 248 | ||
Net charge-offs | (643) | (959) | ||
Allowance for loan losses, ending balance | 4,764 | 5,289 | 4,764 | 5,289 |
Allowance for loan commitments, ending balance | 12 | 5 | 12 | 5 |
Total ending allowance for credit losses | 4,776 | 5,294 | 4,776 | 5,294 |
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 2,329 | 2,017 | ||
Allowance for loan commitments, beginning balance | 90 | 85 | ||
Total beginning allowance for credit losses | 2,419 | 2,102 | ||
Provision for loan losses | 1,254 | 392 | ||
Provision for loan commitments | 23 | 5 | ||
Total provision for credit losses | 1,277 | 397 | ||
Charge-offs | (948) | (348) | ||
Recoveries | 53 | 71 | ||
Net charge-offs | (895) | (277) | ||
Allowance for loan losses, ending balance | 2,688 | 2,132 | 2,688 | 2,132 |
Allowance for loan commitments, ending balance | 113 | 90 | 113 | 90 |
Total ending allowance for credit losses | 2,801 | 2,222 | 2,801 | 2,222 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,078 | 5,020 | ||
Allowance for loan commitments, beginning balance | 40 | 19 | ||
Total beginning allowance for credit losses | 4,118 | 5,039 | ||
Provision for loan losses | 580 | 642 | ||
Total provision for credit losses | 580 | 642 | ||
Charge-offs | (1,414) | (1,610) | ||
Recoveries | 658 | 512 | ||
Net charge-offs | (756) | (1,098) | ||
Allowance for loan losses, ending balance | 3,902 | 4,564 | 3,902 | 4,564 |
Allowance for loan commitments, ending balance | 40 | 19 | 40 | 19 |
Total ending allowance for credit losses | 3,942 | 4,583 | 3,942 | 4,583 |
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 575 | 520 | ||
Total beginning allowance for credit losses | 575 | 520 | ||
Provision for loan losses | 231 | 551 | ||
Total provision for credit losses | 231 | 551 | ||
Charge-offs | (381) | (362) | ||
Recoveries | 118 | 134 | ||
Net charge-offs | (263) | (228) | ||
Allowance for loan losses, ending balance | 543 | 843 | 543 | 843 |
Total ending allowance for credit losses | $ 543 | $ 843 | $ 543 | $ 843 |
Loans and the Allowance for C44
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 3,912 | $ 3,798 | ||
Allowance for loans collectively evaluated for impairment | 39,507 | 40,856 | ||
Allowance for loan commitments | 805 | 455 | $ 536 | $ 602 |
Total allowance for credit losses | 44,224 | 45,109 | 46,277 | 47,970 |
Individually evaluated for impairment | 24,482 | 14,313 | ||
Collectively evaluated for impairment | 4,909,163 | 4,072,453 | ||
Total Loans | 4,933,645 | 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 | 5,103 | 5,654 | ||
Allowance for loan commitments | 207 | 194 | 281 | 301 |
Total allowance for credit losses | 5,310 | 5,848 | 5,932 | 6,357 |
Individually evaluated for impairment | 1,040 | |||
Collectively evaluated for impairment | 307,845 | 262,643 | ||
Total Loans | 308,885 | 262,643 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 2,891 | 2,765 | ||
Allowance for loans collectively evaluated for impairment | 14,337 | 14,808 | ||
Allowance for loan commitments | 20 | 10 | 10 | 62 |
Total allowance for credit losses | 17,248 | 17,583 | 17,318 | 18,219 |
Individually evaluated for impairment | 18,054 | 11,469 | ||
Collectively evaluated for impairment | 1,867,174 | 1,671,348 | ||
Total Loans | 1,885,228 | 1,682,817 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1,021 | 1,033 | ||
Allowance for loans collectively evaluated for impairment | 8,170 | 8,030 | ||
Allowance for loan commitments | 413 | 112 | 131 | 130 |
Total allowance for credit losses | 9,604 | 9,175 | 10,085 | 10,055 |
Individually evaluated for impairment | 5,388 | 2,844 | ||
Collectively evaluated for impairment | 728,090 | 635,566 | ||
Total Loans | 733,478 | 638,410 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,764 | 5,382 | ||
Allowance for loan commitments | 12 | 9 | 5 | 5 |
Total allowance for credit losses | 4,776 | 5,391 | 5,294 | 5,678 |
Collectively evaluated for impairment | 1,241,470 | 928,770 | ||
Total Loans | 1,241,470 | 928,770 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 2,688 | 2,329 | ||
Allowance for loan commitments | 113 | 90 | 90 | 85 |
Total allowance for credit losses | 2,801 | 2,419 | 2,222 | 2,102 |
Collectively evaluated for impairment | 379,740 | 330,031 | ||
Total Loans | 379,740 | 330,031 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 3,902 | 4,078 | ||
Allowance for loan commitments | 40 | 40 | 19 | 19 |
Total allowance for credit losses | 3,942 | 4,118 | 4,583 | 5,039 |
Collectively evaluated for impairment | 384,844 | 244,095 | ||
