Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 23, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | WSBC | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | WESBANCO INC | |
Entity Central Index Key | 0000203596 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 54,691,225 | |
Entity Shell Company | false | |
Entity File Number | 000-08467 | |
Entity Incorporation, State or Country Code | WV | |
Entity Tax Identification Number | 55-0571723 | |
Entity Address, Address Line One | 1 Bank Plaza | |
Entity Address, City or Town | Wheeling | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 26003 | |
City Area Code | 304 | |
Local Phone Number | 234-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $34,727 and $44,536, respectively | $ 244,333 | $ 169,186 |
Securities: | ||
Equity securities, at fair value | 11,644 | 11,737 |
Available-for-sale debt securities, at fair value | 2,209,199 | 2,114,129 |
Held-to-maturity debt securities (fair values of $877,809 and $1,020,743, respectively) | 852,824 | 1,020,934 |
Total securities | 3,073,667 | 3,146,800 |
Loans held for sale | 20,715 | 8,994 |
Portfolio loans, net of unearned income | 7,756,752 | 7,656,281 |
Allowance for loan losses | (54,317) | (48,948) |
Net portfolio loans | 7,702,435 | 7,607,333 |
Premises and equipment, net | 178,344 | 166,925 |
Accrued interest receivable | 37,156 | 38,853 |
Goodwill and other intangible assets, net | 914,705 | 918,850 |
Bank-owned life insurance | 229,349 | 225,317 |
Other assets | 193,183 | 176,374 |
Total Assets | 12,593,887 | 12,458,632 |
Deposits: | ||
Non-interest bearing demand | 2,476,392 | 2,441,041 |
Interest bearing demand | 2,128,581 | 2,146,508 |
Money market | 1,085,732 | 1,142,925 |
Savings deposits | 1,698,125 | 1,645,549 |
Certificates of deposit | 1,275,533 | 1,455,610 |
Total deposits | 8,664,363 | 8,831,633 |
Federal Home Loan Bank borrowings | 1,161,092 | 1,054,174 |
Other short-term borrowings | 325,247 | 290,522 |
Subordinated debt and junior subordinated debt | 156,632 | 189,842 |
Total borrowings | 1,642,971 | 1,534,538 |
Accrued interest payable | 5,273 | 4,627 |
Other liabilities | 180,011 | 109,007 |
Total Liabilities | 10,492,618 | 10,479,805 |
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 2019 and 2018, respectively; 54,698,250 and 54,604,294 shares issued, respectively; 54,691,225 and 54,598,134 shares outstanding, respectively | 113,954 | 113,758 |
Capital surplus | 1,169,595 | 1,166,701 |
Retained earnings | 809,332 | 737,581 |
Treasury stock (7,025 and 6,160 shares - at cost, respectively) | (252) | (274) |
Accumulated other comprehensive income (loss) | 9,922 | (37,871) |
Deferred benefits for directors | (1,282) | (1,068) |
Total Shareholders' Equity | 2,101,269 | 1,978,827 |
Total Liabilities and Shareholders' Equity | $ 12,593,887 | $ 12,458,632 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 34,727 | $ 44,536 |
Held-to-maturity securities, fair values | $ 877,809 | $ 1,020,743 |
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 | 54,698,250 | 54,604,294 |
Common stock, shares outstanding | 54,691,225 | 54,598,134 |
Treasury stock, shares | 7,025 | 6,160 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 95,369 | $ 86,605 | $ 287,287 | $ 234,276 |
Interest and dividends on securities: | ||||
Taxable | 15,887 | 14,964 | 49,061 | 40,702 |
Tax-exempt | 4,759 | 5,326 | 15,443 | 15,216 |
Total interest and dividends on securities | 20,646 | 20,290 | 64,504 | 55,918 |
Other interest income | 1,333 | 1,498 | 4,153 | 3,402 |
Total interest and dividend income | 117,348 | 108,393 | 355,944 | 293,596 |
INTEREST EXPENSE | ||||
Interest bearing demand deposits | 4,489 | 3,501 | 12,749 | 9,174 |
Money market deposits | 1,973 | 1,360 | 5,881 | 3,332 |
Savings deposits | 861 | 352 | 2,061 | 768 |
Certificates of deposit | 3,830 | 3,276 | 11,831 | 8,789 |
Total interest expense on deposits | 11,153 | 8,489 | 32,522 | 22,063 |
Federal Home Loan Bank borrowings | 6,645 | 6,691 | 19,269 | 17,142 |
Other short-term borrowings | 1,353 | 965 | 4,392 | 2,497 |
Subordinated debt and junior subordinated debt | 2,077 | 2,315 | 6,820 | 6,425 |
Total interest expense | 21,228 | 18,460 | 63,003 | 48,127 |
NET INTEREST INCOME | 96,120 | 89,933 | 292,941 | 245,469 |
Provision for credit losses | 4,121 | 1,035 | 9,375 | 4,911 |
Net interest income after provision for credit losses | 91,999 | 88,898 | 283,566 | 240,558 |
NON-INTEREST INCOME | ||||
Electronic banking fees | 5,253 | 6,139 | 18,299 | 16,697 |
Net securities brokerage revenue | 1,765 | 1,836 | 5,597 | 5,315 |
Bank-owned life insurance | 1,373 | 1,232 | 4,032 | 5,116 |
Mortgage banking income | 2,588 | 1,521 | 5,262 | 4,297 |
Net securities gains | 235 | 84 | 3,800 | 403 |
Net gain on other real estate owned and other assets | 158 | 150 | 670 | 641 |
Other income | 2,097 | 2,684 | 8,535 | 6,444 |
Total non-interest income | 26,950 | 26,224 | 85,878 | 73,715 |
NON-INTEREST EXPENSE | ||||
Salaries and wages | 32,915 | 30,335 | 95,501 | 82,213 |
Employee benefits | 9,726 | 7,905 | 29,419 | 22,782 |
Net occupancy | 5,392 | 4,957 | 16,343 | 13,715 |
Equipment | 5,273 | 4,488 | 14,924 | 12,532 |
Marketing | 1,505 | 1,446 | 4,002 | 3,967 |
FDIC insurance | (1,221) | 789 | 1,287 | 2,315 |
