Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 43,860,883 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $9,702 and $10,978, respectively | $ 116,132 | $ 86,685 |
Securities: | ||
Trading securities, at fair value | 7,070 | 6,451 |
Available-for-sale, at fair value | 1,302,029 | 1,403,069 |
Held-to-maturity (fair values of $1,089,227 and $1,038,207, respectively) | 1,049,093 | 1,012,930 |
Total securities | 2,358,192 | 2,422,450 |
Loans held for sale | 20,231 | 7,899 |
Portfolio loans, net of unearned income | 6,236,852 | 5,065,842 |
Allowance for loan losses | (42,755) | (41,710) |
Net portfolio loans | 6,194,097 | 5,024,132 |
Premises and equipment, net | 138,731 | 112,203 |
Accrued interest receivable | 29,964 | 25,759 |
Goodwill and other intangible assets, net | 591,866 | 490,888 |
Bank-owned life insurance | 186,993 | 150,980 |
Other assets | 176,178 | 149,302 |
Total Assets | 9,812,384 | 8,470,298 |
Deposits: | ||
Non-interest bearing demand | 1,697,476 | 1,311,455 |
Interest bearing demand | 1,618,514 | 1,152,071 |
Money market | 1,016,300 | 967,561 |
Savings deposits | 1,228,509 | 1,077,374 |
Certificates of deposit | 1,573,712 | 1,557,838 |
Total deposits | 7,134,511 | 6,066,299 |
Federal Home Loan Bank borrowings | 950,847 | 1,041,750 |
Other short-term borrowings | 132,497 | 81,356 |
Subordinated debt and junior subordinated debt | 163,364 | 106,196 |
Total borrowings | 1,246,708 | 1,229,302 |
Accrued interest payable | 2,898 | 1,715 |
Other liabilities | 81,116 | 50,850 |
Total Liabilities | 8,465,233 | 7,348,166 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value; 1,000,000 shares authorized; none outstanding | ||
Common stock, $2.0833 par value; 100,000,000 shares authorized in 2016 and 2015, respectively; issued: 43,860,883 and 38,546,042 shares in 2016 and 2015, respectively; outstanding: 43,860,883 and 38,459,635 shares in 2016 and 2015, respectively | 91,377 | 80,304 |
Capital surplus | 678,007 | 516,294 |
Retained earnings | 583,392 | 549,921 |
Treasury stock (0 and 86,407 shares in 2016 and 2015, respectively, at cost) | (2,640) | |
Accumulated other comprehensive loss | (5,062) | (20,954) |
Deferred benefits for directors | (563) | (793) |
Total Shareholders' Equity | 1,347,151 | 1,122,132 |
Total Liabilities and Shareholders' Equity | $ 9,812,384 | $ 8,470,298 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 9,702 | $ 10,978 |
Held-to-maturity securities, fair values | $ 1,089,227 | $ 1,038,207 |
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 | 100,000,000 |
Common stock, shares issued | 43,860,883 | 38,546,042 |
Common stock, shares outstanding | 43,860,883 | 38,459,635 |
Treasury stock, shares | 0 | 86,407 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 55,822 | $ 51,876 | $ 160,858 | $ 151,913 |
Interest and dividends on securities: | ||||
Taxable | 9,137 | 10,251 | 29,129 | 28,792 |
Tax-exempt | 4,559 | 4,535 | 13,620 | 12,120 |
Total interest and dividends on securities | 13,696 | 14,786 | 42,749 | 40,912 |
Other interest income | 574 | 273 | 1,671 | 1,227 |
Total interest and dividend income | 70,092 | 66,935 | 205,278 | 194,052 |
INTEREST EXPENSE | ||||
Interest bearing demand deposits | 691 | 517 | 1,841 | 1,425 |
Money market deposits | 444 | 485 | 1,350 | 1,430 |
Savings deposits | 173 | 165 | 502 | 475 |
Certificates of deposit | 2,592 | 2,662 | 7,835 | 8,403 |
Total interest expense on deposits | 3,900 | 3,829 | 11,528 | 11,733 |
Federal Home Loan Bank borrowings | 3,005 | 1,650 | 9,104 | 3,157 |
Other short-term borrowings | 118 | 89 | 299 | 254 |
Subordinated debt and junior subordinated debt | 1,043 | 758 | 2,706 | 2,541 |
Total interest expense | 8,066 | 6,326 | 23,637 | 17,685 |
NET INTEREST INCOME | 62,026 | 60,609 | 181,641 | 176,367 |
Provision for credit losses | 2,214 | 1,798 | 6,350 | 5,768 |
Net interest income after provision for credit losses | 59,812 | 58,811 | 175,291 | 170,599 |
NON-INTEREST INCOME | ||||
Trust fees | 5,413 | 5,127 | 16,160 | 16,656 |
Service charges on deposits | 4,733 | 4,425 | 12,861 | 12,342 |
Electronic banking fees | 3,945 | 3,849 | 11,290 | 10,670 |
Net securities brokerage revenue | 1,473 | 1,996 | 5,119 | 5,897 |
Bank-owned life insurance | 995 | 1,021 | 2,910 | 3,264 |
Net gains on sales of mortgage loans | 814 | 779 | 2,045 | 1,459 |
Net securities gains | 598 | 47 | 2,293 | 69 |
Net gain/(loss) on other real estate owned and other assets | 184 | (18) | 380 | 167 |
Other income | 2,862 | 960 | 6,943 | 3,916 |
Total non-interest income | 21,017 | 18,186 | 60,001 | 54,440 |
NON-INTEREST EXPENSE | ||||
Salaries and wages | 21,225 | 19,832 | 60,136 | 57,468 |
Employee benefits | 6,275 | 6,028 | 20,684 | 20,151 |
Net occupancy | 3,647 | 3,533 | 10,459 | 10,298 |
Equipment | 3,557 | 3,731 | 10,387 | 9,689 |
Marketing | 1,295 | 1,514 | 3,876 | 4,221 |
FDIC insurance | 961 | 1,064 | 3,225 | 3,014 |
Amortization of intangible assets | 837 | 815 | 2,263 | 2,325 |
Restructuring and merger-related expense | 9,883 | 185 | 10,577 | 11,033 |
Other operating expenses | 9,921 | 10,279 | 28,696 | 28,830 |
Total non-interest expense | 57,601 | 46,981 | 150,303 | 147,029 |
Income before provision for income taxes | 23,228 | 30,016 | 84,989 | 78,010 |
Provision for income taxes | 5,793 | 7,768 | 22,572 | 20,250 |
NET INCOME | $ 17,435 | $ 22,248 | $ 62,417 | $ 57,760 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.44 | $ 0.58 | $ 1.61 | $ 1.55 |
Diluted | $ 0.44 | $ 0.58 | $ 1.61 | $ 1.55 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 39,715,516 | 38,523,593 | 38,828,618 | 37,144,783 |
Diluted | 39,743,291 | 38,556,995 | 38,855,453 | 37,204,114 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.24 | $ 0.23 | $ 0.72 | $ 0.69 |
COMPREHENSIVE INCOME | $ 15,470 | $ 29,504 | $ 78,309 | $ 62,139 |
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 (Loss) Income [Member] | Deferred Benefits for Directors [Member] |
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 | 57,760 | 57,760 | |||||
Other comprehensive income | 4,379 | 4,379 | |||||
Comprehensive income | 62,139 | ||||||
Common dividends declared ($0.72 and $0.69 per share in September 30, 2016 and 2015 respectively) | (26,561) | (26,561) | |||||
Shares issued for acquisition | 293,629 | $ 19,122 | 274,507 | ||||
Shares issued for acquisition, shares | 9,178,531 | ||||||
Treasury shares acquired | (2,065) | (2,065) | |||||
Treasury shares acquired, shares | (64,102) | ||||||
Stock options exercised | 1,473 | (295) | 1,768 | ||||
Stock options exercised, shares | 55,375 | ||||||
Restricted stock granted | (1,558) | 1,558 | |||||
Restricted stock granted,Shares | 49,550 | ||||||
Repurchase of stock warrant | (2,247) | (2,247) | |||||
Stock compensation expense | 1,184 | 1,184 | |||||
Deferred benefits for directors- net | (469) | 469 | |||||
Ending Balance at Sep. 30, 2015 | 1,115,742 | $ 80,304 | 515,783 | 535,777 | (890) | (14,446) | (786) |
Ending Balance, shares at Sep. 30, 2015 | 38,517,542 | ||||||
Beginning Balance at Dec. 31, 2015 | 1,122,132 | $ 80,304 | 516,294 | 549,921 | (2,640) | (20,954) | (793) |
Beginning Balance, shares at Dec. 31, 2015 | 38,459,635 | ||||||
Net income | 62,417 | 62,417 | |||||
Other comprehensive income | 15,892 | 15,892 | |||||
Comprehensive income | 78,309 | ||||||
Common dividends declared ($0.72 and $0.69 per share in September 30, 2016 and 2015 respectively) | (28,946) | (28,946) | |||||
Shares issued for acquisition | 177,149 | $ 11,071 | 162,934 | 3,144 | |||
Shares issued for acquisition, shares | 5,423,348 | ||||||
Treasury shares acquired | (3,674) | 56 | (3,730) | ||||
Treasury shares acquired, shares | (130,041) | ||||||
Stock options exercised | 792 | $ 2 | (165) | 955 | |||
Stock options exercised, shares | 31,541 | ||||||
Restricted stock granted | (2,271) | $ 2,271 | |||||
Restricted stock granted,Shares | 76,400 | ||||||
Stock compensation expense | 1,389 | 1,389 | |||||
Deferred benefits for directors- net | (230) | 230 | |||||
Ending Balance at Sep. 30, 2016 | $ 1,347,151 | $ 91,377 | $ 678,007 | $ 583,392 | $ (5,062) | $ (563) | |
Ending Balance, shares at Sep. 30, 2016 | 43,860,883 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common dividends declared, per share | $ 0.72 | $ 0.69 |
Retained Earnings [Member] | ||
Common dividends declared, per share | $ 0.72 | $ 0.69 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 89,175 | $ 58,591 |
INVESTING ACTIVITIES | ||
Net increase in loans held for investment | (160,654) | (176,375) |
Securities available-for-sale: | ||
Proceeds from sales | 277,225 | 570,739 |
Proceeds from maturities, prepayments and calls | 214,786 | 233,756 |
Purchases of securities | (171,169) | (509,216) |
Securities held-to-maturity: | ||
Proceeds from maturities, prepayments and calls | 72,859 | 39,492 |
Purchases of securities | (34,530) | (297,692) |
Proceeds from bank-owned life insurance | 19 | 1,281 |
Cash received (paid) to acquire a business, net | 4,863 | (28,551) |
Purchases of premises and equipment - net | (3,894) | (6,936) |
Net cash provided by (used in) provided by investing activities | 199,505 | (173,502) |
FINANCING ACTIVITIES | ||
Decrease in deposits | (123,708) | (99,569) |
Proceeds from Federal Home Loan Bank borrowings | 791,910 | |
Repayment of Federal Home Loan Bank borrowings | (112,116) | (514,081) |
Increase (decrease) in other short-term borrowings | 6,832 | (1,103) |
Repayment of junior subordinated debt | (36,083) | |
Repayment of common stock warrant | (2,247) | |
Dividends paid to common shareholders | (27,277) | (24,148) |
Issuance of common stock | 2 | |
Treasury shares purchased - net | (2,966) | (795) |
Net cash (used in) provided by financing activities | (259,233) | 113,884 |
Net increase (decrease) in cash and cash equivalents | 29,447 | (1,027) |
Cash and cash equivalents at beginning of the period | 86,685 | 94,002 |
Cash and cash equivalents at end of the period | 116,132 | 92,975 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 24,141 | 19,166 |
Income taxes paid | 17,925 | 9,695 |
Transfers of loans to other real estate owned | 3,368 | 1,029 |
Non-cash transactions related to YCB and ESB acquisitions, respectively | $ 177,149 | $ 301,933 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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 2015 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 June 2016, the FASB issued ASU 2016-13 that will require entities to use a new forward-looking “expected loss” model on trade and other receivables, held-to-maturity debt securities, loans and other instruments that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Entities will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which for WesBanco will be effective for the fiscal year beginning January 1, 2020. Early adoption is permitted for fiscal years beginning after December 15, 2018. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09 that will require all excess income tax benefits or tax deficiencies of stock awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-07 that eliminates the requirement to retrospectively apply the equity method in previous periods when an investor initially obtains significant influence over an investee. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016, and requires prospective adoption. 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 2016, the FASB issued ASU 2016-02 that will require entities to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The principal difference from previous guidance is that the lease assets and lease liabilities arising from operating leases were not previously recognized in the balance sheet. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 that will require entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The standard does not change the guidance for classifying and measuring investments in debt securities and loans. Entities will have to record changes in instrument-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16 which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The acquirer still must disclose the amounts and reasons for adjustments to the provisional amounts. The acquirer also must disclose, by line item, the amount of the adjustment reflected in the current-period income statement that would have been recognized in previous periods if the adjustment to provisional amounts had been recognized as of the acquisition date. Alternatively, an acquirer may present those amounts separately on the face of the income statement. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2015, including interim periods with those fiscal years. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. In May 2015, the FASB issued ASU 2015-07 related to disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and modifies certain disclosure requirements. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, and requires retrospective adoption. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. 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. The adoption of this pronouncement did not 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. 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 was 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. In March 2016, the FASB issued ASU 2016-08 which amends the principal versus agent guidance in the revenue standard. In April 2016, the FASB issued ASU 2016-10 which clarifies when promised goods or services are separately identifiable in the revenue standard. In May 2016, the FASB issued ASU 2016-12 which provided narrow-scope improvements and practical expedients to the revenue standard. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE 2. MERGERS AND ACQUISITIONS On September 9, 2016, WesBanco completed its acquisition of Your Community Bankshares, Inc. (“YCB”), a bank holding company headquartered in New Albany, Indiana. The transaction expanded WesBanco’s franchise into Kentucky and Southern Indiana. On the acquisition date, YCB had approximately $1.5 billion in assets, excluding goodwill, which included approximately $1.0 billion in loans, and $173.2 million in securities. The YCB acquisition was valued at $220.5 million, based on WesBanco’s closing stock price on September 9, 2016 of $32.62, and resulted in WesBanco issuing 5,423,348 shares of its common stock and $43.3 million in cash in exchange for all of the outstanding shares of YCB common stock. The assets and liabilities of YCB were recorded on WesBanco’s balance sheet at their preliminary estimated fair values as of September 9, 2016, the acquisition date, and YCB’s results of operations have been included in WesBanco’s Consolidated Statements of Income since that date. Due to the timing of the acquisition relative to the end of the reporting period, the fair values for nearly all line items in YCB’s September 9, 2016 balance sheet represent preliminary estimates. Based on a preliminary purchase price allocation, WesBanco recorded $90.6 million in goodwill and $12.0 million in core deposit intangibles in its community banking segment, representing the principal change in goodwill and intangibles from December 31, 2015. 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 YCB, it is not practicable to determine revenue or net income included in WesBanco’s operating results relating to YCB since the date of acquisition as YCB’s results cannot be separately identified. For the nine months ended September 30, 2016, WesBanco recorded merger-related expenses of $10.6 million associated with the YCB acquisition. The purchase price of the YCB acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) September 9, 2016 Purchase Price: Fair value of WesBanco shares issued $ 177,149 Cash consideration for outstanding YCB shares 43,349 Total purchase price $ 220,498 Fair value of: Tangible assets acquired $ 1,400,070 Core deposit and other intangible assets acquired 11,957 Liabilities assumed (1,330,335 ) Net cash received in the acquisition 48,212 Fair value of net assets acquired 129,904 Goodwill recognized $ 90,594 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 YCB within one year from the date of acquisition: (unaudited, in thousands) September 9, 2016 Assets acquired Cash and due from banks $ 48,212 Securities 173,223 Loans 1,015,071 Goodwill and other intangible assets 102,551 Accrued income and other assets (1) 211,776 Total assets acquired $ 1,550,833 Liabilities assumed Deposits $ 1,193,010 Borrowings 122,817 Accrued expenses and other liabilities 14,508 Total liabilities assumed 1,330,335 Net assets acquired $ 220,498 (1) Includes receivables of $105.8 million from the sale of available-for-sale securities prior to the acquisition date. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended (unaudited, in thousands, except shares and per share amounts) 2016 2015 2016 2015 Numerator for both basic and diluted earnings per common share: Net income $ 17,435 $ 22,248 $ 62,417 $ 57,760 Denominator: Total average basic common shares outstanding 39,715,516 38,523,593 38,828,618 37,144,783 Effect of dilutive stock options and other stock compensation 27,775 33,402 26,835 59,331 Total diluted average common shares outstanding 39,743,291 38,556,995 38,855,453 37,204,114 Earnings per common share – basic $ 0.44 $ 0.58 $ 1.61 $ 1.55 Earnings per common share – diluted $ 0.44 $ 0.58 $ 1.61 $ 1.55 Stock options representing shares of 96,600 and 185,250 were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016, respectively, because to do so would have been anti-dilutive. All stock options were included in the three and nine months ended September 30, 2015 computation. No contingently issuable shares were estimated to be awarded under the 2015 total shareholder return plan as the stock performance targets were not met for the three and nine months ended September 30, 2016. On September 9, 2016, WesBanco issued 5,423,348 shares of common stock (109,257 of which shares were treasury stock) to complete its acquisition of YCB. These shares are included in average shares outstanding beginning on that date. For additional information relating to the YCB acquisition, refer to Note 2, “Mergers and Acquisitions.” |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, 2016 December 31, 2015 (unaudited, in thousands) Amortized Gross Gross Estimated Value Amortized Gross Gross Estimated Value Available-for-sale U.S. Government sponsored entities and agencies $ 63,166 $ 267 $ (62 ) $ 63,371 $ 82,725 $ 1,183 $ (403 ) $ 83,505 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,076,309 11,680 (1,073 ) 1,086,916 1,188,256 1,720 (13,896 ) 1,176,080 Obligations of states and political subdivisions 106,676 4,673 (84 ) 111,265 76,106 4,205 (46 ) 80,265 Corporate debt securities 35,306 318 (101 ) 35,523 58,745 181 (333 ) 58,593 Total debt securities $ 1,281,457 $ 16,938 $ (1,320 ) $ 1,297,075 $ 1,405,832 $ 7,289 $ (14,678 ) $ 1,398,443 Equity securities 4,062 892 — 4,954 3,812 816 (2 ) 4,626 Total available-for-sale securities $ 1,285,519 $ 17,830 $ (1,320 ) $ 1,302,029 $ 1,409,644 $ 8,105 $ (14,680 ) $ 1,403,069 Held-to-maturity U.S. Government sponsored entities and agencies $ 14,248 $ 59 $ — $ 14,307 $ — $ — $ — $ — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 195,533 3,771 (73 ) 199,231 216,419 1,922 (2,014 ) 216,327 Obligations of states and political subdivisions 804,883 34,377 (137 ) 839,123 762,039 26,121 (726 ) 787,434 Corporate debt securities 34,429 2,172 (35 ) 36,566 34,472 237 (263 ) 34,446 Total held-to-maturity securities $ 1,049,093 $ 40,379 $ (245 ) $ 1,089,227 $ 1,012,930 $ 28,280 $ (3,003 ) $ 1,038,207 Total $ 2,334,612 $ 58,209 $ (1,565 ) $ 2,391,256 $ 2,422,574 $ 36,385 $ (17,683 ) $ 2,441,276 Trading securities, which consist of investments in various mutual funds held in grantor trusts formed in connection with a deferred compensation plan, are recorded at fair value and totaled $7.1 million and $6.5 million, at September 30, 2016 and December 31, 2015, respectively. At September 30, 2016, and December 31, 2015, 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 September 30, 2016. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. September 30, 2016 (unaudited, in thousands) One Year One to Five to After Mortgage-backed Total Available-for-sale U.S. Government sponsored entities and agencies $ 2,002 $ 9,975 $ 27,411 $ 23,983 $ — $ 63,371 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) — — — — 1,086,916 1,086,916 Obligations of states and political subdivisions 7,034 26,866 38,059 39,306 — 111,265 Corporate debt securities — 26,378 7,211 1,934 — 35,523 Equity securities (2) — — — — 4,954 4,954 Total available-for-sale securities $ 9,036 $ 63,219 $ 72,681 $ 65,223 $ 1,091,870 $ 1,302,029 Held-to-maturity (3) U.S. Government sponsored entities and agencies $ — $ — $ — $ 14,307 $ — $ 14,307 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) — — — — 199,231 199,231 Obligations of states and political subdivisions 351 58,506 424,331 355,935 — 839,123 Corporate debt securities — 961 35,605 — — 36,566 Total held-to-maturity securities $ 351 $ 59,467 $ 459,936 $ 370,242 $ 199,231 $ 1,089,227 Total $ 9,387 $ 122,686 $ 532,617 $ 435,465 $ 1,291,101 $ 2,391,256 (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 $1.0 billion. Securities with aggregate fair values of $1.3 billion and $1.0 billion at September 30, 2016 and December 31, 2015, 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 $277.2 million and $570.7 million for the nine months ended September 30, 2016 and 2015, respectively. Net unrealized gains (losses) on available-for-sale securities included in accumulated other comprehensive income net of tax, as of September 30, 2016 and December 31, 2015 were $10.5 million and ($4.2) million, respectively. The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity securities for the three and nine months ended September 30, 2016 and 2015, respectively. Gains and losses due to fair value fluctuations on trading securities are included in non-interest income under other income. For the Three For the Nine September 30, September 30, (unaudited, in thousands) 2016 2015 2016 2015 Gross realized gains $ 602 $ 48 $ 2,517 $ 74 Gross realized losses (4 ) (1 ) (224 ) (5 ) Net realized gains $ 598 $ 47 $ 2,293 $ 69 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 September 30, 2016 and December 31, 2015: September 30, 2016 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 U.S. Government sponsored entities and agencies $ 27,484 $ (62 ) 4 $ — $ — — $ 27,484 $ (62 ) 4 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 116,732 (374 ) 21 64,093 (772 ) 16 180,825 (1,146 ) 37 Obligations of states and political subdivisions 62,600 (196 ) 129 2,095 (25 ) 3 64,695 (221 ) 132 Corporate debt securities 5,977 (70 ) 2 5,958 (66 ) 2 11,935 (136 ) 4 Total temporarily impaired securities $ 212,793 $ (702 ) 156 $ 72,146 $ (863 ) 21 $ 284,939 $ (1,565 ) 177 December 31, 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 U.S. Government sponsored entities and agencies $ 49,826 $ (403 ) 11 $ — $ — — $ 49,826 $ (403 ) 11 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,003,397 (10,981 ) 187 146,182 (4,929 ) 31 1,149,579 (15,910 ) 218 Obligations of states and political subdivisions 58,705 (400 ) 76 23,691 (372 ) 29 82,396 (772 ) 105 Corporate debt securities 41,326 (541 ) 12 1,931 (55 ) 1 43,257 (596 ) 13 Equity securities 1,378 (2 ) 1 — — — 1,378 (2 ) 1 Total temporarily impaired securities $ 1,154,632 $ (12,327 ) $ 287 $ 171,804 $ (5,356 ) $ 61 $ 1,326,436 $ (17,683 ) $ 348 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 substantially all debt securities are rated above 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 stock totaling $46.4 million and $45.5 million at September 30, 2016 and December 31, 2015, 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 and discounts on purchased loans. The deferred loan fees and costs were $0.5 million and $1.0 million at September 30, 2016 and December 31, 2015, respectively. The discounts on purchased loans from acquisitions was $25.8 million, including $12.1 million related to YCB, and $15.7 million at September 30, 2016 and December 31, 2015, respectively. (unaudited, in thousands) September 30, 2016 December 31, 2015 Commercial real estate: Land and construction $ 494,203 $ 344,748 Improved property 2,332,431 1,911,633 Total commercial real estate 2,826,634 2,256,381 Commercial and industrial 1,097,788 737,878 Residential real estate 1,395,886 1,247,800 Home equity 505,369 416,889 Consumer 411,175 406,894 Total portfolio loans 6,236,852 5,065,842 Loans held for sale 20,231 7,899 Total loans $ 6,257,083 $ 5,073,741 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 Nine Months Ended September 30, 2016 and 2015 (unaudited, in thousands) Commercial Real Estate- Commercial Real Estate- Property Commercial Residential Home Consumer Deposit Total Balance at December 31, 2015: Allowance for loan losses $ 4,390 $ 14,748 $ 10,002 $ 4,582 $ 2,883 $ 4,763 $ 342 $ 41,710 Allowance for loan commitments 157 26 260 7 117 46 — 613 Total beginning allowance for credit losses 4,547 14,774 10,262 4,589 3,000 4,809 342 42,323 Provision for credit losses: Provision for loan losses 498 1,351 2,827 (67 ) 301 918 559 6,387 Provision for loan commitments (5 ) — (40 ) 2 8 (2 ) — (37 ) Total provision for credit losses 493 1,351 2,787 (65 ) 309 916 559 6,350 Charge-offs (73 ) (1,732 ) (2,883 ) (529 ) (345 ) (2,733 ) (585 ) (8,880 ) Recoveries 3 1,406 241 351 171 1,199 167 3,538 Net charge-offs (70 ) (326 ) (2,642 ) (178 ) (174 ) (1,534 ) (418 ) (5,342 ) Balance at September 30, 2016: Allowance for loan losses 4,818 15,773 10,187 4,337 3,010 4,147 483 42,755 Allowance for loan commitments 152 26 220 9 125 44 — 576 Total ending allowance for credit losses $ 4,970 $ 15,799 $ 10,407 $ 4,346 $ 3,135 $ 4,191 $ 483 $ 43,331 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 (826 ) 977 2,434 325 1,320 922 441 5,593 Provision for loan commitments 9 11 137 — 19 (1 ) — 175 Total provision for credit losses (817 ) 988 2,571 325 1,339 921 441 5,768 Charge-offs — (3,964 ) (2,267 ) (1,482 ) (1,124 ) (1,968 ) (610 ) (11,415 ) Recoveries 1 661 356 472 161 968 173 2,792 Net charge-offs 1 (3,303 ) (1,911 ) (1,010 ) (963 ) (1,000 ) (437 ) (8,623 ) Balance at September 30, 2015: Allowance for loan losses 4,829 15,247 9,586 4,697 2,686 4,000 579 41,624 Allowance for loan commitments 203 21 249 9 109 39 — 630 Total ending allowance for credit losses $ 5,032 $ 15,268 $ 9,835 $ 4,706 $ 2,795 $ 4,039 $ 579 $ 42,254 The following tables present the allowance for credit losses and recorded investments in loans by category: Allowance for Credit Losses and Recorded Investment in Loans Commercial Commercial Real Estate- Real Estate- Commercial Residential Land and Improved and Real Home (unaudited, in thousands) Construction Property Industrial Estate Equity Consumer Over-draft Total September 30, 2016 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 504 $ 356 $ — $ — $ — $ — $ 860 Allowance for loans collectively evaluated for impairment 4,818 15,269 9,831 4,337 3,010 4,147 483 41,895 Allowance for loan commitments 152 26 220 9 125 44 — 576 Total allowance for credit losses $ 4,970 $ 15,799 $ 10,407 $ 4,346 $ 3,135 $ 4,191 $ 483 $ 43,331 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,012 $ 1,306 $ — $ — $ — $ — $ 4,318 Collectively evaluated for impairment 492,397 2,318,863 1,096,297 1,394,558 505,342 411,154 — 6,218,611 Acquired with deteriorated credit quality 1,806 10,556 185 1,328 27 21 — 13,923 Total portfolio loans $ 494,203 $ 2,332,431 $ 1,097,788 $ 1,395,886 $ 505,369 $ 411,175 $ — $ 6,236,852 December 31, 2015 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 668 $ 853 $ — $ — $ — $ — $ 1,521 Allowance for loans collectively evaluated for impairment 4,390 14,080 9,149 4,582 2,883 4,763 342 40,189 Allowance for loan commitments 157 26 260 7 117 46 — 613 Total allowance for credit losses $ 4,547 $ 14,774 $ 10,262 $ 4,589 $ 3,000 $ 4,809 $ 342 $ 42,323 Portfolio loans: Individually evaluated for impairment (1) $ — $ 4,031 $ 4,872 $ — $ — $ — $ — $ 8,903 Collectively evaluated for impairment 343,832 1,899,738 732,957 1,247,639 416,862 406,622 — 5,047,650 Acquired with deteriorated credit quality 916 7,864 49 161 27 272 — 9,289 Total portfolio loans $ 344,748 $ 1,911,633 $ 737,878 $ 1,247,800 $ 416,889 $ 406,894 $ — $ 5,065,842 (1) Commercial loans greater than $1 million that are reported as non-accrual or as a troubled debt restructuring (“TDR”) are individually evaluated for impairment. WesBanco maintains an internal loan grading system to reflect the credit quality of commercial loans. Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at the inception of each loan and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. This includes an analysis of cash flow available to repay debt, profitability, liquidity, leverage, and overall financial trends. Other factors include management, industry or property type risks, an assessment of secondary sources of repayment such as collateral or guarantees, other terms and conditions of the loan that may increase or reduce its risk, and economic conditions and other external factors that may influence repayment capacity and financial condition. Commercial real estate — land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of net rental income generated by the property to service the debt, the type, quality, industry and mix of tenants, and the terms of leases, but also considers the overall financial capacity of the investors and their experience in owning and managing investment property. The risk grade assigned to owner-occupied commercial real estate and commercial and industrial loans is based primarily on historical and projected earnings, the adequacy of operating cash flow to service all of the business’ debt, and the capital resources, liquidity and leverage of the business, but also considers the industry in which the business operates, the business’ specific competitive advantages or disadvantages, the quality and experience of management, and external influences on the business such as economic conditions. Other factors that are considered for commercial and industrial loans include the type, quality and marketability of non-real estate collateral and whether the structure of the loan increases or reduces its risk. The type, age, condition, location and any environmental risks associated with a property are also considered for all types of commercial real estate. The overall financial condition and repayment capacity of any guarantors is also evaluated to determine the extent to which they mitigate other risks of the loan. The following 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: Commercial Loans by Internally Assigned Risk Grade Commercial Commercial Real Estate- Real Estate- Total Land and Improved Commercial Commercial (unaudited, in thousands) Construction Property & Industrial Loans As of September 30, 2016 Pass $ 484,719 $ 2,278,289 $ 1,073,037 $ 3,836,045 Criticized - compromised 6,537 18,039 10,892 35,468 Classified - substandard 2,947 36,103 13,859 52,909 Classified - doubtful — — — — Total $ 494,203 $ 2,332,431 $ 1,097,788 $ 3,924,422 As of December 31, 2015 Pass $ 335,989 $ 1,864,986 $ 713,578 $ 2,914,553 Criticized - compromised 5,527 10,911 9,860 26,298 Classified - substandard 3,232 35,736 14,440 53,408 Classified - doubtful — — — — Total $ 344,748 $ 1,911,633 $ 737,878 $ 2,994,259 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 $19.1 million at September 30, 2016 and $15.8 million at December 31, 2015, of which $2.9 and $3.1 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 YCB Loans Loans acquired with deteriorated credit quality with a book value of $11.1 million and contractually required payments of $13.3 million were recorded at their estimated fair value of $7.1 million, of which $2.7 million were accounted for under the cost recovery method in accordance with ASC 310-30 as cash flows cannot be reasonably estimated, and categorized as non-accrual. The accretable yield on the acquired impaired loans was estimated at $0.7 million, while the non-accretable difference is estimated at $5.5 million. The carrying amount of loans acquired with deteriorated credit quality at September 30, 2016 was $6.5 million, while the outstanding customer balance was $10.5 million. At September 30, 2016 no allowance for loan losses has been recognized related to the acquired impaired loans. Acquired ESB Loans The following table provides changes in accretable yield for loans acquired with deteriorated credit quality: For the Nine Months Ended (unaudited, in thousands) September 30, September 30, Balance at beginning of period $ 1,206 $ — Acquisitions 669 1,815 Reduction due to change in projected cash flows (324 ) — Reclass from non-accretable difference 1,065 — Transfers out (328 ) — Accretion (398 ) (491 ) Balance at end of period $ 1,890 $ 1,324 The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans 90 Days 90 Days or More 30-59 Days 60-89 Days or More Total Total Past Due and (unaudited, in thousands) Current Past Due Past Due Past Due Past Due Loans Accruing (1) As of September 30, 2016 Commercial real estate: Land and construction $ 493,600 $ 247 $ 145 $ 211 $ 603 $ 494,203 $ — Improved property 2,321,923 3,369 599 6,540 10,508 2,332,431 — Total commercial real estate 2,815,523 3,616 744 6,751 11,111 2,826,634 — Commercial and industrial 1,093,437 1,071 1,585 1,695 4,351 1,097,788 46 Residential real estate 1,379,216 2,224 4,153 10,293 16,670 1,395,886 1,482 Home equity 499,983 2,429 467 2,490 5,386 505,369 413 Consumer 406,284 3,276 896 719 4,891 411,175 451 Total portfolio loans 6,194,443 12,616 7,845 21,948 42,409 6,236,852 2,392 Loans held for sale 20,231 — — — — 20,231 — Total loans $ 6,214,674 $ 12,616 $ 7,845 $ 21,948 $ 42,409 $ 6,257,083 $ 2,392 Impaired loans included above are as follows: Non-accrual loans $ 8,781 $ 1,338 $ 1,364 $ 19,173 $ 21,875 $ 30,656 TDRs accruing interest (1) 8,032 121 69 383 573 8,605 Total impaired $ 16,813 $ 1,459 $ 1,433 $ 19,556 $ 22,448 $ 39,261 As of December 31, 2015 Commercial real estate: Land and construction $ 344,184 $ — $ — $ 564 $ 564 $ 344,748 $ — Improved property 1,901,466 909 1,097 8,161 10,167 1,911,633 — Total commercial real estate 2,245,650 909 1,097 8,725 10,731 2,256,381 — Commercial and industrial 734,660 298 714 2,206 3,218 737,878 33 Residential real estate 1,234,839 1,389 2,871 8,701 12,961 1,247,800 2,159 Home equity 412,450 2,252 314 1,873 4,439 416,889 407 Consumer 401,242 4,115 764 773 5,652 406,894 527 Total portfolio loans 5,028,841 8,963 5,760 22,278 37,001 5,065,842 3,126 Loans held for sale 7,899 — — — — 7,899 — Total loans $ 5,036,740 $ 8,963 $ 5,760 $ 22,278 $ 37,001 $ 5,073,741 $ 3,126 Impaired loans included above are as follows: Non-accrual loans $ 11,349 $ 943 $ 2,147 $ 18,942 $ 22,032 $ 33,381 TDRs accruing interest (1) 10,710 390 238 210 838 11,548 Total impaired $ 22,059 $ 1,333 $ 2,385 $ 19,152 $ 22,870 $ 44,929 (1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. The following tables summarize impaired loans: Impaired Loans September 30, 2016 December 31, 2015 (unaudited, in thousands) Unpaid (1) Recorded Related Unpaid (1) Recorded Related With no related specific allowance recorded: Commercial real estate: Land and construction $ 858 $ 670 $ — $ 2,126 $ 1,990 $ — Improved property 11,061 7,642 — 14,817 10,559 — Commercial and industrial 4,552 3,368 — 4,263 3,481 — Residential real estate 20,443 18,727 — 18,560 16,688 — Home equity 4,266 3,697 — 3,562 3,033 — Consumer 1,008 839 — 1,603 1,294 — Total impaired loans without a specific allowance 42,188 34,943 — 44,931 37,045 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 3,012 3,012 504 3,012 3,012 668 Commercial and industrial 4,910 1,306 356 6,176 4,872 853 Total impaired loans with a specific allowance 7,922 4,318 860 9,188 7,884 1,521 Total impaired loans $ 50,110 $ 39,261 $ 860 $ 54,119 $ 44,929 $ 1,521 (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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 (unaudited, in thousands) Average Interest Average Interest Average Interest Average Interest With no related specific allowance recorded: Commercial real estate: Land and construction $ 701 $ — $ 2,414 $ 12 $ 1,062 $ — $ 2,198 $ 30 Improved Property 8,403 28 19,118 245 9,408 86 18,850 708 Commercial and industrial 3,172 2 3,193 37 3,246 7 2,854 99 Residential real estate 17,013 81 17,508 200 16,882 256 18,173 665 Home equity 3,613 4 3,153 34 3,381 16 2,896 75 Consumer 814 — 1,142 27 953 6 1,176 73 Total impaired loans without a specific allowance 33,716 115 46,528 555 34,932 371 46,147 1,650 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved Property 3,012 — 6,011 (56 ) 3,012 — 6,617 — Commercial and industrial 2,678 — 4,707 63 3,700 — 3,256 200 Total impaired loans with a specific allowance 5,690 — 10,718 7 6,712 — 9,873 200 Total impaired loans $ 39,406 $ 115 $ 57,246 $ 562 $ 41,644 $ 371 $ 56,020 $ 1,850 The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1)(2) (unaudited, in thousands) September 30, December 31, Commercial real estate: Land and construction $ 670 $ 1,023 Improved property 8,999 11,507 Total commercial real estate 9,669 12,530 Commercial and industrial 4,516 8,148 Residential real estate 12,524 9,461 Home equity 3,207 2,391 Consumer 740 851 Total $ 30,656 $ 33,381 (1) At September 30, 2016, there were two borrowers with loans greater than $1.0 million and three at December 31, 2015. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. (2) At September 30, 2016, non-accrual loans include $2.7 million of loans acquired from YCB with deteriorated credit quality. TDRs September 30, 2016 December 31, 2015 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ 10 $ 10 $ 967 $ 431 $ 1,398 Improved property 1,655 927 2,582 2,064 1,442 3,506 Total commercial real estate 1,655 937 2,592 3,031 1,873 4,904 Commercial and industrial 158 172 330 205 282 487 Residential real estate 6,203 2,136 8,339 7,227 2,060 9,287 Home equity 490 319 809 642 218 860 Consumer 99 195 294 443 184 627 Total $ 8,605 $ 3,759 $ 12,364 $ 11,548 $ 4,617 $ 16,165 As of September 30, 2016, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than three months. WesBanco had no unfunded commitments to debtors whose loans were classified as impaired as of September 30, 2016 and $0.2 million as of December 31, 2015. The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2016 and 2015, respectively: New TDRs (1) For the Three Months Ended September 30, 2016 September 30, 2015 (unaudited, dollars in thousands) Number of Pre- Modification Investment Post- Modification Investment Number of Pre- Modification Investment Post- Modification Investment Commercial real estate: Land and construction — $ — $ — 1 $ 13 $ 12 Improved Property — — — — — — Total commercial real estate — — — 1 13 12 Commercial and industrial 2 125 122 — — — Residential real estate 2 124 122 — — — Home equity — — — — — — Consumer 4 26 23 — — — Total 8 $ 275 $ 267 1 $ 13 $ 12 (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 Nine Months Ended September 30, 2016 September 30, 2015 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 — $ — $ — 2 $ 128 $ 119 Improved Property — — — 2 835 472 Total commercial real estate — — — 4 963 591 Commercial and industrial 2 125 122 — — — Residential real estate 3 150 143 7 454 435 Home equity 1 44 41 1 7 6 Consumer 10 70 54 2 19 14 Total 16 $ 389 $ 360 14 $ 1,443 $ 1,046 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2016 and 2015, respectively, that were restructured within the last twelve months prior to September 30, 2016 and 2015, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2016 September 30, 2015 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 1 40 — — Residential real estate — — — — Home equity — — 1 42 Consumer — — 1 20 Total 1 $ 40 2 $ 62 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of September, 2016 and 2015, respectively. TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection. None of the loans in the table above were accruing interest. The following table summarizes other real estate owned and repossessed assets included in other assets: September 30, December 31, (unaudited, in thousands) 2016 2015 Other real estate owned $ 9,613 $ 5,669 Repossessed assets 181 156 Total other real estate owned and repossessed assets $ 9,794 $ 5,825 At September 30, 2016, other real estate owned includes $3.0 million from the YCB acquisition. Residential real estate included in other real estate owned at September 30, 2016 and December 31, 2015 was $2.5 million and $2.0 million, respectively. At September 30, 2016 and December 31, 2015, formal foreclosure proceedings were in process on residential real estate loans totaling $5.4 million and $4.1 million, respectively. |
Pension Plan
Pension Plan | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, September 30, (unaudited, in thousands) 2016 2015 2016 2015 Service cost – benefits earned during year $ 703 $ 846 $ 2,095 $ 2,509 Interest cost on projected benefit obligation 1,280 1,228 3,813 3,643 Expected return on plan assets (1,940 ) (1,950 ) (5,778 ) (5,785 ) Amortization of prior service cost 8 7 20 19 Amortization of net loss 759 801 2,261 2,378 Net periodic pension cost $ 810 $ 932 $ 2,411 $ 2,764 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 $0.6 million is due for 2016 which could be all or partially offset by the Plan’s $39.1 million available credit balance. A voluntary contribution of $3.8 million was made in June 2016. On September 9, 2016, WesBanco assumed YCB’s obligation for a predecessor bank’s participation in the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra Plan”). The participating employer plan has been frozen to new participants since 2002. WesBanco intends to spin off the assets from the Pentegra Plan during the fourth quarter of 2016, contributing approximately $3.3 million to satisfy the estimated final costs to do so. This estimated spin off will have no impact on earnings as the liability was included in YCB’s balance sheet as of the acquisition date. The distributed assets from the Pentegra Plan will be transferred to a plan providing substantially the same benefits to participants. WesBanco also assumed YCB’s single employer pension plan that was amended in 1997 such that there could be no new participants or increases to existing participants. The net periodic pension cost was less than $10 thousand as of September 30, 2016. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
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: Investment securities: Derivatives: WesBanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity and uses observable market based inputs, including interest rate curves and implied volatilities. WesBanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. We may be required from time to time to measure certain assets and liabilities 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 and liabilities. Impaired loans: Other real estate owned and repossessed assets: Loans held for sale: Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. 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 September 30, 2016 and December 31, 2015: September 30, 2016 Fair Value Measurements Using: September 30, 2016 Quoted Prices in Significant Other Significant Investments (unaudited, in thousands) (level 1) (level 2) (level 3) Value Recurring fair value measurements Trading securities $ 7,070 $ 5,966 $ — $ — $ 1,104 Securities - available-for-sale Obligations of government agencies 63,371 — 63,371 — — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,086,916 — 1,086,916 — — Obligations of state and political subdivisions 111,265 — 111,265 — — Corporate debt securities 35,523 — 35,523 — — Equity securities 4,954 3,023 1,931 — — Total securities - available-for-sale $ 1,302,029 $ 3,023 $ 1,299,006 $ — $ — Other assets - interest rate derivatives agreements $ 7,510 $ — $ 7,510 $ — $ — Total assets recurring fair value measurements $ 1,316,609 $ 8,989 $ 1,306,516 $ — $ 1,104 Other liabilities - interest rate derivatives agreements $ 7,758 $ — $ 7,758 $ — $ — Total liabilities recurring fair value measurements $ 7,758 $ — $ 7,758 $ — $ — Nonrecurring fair value measurements Impaired loans $ 3,458 $ — $ — $ 3,458 $ — Other real estate owned and repossessed assets 9,794 — — 9,794 — Loans held for sale 20,231 — 20,231 — — Total nonrecurring fair value measurements $ 33,483 $ — $ 20,231 $ 13,252 $ — December 31, 2015 Fair Value Measurements Using: December 31, 2015 Quoted Prices in Significant Other Significant Investments (unaudited, in thousands) (level 1) (level 2) (level 3) Value Recurring fair value measurements Trading securities $ 6,451 $ 5,226 $ — $ — $ 1,225 Securities - available-for-sale Obligations of government agencies 83,505 — 83,505 — — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,176,080 — 1,176,080 — — Obligations of state and political subdivisions 80,265 — 80,265 — — Corporate debt securities 58,593 — 58,593 — — Equity securities 4,626 2,735 1,891 — — Total securities - available-for-sale $ 1,403,069 $ 2,735 $ 1,400,334 $ — $ — Other assets - interest rate derivatives agreements $ 1,893 $ — $ 1,893 $ — $ — Total assets recurring fair value measurements $ 1,411,413 $ 7,961 $ 1,402,227 $ — $ 1,225 Other liabilities - interest rate derivatives agreements $ 1,991 $ — $ 1,991 $ — $ — Total liabilities recurring fair value measurements $ 1,991 $ — $ 1,991 $ — $ — Nonrecurring fair value measurements Impaired loans $ 6,363 $ — $ — $ 6,363 $ — Other real estate owned and repossessed assets 5,825 — — 5,825 — Loans held for sale 7,899 — 7,899 — — Total nonrecurring fair value measurements $ 20,087 $ — $ 7,899 $ 12,188 $ — 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 nine months ended September 30, 2016 or for the year ended December 31, 2015. 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 Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) September 30, 2016: Impaired loans $ 3,458 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (80.9%) / (53.1%) Liquidation expenses (2) (1.0%) to (8.0%) / (3.4%) Other real estate owned and repossessed assets 9,794 Appraisal of collateral (1), (3) December 31, 2015: Impaired loans $ 6,363 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (40.6%) / (25.1%) Liquidation expenses (2) (3.0%) to (8.0%) / (6.7%) Other real estate owned and repossessed assets 5,825 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: September 30, 2016 (unaudited, in thousands) Carrying Fair Value Quoted Prices in (level 1) Significant Other (level 2) Significant (level 3) Investments Financial Assets Cash and due from banks $ 116,132 $ 116,132 $ 116,132 $ — $ — $ — Trading securities 7,070 7,070 5,966 — — 1,104 Securities available-for-sale 1,302,029 1,302,029 3,023 1,299,006 — — Securities held-to-maturity 1,049,093 1,089,227 — 1,088,556 671 — Net loans 6,194,097 6,152,078 — — 6,152,078 — Loans held for sale 20,231 20,231 — 20,231 — — Other assets - interest rate derivatives 7,510 7,510 — 7,510 Accrued interest receivable 29,964 29,964 29,964 — — — Financial Liabilities Deposits 7,134,511 7,142,550 5,560,799 1,581,751 — — Federal Home Loan Bank borrowings 950,847 949,818 — 949,818 — — Other borrowings 132,497 132,496 77,623 54,873 — — Subordinated debt and junior subordinated debt 163,364 136,432 — 136,432 — — Other liabilities - interest rate derivatives 7,758 7,758 — 7,758 Accrued interest payable 2,898 2,898 2,898 — — — Fair Value Measurements at December 31, 2015 (unaudited, in thousands) Carrying Fair Value Quoted Prices in (level 1) Significant Other (level 2) Significant (level 3) Investments Financial Assets Cash and due from banks $ 86,685 $ 86,685 $ 86,685 $ — $ — $ — Trading securities 6,451 6,451 5,226 — — 1,225 Securities available-for-sale 1,403,069 1,403,069 2,735 1,400,334 — — Securities held-to-maturity 1,012,930 1,038,207 — 1,037,490 717 — Net loans 5,024,132 4,936,236 — — 4,936,236 — Loans held for sale 7,899 7,899 — 7,899 — — Other assets - interest rate derivatives 1,893 1,893 — 1,893 Accrued interest receivable 25,759 25,759 25,759 — — — Financial Liabilities Deposits 6,066,299 6,075,433 4,508,461 1,566,972 — — Federal Home Loan Bank borrowings 1,041,750 1,041,752 — 1,041,752 — — Other borrowings 81,356 81,361 78,682 2,679 — — Junior subordinated debt 106,196 79,681 — 79,681 — — Other liabilities - interest rate derivatives 1,991 1,991 — 1,991 Accrued interest payable 1,715 1,715 1,715 — — — 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: . Deposits: Federal Home Loan Bank borrowings: Other borrowings: Subordinated debt and junior subordinated debt: Accrued interest payable: Off-balance sheet financial instruments: |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Comprehensive Income | NOTE 8. COMPREHENSIVE INCOME The activity in accumulated other comprehensive income for the nine months ended September 30, 2016 and 2015 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) Unrealized Gains Defined Unrealized on Securities Benefit Gains (Losses) Transferred from Pension on Securities Available-for-Sale (unaudited, in thousands) Plan Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2015 $ (17,539 ) $ (4,162 ) $ 747 $ (20,954 ) Other comprehensive income before reclassifications — 16,065 — 16,065 Amounts reclassified from accumulated other comprehensive income 1,407 (1,428 ) (152 ) (173 ) Period change 1,407 14,637 (152 ) 15,892 Balance at September 30, 2016 $ (16,132 ) $ 10,475 $ 595 $ (5,062 ) Balance at December 31, 2014 $ (22,776 ) $ 2,892 $ 1,059 $ (18,825 ) Other comprehensive income before reclassifications — 3,105 — 3,105 Amounts reclassified from accumulated other comprehensive income 1,493 (20 ) (199 ) 1,274 Period change 1,493 3,085 (199 ) 4,379 Balance at September 30, 2015 $ (21,283 ) $ 5,977 $ 860 $ (14,446 ) (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 nine months ended September 30, 2016 and 2015: Details about Accumulated Other Comprehensive Income For the Three For the Nine Months Ended Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2016 2015 2016 2015 Securities available-for-sale (1) Net securities gains reclassified into earnings $ (579 ) $ (11 ) $ (2,251 ) $ (32 ) Net securities gains (Non-interest income) Related income tax expense 211 4 823 12 Provision for income taxes Net effect on accumulated other comprehensive income for the period (368 ) (7 ) (1,428 ) (20 ) Securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (77 ) (104 ) (242 ) (317 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 28 38 90 118 Provision for income taxes Net effect on accumulated other comprehensive income for the period (49 ) (66 ) (152 ) (199 ) Defined benefit pension plan (2) Amortization of net loss and prior service costs 766 808 2,280 2,397 Employee benefits (Non-interest expense) Related income tax benefit (280 ) (296 ) (873 ) (904 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 486 512 1,407 1,493 Total reclassifications for the period $ 69 $ 439 $ (173 ) $ 1,274 (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 | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015. Contingent obligations to purchase loans funded by other entities include affordable housing plan guarantees, credit card guarantees and mortgages sold into the secondary market with recourse. 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. Certain mortgages sold with recourse obligate WesBanco to repurchase mortgages sold if the borrower exceeds certain delinquency metrics within the first year. The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: September 30, December 31, (unaudited, in thousands) 2016 2015 Lines of credit $ 1,404,726 $ 1,159,769 Loans approved but not closed 150,864 234,599 Overdraft limits 127,277 106,252 Letters of credit 26,544 27,408 Contingent obligations to purchase loans funded by other entities 17,324 18,079 Contingent Liabilities — |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
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 $3.7 billion at September 30, 2016 and 2015. 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: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For the Three Months ended September 30, 2016: Interest income $ 70,092 $ — $ 70,092 Interest expense 8,066 — 8,066 Net interest income 62,026 — 62,026 Provision for credit losses 2,214 — 2,214 Net interest income after provision for credit losses 59,812 — 59,812 Non-interest income 15,604 5,413 21,017 Non-interest expense 54,569 3,032 57,601 Income before provision for income taxes 20,847 2,381 23,228 Provision for income taxes 4,841 952 5,793 Net income $ 16,006 $ 1,429 $ 17,435 For the Three Months ended September 30, 2015: Interest income $ 66,935 $ — $ 66,935 Interest expense 6,326 — 6,326 Net interest income 60,609 — 60,609 Provision for credit losses 1,798 — 1,798 Net interest income after provision for credit losses 58,811 — 58,811 Non-interest income 13,060 5,126 18,186 Non-interest expense 44,039 2,942 46,981 Income before provision for income taxes 27,832 2,184 30,016 Provision for income taxes 6,894 874 7,768 Net income $ 20,938 $ 1,310 $ 22,248 For the Nine Months ended September 30, 2016: Interest income $ 205,278 $ — $ 205,278 Interest expense 23,637 — 23,637 Net interest income 181,641 — 181,641 Provision for credit losses 6,350 — 6,350 Net interest income after provision for credit losses 175,291 — 175,291 Non-interest income 43,841 16,160 60,001 Non-interest expense 141,029 9,274 150,303 Income before provision for income taxes 78,103 6,886 84,989 Provision for income taxes 19,818 2,754 22,572 Net income $ 58,285 $ 4,132 $ 62,417 For the Nine Months ended September 30, 2015: Interest income $ 194,052 $ — $ 194,052 Interest expense 17,685 — 17,685 Net interest income 176,367 — 176,367 Provision for credit losses 5,768 — 5,768 Net interest income after provision for credit losses 170,599 — 170,599 Non-interest income 37,785 16,655 54,440 Non-interest expense 137,903 9,126 147,029 Income before provision for income taxes 70,481 7,529 78,010 Provision for income taxes 17,238 3,012 20,250 Net income $ 53,243 $ 4,517 $ 57,760 Total non-fiduciary assets of the trust and investment services segment were $3.1 million and $3.6 million at September 30, 2016 and 2015, 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) | 9 Months Ended |