Total Loans | 384,844 | 244,095 | ||
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 543 | 575 | ||
Total allowance for credit losses | $ 543 | $ 575 | $ 843 | $ 520 |
Loans and the Allowance for C45
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Receivables [Abstract] | |
Troubled debt restructuring threshold | $ 1 |
Loans and the Allowance for C46
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of commercial loans by risk grade | ||
Commercial loans | $ 2,927,591 | $ 2,583,870 |
Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,844,666 | 2,502,731 |
Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 28,280 | 34,288 |
Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 54,645 | 46,851 |
Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 308,885 | 262,643 |
Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 302,514 | 257,218 |
Commercial Real Estate - Land and Construction [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,664 | 3,645 |
Commercial Real Estate - Land and Construction [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,707 | 1,780 |
Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,885,228 | 1,682,817 |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,830,655 | 1,627,771 |
Commercial Real Estate - Improved Property [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 13,463 | 17,873 |
Commercial Real Estate - Improved Property [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 41,110 | 37,173 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 733,478 | 638,410 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 711,497 | 617,742 |
Commercial and Industrial [Member] | Criticized - Compromised [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 11,153 | 12,770 |
Commercial and Industrial [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $ 10,828 | $ 7,898 |
Loans and the Allowance for C47
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 4,893,737 | $ 4,042,825 |
Total Past Due | 39,908 | 43,941 |
Total Loans | 4,933,645 | 4,086,766 |
90 Days or More Past Due and Accruing | 2,471 | 2,288 |
Loans held for sale, current | 11,160 | 5,865 |
Loans held for sale | 11,160 | 5,865 |
Total loans, current | 4,904,897 | 4,048,690 |
Total loans | 4,944,805 | 4,092,631 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 6,891 | 8,500 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 6,643 | 9,976 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 26,374 | 25,465 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 307,522 | 261,356 |
Total Past Due | 1,363 | 1,287 |
Total Loans | 308,885 | 262,643 |
90 Days or More Past Due and Accruing | 71 | |
Commercial Real Estate - Land and Construction [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 252 | 20 |
Commercial Real Estate - Land and Construction [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,111 | 1,267 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,870,393 | 1,665,363 |
Total Past Due | 14,835 | 17,454 |
Total Loans | 1,885,228 | 1,682,817 |
90 Days or More Past Due and Accruing | 180 | |
Commercial Real Estate - Improved Property [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,304 | 961 |
Commercial Real Estate - Improved Property [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 797 | 4,772 |
Commercial Real Estate - Improved Property [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 12,734 | 11,721 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,177,915 | 1,926,719 |
Total Past Due | 16,198 | 18,741 |
Total Loans | 2,194,113 | 1,945,460 |
90 Days or More Past Due and Accruing | 180 | 71 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,556 | 981 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 797 | 4,772 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 13,845 | 12,988 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 729,815 | 634,482 |
Total Past Due | 3,663 | 3,928 |
Total Loans | 733,478 | 638,410 |
90 Days or More Past Due and Accruing | 3 | 22 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 356 | 1,834 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 896 | 240 |
Commercial and Industrial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,411 | 1,854 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,229,198 | 915,968 |
Total Past Due | 12,272 | 12,802 |
Total Loans | 1,241,470 | 928,770 |
90 Days or More Past Due and Accruing | 1,838 | 1,306 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,014 | 1,237 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,322 | 3,384 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 7,936 | 8,181 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 375,663 | 325,291 |