Amortization of intangible assets | 2,446 | 1,821 | 7,424 | 4,218 |
Restructuring and merger-related expense | 1,688 | 10,811 | 4,876 | 16,468 |
Other operating expenses | 15,544 | 13,568 | 45,876 | 36,024 |
Total non-interest expense | 73,268 | 76,120 | 219,652 | 194,234 |
Income before provision for income taxes | 45,681 | 39,002 | 149,792 | 120,039 |
Provision for income taxes | 8,334 | 6,516 | 27,295 | 20,855 |
NET INCOME | $ 37,347 | $ 32,486 | $ 122,497 | $ 99,184 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.68 | $ 0.65 | $ 2.24 | $ 2.11 |
Diluted | $ 0.68 | $ 0.64 | $ 2.24 | $ 2.11 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 54,695,578 | 50,277,847 | 54,641,057 | 46,965,095 |
Diluted | 54,751,344 | 50,432,112 | 54,705,761 | 47,107,829 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.31 | $ 0.29 | $ 0.93 | $ 0.87 |
COMPREHENSIVE INCOME | $ 43,156 | $ 25,965 | $ 170,290 | $ 71,869 |
Total Trust Fees [Member] | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 6,425 | 6,265 | 19,880 | 18,520 |
Service Charges on Deposits [Member] | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | $ 7,056 | $ 6,313 | $ 19,803 | $ 16,282 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Farmers Capital Bank Corporation [Member] | First Sentry Bancshares, Inc. [Member] | Common Stock [Member] | Common Stock [Member]Farmers Capital Bank Corporation [Member] | Common Stock [Member]First Sentry Bancshares, Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]Farmers Capital Bank Corporation [Member] | Capital Surplus [Member]First Sentry Bancshares, Inc. [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Treasury Stock [Member]Farmers Capital Bank Corporation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Benefits for Directors [Member] |
Beginning Balance at Dec. 31, 2017 | $ 1,395,321 | $ 91,756 | $ 684,730 | $ 651,357 | $ (31,495) | $ (1,027) | ||||||||
Beginning Balance, shares at Dec. 31, 2017 | 44,043,244 | |||||||||||||
Net income | 99,184 | 99,184 | ||||||||||||
Other Comprehensive Income (Loss) | (27,315) | (27,315) | ||||||||||||
Comprehensive income | 71,869 | |||||||||||||
Common dividends declared | (42,127) | (42,127) | ||||||||||||
Adoption of accounting standard ASU 2016-01 | 1,063 | (1,063) | ||||||||||||
Shares issued for acquisition | $ 391,267 | $ 107,347 | $ 16,487 | $ 5,206 | $ 374,464 | $ 102,141 | $ 316 | |||||||
Shares issued for acquisition, shares | 7,920,387 | 2,498,761 | ||||||||||||
Treasury shares acquired | (696) | 34 | $ (730) | |||||||||||
Treasury shares acquired, shares | (15,489) | |||||||||||||
Restricted stock granted | $ 205 | (205) | ||||||||||||
Restricted stock granted, shares | 98,301 | |||||||||||||
Stock compensation expense | 2,933 | 2,933 | ||||||||||||
Deferred benefits for directors- net | (494) | (437) | (57) | |||||||||||
Ending Balance at Sep. 30, 2018 | 1,927,269 | $ 113,758 | 1,165,006 | 709,477 | (15) | (59,873) | (1,084) | |||||||
Ending Balance, shares at Sep. 30, 2018 | 54,603,967 | |||||||||||||
Stock options exercised | 1,849 | $ 104 | 1,346 | 399 | ||||||||||
Stock options exercised, shares | 58,763 | |||||||||||||
Beginning Balance at Jun. 30, 2018 | 1,524,106 | $ 97,197 | 789,038 | 692,820 | (555) | (53,352) | (1,042) | |||||||
Beginning Balance, shares at Jun. 30, 2018 | 46,643,250 | |||||||||||||
Net income | 32,486 | 32,486 | ||||||||||||
Other Comprehensive Income (Loss) | (6,521) | (6,521) | ||||||||||||
Comprehensive income | 25,965 | |||||||||||||
Common dividends declared | (15,829) | (15,829) | ||||||||||||
Shares issued for acquisition | $ 391,267 | $ 16,487 | $ 374,465 | $ 315 | ||||||||||
Shares issued for acquisition, shares | 7,920,387 | |||||||||||||
Treasury shares acquired | (15) | (15) | ||||||||||||
Treasury shares acquired, shares | (330) | |||||||||||||
Restricted stock granted | $ 39 | (39) | ||||||||||||
Restricted stock granted, shares | 18,685 | |||||||||||||
Stock compensation expense | 1,094 | 1,094 | ||||||||||||
Deferred benefits for directors- net | (25) | 17 | (42) | |||||||||||
Ending Balance at Sep. 30, 2018 | 1,927,269 | $ 113,758 | 1,165,006 | 709,477 | (15) | (59,873) | (1,084) | |||||||
Ending Balance, shares at Sep. 30, 2018 | 54,603,967 | |||||||||||||
Stock options exercised | 706 | $ 35 | 431 | 240 | ||||||||||
Stock options exercised, shares | 21,975 | |||||||||||||
Beginning Balance at Dec. 31, 2018 | 1,978,827 | $ 113,758 | 1,166,701 | 737,581 | (274) | (37,871) | (1,068) | |||||||
Beginning Balance, shares at Dec. 31, 2018 | 54,598,134 | |||||||||||||
Net income | 122,497 | 122,497 | ||||||||||||
Other Comprehensive Income (Loss) | 47,793 | 47,793 | ||||||||||||
Comprehensive income | 170,290 | |||||||||||||
Common dividends declared | (50,746) | (50,746) | ||||||||||||
Treasury shares acquired | (797) | 170 | (967) | |||||||||||
Treasury shares acquired, shares | (26,358) | |||||||||||||
Restricted stock granted | $ 188 | (1,076) | 888 | |||||||||||
Restricted stock granted, shares | 113,449 | |||||||||||||
Stock compensation expense | 3,772 | 3,772 | ||||||||||||
Deferred benefits for directors- net | (198) | 16 | (214) | |||||||||||
Ending Balance at Sep. 30, 2019 | 2,101,269 | $ 113,954 | 1,169,595 | 809,332 | (252) | 9,922 | (1,282) | |||||||