Sep. 30, 2016 | |
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 2015 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 June 2016, the FASB issued ASU 2016-13 that will require entities to use a new forward-looking “expected loss” model on trade and other receivables, held-to-maturity debt securities, loans and other instruments that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Entities will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which for WesBanco will be effective for the fiscal year beginning January 1, 2020. Early adoption is permitted for fiscal years beginning after December 15, 2018. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09 that will require all excess income tax benefits or tax deficiencies of stock awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-07 that eliminates the requirement to retrospectively apply the equity method in previous periods when an investor initially obtains significant influence over an investee. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016, and requires prospective adoption. 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 2016, the FASB issued ASU 2016-02 that will require entities to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The principal difference from previous guidance is that the lease assets and lease liabilities arising from operating leases were not previously recognized in the balance sheet. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. WesBanco is currently evaluating the impact of the adoption of this pronouncement on its Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 that will require entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The standard does not change the guidance for classifying and measuring investments in debt securities and loans. Entities will have to record changes in instrument-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material impact on WesBanco’s Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16 which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The acquirer still must disclose the amounts and reasons for adjustments to the provisional amounts. The acquirer also must disclose, by line item, the amount of the adjustment reflected in the current-period income statement that would have been recognized in previous periods if the adjustment to provisional amounts had been recognized as of the acquisition date. Alternatively, an acquirer may present those amounts separately on the face of the income statement. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2015, including interim periods with those fiscal years. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. In May 2015, the FASB issued ASU 2015-07 related to disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). This update removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and modifies certain disclosure requirements. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, and requires retrospective adoption. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. 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. The adoption of this pronouncement did not 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. 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 was 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. In March 2016, the FASB issued ASU 2016-08 which amends the principal versus agent guidance in the revenue standard. In April 2016, the FASB issued ASU 2016-10 which clarifies when promised goods or services are separately identifiable in the revenue standard. In May 2016, the FASB issued ASU 2016-12 which provided narrow-scope improvements and practical expedients to the revenue standard. 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) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Calculation of Purchase Price and Resulting Goodwill Relating to YCB Acquisition | The purchase price of the YCB acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) September 9, 2016 Purchase Price: Fair value of WesBanco shares issued $ 177,149 Cash consideration for outstanding YCB shares 43,349 Total purchase price $ 220,498 Fair value of: Tangible assets acquired $ 1,400,070 Core deposit and other intangible assets acquired 11,957 Liabilities assumed (1,330,335 ) Net cash received in the acquisition 48,212 Fair value of net assets acquired 129,904 Goodwill recognized $ 90,594 |
Summary of Fair Value of Net Assets that Wesbanco Intends to Finalize its Accounting for Acquisition of YCB | 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 YCB within one year from the date of acquisition: (unaudited, in thousands) September 9, 2016 Assets acquired Cash and due from banks $ 48,212 Securities 173,223 Loans 1,015,071 Goodwill and other intangible assets 102,551 Accrued income and other assets (1) 211,776 Total assets acquired $ 1,550,833 Liabilities assumed Deposits $ 1,193,010 Borrowings 122,817 Accrued expenses and other liabilities 14,508 Total liabilities assumed 1,330,335 Net assets acquired $ 220,498 (1) Includes receivables of $105.8 million from the sale of available-for-sale securities prior to the acquisition date. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended (unaudited, in thousands, except shares and per share amounts) 2016 2015 2016 2015 Numerator for both basic and diluted earnings per common share: Net income $ 17,435 $ 22,248 $ 62,417 $ 57,760 Denominator: Total average basic common shares outstanding 39,715,516 38,523,593 38,828,618 37,144,783 Effect of dilutive stock options and other stock compensation 27,775 33,402 26,835 59,331 Total diluted average common shares outstanding 39,743,291 38,556,995 38,855,453 37,204,114 Earnings per common share – basic $ 0.44 $ 0.58 $ 1.61 $ 1.55 Earnings per common share – diluted $ 0.44 $ 0.58 $ 1.61 $ 1.55 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, 2016 December 31, 2015 (unaudited, in thousands) Amortized Gross Gross Estimated Value Amortized Gross Gross Estimated Value Available-for-sale U.S. Government sponsored entities and agencies $ 63,166 $ 267 $ (62 ) $ 63,371 $ 82,725 $ 1,183 $ (403 ) $ 83,505 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,076,309 11,680 (1,073 ) 1,086,916 1,188,256 1,720 (13,896 ) 1,176,080 Obligations of states and political subdivisions 106,676 4,673 (84 ) 111,265 76,106 4,205 (46 ) 80,265 Corporate debt securities 35,306 318 (101 ) 35,523 58,745 181 (333 ) 58,593 Total debt securities $ 1,281,457 $ 16,938 $ (1,320 ) $ 1,297,075 $ 1,405,832 $ 7,289 $ (14,678 ) $ 1,398,443 Equity securities 4,062 892 — 4,954 3,812 816 (2 ) 4,626 Total available-for-sale securities $ 1,285,519 $ 17,830 $ (1,320 ) $ 1,302,029 $ 1,409,644 $ 8,105 $ (14,680 ) $ 1,403,069 Held-to-maturity U.S. Government sponsored entities and agencies $ 14,248 $ 59 $ — $ 14,307 $ — $ — $ — $ — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 195,533 3,771 (73 ) 199,231 216,419 1,922 (2,014 ) 216,327 Obligations of states and political subdivisions 804,883 34,377 (137 ) 839,123 762,039 26,121 (726 ) 787,434 Corporate debt securities 34,429 2,172 (35 ) 36,566 34,472 237 (263 ) 34,446 Total held-to-maturity securities $ 1,049,093 $ 40,379 $ (245 ) $ 1,089,227 $ 1,012,930 $ 28,280 $ (3,003 ) $ 1,038,207 Total $ 2,334,612 $ 58,209 $ (1,565 ) $ 2,391,256 $ 2,422,574 $ 36,385 $ (17,683 ) $ 2,441,276 |
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 September 30, 2016. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date. September 30, 2016 (unaudited, in thousands) One Year One to Five to After Mortgage-backed Total Available-for-sale U.S. Government sponsored entities and agencies $ 2,002 $ 9,975 $ 27,411 $ 23,983 $ — $ 63,371 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) — — — — 1,086,916 1,086,916 Obligations of states and political subdivisions 7,034 26,866 38,059 39,306 — 111,265 Corporate debt securities — 26,378 7,211 1,934 — 35,523 Equity securities (2) — — — — 4,954 4,954 Total available-for-sale securities $ 9,036 $ 63,219 $ 72,681 $ 65,223 $ 1,091,870 $ 1,302,029 Held-to-maturity (3) U.S. Government sponsored entities and agencies $ — $ — $ — $ 14,307 $ — $ 14,307 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) — — — — 199,231 199,231 Obligations of states and political subdivisions 351 58,506 424,331 355,935 — 839,123 Corporate debt securities — 961 35,605 — — 36,566 Total held-to-maturity securities $ 351 $ 59,467 $ 459,936 $ 370,242 $ 199,231 $ 1,089,227 Total $ 9,387 $ 122,686 $ 532,617 $ 435,465 $ 1,291,101 $ 2,391,256 (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 $1.0 billion. |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Available-for-Sale and Held-to-Maturity Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity securities for the three and nine months ended September 30, 2016 and 2015, respectively. Gains and losses due to fair value fluctuations on trading securities are included in non-interest income under other income. For the Three For the Nine September 30, September 30, (unaudited, in thousands) 2016 2015 2016 2015 Gross realized gains $ 602 $ 48 $ 2,517 $ 74 Gross realized losses (4 ) (1 ) (224 ) (5 ) Net realized gains $ 598 $ 47 $ 2,293 $ 69 |
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 September 30, 2016 and December 31, 2015: September 30, 2016 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 U.S. Government sponsored entities and agencies $ 27,484 $ (62 ) 4 $ — $ — — $ 27,484 $ (62 ) 4 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 116,732 (374 ) 21 64,093 (772 ) 16 180,825 (1,146 ) 37 Obligations of states and political subdivisions 62,600 (196 ) 129 2,095 (25 ) 3 64,695 (221 ) 132 Corporate debt securities 5,977 (70 ) 2 5,958 (66 ) 2 11,935 (136 ) 4 Total temporarily impaired securities $ 212,793 $ (702 ) 156 $ 72,146 $ (863 ) 21 $ 284,939 $ (1,565 ) 177 December 31, 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 U.S. Government sponsored entities and agencies $ 49,826 $ (403 ) 11 $ — $ — — $ 49,826 $ (403 ) 11 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,003,397 (10,981 ) 187 146,182 (4,929 ) 31 1,149,579 (15,910 ) 218 Obligations of states and political subdivisions 58,705 (400 ) 76 23,691 (372 ) 29 82,396 (772 ) 105 Corporate debt securities 41,326 (541 ) 12 1,931 (55 ) 1 43,257 (596 ) 13 Equity securities 1,378 (2 ) 1 — — — 1,378 (2 ) 1 Total temporarily impaired securities $ 1,154,632 $ (12,327 ) $ 287 $ 171,804 $ (5,356 ) $ 61 $ 1,326,436 $ (17,683 ) $ 348 |
Loans and the Allowance for C22
Loans and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 and discounts on purchased loans. The deferred loan fees and costs were $0.5 million and $1.0 million at September 30, 2016 and December 31, 2015, respectively. The discounts on purchased loans from acquisitions was $25.8 million, including $12.1 million related to YCB, and $15.7 million at September 30, 2016 and December 31, 2015, respectively. (unaudited, in thousands) September 30, 2016 December 31, 2015 Commercial real estate: Land and construction $ 494,203 $ 344,748 Improved property 2,332,431 1,911,633 Total commercial real estate 2,826,634 2,256,381 Commercial and industrial 1,097,788 737,878 Residential real estate 1,395,886 1,247,800 Home equity 505,369 416,889 Consumer 411,175 406,894 Total portfolio loans 6,236,852 5,065,842 Loans held for sale 20,231 7,899 Total loans $ 6,257,083 $ 5,073,741 |
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 Nine Months Ended September 30, 2016 and 2015 (unaudited, in thousands) Commercial Real Estate- Commercial Real Estate- Property Commercial Residential Home Consumer Deposit Total Balance at December 31, 2015: Allowance for loan losses $ 4,390 $ 14,748 $ 10,002 $ 4,582 $ 2,883 $ 4,763 $ 342 $ 41,710 Allowance for loan commitments 157 26 260 7 117 46 — 613 Total beginning allowance for credit losses 4,547 14,774 10,262 4,589 3,000 4,809 342 42,323 Provision for credit losses: Provision for loan losses 498 1,351 2,827 (67 ) 301 918 559 6,387 Provision for loan commitments (5 ) — (40 ) 2 8 (2 ) — (37 ) Total provision for credit losses 493 1,351 2,787 (65 ) 309 916 559 6,350 Charge-offs (73 ) (1,732 ) (2,883 ) (529 ) (345 ) (2,733 ) (585 ) (8,880 ) Recoveries 3 1,406 241 351 171 1,199 167 3,538 Net charge-offs (70 ) (326 ) (2,642 ) (178 ) (174 ) (1,534 ) (418 ) (5,342 ) Balance at September 30, 2016: Allowance for loan losses 4,818 15,773 10,187 4,337 3,010 4,147 483 42,755 Allowance for loan commitments 152 26 220 9 125 44 — 576 Total ending allowance for credit losses $ 4,970 $ 15,799 $ 10,407 $ 4,346 $ 3,135 $ 4,191 $ 483 $ 43,331 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 (826 ) 977 2,434 325 1,320 922 441 5,593 Provision for loan commitments 9 11 137 — 19 (1 ) — 175 Total provision for credit losses (817 ) 988 2,571 325 1,339 921 441 5,768 Charge-offs — (3,964 ) (2,267 ) (1,482 ) (1,124 ) (1,968 ) (610 ) (11,415 ) Recoveries 1 661 356 472 161 968 173 2,792 Net charge-offs 1 (3,303 ) (1,911 ) (1,010 ) (963 ) (1,000 ) (437 ) (8,623 ) Balance at September 30, 2015: Allowance for loan losses 4,829 15,247 9,586 4,697 2,686 4,000 579 41,624 Allowance for loan commitments 203 21 249 9 109 39 — 630 Total ending allowance for credit losses $ 5,032 $ 15,268 $ 9,835 $ 4,706 $ 2,795 $ 4,039 $ 579 $ 42,254 |
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category: Allowance for Credit Losses and Recorded Investment in Loans Commercial Commercial Real Estate- Real Estate- Commercial Residential Land and Improved and Real Home (unaudited, in thousands) Construction Property Industrial Estate Equity Consumer Over-draft Total September 30, 2016 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 504 $ 356 $ — $ — $ — $ — $ 860 Allowance for loans collectively evaluated for impairment 4,818 15,269 9,831 4,337 3,010 4,147 483 41,895 Allowance for loan commitments 152 26 220 9 125 44 — 576 Total allowance for credit losses $ 4,970 $ 15,799 $ 10,407 $ 4,346 $ 3,135 $ 4,191 $ 483 $ 43,331 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,012 $ 1,306 $ — $ — $ — $ — $ 4,318 Collectively evaluated for impairment 492,397 2,318,863 1,096,297 1,394,558 505,342 411,154 — 6,218,611 Acquired with deteriorated credit quality 1,806 10,556 185 1,328 27 21 — 13,923 Total portfolio loans $ 494,203 $ 2,332,431 $ 1,097,788 $ 1,395,886 $ 505,369 $ 411,175 $ — $ 6,236,852 December 31, 2015 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 668 $ 853 $ — $ — $ — $ — $ 1,521 Allowance for loans collectively evaluated for impairment 4,390 14,080 9,149 4,582 2,883 4,763 342 40,189 Allowance for loan commitments 157 26 260 7 117 46 — 613 Total allowance for credit losses $ 4,547 $ 14,774 $ 10,262 $ 4,589 $ 3,000 $ 4,809 $ 342 $ 42,323 Portfolio loans: Individually evaluated for impairment (1) $ — $ 4,031 $ 4,872 $ — $ — $ — $ — $ 8,903 Collectively evaluated for impairment 343,832 1,899,738 732,957 1,247,639 416,862 406,622 — 5,047,650 Acquired with deteriorated credit quality 916 7,864 49 161 27 272 — 9,289 Total portfolio loans $ 344,748 $ 1,911,633 $ 737,878 $ 1,247,800 $ 416,889 $ 406,894 $ — $ 5,065,842 (1) Commercial loans greater than $1 million that are reported as non-accrual or as a troubled debt restructuring (“TDR”) are individually evaluated for impairment. |
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade Commercial Commercial Real Estate- Real Estate- Total Land and Improved Commercial Commercial (unaudited, in thousands) Construction Property & Industrial Loans As of September 30, 2016 Pass $ 484,719 $ 2,278,289 $ 1,073,037 $ 3,836,045 Criticized - compromised 6,537 18,039 10,892 35,468 Classified - substandard 2,947 36,103 13,859 52,909 Classified - doubtful — — — — Total $ 494,203 $ 2,332,431 $ 1,097,788 $ 3,924,422 As of December 31, 2015 Pass $ 335,989 $ 1,864,986 $ 713,578 $ 2,914,553 Criticized - compromised 5,527 10,911 9,860 26,298 Classified - substandard 3,232 35,736 14,440 53,408 Classified - doubtful — — — — Total $ 344,748 $ 1,911,633 $ 737,878 $ 2,994,259 |
Summary of Changes in Accretable Yield for Loans Acquired with Deteriorated Credit Quality | The following table provides changes in accretable yield for loans acquired with deteriorated credit quality: For the Nine Months Ended (unaudited, in thousands) September 30, September 30, Balance at beginning of period $ 1,206 $ — Acquisitions 669 1,815 Reduction due to change in projected cash flows (324 ) — Reclass from non-accretable difference 1,065 — Transfers out (328 ) — Accretion (398 ) (491 ) Balance at end of period $ 1,890 $ 1,324 |