Total Past Due | 4,077 | 4,740 |
Total Loans | 379,740 | 330,031 |
90 Days or More Past Due and Accruing | 228 | 570 |
Home Equity [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,212 | 1,877 |
Home Equity [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,010 | 895 |
Home Equity [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,855 | 1,968 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 381,146 | 240,365 |
Total Past Due | 3,698 | 3,730 |
Total Loans | 384,844 | 244,095 |
90 Days or More Past Due and Accruing | 222 | 319 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,753 | 2,571 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 618 | 685 |
Consumer [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 327 | 474 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 21,964 | 7,562 |
Total Past Due | 26,240 | 31,256 |
Total Loans | 48,204 | 38,818 |
Non-Accrual Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,030 | 2,884 |
Non-Accrual Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,641 | 5,552 |
Non-Accrual Loans [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 23,569 | 22,820 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 12,081 | 11,016 |
Total Past Due | 877 | 1,050 |
Total Loans | 12,958 | 12,066 |
TDRs Accruing Interest [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 109 | 151 |
TDRs Accruing Interest [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 434 | 542 |
TDRs Accruing Interest [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 334 | 357 |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 34,045 | 18,578 |
Total Past Due | 27,117 | 32,306 |
Total Loans | 61,162 | 50,884 |
Total Impaired [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,139 | 3,035 |
Total Impaired [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,075 | 6,094 |
Total Impaired [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 23,903 | $ 23,177 |
Loans and the Allowance for C48
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Loans and the Allowance for C49
Loans and the Allowance for Credit Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | $ 61,886 | $ 61,886 | $ 45,474 | ||
Total impaired loans, Unpaid principal balance | 75,230 | 75,230 | 55,296 | ||
Recorded Investment, With no specific allowance recorded | 49,122 | 49,122 | 41,062 | ||
Total impaired loans, Recorded investment | 61,162 | 61,162 | 50,884 | ||
Unpaid Principal Balance, With a specific allowance recorded | 13,344 | 13,344 | 9,822 | ||
Recorded Investment, With a specific allowance recorded | 12,040 | 12,040 | 9,822 | ||
Related Allowance, With a specific allowance recorded | 3,912 | 3,912 | 3,798 | ||
Average recorded investment, with no related specific allowance | 49,798 | $ 47,009 | 46,885 | $ 47,744 | |
Interest income recognized, With no related specific allowance | 573 | 446 | 1,095 | 729 | |
Average recorded investment, With a specific allowance recorded | 10,138 | 3,264 | 10,032 | 2,933 | |
Interest income recognized, With a specific allowance recorded | 174 | 32 | 193 | 45 | |
Total impaired loans, Average recorded investment | 59,936 | 50,273 | 56,917 | 50,677 | |
Total impaired loans, Interest income recognized | 747 | 478 | 1,288 | 774 | |
Commercial Real Estate - Land and Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 2,711 | 2,711 | 1,588 | ||
Recorded Investment, With no specific allowance recorded | 2,509 | 2,509 | 1,488 | ||
Average recorded investment, with no related specific allowance | 2,493 | 2,143 | 2,158 | 2,283 | |
Interest income recognized, With no related specific allowance | 2 | 13 | 18 | 15 | |
Commercial Real Estate - Improved Property [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 28,520 | 28,520 | 16,480 | ||
Recorded Investment, With no specific allowance recorded | 21,001 | 21,001 | 14,684 | ||
Unpaid Principal Balance, With a specific allowance recorded | 7,511 | 7,511 | 7,980 | ||
Recorded Investment, With a specific allowance recorded | 7,511 | 7,511 | 7,980 | ||
Related Allowance, With a specific allowance recorded | 2,891 | 2,891 | 2,765 | ||
Average recorded investment, with no related specific allowance | 21,741 | 18,572 | 19,389 | 18,924 | |
Interest income recognized, With no related specific allowance | 240 | 133 | 463 | 153 | |
Average recorded investment, With a specific allowance recorded | 6,989 | 727 | 7,319 | 727 | |