Ending Balance, shares at Sep. 30, 2019 | 54,691,225 | |||||||||||||
Stock options exercised | 121 | $ 8 | 12 | 101 | ||||||||||
Stock options exercised, shares | 6,000 | |||||||||||||
Beginning Balance at Jun. 30, 2019 | 2,074,116 | $ 113,952 | 1,168,212 | 788,900 | (2) | 4,113 | (1,059) | |||||||
Beginning Balance, shares at Jun. 30, 2019 | 54,697,199 | |||||||||||||
Net income | 37,347 | 37,347 | ||||||||||||
Other Comprehensive Income (Loss) | 5,809 | 5,809 | ||||||||||||
Comprehensive income | 43,156 | |||||||||||||
Common dividends declared | (16,915) | (16,915) | ||||||||||||
Treasury shares acquired | (208) | 42 | (250) | |||||||||||
Treasury shares acquired, shares | (6,974) | |||||||||||||
Restricted stock granted | $ 2 | (2) | ||||||||||||
Restricted stock granted, shares | 1,000 | |||||||||||||
Stock compensation expense | 1,333 | 1,333 | ||||||||||||
Deferred benefits for directors- net | (213) | 10 | (223) | |||||||||||
Ending Balance at Sep. 30, 2019 | $ 2,101,269 | $ 113,954 | $ 1,169,595 | $ 809,332 | $ (252) | $ 9,922 | $ (1,282) | |||||||
Ending Balance, shares at Sep. 30, 2019 | 54,691,225 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common dividends declared, per share | $ 0.31 | $ 0.29 | $ 0.93 | $ 0.87 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 148,095 | $ 122,291 |
INVESTING ACTIVITIES | ||
Net (increase) decrease in loans held for investment | (84,688) | 52,411 |
Available-for-sale debt securities: | ||
Proceeds from sales | 125,239 | 82,134 |
Proceeds from maturities, prepayments and calls | 287,515 | 188,020 |
Purchases of securities | (384,890) | (688,020) |
Held-to-maturity debt securities: | ||
Proceeds from maturities, prepayments and calls | 112,182 | 51,973 |
Purchases of securities | (15,005) | (66,058) |
Equity securities: | ||
Proceeds from sales | 3,567 | 1,511 |
Proceeds from bank-owned life insurance | 4,772 | |
Purchases of premises and equipment – net | (8,342) | (2,400) |
Net cash received from acquisitions | 278,654 | |
Sale of portfolio loans- net | 12,996 | |
Net cash provided by (used in) investing activities | 35,578 | (84,007) |
FINANCING ACTIVITIES | ||
Decrease in deposits | (165,800) | (20,443) |
Proceeds from Federal Home Loan Bank borrowings | 470,000 | 575,000 |
Repayment of Federal Home Loan Bank borrowings | (363,313) | (447,381) |
Increase in other short-term borrowings | 5,725 | 90,043 |
Principal repayments of finance lease obligations | (300) | (278) |
Increase (decrease) in federal funds purchased | 29,000 | (25,000) |
Repayment of junior subordinated debt | (33,506) | (17,519) |
Dividends paid to common shareholders | (49,656) | (37,751) |
Issuance of common stock | 71 | 1,578 |
Treasury shares sold - net | (747) | (425) |
Net cash (used in) provided by financing activities | (108,526) | 117,824 |
Net increase in cash and cash equivalents | 75,147 | 156,108 |
Cash and cash equivalents at beginning of the period | 169,186 | 117,572 |
Cash and cash equivalents at end of the period | 244,333 | 273,680 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 63,300 | 46,524 |
Income taxes paid | 27,015 | 13,050 |
Transfers of loans to other real estate owned | 684 | 393 |
Transfers of loans to held for sale | 12,996 | |
Transfer of held-to-maturity debt securities to available-for-sale debt securities | 67,393 | |
Right of use assets obtained in exchange for lease obligations | $ 19,827 | |
First Sentry Bancshares, Inc. [Member] | ||
SUPPLEMENTAL DISCLOSURES | ||
Non-cash transactions related to acquisition | 107,347 | |
Farmers Capital Bank Corporation [Member] | ||
SUPPLEMENTAL DISCLOSURES | ||
Non-cash transactions related to acquisition | $ 391,267 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — The accompanying unaudited interim financial statements of WesBanco, Inc. and its consolidated subsidiaries (“WesBanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. 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 2018 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on WesBanco’s net income and stockholders’ equity. 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 August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU specifically aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. WesBanco is currently assessing the impact of ASU 2018-15 on WesBanco’s Consolidated Financial Statements. ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20) In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies Accounting Standards Codification (“ASC”) 715-20 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. WesBanco is currently assessing the impact of ASU 2018-14 on WesBanco’s Consolidated Financial Statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion of entities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. WesBanco is currently assessing the impact of ASU 2018-13 on WesBanco’s Consolidated Financial Statements. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which will require entities to use a new forward-looking “expected loss” model also referred to as the current expected credit loss model (“CECL”) 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 similarly to current procedures, 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. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments” and in May 2019 the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326), Targeted Transition Relief. 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. In December 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of Comptroller of the Currency (“OCC”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ adoption of the CECL methodolgy. The final rule provides banking organizations the option to phase-in, over a three-year period, the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. WesBanco is continuing to analyze the impact of the adoption of this standard on the company’s regulatory capital to determine the best course of action regarding immediate or delayed recognition of the day-one adoption adjustment upon regulatory capital. Under CECL, acquired loans or pools of loans that have experienced more-than-insignificant credit deterioration are deemed to be purchased credit deteriorated (“PCD”) loans, and are grossed-up on day 1 by the initial credit estimate through the allowance as opposed to a reduction in the loan’s amortized cost. The credit mark on acquired loans deemed not to be PCD loans will be reflected as a reduction in the loan’s amortized cost, with an allowance and corresponding provision for credit losses recorded in the first reporting period after acquisition through current period earnings, while the loan mark will accrete through interest income over the life of such loans. At acquisition, WesBanco will consider several factors as indicators that an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors may include loans 30 days or more past due, loans with an internal risk grade of below average or lower, loans classified as non-accrual by the acquired institution, materiality of the credit and loans that have been previously modified in a troubled debt restructuring (“TDR”) . Upon adoption of this standard, acquired loans from prior acquisitions that m e et the guidelines under ASC 310-30 (formerly known as “purchased credit impaired ”) will be reclassified as PCD loans. The accretable portion of the loan mark as of adoption date will continue to accrete into interest income. However, the non-accretable portion of the loan mark will be added to the allowance upon adoption, and any reversals of such mark will flow through the allowance in future periods. The loan mark on ASC 310-20 loans (“non-purchased credit impaired”) from prior acquisitions will continue to accrete through interest income over the life of such loans. WesBanco formed a cross-functional team in 2016 to oversee the implementation of CECL. The team was responsible for completing an initial data gap assessment, determining if additional data was needed or current data could be improved upon, finalizing the loan segmentation procedures, analyzing the methodology options regarding the calculation of expected credit losses and concluding why the selected methodology is reasonable and in-line with accounting guidance. WesBanco has completed a parallel run for the third quarter of 2019 to ensure the various forecasting and modeling assumptions are reasonable and supportable, including certain qualitative factors that have been developed to estimate the initial current expected credit loss allowance. WesBanco will continue to perform parallel runs throughout the remainder of 2019 prior to adoption of the ASU. Based on preliminary analysis performed during 2019, using forecasts and macroeconomic conditions and exposures during that time and with qualitative factors and model validation still in process, the overall Day 1 range of potential outcomes is estimated to result in an increase of up to 30% in the CECL allowance for credit losses for the loan portfolio. This estimation is derived from the selected assumption of a one-year reasonable and supportable forecast. After the forecast period, WesBanco reverts back over a three year period to historical loss rates adjusting for prepayments and curtailments, to estimate losses over the remaining life of loans. The most sensitive assumptions include the length of the forecast and reversion periods, forecast of unemployment and interest rate spreads and prepayment speeds. The ultimate impact will depend on the composition of the loan portfolio, credit quality of the loan portfolio and the macroeconomic conditions and forecasts utilized in the calculation of the allowance of credit losses for loans. WesBanco has engaged a third-party to validate the data inputs and the models utilized in the CECL calculation. The final results of the model validation, as well as further refinement of judgmental factors are still in process and could materially impact the estimated range of potential outcomes noted above. The Company has prepared documentation of the accounting policy decisions, changes to the business processes and procedures, and the control environment under the adoption of this standard, and has drafted the format of the initial, upon adoption footnote disclosure, to be included in the Form 10-Q for the first quarterly period after adoption, or as of March 31, 2020. Upon adoption, the Company estimates the impact on the Tier 1 risk-based capital ratio would be up to a 15 basis point