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans 90 Days 90 Days or More 30-59 Days 60-89 Days or More Total Total Past Due and (unaudited, in thousands) Current Past Due Past Due Past Due Past Due Loans Accruing (1) As of September 30, 2016 Commercial real estate: Land and construction $ 493,600 $ 247 $ 145 $ 211 $ 603 $ 494,203 $ — Improved property 2,321,923 3,369 599 6,540 10,508 2,332,431 — Total commercial real estate 2,815,523 3,616 744 6,751 11,111 2,826,634 — Commercial and industrial 1,093,437 1,071 1,585 1,695 4,351 1,097,788 46 Residential real estate 1,379,216 2,224 4,153 10,293 16,670 1,395,886 1,482 Home equity 499,983 2,429 467 2,490 5,386 505,369 413 Consumer 406,284 3,276 896 719 4,891 411,175 451 Total portfolio loans 6,194,443 12,616 7,845 21,948 42,409 6,236,852 2,392 Loans held for sale 20,231 — — — — 20,231 — Total loans $ 6,214,674 $ 12,616 $ 7,845 $ 21,948 $ 42,409 $ 6,257,083 $ 2,392 Impaired loans included above are as follows: Non-accrual loans $ 8,781 $ 1,338 $ 1,364 $ 19,173 $ 21,875 $ 30,656 TDRs accruing interest (1) 8,032 121 69 383 573 8,605 Total impaired $ 16,813 $ 1,459 $ 1,433 $ 19,556 $ 22,448 $ 39,261 As of December 31, 2015 Commercial real estate: Land and construction $ 344,184 $ — $ — $ 564 $ 564 $ 344,748 $ — Improved property 1,901,466 909 1,097 8,161 10,167 1,911,633 — Total commercial real estate 2,245,650 909 1,097 8,725 10,731 2,256,381 — Commercial and industrial 734,660 298 714 2,206 3,218 737,878 33 Residential real estate 1,234,839 1,389 2,871 8,701 12,961 1,247,800 2,159 Home equity 412,450 2,252 314 1,873 4,439 416,889 407 Consumer 401,242 4,115 764 773 5,652 406,894 527 Total portfolio loans 5,028,841 8,963 5,760 22,278 37,001 5,065,842 3,126 Loans held for sale 7,899 — — — — 7,899 — Total loans $ 5,036,740 $ 8,963 $ 5,760 $ 22,278 $ 37,001 $ 5,073,741 $ 3,126 Impaired loans included above are as follows: Non-accrual loans $ 11,349 $ 943 $ 2,147 $ 18,942 $ 22,032 $ 33,381 TDRs accruing interest (1) 10,710 390 238 210 838 11,548 Total impaired $ 22,059 $ 1,333 $ 2,385 $ 19,152 $ 22,870 $ 44,929 (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 September 30, 2016 December 31, 2015 (unaudited, in thousands) Unpaid (1) Recorded Related Unpaid (1) Recorded Related With no related specific allowance recorded: Commercial real estate: Land and construction $ 858 $ 670 $ — $ 2,126 $ 1,990 $ — Improved property 11,061 7,642 — 14,817 10,559 — Commercial and industrial 4,552 3,368 — 4,263 3,481 — Residential real estate 20,443 18,727 — 18,560 16,688 — Home equity 4,266 3,697 — 3,562 3,033 — Consumer 1,008 839 — 1,603 1,294 — Total impaired loans without a specific allowance 42,188 34,943 — 44,931 37,045 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 3,012 3,012 504 3,012 3,012 668 Commercial and industrial 4,910 1,306 356 6,176 4,872 853 Total impaired loans with a specific allowance 7,922 4,318 860 9,188 7,884 1,521 Total impaired loans $ 50,110 $ 39,261 $ 860 $ 54,119 $ 44,929 $ 1,521 (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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 (unaudited, in thousands) Average Interest Average Interest Average Interest Average Interest With no related specific allowance recorded: Commercial real estate: Land and construction $ 701 $ — $ 2,414 $ 12 $ 1,062 $ — $ 2,198 $ 30 Improved Property 8,403 28 19,118 245 9,408 86 18,850 708 Commercial and industrial 3,172 2 3,193 37 3,246 7 2,854 99 Residential real estate 17,013 81 17,508 200 16,882 256 18,173 665 Home equity 3,613 4 3,153 34 3,381 16 2,896 75 Consumer 814 — 1,142 27 953 6 1,176 73 Total impaired loans without a specific allowance 33,716 115 46,528 555 34,932 371 46,147 1,650 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved Property 3,012 — 6,011 (56 ) 3,012 — 6,617 — Commercial and industrial 2,678 — 4,707 63 3,700 — 3,256 200 Total impaired loans with a specific allowance 5,690 — 10,718 7 6,712 — 9,873 200 Total impaired loans $ 39,406 $ 115 $ 57,246 $ 562 $ 41,644 $ 371 $ 56,020 $ 1,850 |
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)(2) (unaudited, in thousands) September 30, December 31, Commercial real estate: Land and construction $ 670 $ 1,023 Improved property 8,999 11,507 Total commercial real estate 9,669 12,530 Commercial and industrial 4,516 8,148 Residential real estate 12,524 9,461 Home equity 3,207 2,391 Consumer 740 851 Total $ 30,656 $ 33,381 (1) At September 30, 2016, there were two borrowers with loans greater than $1.0 million and three at December 31, 2015. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. (2) At September 30, 2016, non-accrual loans include $2.7 million of loans acquired from YCB with deteriorated credit quality. TDRs September 30, 2016 December 31, 2015 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ 10 $ 10 $ 967 $ 431 $ 1,398 Improved property 1,655 927 2,582 2,064 1,442 3,506 Total commercial real estate 1,655 937 2,592 3,031 1,873 4,904 Commercial and industrial 158 172 330 205 282 487 Residential real estate 6,203 2,136 8,339 7,227 2,060 9,287 Home equity 490 319 809 642 218 860 Consumer 99 195 294 443 184 627 Total $ 8,605 $ 3,759 $ 12,364 $ 11,548 $ 4,617 $ 16,165 |
Loans Identified as TDRs | The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2016 and 2015, respectively: New TDRs (1) For the Three Months Ended September 30, 2016 September 30, 2015 (unaudited, dollars in thousands) Number of Pre- Modification Investment Post- Modification Investment Number of Pre- Modification Investment Post- Modification Investment Commercial real estate: Land and construction — $ — $ — 1 $ 13 $ 12 Improved Property — — — — — — Total commercial real estate — — — 1 13 12 Commercial and industrial 2 125 122 — — — Residential real estate 2 124 122 — — — Home equity — — — — — — Consumer 4 26 23 — — — Total 8 $ 275 $ 267 1 $ 13 $ 12 (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 Nine Months Ended September 30, 2016 September 30, 2015 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 — $ — $ — 2 $ 128 $ 119 Improved Property — — — 2 835 472 Total commercial real estate — — — 4 963 591 Commercial and industrial 2 125 122 — — — Residential real estate 3 150 143 7 454 435 Home equity 1 44 41 1 7 6 Consumer 10 70 54 2 19 14 Total 16 $ 389 $ 360 14 $ 1,443 $ 1,046 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. |
TDRs Defaulted Later Restructured | The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2016 and 2015, respectively, that were restructured within the last twelve months prior to September 30, 2016 and 2015, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2016 September 30, 2015 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 1 40 — — Residential real estate — — — — Home equity — — 1 42 Consumer — — 1 20 Total 1 $ 40 2 $ 62 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of September, 2016 and 2015, 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: September 30, December 31, (unaudited, in thousands) 2016 2015 Other real estate owned $ 9,613 $ 5,669 Repossessed assets 181 156 Total other real estate owned and repossessed assets $ 9,794 $ 5,825 |
Pension Plan (Tables)
Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, September 30, (unaudited, in thousands) 2016 2015 2016 2015 Service cost – benefits earned during year $ 703 $ 846 $ 2,095 $ 2,509 Interest cost on projected benefit obligation 1,280 1,228 3,813 3,643 Expected return on plan assets (1,940 ) (1,950 ) (5,778 ) (5,785 ) Amortization of prior service cost 8 7 20 19 Amortization of net loss 759 801 2,261 2,378 Net periodic pension cost $ 810 $ 932 $ 2,411 $ 2,764 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015: September 30, 2016 Fair Value Measurements Using: September 30, 2016 Quoted Prices in Significant Other Significant Investments (unaudited, in thousands) (level 1) (level 2) (level 3) Value Recurring fair value measurements Trading securities $ 7,070 $ 5,966 $ — $ — $ 1,104 Securities - available-for-sale Obligations of government agencies 63,371 — 63,371 — — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,086,916 — 1,086,916 — — Obligations of state and political subdivisions 111,265 — 111,265 — — Corporate debt securities 35,523 — 35,523 — — Equity securities 4,954 3,023 1,931 — — Total securities - available-for-sale $ 1,302,029 $ 3,023 $ 1,299,006 $ — $ — Other assets - interest rate derivatives agreements $ 7,510 $ — $ 7,510 $ — $ — Total assets recurring fair value measurements $ 1,316,609 $ 8,989 $ 1,306,516 $ — $ 1,104 Other liabilities - interest rate derivatives agreements $ 7,758 $ — $ 7,758 $ — $ — Total liabilities recurring fair value measurements $ 7,758 $ — $ 7,758 $ — $ — Nonrecurring fair value measurements Impaired loans $ 3,458 $ — $ — $ 3,458 $ — Other real estate owned and repossessed assets 9,794 — — 9,794 — Loans held for sale 20,231 — 20,231 — — Total nonrecurring fair value measurements $ 33,483 $ — $ 20,231 $ 13,252 $ — December 31, 2015 Fair Value Measurements Using: December 31, 2015 Quoted Prices in Significant Other Significant Investments (unaudited, in thousands) (level 1) (level 2) (level 3) Value Recurring fair value measurements Trading securities $ 6,451 $ 5,226 $ — $ — $ 1,225 Securities - available-for-sale Obligations of government agencies 83,505 — 83,505 — — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,176,080 — 1,176,080 — — Obligations of state and political subdivisions 80,265 — 80,265 — — Corporate debt securities 58,593 — 58,593 — — Equity securities 4,626 2,735 1,891 — — Total securities - available-for-sale $ 1,403,069 $ 2,735 $ 1,400,334 $ — $ — Other assets - interest rate derivatives agreements $ 1,893 $ — $ 1,893 $ — $ — Total assets recurring fair value measurements $ 1,411,413 $ 7,961 $ 1,402,227 $ — $ 1,225 Other liabilities - interest rate derivatives agreements $ 1,991 $ — $ 1,991 $ — $ — Total liabilities recurring fair value measurements $ 1,991 $ — $ 1,991 $ — $ — Nonrecurring fair value measurements Impaired loans $ 6,363 $ — $ — $ 6,363 $ — Other real estate owned and repossessed assets 5,825 — — 5,825 — Loans held for sale 7,899 — 7,899 — — Total nonrecurring fair value measurements $ 20,087 $ — $ 7,899 $ 12,188 $ — |
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 Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) September 30, 2016: Impaired loans $ 3,458 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (80.9%) / (53.1%) Liquidation expenses (2) (1.0%) to (8.0%) / (3.4%) Other real estate owned and repossessed assets 9,794 Appraisal of collateral (1), (3) December 31, 2015: Impaired loans $ 6,363 Appraisal of collateral (1) Appraisal adjustments (2) 0% to (40.6%) / (25.1%) Liquidation expenses (2) (3.0%) to (8.0%) / (6.7%) Other real estate owned and repossessed assets 5,825 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: September 30, 2016 (unaudited, in thousands) Carrying Fair Value Quoted Prices in (level 1) Significant Other (level 2) Significant (level 3) Investments Financial Assets Cash and due from banks $ 116,132 $ 116,132 $ 116,132 $ — $ — $ — Trading securities 7,070 7,070 5,966 — — 1,104 Securities available-for-sale 1,302,029 1,302,029 3,023 1,299,006 — — Securities held-to-maturity 1,049,093 1,089,227 — 1,088,556 671 — Net loans 6,194,097 6,152,078 — — 6,152,078 — Loans held for sale 20,231 20,231 — 20,231 — — Other assets - interest rate derivatives 7,510 7,510 — 7,510 Accrued interest receivable 29,964 29,964 29,964 — — — Financial Liabilities Deposits 7,134,511 7,142,550 5,560,799 1,581,751 — — Federal Home Loan Bank borrowings 950,847 949,818 — 949,818 — — Other borrowings 132,497 132,496 77,623 54,873 — — Subordinated debt and junior subordinated debt 163,364 136,432 — 136,432 — — Other liabilities - interest rate derivatives 7,758 7,758 — 7,758 Accrued interest payable 2,898 2,898 2,898 — — — Fair Value Measurements at December 31, 2015 (unaudited, in thousands) Carrying Fair Value Quoted Prices in (level 1) Significant Other (level 2) Significant (level 3) Investments Financial Assets Cash and due from banks $ 86,685 $ 86,685 $ 86,685 $ — $ — $ — Trading securities 6,451 6,451 5,226 — — 1,225 Securities available-for-sale 1,403,069 1,403,069 2,735 1,400,334 — — Securities held-to-maturity 1,012,930 1,038,207 — 1,037,490 717 — Net loans 5,024,132 4,936,236 — — 4,936,236 — Loans held for sale 7,899 7,899 — 7,899 — — Other assets - interest rate derivatives 1,893 1,893 — 1,893 Accrued interest receivable 25,759 25,759 25,759 — — — Financial Liabilities Deposits 6,066,299 6,075,433 4,508,461 1,566,972 — — Federal Home Loan Bank borrowings 1,041,750 1,041,752 — 1,041,752 — — Other borrowings 81,356 81,361 78,682 2,679 — — Junior subordinated debt 106,196 79,681 — 79,681 — — Other liabilities - interest rate derivatives 1,991 1,991 — 1,991 Accrued interest payable 1,715 1,715 1,715 — — — |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the nine months ended September 30, 2016 and 2015 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) Unrealized Gains Defined Unrealized on Securities Benefit Gains (Losses) Transferred from Pension on Securities Available-for-Sale (unaudited, in thousands) Plan Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2015 $ (17,539 ) $ (4,162 ) $ 747 $ (20,954 ) Other comprehensive income before reclassifications — 16,065 — 16,065 Amounts reclassified from accumulated other comprehensive income 1,407 (1,428 ) (152 ) (173 ) Period change 1,407 14,637 (152 ) 15,892 Balance at September 30, 2016 $ (16,132 ) $ 10,475 $ 595 $ (5,062 ) Balance at December 31, 2014 $ (22,776 ) $ 2,892 $ 1,059 $ (18,825 ) Other comprehensive income before reclassifications — 3,105 — 3,105 Amounts reclassified from accumulated other comprehensive income 1,493 (20 ) (199 ) 1,274 Period change 1,493 3,085 (199 ) 4,379 Balance at September 30, 2015 $ (21,283 ) $ 5,977 $ 860 $ (14,446 ) (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 nine months ended September 30, 2016 and 2015: Details about Accumulated Other Comprehensive Income For the Three For the Nine Months Ended Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2016 2015 2016 2015 Securities available-for-sale (1) Net securities gains reclassified into earnings $ (579 ) $ (11 ) $ (2,251 ) $ (32 ) Net securities gains (Non-interest income) Related income tax expense 211 4 823 12 Provision for income taxes Net effect on accumulated other comprehensive income for the period (368 ) (7 ) (1,428 ) (20 ) Securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (77 ) (104 ) (242 ) (317 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 28 38 90 118 Provision for income taxes Net effect on accumulated other comprehensive income for the period (49 ) (66 ) (152 ) (199 ) Defined benefit pension plan (2) Amortization of net loss and prior service costs 766 808 2,280 2,397 Employee benefits (Non-interest expense) Related income tax benefit (280 ) (296 ) (873 ) (904 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 486 512 1,407 1,493 Total reclassifications for the period $ 69 $ 439 $ (173 ) $ 1,274 (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) | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, December 31, (unaudited, in thousands) 2016 2015 Lines of credit $ 1,404,726 $ 1,159,769 Loans approved but not closed 150,864 234,599 Overdraft limits 127,277 106,252 Letters of credit 26,544 27,408 Contingent obligations to purchase loans funded by other entities 17,324 18,079 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For the Three Months ended September 30, 2016: Interest income $ 70,092 $ — $ 70,092 Interest expense 8,066 — 8,066 Net interest income 62,026 — 62,026 Provision for credit losses 2,214 — 2,214 Net interest income after provision for credit losses 59,812 — 59,812 Non-interest income 15,604 5,413 21,017 Non-interest expense 54,569 3,032 57,601 Income before provision for income taxes 20,847 2,381 23,228 Provision for income taxes 4,841 952 5,793 Net income $ 16,006 $ 1,429 $ 17,435 For the Three Months ended September 30, 2015: Interest income $ 66,935 $ — $ 66,935 Interest expense 6,326 — 6,326 Net interest income 60,609 — 60,609 Provision for credit losses 1,798 — 1,798 Net interest income after provision for credit losses 58,811 — 58,811 Non-interest income 13,060 5,126 18,186 Non-interest expense 44,039 2,942 46,981 Income before provision for income taxes 27,832 2,184 30,016 Provision for income taxes 6,894 874 7,768 Net income $ 20,938 $ 1,310 $ 22,248 For the Nine Months ended September 30, 2016: Interest income $ 205,278 $ — $ 205,278 Interest expense 23,637 — 23,637 Net interest income 181,641 — 181,641 Provision for credit losses 6,350 — 6,350 Net interest income after provision for credit losses 175,291 — 175,291 Non-interest income 43,841 16,160 60,001 Non-interest expense 141,029 9,274 150,303 Income before provision for income taxes 78,103 6,886 84,989 Provision for income taxes 19,818 2,754 22,572 Net income $ 58,285 $ 4,132 $ 62,417 For the Nine Months ended September 30, 2015: Interest income $ 194,052 $ — $ 194,052 Interest expense 17,685 — 17,685 Net interest income 176,367 — 176,367 Provision for credit losses 5,768 — 5,768 Net interest income after provision for credit losses 170,599 — 170,599 Non-interest income 37,785 16,655 54,440 Non-interest expense 137,903 9,126 147,029 Income before provision for income taxes 70,481 7,529 78,010 Provision for income taxes 17,238 3,012 20,250 Net income $ 53,243 $ 4,517 $ 57,760 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) | Sep. 09, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Your Community Bankshares, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired, excluding goodwill | $ 1,500,000,000 | ||
Loans | 1,015,071,000 | ||
Securities | 173,223,000 | ||
Value of acquisition | $ 220,498,000 | ||
Common shares issued | 5,423,348 | ||
Cash consideration for outstanding YCB shares | $ 43,349,000 | ||
Goodwill acquired | 90,594,000 | ||
Purchase price allocation in core deposit intangible | $ 11,957,000 | ||
Closing stock price | $ 32.62 | ||
Merger related expense | $ 10,600,000 | ||
Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Common shares issued | 5,423,348 | 9,178,531 | |
Common Stock [Member] | Your Community Bankshares, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Common shares issued | 5,423,348 | ||
Cash consideration for outstanding YCB shares | $ 43,300 |
Mergers and Acquisitions - Calc
Mergers and Acquisitions - Calculation of Purchase Price and Resulting Goodwill Relating to YCB Acquisition (Detail) - Your Community Bankshares, Inc [Member] $ in Thousands | Sep. 09, 2016USD ($) |
Purchase Price: | |
Fair value of WesBanco shares issued | $ 177,149 |
Cash consideration for outstanding YCB shares | 43,349 |
Total purchase price | 220,498 |
Fair value of: | |
Tangible assets acquired | 1,400,070 |
Core deposit and other intangible assets acquired | 11,957 |
Liabilities assumed | (1,330,335) |
Net cash received in the acquisition | 48,212 |
Fair value of net assets acquired | 129,904 |
Goodwill recognized | $ 90,594 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Intends to Finalize its Accounting for Acquisition of YCB (Detail) - Your Community Bankshares, Inc [Member] $ in Thousands | Sep. 09, 2016USD ($) |
Assets acquired | |
Cash and due from banks | $ 48,212 |
Securities | 173,223 |
Loans | 1,015,071 |