Interest income recognized, With a specific allowance recorded | 56 | 3 | 56 | 4 | |
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 5,926 | 5,926 | 3,152 | ||
Recorded Investment, With no specific allowance recorded | 3,461 | 3,461 | 2,597 | ||
Unpaid Principal Balance, With a specific allowance recorded | 5,833 | 5,833 | 1,842 | ||
Recorded Investment, With a specific allowance recorded | 4,529 | 4,529 | 1,842 | ||
Related Allowance, With a specific allowance recorded | 1,021 | 1,021 | 1,033 | ||
Average recorded investment, with no related specific allowance | 2,947 | 4,122 | 2,830 | 3,831 | |
Interest income recognized, With no related specific allowance | 49 | 57 | 62 | 89 | |
Average recorded investment, With a specific allowance recorded | 3,149 | 2,537 | 2,713 | 2,206 | |
Interest income recognized, With a specific allowance recorded | 118 | 29 | 137 | 41 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 19,914 | 19,914 | 20,077 | ||
Recorded Investment, With no specific allowance recorded | 17,967 | 17,967 | 18,544 | ||
Average recorded investment, with no related specific allowance | 18,550 | 18,864 | 18,548 | 19,272 | |
Interest income recognized, With no related specific allowance | 235 | 209 | 465 | 391 | |
Home Equity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 3,293 | 3,293 | 2,890 | ||
Recorded Investment, With no specific allowance recorded | 2,995 | 2,995 | 2,663 | ||
Average recorded investment, with no related specific allowance | 2,806 | 2,173 | 2,758 | 2,284 | |
Interest income recognized, With no related specific allowance | 21 | 16 | 41 | 35 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 1,522 | 1,522 | 1,287 | ||
Recorded Investment, With no specific allowance recorded | 1,189 | 1,189 | $ 1,086 | ||
Average recorded investment, with no related specific allowance | 1,261 | 1,135 | 1,202 | 1,150 | |
Interest income recognized, With no related specific allowance | $ 26 | $ 18 | $ 46 | $ 46 |
Loans and the Allowance for C50
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 48,204 | $ 38,818 |
TDRs | 26,098 | 17,486 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 12,958 | 12,066 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 13,140 | 5,420 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 1,382 | 1,488 |
TDRs | 1,628 | 464 |
Commercial Real Estate - Land and Construction [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,127 | |
Commercial Real Estate - Land and Construction [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 501 | 464 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 26,103 | 20,227 |
TDRs | 12,170 | 4,287 |
Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,409 | 2,437 |
Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 9,761 | 1,850 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 27,485 | 21,715 |
TDRs | 13,798 | 4,751 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 3,536 | 2,437 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 10,262 | 2,314 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 7,664 | 4,110 |
TDRs | 619 | 807 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 326 | 329 |
Commercial and Industrial [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 293 | 478 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 10,117 | 10,329 |
TDRs | 9,939 | 10,289 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 7,850 | 8,215 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,089 | 2,074 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 2,251 | 1,923 |
TDRs | 1,022 | 985 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 744 | 740 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 278 | 245 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 687 | 741 |
TDRs | 720 | 654 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 502 | 345 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $ 218 | $ 309 |
Loans and the Allowance for C51
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 12 | 46 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 41 | $ 282 | $ 11,369 | $ 530 |
Post-Modification Outstanding Recorded Investment | $ 39 | $ 275 | $ 10,731 | $ 509 |
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 9 | |||
Pre-Modification Outstanding Recorded Investment | $ 1,239 | |||
Post-Modification Outstanding Recorded Investment | $ 1,160 | |||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 7 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 112 | $ 9,336 | $ 203 | |