reduction, based on the assumptions noted above, without a phase-in assumed of the regulatory capital impact over three years. None of the above noted evaluation assumptions and initial estimates include the acquired loans from Old Line Bancshares, Inc. (“Old Line”) or any related allowance impact. If the acquisition of Old Line closes before year-end, the acquired loan portfolio will be accounted for under existing acquired loan portfolio and allowance rules; however, if the acquisition closes after December 31, 2019, the new CECL rules will apply as noted above for PCD and non-PCD loans. WesBanco will recognize an allowance for credit losses for held-to-maturity (“HTM”) debt securities. Based on the credit quality of WesBanco’s HTM debt securities’ portfolio, WesBanco does not expect the allowance for credit losses to be significant for HTM securities. ASU 2016-02 Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires 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. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. In January 2018, the FASB issued ASU 2018-01, which allows entities the option to apply the provisions of the new lease guidance at the effective date without adjusting the comparative periods presented. In July 2018, the FASB issued ASU 2018-10, which provides narrow-scope improvements to the lease standard and ASU 2018-11, which allows entities to choose an additional transition method, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transitional method, the entity shall recognize and measure the leases that exist at the adoption date and the prior comparative periods are not adjusted. WesBanco adopted this ASU as of January 1, 2019 using the transitional method. In addition, WesBanco utilized certain practical expedients including the following - retained the classifications of existing leases, no re-assessment to determine if existing leases have initial direct costs and utilized hindsight when determining the lease term and assessment of impairment in existing leases. WesBanco initially capitalized $20 million upon adoption for right-of-use assets and lease liabilities, net of existing straight-line lease liabilities and unfavorable acquired lease liabilities. See additional disclosures in Note 6, “Leases.” ASU 2017-12 Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” The new guidance makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed how companies assess effectiveness. It was intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. Upon adoption, WesBanco reclassified $67.3 million of callable held-to-maturity municipal debt securities to available-for-sale debt securities. ASU 2018-16 D erivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” This ASU modifies ASC 815 for eligible benchmark interest rates. Due to concerns about the sustainability of the London Interbank Offered Rate (LIBOR), the Federal Reserve Board initiated an effort to introduce an alternative reference rate in the United States. The Overnight Index Swap (OIS) rate, which is based on SOFR is permitted as a U.S. benchmark interest rate for hedge accounting purposes. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE 2. MERGERS AND ACQUISITIONS Farmers Capital Bank Corporation (“FFKT”) On August 20, 2018, WesBanco completed its acquisition of Farmers Capital Bank Corp., a bank holding company headquartered in Frankfort, KY. On the acquisition date, FFKT had approximately $1.6 billion in assets, excluding goodwill, which included approximately $1.0 billion in loans and $239.3 million in securities. The FFKT acquisition was valued at $428.9 million, based on WesBanco’s closing stock price on August 20, 2018, of $49.40, and resulted in WesBanco issuing 7,920,387 shares of its common stock and $37.6 million in cash in exchange for all of the outstanding shares of FFKT common stock. The assets and liabilities of FFKT were recorded on WesBanco’s Balance Sheet at their fair values as of August 20, 2018, the acquisition date, and FFKT’s results of operations have been included in WesBanco’s Consolidated Statements of Income since that date. For the nine months ended September 30, 2019, WesBanco recorded merger-related expenses of $3.2 million associated with the FFKT acquisition. The final purchase price of the FFKT acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) August 20, 2018 Purchase price: Fair value of WesBanco shares issued $ 391,267 Cash consideration for outstanding FFKT shares 37,634 Total purchase price $ 428,901 Fair value of: Tangible assets acquired $ 1,370,245 Core deposit and other intangible assets acquired 39,992 Liabilities assumed (1,434,779 ) Net cash received in the acquisition 230,139 Fair value of net assets acquired 205,597 Goodwill recognized $ 223,304 The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition. (unaudited, in thousands) August 20, 2018 Assets acquired Cash and due from banks $ 230,139 Securities 239,321 Loans 1,025,800 Goodwill and other intangible assets 263,296 Accrued income and other assets 105,124 Total assets acquired $ 1,863,680 Liabilities assumed Deposits $ 1,330,328 Borrowings 71,780 Accrued expenses and other liabilities 32,671 Total liabilities assumed $ 1,434,779 Net assets acquired $ 428,901 