Goodwill and other intangible assets | 102,551 |
Accrued income and other assets | 211,776 |
Total assets acquired | 1,550,833 |
Liabilities assumed | |
Deposits | 1,193,010 |
Borrowings | 122,817 |
Accrued expenses and other liabilities | 14,508 |
Total liabilities assumed | 1,330,335 |
Net assets acquired | $ 220,498 |
Mergers and Acquisitions - Su31
Mergers and Acquisitions - Summary of Fair Value of Net Assets that Wesbanco Intends to Finalize its Accounting for Acquisition of YCB (Parenthetical) (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Your Community Bankshares, Inc [Member] | |
Business Acquisition [Line Items] | |
Receivables from sale of available-for-sale securities | $ 105.8 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator for both basic and diluted earnings per common share: | ||||
Net income | $ 17,435 | $ 22,248 | $ 62,417 | $ 57,760 |
Denominator: | ||||
Total average basic common shares outstanding | 39,715,516 | 38,523,593 | 38,828,618 | 37,144,783 |
Effect of dilutive stock options and other stock compensation | 27,775 | 33,402 | 26,835 | 59,331 |
Total diluted average common shares outstanding | 39,743,291 | 38,556,995 | 38,855,453 | 37,204,114 |
Earnings per common share - basic | $ 0.44 | $ 0.58 | $ 1.61 | $ 1.55 |
Earnings per common share - diluted | $ 0.44 | $ 0.58 | $ 1.61 | $ 1.55 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | Sep. 09, 2016 | Sep. 30, 2016 | Sep. 30, 2016 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares contingently issuable under shareholder return plan | 0 | 0 | |
Your Community Bankshares, Inc [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issued for acquisition, shares | 5,423,348 | ||
Your Community Bankshares, Inc [Member] | Treasury Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of treasury shares sold | 109,257 | ||
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computation of diluted earnings per share | 96,600 | 185,250 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 1,285,519 | $ 1,409,644 |
Available-for-sale, Gross Unrealized Gains | 17,830 | 8,105 |
Available-for-sale, Gross Unrealized Losses | (1,320) | (14,680) |
Available-for-sale, Estimated Fair Value | 1,302,029 | 1,403,069 |
Held-to-maturity, Amortized Cost | 1,049,093 | 1,012,930 |
Held-to-maturity, Gross Unrealized Gains | 40,379 | 28,280 |
Held-to-maturity, Gross Unrealized Losses | (245) | (3,003) |
Held-to-maturity securities, Fair value | 1,089,227 | 1,038,207 |
Total, Amortized Cost | 2,334,612 | 2,422,574 |
Total, Gross Unrealized Gains | 58,209 | 36,385 |
Total, Gross Unrealized Losses | (1,565) | (17,683) |
Total, Estimated Fair Value | 2,391,256 | 2,441,276 |
US Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 63,166 | 82,725 |
Available-for-sale, Gross Unrealized Gains | 267 | 1,183 |
Available-for-sale, Gross Unrealized Losses | (62) | (403) |
Available-for-sale, Estimated Fair Value | 63,371 | 83,505 |
Held-to-maturity, Amortized Cost | 14,248 | |
Held-to-maturity, Gross Unrealized Gains | 59 | |
Held-to-maturity securities, Fair value | 14,307 | |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,076,309 | 1,188,256 |
Available-for-sale, Gross Unrealized Gains | 11,680 | 1,720 |
Available-for-sale, Gross Unrealized Losses | (1,073) | (13,896) |
Available-for-sale, Estimated Fair Value | 1,086,916 | 1,176,080 |
Held-to-maturity, Amortized Cost | 195,533 | 216,419 |
Held-to-maturity, Gross Unrealized Gains | 3,771 | 1,922 |
Held-to-maturity, Gross Unrealized Losses | (73) | (2,014) |
Held-to-maturity securities, Fair value | 199,231 | 216,327 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 106,676 | 76,106 |
Available-for-sale, Gross Unrealized Gains | 4,673 | 4,205 |
Available-for-sale, Gross Unrealized Losses | (84) | (46) |
Available-for-sale, Estimated Fair Value | 111,265 | 80,265 |
Held-to-maturity, Amortized Cost | 804,883 | 762,039 |
Held-to-maturity, Gross Unrealized Gains | 34,377 | 26,121 |
Held-to-maturity, Gross Unrealized Losses | (137) | (726) |
Held-to-maturity securities, Fair value | 839,123 | 787,434 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 35,306 | 58,745 |
Available-for-sale, Gross Unrealized Gains | 318 | 181 |
Available-for-sale, Gross Unrealized Losses | (101) | (333) |
Available-for-sale, Estimated Fair Value | 35,523 | 58,593 |
Held-to-maturity, Amortized Cost | 34,429 | 34,472 |
Held-to-maturity, Gross Unrealized Gains | 2,172 | 237 |
Held-to-maturity, Gross Unrealized Losses | (35) | (263) |
Held-to-maturity securities, Fair value | 36,566 | 34,446 |
Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,281,457 | 1,405,832 |
Available-for-sale, Gross Unrealized Gains | 16,938 | 7,289 |
Available-for-sale, Gross Unrealized Losses | (1,320) | (14,678) |
Available-for-sale, Estimated Fair Value | 1,297,075 | 1,398,443 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 4,062 | 3,812 |
Available-for-sale, Gross Unrealized Gains | 892 | 816 |
Available-for-sale, Gross Unrealized Losses | (2) | |
Available-for-sale, Estimated Fair Value | $ 4,954 | $ 4,626 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016USD ($)Holdings | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Holdings | |
Amortized Cost and Fair Value Debt Securities [Abstract] | |||
Trading securities, at fair value | $ 7,070 | $ 6,451 | |
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 | $ 1,300,000 | $ 1,000,000 | |
Proceeds from sale of available-for-sale securities | 277,225 | $ 570,739 | |
Net unrealized gains (losses) on available-for-sale securities included in AOCI | 10,500 | (4,200) | |
Federal home loan bank stock, Total | $ 46,400 | $ 45,500 |
Securities - Schedule of Fair36
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | $ 9,036 | |
Total available-for-sale securities, One to Five Years | 63,219 | |
Total available-for-sale securities, Five to Ten Years | 72,681 | |
Total available-for-sale securities, After Ten Years | 65,223 | |
Total available-for-sale securities, Mortgage-backed and Equity | 1,091,870 | |
Available-for-sale, Estimated Fair Value | 1,302,029 | $ 1,403,069 |
Total held-to-maturity securities, One Year or less | 351 | |
Total held-to-maturity securities, One to Five Years | 59,467 | |
Total held-to-maturity securities, Five to Ten Years | 459,936 | |
Total held-to-maturity securities, After Ten Years | 370,242 | |
Total held-to-maturity securities, Mortgage-backed and Equity | 199,231 | |
Held-to-maturity securities, Fair value | 1,089,227 | 1,038,207 |
Total, One Year or less | 9,387 | |
Total, One to Five Years | 122,686 | |
Total, Five to Ten Years | 532,617 | |
Total, After Ten Years, Fair value | 435,465 | |
Total, Mortgage- backed and Equity | 1,291,101 | |
Total, Fair value | 2,391,256 | 2,441,276 |
US Government Sponsored Entities and Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One Year or less | 2,002 | |
Total available-for-sale securities, One to Five Years | 9,975 | |
Total available-for-sale securities, Five to Ten Years | 27,411 | |
Total available-for-sale securities, After Ten Years | 23,983 | |
Available-for-sale, Estimated Fair Value | 63,371 | 83,505 |
Total held-to-maturity securities, After Ten Years | 14,307 | |
Held-to-maturity securities, Fair value | 14,307 | |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, Mortgage-backed and Equity | 1,086,916 | |
Available-for-sale, Estimated Fair Value | 1,086,916 | 1,176,080 |
Total held-to-maturity securities, Mortgage-backed and Equity | 199,231 | |
Held-to-maturity securities, Fair value | 199,231 | 216,327 |
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 | 7,034 | |
Total available-for-sale securities, One to Five Years | 26,866 | |
Total available-for-sale securities, Five to Ten Years | 38,059 | |
Total available-for-sale securities, After Ten Years | 39,306 | |
Available-for-sale, Estimated Fair Value | 111,265 | 80,265 |
Total held-to-maturity securities, One Year or less | 351 | |
Total held-to-maturity securities, One to Five Years | 58,506 | |
Total held-to-maturity securities, Five to Ten Years | 424,331 | |
Total held-to-maturity securities, After Ten Years | 355,935 | |
Held-to-maturity securities, Fair value | 839,123 | 787,434 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, One to Five Years | 26,378 | |
Total available-for-sale securities, Five to Ten Years | 7,211 | |
Total available-for-sale securities, After Ten Years | 1,934 | |
Available-for-sale, Estimated Fair Value | 35,523 | 58,593 |
Total held-to-maturity securities, One to Five Years | 961 | |
Total held-to-maturity securities, Five to Ten Years | 35,605 | |
Held-to-maturity securities, Fair value | 36,566 | 34,446 |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Total available-for-sale securities, Mortgage-backed and Equity | 4,954 | |
Available-for-sale, Estimated Fair Value | $ 4,954 | $ 4,626 |
Securities - Schedule of Fair37
Securities - Schedule of Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Held-to-maturity, Amortized Cost | $ 1,049,093 | $ 1,012,930 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Available-for-Sale and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Securities Gross Realized Gain Loss [Abstract] | ||||
Gross realized gains | $ 602 | $ 48 | $ 2,517 | $ 74 |
Gross realized losses | (4) | (1) | (224) | (5) |
Net realized gains | $ 598 | $ 47 | $ 2,293 | $ 69 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Sep. 30, 2016USD ($)Security | Dec. 31, 2015USD ($)Security |
US Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 27,484 | $ 49,826 |
Less than 12 months, Unrealized Losses | $ (62) | $ (403) |
Less than 12 months, Number of Securities | Security | 4 | 11 |
Fair Value, Total | $ 27,484 | $ 49,826 |
Unrealized Losses, Total | $ (62) | $ (403) |
Number of Securities Total | Security | 4 | 11 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 116,732 | $ 1,003,397 |
Less than 12 months, Unrealized Losses | $ (374) | $ (10,981) |
Less than 12 months, Number of Securities | Security | 21 | 187 |
12 months or more, Fair Value | $ 64,093 | $ 146,182 |
12 months or more, Unrealized Losses | $ (772) | $ (4,929) |
12 months or more, Number of Securities | Security | 16 | 31 |
Fair Value, Total | $ 180,825 | $ 1,149,579 |
Unrealized Losses, Total | $ (1,146) | $ (15,910) |
Number of Securities Total | Security | 37 | 218 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 62,600 | $ 58,705 |
Less than 12 months, Unrealized Losses | $ (196) | $ (400) |
Less than 12 months, Number of Securities | Security | 129 | 76 |
12 months or more, Fair Value | $ 2,095 | $ 23,691 |
12 months or more, Unrealized Losses | $ (25) | $ (372) |
12 months or more, Number of Securities | Security | 3 | 29 |
Fair Value, Total | $ 64,695 | $ 82,396 |
Unrealized Losses, Total | $ (221) | $ (772) |
Number of Securities Total | Security | 132 | 105 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 5,977 | $ 41,326 |
Less than 12 months, Unrealized Losses | $ (70) | $ (541) |
Less than 12 months, Number of Securities | Security | 2 | 12 |
12 months or more, Fair Value | $ 5,958 | $ 1,931 |
12 months or more, Unrealized Losses | $ (66) | $ (55) |
12 months or more, Number of Securities | Security | 2 | 1 |
Fair Value, Total | $ 11,935 | $ 43,257 |
Unrealized Losses, Total | $ (136) | $ (596) |
Number of Securities Total | Security | 4 | 13 |
Equity Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,378 | |
Less than 12 months, Unrealized Losses | $ (2) | |
Less than 12 months, Number of Securities | Security | 1 | |
Fair Value, Total | $ 1,378 | |
Unrealized Losses, Total | $ (2) | |
Number of Securities Total | Security | 1 | |
Total Temporarily Impaired Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 212,793 | $ 1,154,632 |
Less than 12 months, Unrealized Losses | $ (702) | $ (12,327) |
Less than 12 months, Number of Securities | Security | 156 | 287 |
12 months or more, Fair Value | $ 72,146 | $ 171,804 |
12 months or more, Unrealized Losses | $ (863) | $ (5,356) |
12 months or more, Number of Securities | Security | 21 | 61 |
Fair Value, Total | $ 284,939 | $ 1,326,436 |
Unrealized Losses, Total | $ (1,565) | $ (17,683) |
Number of Securities Total | Security | 177 | 348 |
Loans and the Allowance for C40
Loans and the Allowance for Credit Losses - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($)Contract | Dec. 31, 2015USD ($) | Sep. 09, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Deferred loan fees and costs | $ 500,000 | $ 1,000,000 | |||
Discount on purchased loans from acquisitions | 25,800,000 | 15,700,000 | |||
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 19,100,000 | 15,800,000 | |||
Internally assigned loan grades to residential real estate, home equity and consumer loans | 2,900,000 | 3,100,000 | |||
Loans acquired with deteriorated credit quality | 13,923,000 | 9,289,000 | |||
Allowance for loan losses | $ 42,755,000 | 41,710,000 | $ 41,624,000 | $ 44,654,000 | |
Number of restructured contracts greater than $1 million | Contract | 0 | ||||
Accruing and non accrual TDR permitted interest-only payment period | 3 months | ||||
Unfunded commitments to debtors for impaired loans | $ 0 | 200,000 | |||
Other real estate owned | 9,613,000 | 5,669,000 | |||
Your Community Bankshares, Inc [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Discount on purchased loans from acquisitions | 12,100,000 | ||||
Book value of acquired loans | $ 1,027,200,000 | ||||
Fair value of acquired loans | 1,015,071,000 | ||||
Loans acquired accretable | 700,000 | ||||
Pre-acquisition book value, acquired loans with deteriorated credit quality | 11,100,000 | ||||
Contractually required payments, acquired loans with deteriorated credit quality | 13,300,000 | ||||
Fair value of acquired loans with deteriorated credit quality | 7,100,000 | ||||
Deteriorated credit quality loans acquired non-accretable difference | 5,500,000 | ||||
Loans acquired with deteriorated credit quality | 6,500,000 | ||||
Loans acquired with deteriorated credit quality, outstanding customer balance | 10,500,000 | ||||
Your Community Bankshares, Inc [Member] | Acquired Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Fair value of acquired loans | 1,008,000,000 | ||||
Loans acquired accretable | 8,100,000 | ||||
Your Community Bankshares, Inc [Member] | Cost Recovery Method [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Fair value of acquired loans | $ 2,700,000 | ||||
ESB Financial Corporation [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans acquired with deteriorated credit quality | 7,400,000 | 9,300,000 | |||
Allowance for loan losses | 200,000 | 0 | |||
Residential Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans acquired with deteriorated credit quality | 1,328,000 | 161,000 | |||
Allowance for loan losses | 4,337,000 | 4,582,000 | $ 4,697,000 | $ 5,382,000 | |
Other real estate owned | 2,500,000 | 2,000,000 | |||
Foreclosure proceedings in process on residential real estate loans | 5,400,000 | $ 4,100,000 | |||
Residential Real Estate [Member] | Your Community Bankshares, Inc [Member] | Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate owned from acquisition | $ 3,000,000 |
Loans and the Allowance for C41
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 6,236,852 | $ 5,065,842 |
Loans held for sale | 20,231 | 7,899 |
Total loans | 6,257,083 | 5,073,741 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 494,203 | 344,748 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 2,332,431 | 1,911,633 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,097,788 | 737,878 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 2,826,634 | 2,256,381 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,395,886 | 1,247,800 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 411,175 | 406,894 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 505,369 | $ 416,889 |
Loans and the Allowance for C42
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | $ 41,710 | $ 44,654 | ||
Allowance for loan commitments, beginning balance | 613 | 455 | ||
Total beginning allowance for credit losses | 42,323 | 45,109 | ||
Provision for loan losses | 6,387 | 5,593 | ||
Provision for loan commitments | (37) | 175 | ||
Total provision for credit losses | $ 2,214 | $ 1,798 | 6,350 | 5,768 |
Charge-offs | (8,880) | (11,415) | ||
Recoveries | 3,538 | 2,792 | ||
Net charge-offs | (5,342) | (8,623) | ||
Allowance for loan losses, ending balance | 42,755 | 41,624 | 42,755 | 41,624 |
Allowance for loan commitments, ending balance | 576 | 630 | 576 | 630 |
Total ending allowance for credit losses | 43,331 | 42,254 | 43,331 | 42,254 |
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,390 | 5,654 | ||
Allowance for loan commitments, beginning balance | 157 | 194 | ||
Total beginning allowance for credit losses | 4,547 | 5,848 | ||
Provision for loan losses | 498 | (826) | ||
Provision for loan commitments | (5) | 9 | ||
Total provision for credit losses | 493 | (817) | ||
Charge-offs | (73) | |||
Recoveries | 3 | 1 | ||
Net charge-offs | (70) | 1 | ||
Allowance for loan losses, ending balance | 4,818 | 4,829 | 4,818 | 4,829 |
Allowance for loan commitments, ending balance | 152 | 203 | 152 | 203 |
Total ending allowance for credit losses | 4,970 | 5,032 | 4,970 | 5,032 |
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 14,748 | 17,573 | ||
Allowance for loan commitments, beginning balance | 26 | 10 | ||
Total beginning allowance for credit losses | 14,774 | 17,583 | ||
Provision for loan losses | 1,351 | 977 | ||
Provision for loan commitments | 11 | |||
Total provision for credit losses | 1,351 | 988 | ||
Charge-offs | (1,732) | (3,964) | ||
Recoveries | 1,406 | 661 | ||
Net charge-offs | (326) | (3,303) | ||
Allowance for loan losses, ending balance | 15,773 | 15,247 | 15,773 | 15,247 |
Allowance for loan commitments, ending balance | 26 | 21 | 26 | 21 |
Total ending allowance for credit losses | 15,799 | 15,268 | 15,799 | 15,268 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 10,002 | 9,063 | ||
Allowance for loan commitments, beginning balance | 260 | 112 | ||