Post-Modification Outstanding Recorded Investment | $ 112 | $ 8,784 | $ 201 | |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 16 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 112 | $ 10,575 | $ 203 | |
Post-Modification Outstanding Recorded Investment | $ 112 | $ 9,944 | $ 201 | |
Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 42 | |||
Post-Modification Outstanding Recorded Investment | $ 53 | |||
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 2 | 8 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 41 | $ 70 | $ 466 | $ 189 |
Post-Modification Outstanding Recorded Investment | $ 39 | $ 70 | $ 455 | $ 185 |
Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 7 | |||
Post-Modification Outstanding Recorded Investment | $ 6 | |||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 9 | 19 | 11 | |
Pre-Modification Outstanding Recorded Investment | $ 100 | $ 279 | $ 138 | |
Post-Modification Outstanding Recorded Investment | $ 93 | $ 273 | $ 123 |
Loans and the Allowance for C52
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Defaults | Jun. 30, 2014USD ($)Defaults | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 4 |
Recorded Investment | $ | $ 42 | $ 236 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 4 | |
Recorded Investment | $ | $ 236 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | |
Recorded Investment | $ | $ 42 |
Loans and the Allowance for C53
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Other real estate owned | $ 5,912 | $ 4,920 |
Repossessed assets | 256 | 162 |
Total other real estate owned and repossessed assets | $ 6,168 | $ 5,082 |
Pension Plan - Components of Ne
Pension Plan - Components of Net Periodic Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost - benefits earned during year | $ 836 | $ 725 | $ 1,663 | $ 1,442 |
Interest cost on projected benefit obligation | 1,214 | 1,183 | 2,415 | 2,353 |
Expected return on plan assets | (1,928) | (1,802) | (3,835) | (3,585) |
Amortization of prior service cost | 6 | 11 | 12 | 22 |
Amortization of net loss | 793 | 367 | 1,577 | 730 |
Net periodic pension cost | $ 921 | $ 484 | $ 1,832 | $ 962 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Compensation and Retirement Disclosure [Abstract] | |
Minimum required pension plan contribution | $ 3.1 |
Partial credit balance utilized for minimum required contribution | 34.9 |
Contribution of pension fund | $ 3.5 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | $ 1,594,658 | $ 917,424 |
Other real estate owned and repossessed assets | 6,168 | 5,082 |
Loans held for sale | 11,160 | 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 | 1,594,658 | 917,424 |
Total recurring fair value measurements | 1,594,658 | 917,424 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 8,128 | 6,024 |
Other real estate owned and repossessed assets | 6,168 | 5,082 |
Loans held for sale | 11,160 | 5,865 |
Total nonrecurring fair value measurements | 25,456 | 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 | 81,037 | 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 | 81,037 | 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 | 1,232,422 | 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 | 1,232,422 | 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 | 92,771 | 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 | 92,771 | 91,433 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 177,314 | 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 | 177,314 | 25,996 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 11,114 | 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 | 11,114 | 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 | 8,315 | 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 | 8,315 | 8,440 |
Total recurring fair value measurements | 8,315 | 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 | 8,315 | 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 | 1,586,343 | 908,984 |
Loans held for sale | 11,160 | 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 | 1,586,343 | 908,984 |
Total recurring fair value measurements | 1,586,343 | 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 | 11,160 | 5,865 |
Total nonrecurring fair value measurements | 11,160 | 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 | 81,037 | 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 | 1,232,422 | 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 | 92,771 | 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 | 177,314 | 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 | 2,799 | 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 | 8,128 | 6,024 |