The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition previously reported as of June 30, 2019: (unaudited, in thousands) August 20, 2018 Goodwill recognized as of June 30, 2019 $ 220,897 Change in fair value of net assets acquired: Assets Accrued income and other assets 709 Liabilities Accrued expenses and other liabilities (3,116 ) Fair value of net assets acquired $ (2,407 ) Increase in goodwill recognized 2,407 Goodwill recognized as of September 30, 2019 $ 223,304 The adjustments to goodwill noted above to other assets and other liabilities related to the Company’s finalization of purchase accounting for FFKT. Old Line Bancshares, Inc. (“OLBK”) On July 23, 2019, WesBanco and Old Line Bancshares, Inc., a bank holding company headquartered in Bowie, MD, jointly announced the execution of a definitive Agreement and Plan of Merger providing for the merger of OLBK with and into WesBanco (“Agreement”), OLBK has approximately $3.1 billion in assets, $2.4 billion in loans, $2.4 billion in deposits, $0.4 billion in stockholders’ equity and 37 branches. On the date of the announcement, the transaction was valued at approximately $500.1 million. Under the terms of the Agreement, WesBanco will exchange its common stock for OLBK common stock at closing, subject to customary conditions. OLBK options will be exchanged for WesBanco options, as adjusted as to exercise price and number of options to take into account the fixed exchange ratio stated in the Agreement. OLBK stockholders will be entitled to receive 0.7844 shares of WesBanco common stock per each share of OLBK common stock, which had a total value of $29.22 per share, as of the date of the announcement. The receipt by OLBK stockholders of shares of WesBanco common stock in exchange for their shares of OLBK common stock is anticipated to qualify as a tax-free exchange. The acquisition is subject to the approvals of the appropriate banking regulatory authorities. It has received the approval of the West Virginia Department of Financial Institutions and the shareholders of both companies. It is currently expected that the transaction will be completed in the fourth quarter of 2019. For the nine months ended September 30, 2019, WesBanco recorded merger-related expenses of $1.7 million related to the OLBK acquisition. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, For the Nine Months Ended September 30, (unaudited, in thousands, except shares and per share amounts) 2019 2018 2019 2018 Numerator for both basic and diluted earnings per common share: Net income $ 37,347 $ 32,486 $ 122,497 $ 99,184 Denominator: Total average basic common shares outstanding 54,695,578 50,277,847 54,641,057 46,965,095 Effect of dilutive stock options and other stock compensation 55,766 154,265 64,704 142,734 Total diluted average common shares outstanding 54,751,344 50,432,112 54,705,761 47,107,829 Earnings per common share - basic $ 0.68 $ 0.65 $ 2.24 $ 2.11 Earnings per common share - diluted $ 0.68 $ 0.64 $ 2.24 $ 2.11 Options to purchase 352,250 shares and 0 shares at September 30, 2019 and 2018, respectively, were not included in the computation of net income per diluted share for the three months ended September 30, 2019, because the exercise price was greater than the average market price of the common share, therefore, the effect would be antidilutive. Options to purchase 352,250 and 117,600 shares at September 30, 2019 and 2018, respectively, were not included in the computation of net income per diluted share for the nine months ended September 30, 2019 and 2018, because the exercise price was greater than the average market price of the common share, therefore, the effect would be antidilutive. As of September 30, 2019, no contingently issuable shares were estimated to be awarded under the 2019, 2018 and 2017 total shareholder return plans, as stock performance targets were not met and are therefore not included in the calculation because the effect would be antidilutive. As of September 30, 2018, 45,840 contingently issuable shares were estimated to be awarded under the 2018 and 2017 total shareholder return plans, as stock performance targets had been met to date and were included in the diluted calculation. Performance-based restricted stock compensation totaling 30,137 and 17,081 shares were estimated to be awarded as of September 30, 2019 and 2018, respectively, and are included in the diluted calculation. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