Total beginning allowance for credit losses | 10,262 | 9,175 | ||
Provision for loan losses | 2,827 | 2,434 | ||
Provision for loan commitments | (40) | 137 | ||
Total provision for credit losses | 2,787 | 2,571 | ||
Charge-offs | (2,883) | (2,267) | ||
Recoveries | 241 | 356 | ||
Net charge-offs | (2,642) | (1,911) | ||
Allowance for loan losses, ending balance | 10,187 | 9,586 | 10,187 | 9,586 |
Allowance for loan commitments, ending balance | 220 | 249 | 220 | 249 |
Total ending allowance for credit losses | 10,407 | 9,835 | 10,407 | 9,835 |
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 342 | 575 | ||
Total beginning allowance for credit losses | 342 | 575 | ||
Provision for loan losses | 559 | 441 | ||
Total provision for credit losses | 559 | 441 | ||
Charge-offs | (585) | (610) | ||
Recoveries | 167 | 173 | ||
Net charge-offs | (418) | (437) | ||
Allowance for loan losses, ending balance | 483 | 579 | 483 | 579 |
Total ending allowance for credit losses | 483 | 579 | 483 | 579 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,582 | 5,382 | ||
Allowance for loan commitments, beginning balance | 7 | 9 | ||
Total beginning allowance for credit losses | 4,589 | 5,391 | ||
Provision for loan losses | (67) | 325 | ||
Provision for loan commitments | 2 | |||
Total provision for credit losses | (65) | 325 | ||
Charge-offs | (529) | (1,482) | ||
Recoveries | 351 | 472 | ||
Net charge-offs | (178) | (1,010) | ||
Allowance for loan losses, ending balance | 4,337 | 4,697 | 4,337 | 4,697 |
Allowance for loan commitments, ending balance | 9 | 9 | 9 | 9 |
Total ending allowance for credit losses | 4,346 | 4,706 | 4,346 | 4,706 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,763 | 4,078 | ||
Allowance for loan commitments, beginning balance | 46 | 40 | ||
Total beginning allowance for credit losses | 4,809 | 4,118 | ||
Provision for loan losses | 918 | 922 | ||
Provision for loan commitments | (2) | (1) | ||
Total provision for credit losses | 916 | 921 | ||
Charge-offs | (2,733) | (1,968) | ||
Recoveries | 1,199 | 968 | ||
Net charge-offs | (1,534) | (1,000) | ||
Allowance for loan losses, ending balance | 4,147 | 4,000 | 4,147 | 4,000 |
Allowance for loan commitments, ending balance | 44 | 39 | 44 | 39 |
Total ending allowance for credit losses | 4,191 | 4,039 | 4,191 | 4,039 |
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 2,883 | 2,329 | ||
Allowance for loan commitments, beginning balance | 117 | 90 | ||
Total beginning allowance for credit losses | 3,000 | 2,419 | ||
Provision for loan losses | 301 | 1,320 | ||
Provision for loan commitments | 8 | 19 | ||
Total provision for credit losses | 309 | 1,339 | ||
Charge-offs | (345) | (1,124) | ||
Recoveries | 171 | 161 | ||
Net charge-offs | (174) | (963) | ||
Allowance for loan losses, ending balance | 3,010 | 2,686 | 3,010 | 2,686 |
Allowance for loan commitments, ending balance | 125 | 109 | 125 | 109 |
Total ending allowance for credit losses | $ 3,135 | $ 2,795 | $ 3,135 | $ 2,795 |
Loans and the Allowance for C43
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 860 | $ 1,521 | ||
Allowance for loans collectively evaluated for impairment | 41,895 | 40,189 | ||
Allowance for loan commitments | 576 | 613 | $ 630 | $ 455 |
Total allowance for credit losses | 43,331 | 42,323 | 42,254 | 45,109 |
Individually evaluated for impairment | 4,318 | 8,903 | ||
Collectively evaluated for impairment | 6,218,611 | 5,047,650 | ||
Acquired with deteriorated credit quality | 13,923 | 9,289 | ||
Total Loans | 6,236,852 | 5,065,842 | ||
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,818 | 4,390 | ||
Allowance for loan commitments | 152 | 157 | 203 | 194 |
Total allowance for credit losses | 4,970 | 4,547 | 5,032 | 5,848 |
Collectively evaluated for impairment | 492,397 | 343,832 | ||
Acquired with deteriorated credit quality | 1,806 | 916 | ||
Total Loans | 494,203 | 344,748 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 504 | 668 | ||
Allowance for loans collectively evaluated for impairment | 15,269 | 14,080 | ||
Allowance for loan commitments | 26 | 26 | 21 | 10 |
Total allowance for credit losses | 15,799 | 14,774 | 15,268 | 17,583 |
Individually evaluated for impairment | 3,012 | 4,031 | ||
Collectively evaluated for impairment | 2,318,863 | 1,899,738 | ||
Acquired with deteriorated credit quality | 10,556 | 7,864 | ||
Total Loans | 2,332,431 | 1,911,633 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 356 | 853 | ||
Allowance for loans collectively evaluated for impairment | 9,831 | 9,149 | ||
Allowance for loan commitments | 220 | 260 | 249 | 112 |
Total allowance for credit losses | 10,407 | 10,262 | 9,835 | 9,175 |
Individually evaluated for impairment | 1,306 | 4,872 | ||
Collectively evaluated for impairment | 1,096,297 | 732,957 | ||
Acquired with deteriorated credit quality | 185 | 49 | ||
Total Loans | 1,097,788 | 737,878 | ||
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 483 | 342 | ||
Total allowance for credit losses | 483 | 342 | 579 | 575 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,337 | 4,582 | ||
Allowance for loan commitments | 9 | 7 | 9 | 9 |
Total allowance for credit losses | 4,346 | 4,589 | 4,706 | 5,391 |
Collectively evaluated for impairment | 1,394,558 | 1,247,639 | ||
Acquired with deteriorated credit quality | 1,328 | 161 | ||
Total Loans | 1,395,886 | 1,247,800 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,147 | 4,763 | ||
Allowance for loan commitments | 44 | 46 | 39 | 40 |
Total allowance for credit losses | 4,191 | 4,809 | 4,039 | 4,118 |
Collectively evaluated for impairment | 411,154 | 406,622 | ||
Acquired with deteriorated credit quality | 21 | 272 | ||
Total Loans | 411,175 | 406,894 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 3,010 | 2,883 | ||
Allowance for loan commitments | 125 | 117 | 109 | 90 |
Total allowance for credit losses | 3,135 | 3,000 | $ 2,795 | $ 2,419 |
Collectively evaluated for impairment | 505,342 | 416,862 | ||
Acquired with deteriorated credit quality | 27 | 27 | ||
Total Loans | $ 505,369 | $ 416,889 |
Loans and the Allowance for C44
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Receivables [Abstract] | |
Troubled debt restructuring threshold | $ 1 |
Loans and the Allowance for C45
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Summary of commercial loans by risk grade | ||
Commercial loans | $ 6,194,097 | $ 5,024,132 |
Commercial Portfolio Segment [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,924,422 | 2,994,259 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,836,045 | 2,914,553 |
Commercial Portfolio Segment [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 35,468 | 26,298 |
Commercial Portfolio Segment [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 52,909 | 53,408 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 494,203 | 344,748 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 484,719 | 335,989 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 6,537 | 5,527 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,947 | 3,232 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,332,431 | 1,911,633 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 2,278,289 | 1,864,986 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 18,039 | 10,911 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 36,103 | 35,736 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,097,788 | 737,878 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,073,037 | 713,578 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 10,892 | 9,860 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - Substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $ 13,859 | $ 14,440 |
Loans and the Allowance for C46
Loans and the Allowance for Credit Losses - Summary of Changes in Accretable Yield for Loans Acquired with Deteriorated Credit Quality (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | ||
Balance at beginning of period | $ 1,206 | |
Acquisitions | 669 | $ 1,815 |
Reduction due to change in projected cash flows | (324) | |
Reclass from non-accretable difference | 1,065 | |
Transfers out | (328) | |
Accretion | (398) | (491) |
Balance at end of period | $ 1,890 | $ 1,324 |
Loans and the Allowance for C47
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 6,194,443 | $ 5,028,841 |
Total Past Due | 42,409 | 37,001 |
Total Loans | 6,236,852 | 5,065,842 |
90 Days or More Past Due and Accruing | 2,392 | 3,126 |
Loans held for sale, current | 20,231 | 7,899 |
Loans held for sale | 20,231 | 7,899 |
Total loans, current | 6,214,674 | 5,036,740 |
Total loans | 6,257,083 | 5,073,741 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 499,983 | 412,450 |
Total Past Due | 5,386 | 4,439 |
Total Loans | 505,369 | 416,889 |
90 Days or More Past Due and Accruing | 413 | 407 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,815,523 | 2,245,650 |
Total Past Due | 11,111 | 10,731 |
Total Loans | 2,826,634 | 2,256,381 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,379,216 | 1,234,839 |
Total Past Due | 16,670 | 12,961 |
Total Loans | 1,395,886 | 1,247,800 |
90 Days or More Past Due and Accruing | 1,482 | 2,159 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 406,284 | 401,242 |
Total Past Due | 4,891 | 5,652 |
Total Loans | 411,175 | 406,894 |
90 Days or More Past Due and Accruing | 451 | 527 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 493,600 | 344,184 |
Total Past Due | 603 | 564 |
Total Loans | 494,203 | 344,748 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,321,923 | 1,901,466 |
Total Past Due | 10,508 | 10,167 |
Total Loans | 2,332,431 | 1,911,633 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,093,437 | 734,660 |
Total Past Due | 4,351 | 3,218 |
Total Loans | 1,097,788 | 737,878 |
90 Days or More Past Due and Accruing | 46 | 33 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 8,781 | 11,349 |
Total Past Due | 21,875 | 22,032 |
Total Loans | 30,656 | 33,381 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 8,032 | 10,710 |
Total Past Due | 573 | 838 |
Total Loans | 8,605 | 11,548 |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 16,813 | 22,059 |
Total Past Due | 22,448 | 22,870 |
Total Loans | 39,261 | 44,929 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 12,616 | 8,963 |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,429 | 2,252 |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,616 | 909 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,224 | 1,389 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,276 | 4,115 |
30-59 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 247 | |
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,369 | 909 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,071 | 298 |
30-59 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,338 | 943 |
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 121 | 390 |
30-59 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,459 | 1,333 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 7,845 | 5,760 |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 467 | 314 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 744 | 1,097 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,153 | 2,871 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 896 | 764 |
60-89 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 145 | |
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 599 | 1,097 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,585 | 714 |
60-89 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,364 | 2,147 |
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 69 | 238 |
60-89 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,433 | 2,385 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 21,948 | 22,278 |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,490 | 1,873 |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 6,751 | 8,725 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 10,293 | 8,701 |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 719 | 773 |
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 211 | 564 |
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 6,540 | 8,161 |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,695 | 2,206 |
90 Days or More Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 19,173 | 18,942 |
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 383 | 210 |
90 Days or More Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 19,556 | $ 19,152 |
Loans and the Allowance for C48
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | $ 42,188 | $ 42,188 | $ 44,931 | ||
Total impaired loans, Unpaid principal balance | 50,110 | 50,110 | 54,119 | ||
Recorded Investment, With no specific allowance recorded | 34,943 | 34,943 | 37,045 | ||
Total impaired loans, Recorded investment | 39,261 | 39,261 | 44,929 | ||
Unpaid Principal Balance, With a specific allowance recorded | 7,922 | 7,922 | 9,188 | ||
Recorded Investment, With a specific allowance recorded | 4,318 | 4,318 | 7,884 | ||
Related Allowance, With a specific allowance recorded | 860 | 860 | 1,521 | ||
Average recorded investment, with no related specific allowance | 33,716 | $ 46,528 | 34,932 | $ 46,147 | |
Interest income recognized, With no related specific allowance | 115 | 555 | 371 | 1,650 | |
Average recorded investment, With a specific allowance recorded | 5,690 | 10,718 | 6,712 | 9,873 | |
Interest income recognized, With a specific allowance recorded | 7 | 200 | |||
Total impaired loans, Average recorded investment | 39,406 | 57,246 | 41,644 | 56,020 | |
Total impaired loans, Interest income recognized | 115 | 562 | 371 | 1,850 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 20,443 | 20,443 | 18,560 | ||
Recorded Investment, With no specific allowance recorded | 18,727 | 18,727 | 16,688 | ||
Average recorded investment, with no related specific allowance | 17,013 | 17,508 | 16,882 | 18,173 | |
Interest income recognized, With no related specific allowance | 81 | 200 | 256 | 665 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 1,008 | 1,008 | 1,603 | ||
Recorded Investment, With no specific allowance recorded | 839 | 839 | 1,294 | ||
Average recorded investment, with no related specific allowance | 814 | 1,142 | 953 | 1,176 | |
Interest income recognized, With no related specific allowance | 27 | 6 | 73 | ||
Home Equity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 4,266 | 4,266 | 3,562 | ||
Recorded Investment, With no specific allowance recorded | 3,697 | 3,697 | 3,033 | ||
Average recorded investment, with no related specific allowance | 3,613 | 3,153 | 3,381 | 2,896 | |
Interest income recognized, With no related specific allowance | 4 | 34 | 16 | 75 | |
Commercial Real Estate - Land and Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 858 | 858 | 2,126 | ||
Recorded Investment, With no specific allowance recorded | 670 | 670 | 1,990 | ||
Average recorded investment, with no related specific allowance | 701 | 2,414 | 1,062 | 2,198 | |
Interest income recognized, With no related specific allowance | 12 | 30 | |||
Commercial Real Estate - Improved Property [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 11,061 | 11,061 | 14,817 | ||
Recorded Investment, With no specific allowance recorded | 7,642 | 7,642 | 10,559 | ||
Unpaid Principal Balance, With a specific allowance recorded | 3,012 | 3,012 | 3,012 | ||
Recorded Investment, With a specific allowance recorded | 3,012 | 3,012 | 3,012 | ||
Related Allowance, With a specific allowance recorded | 504 | 504 | 668 | ||
Average recorded investment, with no related specific allowance | 8,403 | 19,118 | 9,408 | 18,850 | |
Interest income recognized, With no related specific allowance | 28 | 245 | 86 | 708 | |
Average recorded investment, With a specific allowance recorded | 3,012 | 6,011 | 3,012 | 6,617 | |
Interest income recognized, With a specific allowance recorded | (56) | ||||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 4,552 | 4,552 | 4,263 | ||
Recorded Investment, With no specific allowance recorded | 3,368 | 3,368 | 3,481 | ||
Unpaid Principal Balance, With a specific allowance recorded | 4,910 | 4,910 | 6,176 | ||
Recorded Investment, With a specific allowance recorded | 1,306 | 1,306 | 4,872 | ||
Related Allowance, With a specific allowance recorded | 356 | 356 | $ 853 | ||
Average recorded investment, with no related specific allowance | 3,172 | 3,193 | 3,246 | 2,854 | |
Interest income recognized, With no related specific allowance | 2 | 37 | 7 | 99 | |
Average recorded investment, With a specific allowance recorded | $ 2,678 | 4,707 | $ 3,700 | 3,256 | |
Interest income recognized, With a specific allowance recorded | $ 63 | $ 200 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 30,656 | $ 33,381 |
TDRs | 12,364 | 16,165 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 8,605 | 11,548 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 3,759 | 4,617 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 670 | 1,023 |
TDRs | 10 | 1,398 |
Commercial Real Estate - Land and Construction [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 967 | |
Commercial Real Estate - Land and Construction [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 10 | 431 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 8,999 | 11,507 |
TDRs | 2,582 | 3,506 |
Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,655 | 2,064 |
Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 927 | 1,442 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 4,516 | 8,148 |
TDRs | 330 | 487 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 158 | 205 |
Commercial and Industrial [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 172 | 282 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 3,207 | 2,391 |
TDRs | 809 | 860 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 490 | 642 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 319 | 218 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 9,669 | 12,530 |