Other real estate owned and repossessed assets | 6,168 | 5,082 |
Total nonrecurring fair value measurements | $ 14,296 | $ 11,106 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair value transfer amount | $ 0 | $ 0 |
Fair Value Measurement - Sche58
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Other real estate owned and repossessed assets | $ 6,168 | $ 5,082 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 8,128 | 6,024 |
Other real estate owned and repossessed assets | 6,168 | 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 | 8,128 | 6,024 |
Other real estate owned and repossessed assets | $ 6,168 | $ 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 | (2.90%) | (1.20%) |
Maximum [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans, Appraisal adjustments | (42.20%) | (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 | (16.60%) | (6.70%) |
Impaired loans, Liquidation expenses | (6.70%) | (6.70%) |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial Assets | ||||
Cash and due from banks | $ 108,738 | $ 94,002 | $ 94,488 | $ 95,551 |
Securities available-for-sale | 1,594,658 | 917,424 | ||
Securities held-to-maturity | 848,416 | 593,670 | ||
Net loans | 4,890,226 | 4,042,112 | ||
Loans held for sale | 11,160 | 5,865 | ||
Accrued interest receivable | 24,739 | 18,481 | ||
Bank-owned life insurance | 154,980 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,259,045 | 5,048,983 | ||
Federal Home Loan Bank borrowings | 781,332 | 223,126 | ||
Other borrowings | 73,868 | 80,690 | ||
Junior subordinated debt | 106,196 | 106,176 | ||
Accrued interest payable | 2,542 | 1,620 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 108,738 | 94,002 | ||
Securities available-for-sale | 8,315 | 8,440 | ||
Accrued interest receivable | 24,739 | 18,481 | ||
Bank-owned life insurance | 154,980 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 4,480,480 | 3,743,887 | ||
Other borrowings | 70,991 | 77,534 | ||
Accrued interest payable | 2,542 | 1,620 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial Assets | ||||
Securities available-for-sale | 1,586,343 | 908,984 | ||
Securities held-to-maturity | 863,507 | 618,895 | ||
Loans held for sale | 11,160 | 5,865 | ||
Financial Liabilities | ||||
Deposits | 1,788,804 | 1,312,941 | ||
Federal Home Loan Bank borrowings | 783,072 | 225,456 | ||
Other borrowings | 2,875 | 3,162 | ||
Junior subordinated debt | 78,628 | 79,212 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial Assets | ||||
Securities held-to-maturity | 719 | 722 | ||
Net loans | 4,883,371 | 4,047,648 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 108,738 | 94,002 | ||
Securities available-for-sale | 1,594,658 | 917,424 | ||
Securities held-to-maturity | 848,416 | 593,670 | ||
Net loans | 4,890,226 | 4,042,112 | ||
Loans held for sale | 11,160 | 5,865 | ||
Accrued interest receivable | 24,739 | 18,481 | ||
Bank-owned life insurance | 154,980 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,259,045 | 5,048,983 | ||
Federal Home Loan Bank borrowings | 781,332 | 223,126 | ||
Other borrowings | 73,868 | 80,690 | ||
Junior subordinated debt | 106,196 | 106,176 | ||
Accrued interest payable | 2,542 | 1,620 | ||
Fair Value Estimate [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 108,738 | 94,002 | ||
Securities available-for-sale | 1,594,658 | 917,424 | ||
Securities held-to-maturity | 864,226 | 619,617 | ||
Net loans | 4,883,371 | 4,047,648 | ||
Loans held for sale | 11,160 | 5,865 | ||
Accrued interest receivable | 24,739 | 18,481 | ||
Bank-owned life insurance | 154,980 | 123,298 | ||
Financial Liabilities | ||||
Deposits | 6,269,284 | 5,056,828 | ||
Federal Home Loan Bank borrowings | 783,072 | 225,456 | ||
Other borrowings | 73,866 | 80,696 | ||
Junior subordinated debt | 78,628 | 79,212 | ||
Accrued interest payable | $ 2,542 | $ 1,620 |
Comprehensive Income - Componen
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 981 | 475 |
Defined Benefit Pension Plan, Period change | 981 | 475 |
Ending Balance, Defined Benefit Pension Plan | (21,795) | (7,491) |
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 | (3,711) | 7,194 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Amounts reclassified from accumulated other comprehensive income | (13) | (157) |
Net effect on accumulated other comprehensive income for the period | (3,724) | 7,037 |
Ending Balance, Unrealized Gains (Losses) on Securities Available-for-Sale | (832) | 911 |