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 debt securities: September 30, 2019 December 31, 2018 (unaudited, in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 29,817 $ 61 $ — $ 29,878 $ 19,882 $ 3 $ (7 ) $ 19,878 U.S. Government sponsored entities and agencies 116,508 4,012 (79 ) 120,441 142,852 556 (1,756 ) 141,652 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,663,942 21,469 (4,346 ) 1,681,065 1,585,864 2,912 (27,521 ) 1,561,255 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 183,634 4,716 (45 ) 188,305 171,671 264 (2,963 ) 168,972 Obligations of states and political subdivisions 145,593 5,771 (1 ) 151,363 184,057 2,039 (982 ) 185,114 Corporate debt securities 37,684 592 (129 ) 38,147 37,730 87 (559 ) 37,258 Total available-for-sale debt securities $ 2,177,178 $ 36,621 $ (4,600 ) $ 2,209,199 $ 2,142,056 $ 5,861 $ (33,788 ) $ 2,114,129 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 9,854 $ 53 $ (46 ) $ 9,861 $ 10,823 $ 6 $ (329 ) $ 10,500 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 129,797 1,273 (155 ) 130,915 148,300 204 (4,170 ) 144,334 Obligations of states and political subdivisions 679,932 22,244 (170 ) 702,006 828,520 8,771 (4,012 ) 833,279 Corporate debt securities 33,241 1,786 — 35,027 33,291 12 (673 ) 32,630 Total held-to-maturity debt securities $ 852,824 $ 25,356 $ (371 ) $ 877,809 $ 1,020,934 $ 8,993 $ (9,184 ) $ 1,020,743 Total debt securities $ 3,030,002 $ 61,977 $ (4,971 ) $ 3,087,008 $ 3,162,990 $ 14,854 $ (42,972 ) $ 3,134,872 At September 30, 2019 and December 31, 2018, there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of WesBanco’s shareholders’ equity. Equity securities, of which $8.5 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value, and totaled $11.6 million and $11.7 million at September 30, 2019 and December 31, 2018, respectively. The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2019. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, principal payments are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 61,932 $ 61,992 1-5 years 116,281 117,740 5-10 years 407,897 416,454 Over 10 years 1,591,068 1,613,013 Total available-for-sale debt securities $ 2,177,178 $ 2,209,199 Held-to-maturity debt securities Less than one year $ 18,138 $ 18,201 1-5 years 127,140 130,634 5-10 years 328,315 338,075 Over 10 years 379,231 390,899 Total held-to-maturity debt securities $ 852,824 $ 877,809 Total debt securities $ 3,030,002 $ 3,087,008 Securities with aggregate fair values of $2.0 billion at both September 30, 2019 and December 31, 2018 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 $125.2 million and $82.1 million for the nine months ended September 30, 2019 and 2018, respectively. Net unrealized gains (losses) on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of September 30, 2019 and December 31, 2018 were $24.7 million and ($21.5) million, respectively. The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments from the adoption of ASU 2016-01 effective January 1, 2018, for the three and nine months ended September 30, 2019 and 2018, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2019 2018 2019 2018 Debt securities: Gross realized gains $ 1,096 $ 88 $ 1,443 $ 100 Gross realized losses (741 ) (13 ) (950 ) (31 ) Net gains (losses) on debt securities $ 355 $ 75 $ 493 $ 69 Equity securities: Net unrealized gains (losses) recognized on securities still held $ (120 ) $ 11 $ 748 $ 330 Net realized gains (losses) recognized on securities sold — (2 ) 2,559 4 Net gains (losses) on equity securities $ (120 ) $ 9 $ 3,307 $ 334 Net securities gains $ 235 $ 84 $ 3,800 $ 403 The following tables provide information on unrealized losses on debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of September 30, 2019 and December 31, 2018, respectively: September 30, 2019 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Government sponsored entities and agencies $ 5,383 $ (17 ) 4 $ 6,781 $ (108 ) 2 $ 12,164 $ (125 ) 6 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 347,848 (1,515 ) 70 306,696 (2,986 ) 128 654,544 (4,501 ) 198 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 11,066 (38 ) 3 3,729 (7 ) 2 14,795 (45 ) 5 Obligations of states and political subdivisions 12,650 (39 ) 21 7,581 (132 ) 17 20,231 (171 ) 38 Corporate debt securities — — — 7,896 (129 ) 3 7,896 (129 ) 3 Total temporarily impaired securities $ 376,947 $ (1,609 ) 98 $ 332,683 $ (3,362 ) 152 $ 709,630 $ (4,971 ) $ 250 December 31, 2018 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ 9,972 $ (7 ) 1 $ — $ — — $ 9,972 $ (7 ) 1 U.S. Government sponsored entities and agencies 18,926 (148 ) 8 76,385 (1,937 ) 14 95,311 (2,085 ) 22 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 285,534 (1,862 ) 44 922,698 (29,829 ) 291 1,208,232 (31,691 ) 335 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 9,186 (18 ) 6 111,068 (2,945 ) 14 120,254 (2,963 ) 20 Obligations of states and political subdivisions 104,469 (439 ) 207 303,681 (4,555 ) 513 408,150 (4,994 ) 720 Corporate debt securities 38,791 (898 ) 18 11,452 (334 ) 5 50,243 (1,232 ) 23 Total temporarily impaired securities $ 466,878 $ (3,372 ) 284 $ 1,425,284 $ (39,600 ) 837 $ 1,892,162 $ (42,972 ) 1,121 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; 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, Cincinnati and Indianapolis stock totaling $56.3 million and $50.8 million at September 30, 2019 and December 31, 2018, 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, 2019 | |