TDRs | 2,592 | 4,904 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,655 | 3,031 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 937 | 1,873 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 12,524 | 9,461 |
TDRs | 8,339 | 9,287 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 6,203 | 7,227 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,136 | 2,060 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 740 | 851 |
TDRs | 294 | 627 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 99 | 443 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $ 195 | $ 184 |
Loans and the Allowance for C51
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail) | Sep. 30, 2016USD ($)Borrowers | Dec. 31, 2015USD ($)Borrowers |
Financing Receivable, Impaired [Line Items] | ||
Number of borrowers with loans greater than one million | Borrowers | 2 | 3 |
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower | $ 1,000,000 | $ 1,000,000 |
Loans acquired with deteriorated credit quality | 13,923,000 | $ 9,289,000 |
Your Community Bankshares, Inc [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans acquired with deteriorated credit quality | 6,500,000 | |
Non Accrual [Member] | Your Community Bankshares, Inc [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 2,700,000 |
Loans and the Allowance for C52
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 8 | 1 | 16 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 275 | $ 13 | $ 389 | $ 1,443 |
Post-Modification Outstanding Recorded Investment | $ 267 | $ 12 | $ 360 | $ 1,046 |
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 13 | $ 128 | ||
Post-Modification Outstanding Recorded Investment | $ 12 | $ 119 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 835 | |||
Post-Modification Outstanding Recorded Investment | $ 472 | |||
Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 125 | $ 125 | ||
Post-Modification Outstanding Recorded Investment | $ 122 | $ 122 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 13 | $ 963 | ||
Post-Modification Outstanding Recorded Investment | $ 12 | $ 591 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | 3 | 7 | |
Pre-Modification Outstanding Recorded Investment | $ 124 | $ 150 | $ 454 | |
Post-Modification Outstanding Recorded Investment | $ 122 | $ 143 | $ 435 | |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 4 | 10 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 26 | $ 70 | $ 19 | |
Post-Modification Outstanding Recorded Investment | $ 23 | $ 54 | $ 14 | |
Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 44 | $ 7 | ||
Post-Modification Outstanding Recorded Investment | $ 41 | $ 6 |
Loans and the Allowance for C53
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)Defaults | Sep. 30, 2015USD ($)Defaults | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Defaults | 1 | 2 |
Recorded Investment | $ | $ 40 | $ 62 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Defaults | 1 | |
Recorded Investment | $ | $ 20 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Defaults | 1 | |
Recorded Investment | $ | $ 42 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Defaults | 1 | |
Recorded Investment | $ | $ 40 |
Loans and the Allowance for C54
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Other real estate owned | $ 9,613 | $ 5,669 |
Repossessed assets | 181 | 156 |
Total other real estate owned and repossessed assets | $ 9,794 | $ 5,825 |
Pension Plan - Components of Ne
Pension Plan - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost - benefits earned during year | $ 703 | $ 846 | $ 2,095 | $ 2,509 |
Interest cost on projected benefit obligation | 1,280 | 1,228 | 3,813 | 3,643 |
Expected return on plan assets | (1,940) | (1,950) | (5,778) | (5,785) |
Amortization of prior service cost | 8 | 7 | 20 | 19 |
Amortization of net loss | 759 | 801 | 2,261 | 2,378 |
Net periodic pension cost | $ 810 | $ 932 | $ 2,411 | $ 2,764 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) | Sep. 09, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Minimum required pension plan contribution | $ 600,000 | $ 600,000 | ||||
Available credit balance utilized for minimum required contribution | 39,100,000 | 39,100,000 | ||||
Contribution of pension fund | $ 3,800,000 | |||||
Net periodic pension cost | $ 810,000 | $ 932,000 | 2,411,000 | $ 2,764,000 | ||
Pentegra Plan [Member] | Your Community Bankshares, Inc [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Defined benefit plan expected contribution to satisfy final termination liability | $ 3,300,000 | |||||
Maximum [Member] | ||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||||
Net periodic pension cost | $ 10,000 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 7,070 | $ 6,451 |
Total securities - available-for-sale | 1,302,029 | 1,403,069 |
Other assets - interest rate derivatives agreements | 7,510 | 1,893 |
Total assets recurring fair value measurements | 1,316,609 | 1,411,413 |
Other liabilities - interest rate derivatives agreements | 7,758 | 1,991 |
Total liabilities recurring fair value measurements | 7,758 | 1,991 |
Other real estate owned and repossessed assets | 9,794 | 5,825 |
Loans held for sale | 20,231 | 7,899 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 7,070 | 6,451 |
Total securities - available-for-sale | 1,302,029 | 1,403,069 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,458 | 6,363 |
Other real estate owned and repossessed assets | 9,794 | 5,825 |
Loans held for sale | 20,231 | 7,899 |
Total nonrecurring fair value measurements | 33,483 | 20,087 |
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 | 63,371 | 83,505 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 1,086,916 | 1,176,080 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and 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 | 1,086,916 | 1,176,080 |
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 | 111,265 | 80,265 |
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 | 111,265 | 80,265 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 35,523 | 58,593 |
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 | 35,523 | 58,593 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities - available-for-sale | 4,954 | 4,626 |
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 | 4,954 | 4,626 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 5,966 | 5,226 |
Total securities - available-for-sale | 3,023 | 2,735 |
Total assets recurring fair value measurements | 8,989 | 7,961 |
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] | ||
Trading securities | 5,966 | 5,226 |
Total securities - available-for-sale | 3,023 | 2,735 |
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 | 3,023 | 2,735 |
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 | 1,299,006 | 1,400,334 |
Other assets - interest rate derivatives agreements | 7,510 | 1,893 |
Total assets recurring fair value measurements | 1,306,516 | 1,402,227 |
Other liabilities - interest rate derivatives agreements | 7,758 | 1,991 |
Total liabilities recurring fair value measurements | 7,758 | 1,991 |
Loans held for sale | 20,231 | 7,899 |
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 | 1,299,006 | 1,400,334 |
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 | 20,231 | 7,899 |
Total nonrecurring fair value measurements | 20,231 | 7,899 |
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 | 63,371 | 83,505 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and 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 | 1,086,916 | 1,176,080 |
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 | 111,265 | 80,265 |
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 | 35,523 | 58,593 |
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 | 1,931 | 1,891 |
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 | 3,458 | 6,363 |
Other real estate owned and repossessed assets | 9,794 | 5,825 |
Total nonrecurring fair value measurements | 13,252 | 12,188 |
Investments Measured At Net Asset Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,104 | 1,225 |
Total assets recurring fair value measurements | 1,104 | 1,225 |
Investments Measured At Net Asset Value [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 1,104 | $ 1,225 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair value transfer amount | $ 0 | $ 0 |
Fair Value Measurement - Sche59
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and repossessed assets | $ 9,794 | $ 5,825 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 3,458 | 6,363 |
Other real estate owned and repossessed assets | 9,794 | 5,825 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 3,458 | 6,363 |
Other real estate owned and repossessed assets | $ 9,794 | $ 5,825 |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, Appraisal adjustments | 0.00% | 0.00% |
Impaired loans, Liquidation expenses | (1.00%) | (3.00%) |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, Appraisal adjustments | (80.90%) | (40.60%) |
Impaired loans, Liquidation expenses | (8.00%) | (8.00%) |
Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, Appraisal adjustments | (53.10%) | (25.10%) |
Impaired loans, Liquidation expenses | (3.40%) | (6.70%) |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets | ||||
Cash and due from banks | $ 116,132 | $ 86,685 | $ 92,975 | $ 94,002 |
Trading securities | 7,070 | 6,451 | ||
Securities available-for-sale | 1,302,029 | 1,403,069 | ||
Securities held-to-maturity | 1,049,093 | 1,012,930 | ||
Net loans | 6,194,097 | 5,024,132 | ||
Loans held for sale | 20,231 | 7,899 | ||
Other assets - interest rate derivatives | 7,510 | 1,893 | ||
Accrued interest receivable | 29,964 | 25,759 | ||
Financial Liabilities | ||||
Deposits | 7,134,511 | 6,066,299 | ||
Federal Home Loan Bank borrowings | 950,847 | 1,041,750 | ||
Other borrowings | 132,497 | 81,356 | ||
Subordinated debt and junior subordinated debt | 163,364 | 106,196 | ||
Other liabilities - interest rate derivatives | 7,758 | 1,991 | ||
Accrued interest payable | 2,898 | 1,715 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 116,132 | 86,685 | ||
Trading securities | 5,966 | 5,226 | ||
Securities available-for-sale | 3,023 | 2,735 | ||
Accrued interest receivable | 29,964 | 25,759 | ||
Financial Liabilities | ||||
Deposits | 5,560,799 | 4,508,461 | ||
Other borrowings | 77,623 | 78,682 | ||
Accrued interest payable | 2,898 | 1,715 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial Assets | ||||
Securities available-for-sale | 1,299,006 | 1,400,334 | ||
Securities held-to-maturity | 1,088,556 | 1,037,490 | ||
Loans held for sale | 20,231 | 7,899 | ||
Other assets - interest rate derivatives | 7,510 | 1,893 | ||
Financial Liabilities | ||||
Deposits | 1,581,751 | 1,566,972 | ||
Federal Home Loan Bank borrowings | 949,818 | 1,041,752 | ||
Other borrowings | 54,873 | 2,679 | ||
Subordinated debt and junior subordinated debt | 136,432 | |||
Subordinated debt and junior subordinated debt owed to unconsolidated subsidiary trust | 79,681 | |||
Other liabilities - interest rate derivatives | 7,758 | 1,991 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial Assets | ||||
Securities held-to-maturity | 671 | 717 | ||
Net loans | 6,152,078 | 4,936,236 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 116,132 | 86,685 | ||
Trading securities | 7,070 | 6,451 | ||
Securities available-for-sale | 1,302,029 | 1,403,069 | ||
Securities held-to-maturity | 1,049,093 | 1,012,930 | ||
Net loans | 6,194,097 | 5,024,132 | ||
Loans held for sale | 20,231 | 7,899 | ||
Other assets - interest rate derivatives | 7,510 | 1,893 | ||
Accrued interest receivable | 29,964 | 25,759 | ||
Financial Liabilities | ||||
Deposits | 7,134,511 | 6,066,299 | ||
Federal Home Loan Bank borrowings | 950,847 | 1,041,750 | ||
Other borrowings | 132,497 | 81,356 | ||
Subordinated debt and junior subordinated debt | 163,364 | |||
Subordinated debt and junior subordinated debt owed to unconsolidated subsidiary trust | 106,196 | |||
Other liabilities - interest rate derivatives | 7,758 | 1,991 | ||
Accrued interest payable | 2,898 | 1,715 | ||
Fair Value Estimate [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 116,132 | 86,685 | ||
Trading securities | 7,070 | 6,451 | ||
Securities available-for-sale | 1,302,029 | 1,403,069 | ||
Securities held-to-maturity | 1,089,227 | 1,038,207 | ||
Net loans | 6,152,078 | 4,936,236 | ||
Loans held for sale | 20,231 | 7,899 | ||
Other assets - interest rate derivatives | 7,510 | 1,893 | ||
Accrued interest receivable | 29,964 | 25,759 | ||
Financial Liabilities | ||||
Deposits | 7,142,550 | 6,075,433 | ||
Federal Home Loan Bank borrowings | 949,818 | 1,041,752 | ||
Other borrowings | 132,496 | 81,361 | ||
Subordinated debt and junior subordinated debt | 136,432 | |||
Subordinated debt and junior subordinated debt owed to unconsolidated subsidiary trust | 79,681 | |||
Other liabilities - interest rate derivatives | 7,758 | 1,991 | ||
Accrued interest payable | 2,898 | 1,715 | ||
Investments Measured At Net Asset Value [Member] | ||||
Financial Assets | ||||
Trading securities | $ 1,104 | $ 1,225 |
Comprehensive Income - Componen
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,122,132 | $ 788,190 |
Total other comprehensive income | 15,892 | 4,379 |
Ending Balance | 1,347,151 | 1,115,742 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (17,539) | (22,776) |
Amounts reclassified from accumulated other comprehensive income | 1,407 | 1,493 |
Total other comprehensive income | 1,407 | 1,493 |
Ending Balance | (16,132) | (21,283) |
Accumulated Unrealized Gains (Losses) on Securities Available For Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,162) | 2,892 |
Other comprehensive income before reclassifications | 16,065 | 3,105 |
Amounts reclassified from accumulated other comprehensive income | (1,428) | (20) |
Total other comprehensive income | 14,637 | 3,085 |
Ending Balance | 10,475 | 5,977 |
Accumulated Unrealized Gains on Securities Transferred from Available For Sale to Held to Maturity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 747 | 1,059 |
Amounts reclassified from accumulated other comprehensive income | (152) | (199) |
Total other comprehensive income | (152) | (199) |
Ending Balance | 595 | 860 |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (20,954) | (18,825) |
Other comprehensive income before reclassifications | 16,065 | 3,105 |
Amounts reclassified from accumulated other comprehensive income | (173) | 1,274 |
Total other comprehensive income | 15,892 | 4,379 |
Ending Balance | $ (5,062) | $ (14,446) |
Comprehensive Income - Compon62
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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) - Amounts Reclassified From Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net securities gains reclassified into earnings | $ (579) | $ (11) | $ (2,251) | $ (32) |
Related income tax expense | 211 | 4 | 823 | 12 |
Net effect on accumulated other comprehensive income for the period | (368) | (7) | (1,428) | (20) |
Amortization of unrealized gain transferred from available-for-sale | (77) | (104) | (242) | (317) |
Related income tax expense | 28 | 38 | 90 | 118 |
Net effect on accumulated other comprehensive income for the period | (49) | (66) | (152) | (199) |
Defined benefit pension plan: | ||||
Amortization of net loss and prior service costs | 766 | 808 | 2,280 | 2,397 |
Related income tax benefit | (280) | (296) | (873) | (904) |
Net effect on accumulated other comprehensive income for the period | 486 | 512 | 1,407 | 1,493 |
Total reclassifications for the period | $ 69 | $ 439 | $ (173) | $ 1,274 |
Commitments and Contingent Li64
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Allowance for credit losses associated with loan commitments | $ 576 | $ 613 | $ 630 | $ 455 |
Liability associated with letters of credit | $ 200 | $ 200 |
Commitments and Contingent Li65
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 1,404,726 | $ 1,159,769 |
Loans approved but not closed | 150,864 | 234,599 |
Overdraft limits | 127,277 | 106,252 |
Letters of credit | 26,544 | 27,408 |
Contingent obligations to purchase loans funded by other entities | $ 17,324 | $ 18,079 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)Segment | Sep. 30, 2015USD ($) | |
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 | $ 3,700 | $ 3,700 |
Total non-fiduciary assets of the trust and investment services segment | $ 3.1 | $ 3.6 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Interest income | $ 70,092 | $ 66,935 | $ 205,278 | $ 194,052 |
Interest expense | 8,066 | 6,326 | 23,637 | 17,685 |
Net interest income | 62,026 | 60,609 | 181,641 | 176,367 |
Provision for credit losses | 2,214 | 1,798 | 6,350 | 5,768 |
Net interest income after provision for credit losses | 59,812 | 58,811 | 175,291 | 170,599 |
Non-interest income | 21,017 | 18,186 | 60,001 | 54,440 |
Non-interest expense | 57,601 | 46,981 | 150,303 | 147,029 |
Income before provision for income taxes | 23,228 | 30,016 | 84,989 | 78,010 |
Provision for income taxes | 5,793 | 7,768 | 22,572 | 20,250 |
Net income | 17,435 | 22,248 | 62,417 | 57,760 |
Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 70,092 | 66,935 | 205,278 | 194,052 |
Interest expense | 8,066 | 6,326 | 23,637 | 17,685 |
Net interest income | 62,026 | 60,609 | 181,641 | 176,367 |
Provision for credit losses | 2,214 | 1,798 | 6,350 | 5,768 |
Net interest income after provision for credit losses | 59,812 | 58,811 | 175,291 | 170,599 |
Non-interest income | 15,604 | 13,060 | 43,841 | 37,785 |
Non-interest expense | 54,569 | 44,039 | 141,029 | 137,903 |
Income before provision for income taxes | 20,847 | 27,832 | 78,103 | 70,481 |
Provision for income taxes | 4,841 | 6,894 | 19,818 | 17,238 |
Net income | 16,006 | 20,938 | 58,285 | 53,243 |
Trust and Investment Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 5,413 | 5,126 | 16,160 | 16,655 |
Non-interest expense | 3,032 | 2,942 | 9,274 | 9,126 |
Income before provision for income taxes | 2,381 | 2,184 | 6,886 | 7,529 |
Provision for income taxes | 952 | 874 | 2,754 | 3,012 |
Net income | $ 1,429 | $ 1,310 | $ 4,132 | $ 4,517 |