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 | (134) | (171) |
Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity, Period change | (134) | (171) |
Ending Balance, Unrealized Gains on Securities Transferred from Available-for-Sale to Held-to-Maturity | 925 | 1,187 |
Beginning Balance, Accumulated Other Comprehensive Income | (18,825) | (12,734) |
Other comprehensive income before reclassifications | (3,711) | 7,194 |
Amounts reclassified from accumulated other comprehensive income | 834 | 147 |
Total other comprehensive income | (2,877) | 7,341 |
Ending Balance, Accumulated Other Comprehensive Income | $ (21,702) | $ (5,393) |
Comprehensive Income - Compon61
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 37.00% | 37.00% |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect on accumulated other comprehensive income for the period | $ (3,724) | $ 7,037 | ||
Defined benefit pension plan (2): | ||||
Total reclassifications for the period | (834) | (147) | ||
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net securities gains reclassified into earnings | $ (2) | $ (170) | (20) | (248) |
Related income tax expense | 1 | 63 | 7 | 91 |
Net effect on accumulated other comprehensive income for the period | (1) | (107) | (13) | (157) |
Amortization of unrealized gain transferred from available-for-sale | (107) | (132) | (214) | (270) |
Related income tax expense | 39 | 48 | 80 | 99 |
Net effect on accumulated other comprehensive income for the period | (68) | (84) | (134) | (171) |
Defined benefit pension plan (2): | ||||
Amortization of net loss and prior service costs | 799 | 378 | 1,589 | 752 |
Related income tax benefit | (293) | (139) | (608) | (277) |
Net effect on accumulated other comprehensive income for the period | 506 | 239 | 981 | 475 |
Total reclassifications for the period | $ 437 | $ 48 | $ 834 | $ 147 |
Commitments and Contingent Li63
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Allowance for credit losses associated with loan commitments | $ 805 | $ 455 | $ 536 | $ 602 |
Liability associated with letters of credit | $ 200 | $ 200 |
Commitments and Contingent Li64
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 1,111,712 | $ 984,352 |
Loans approved but not closed | 333,624 | 116,757 |
Overdraft limits | 107,619 | 95,965 |
Letters of credit | 26,295 | 23,362 |
Contingent obligations to purchase loans funded by other entities | $ 9,324 | $ 8,312 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($)Segment | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||
Operating segments | Segment | 2 | |
Trust and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Market value of assets held by trust and investment services segment | $ 3,800 | $ 3,800 |
Total non-fiduciary assets of the trust and investment services segment | $ 3.7 | $ 3.9 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Interest income | $ 66,729 | $ 54,044 | $ 127,117 | $ 107,501 |
Interest expense | 5,936 | 5,737 | 11,360 | 11,870 |
Net interest income | 60,793 | 48,307 | 115,757 | 95,631 |
Provision for credit losses | 2,681 | 849 | 3,970 | 3,048 |
Net interest income after provision for credit losses | 58,112 | 47,458 | 111,787 | 92,583 |
Non-interest income | 18,072 | 18,241 | 36,254 | 35,290 |
Non-interest expense | 46,589 | 40,304 | 100,047 | 80,398 |
Income before provision for income taxes | 29,595 | 25,395 | 47,994 | 47,475 |
Provision for income taxes | 7,962 | 6,520 | 12,482 | 12,179 |
Net income | 21,633 | 18,875 | 35,512 | 35,296 |
Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 66,729 | 54,044 | 127,117 | 107,501 |
Interest expense | 5,936 | 5,737 | 11,360 | 11,870 |
Net interest income | 60,793 | 48,307 | 115,757 | 95,631 |
Provision for credit losses | 2,681 | 849 | 3,970 | 3,048 |
Net interest income after provision for credit losses | 58,112 | 47,458 | 111,787 | 92,583 |
Non-interest income | 12,596 | 13,031 | 24,725 | 24,432 |
Non-interest expense | 43,568 | 37,367 | 93,863 | 74,193 |
Income before provision for income taxes | 27,140 | 23,122 | 42,649 | 42,822 |
Provision for income taxes | 6,980 | 5,611 | 10,344 | 10,318 |
Net income | 20,160 | 17,511 | 32,305 | 32,504 |
Trust and Investment Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 5,476 | 5,210 | 11,529 | 10,858 |
Non-interest expense | 3,021 | 2,937 | 6,184 | 6,205 |
Income before provision for income taxes | 2,455 | 2,273 | 5,345 | 4,653 |
Provision for income taxes | 982 | 909 | 2,138 | 1,861 |
Net income | $ 1,473 | $ 1,364 | $ 3,207 | $ 2,792 |