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. Net deferred loan costs were $4.5 million and $3.2 million at September 30, 2019 and December 31, 2018, respectively. The unamortized discount on purchased loans from acquisitions was $36.8 million at September 30, 2019, including $16.9 million related to FFKT, and $49.3 million at December 31, 2018, including $23.4 million related to FFKT. September 30, December 31, (unaudited, in thousands) 2019 2018 Commercial real estate: Land and construction $ 510,404 $ 528,072 Improved property 3,344,249 3,325,623 Total commercial real estate 3,854,653 3,853,695 Commercial and industrial 1,332,275 1,265,460 Residential real estate 1,638,574 1,611,607 Home equity 587,745 599,331 Consumer 343,505 326,188 Total portfolio loans 7,756,752 7,656,281 Loans held for sale 20,715 8,994 Total loans $ 7,777,467 $ 7,665,275 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, 2019 and 2018 (unaudited, in thousands) Commercial Real Estate - Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total Balance at December 31, 2018 Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses (207 ) 2,939 2,549 561 727 405 1,503 8,477 Provision for loan commitments 26 (9 ) 842 3 37 (1 ) — 898 Total provision for credit losses (181 ) 2,930 3,391 564 764 404 1,503 9,375 Charge-offs (45 ) (515 ) (1,420 ) (870 ) (859 ) (1,886 ) (1,273 ) (6,868 ) Recoveries 255 621 545 272 341 1,432 294 3,760 Net charge-offs 210 106 (875 ) (598 ) (518 ) (454 ) (979 ) (3,108 ) Balance at September 30, 2019 Allowance for loan losses 4,042 23,893 13,788 3,785 4,565 2,748 1,496 54,317 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total ending allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 Balance at December 31, 2017 Allowance for loan losses $ 3,117 $ 21,166 $ 9,414 $ 3,206 $ 4,497 $ 3,063 $ 821 $ 45,284 Allowance for loan commitments 119 26 173 7 212 37 — 574 Total beginning allowance for credit losses 3,236 21,192 9,587 3,213 4,709 3,100 821 45,858 Provision for credit losses: Provision for loan losses 789 (721 ) 2,538 1,106 (292 ) 541 840 4,801 Provision for loan commitments 67 (3 ) 32 2 9 3 — 110 Total provision for credit losses 856 (724 ) 2,570 1,108 (283 ) 544 840 4,911 Charge-offs (137 ) (719 ) (871 ) (873 ) (745 ) (2,465 ) (941 ) (6,751 ) Recoveries 400 1,098 970 336 830 1,657 277 5,568 Net charge-offs 263 379 99 (537 ) 85 (808 ) (664 ) (1,183 ) Balance at September 30, 2018 Allowance for loan losses 4,169 20,824 12,051 3,775 4,290 2,796 997 48,902 Allowance for loan commitments 186 23 205 9 221 40 — 684 Total ending allowance for credit losses $ 4,355 $ 20,847 $ 12,256 $ 3,784 $ 4,511 $ 2,836 $ 997 $ 49,586 The following tables present the allowance for credit losses and recorded investments in loans by category: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Over- drafts Total September 30, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 1,471 $ 10 $ 12 $ 7 $ 1 $ — $ 1,501 Allowance for loans collectively evaluated for impairment 4,042 22,422 13,778 3,773 4,558 2,747 1,496 52,816 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 Portfolio loans: Individually evaluated for impairment (1) $ — $ 5,388 $ 185 $ 4,662 $ 746 $ 61 $ — $ 11,042 Collectively evaluated for impairment 510,162 3,330,959 1,331,248 1,632,348 586,999 343,444 — 7,735,160 Acquired with deteriorated credit quality 242 7,902 842 1,564 — — — 10,550 Total portfolio loans $ 510,404 $ 3,344,249 $ 1,332,275 $ 1,638,574 $ 587,745 $ 343,505 $ — $ 7,756,752 December 31, 2018 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Allowance for loans collectively evaluated for impairment 4,039 20,848 12,114 3,822 4,356 2,797 972 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total allowance for credit losses $ 4,208 $ 20,881 $ 12,376 $ 3,834 $ 4,582 $ 2,836 $ 972 $ 49,689 Portfolio loans: Individually evaluated for impairment (1) $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 527,737 3,319,672 1,264,560 1,609,177 599,331 326,063 — 7,646,540 Acquired with deteriorated credit quality 335 5,951 900 2,430 — 125 — 9,741 Total portfolio loans $ 528,072 $ 3,325,623 $ 1,265,460 $ 1,611,607 $ 599,331 $ 326,188 $ — $ 7,656,281 (1 ) WesBanco is transitioning to a more objective 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 inception 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 sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees. 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 the net operating income generated by the property to service the debt, the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 . 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 a ssets have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized assets are not adversely classified and do not expose the bank to sufficient risk to warrant adverse classification. Substandard and doubtful loans are equivalent to the classifications used by banking regulators. Substandard loa ns are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the will sustain some loss if the deficiencies are not corrected. oans have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of September 30, 2019 Pass $ 503,021 $ 3,217,475 $ 1,292,481 $ 5,012,977 Criticized - compromised 5,742 54,441 18,697 78,880 Classified - substandard 1,641 72,333 21,097 95,071 Classified - doubtful — — — — Total $ 510,404 $ 3,344,249 $ 1,332,275 $ 5,186,928 As of December 31, 2018 Pass $ 523,707 $ 3,267,304 $ 1,245,190 $ 5,036,201 Criticized - compromised 2,297 35,566 13,847 51,710 Classified - substandard 2,068 22,753 6,423 31,244 Classified - doubtful — — — — Total $ 528,072 $ 3,325,623 $ 1,265,460 $ 5,119,155 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 was $23.3 million at September 30, 2019 and $22.9 million at December 31, 2018, of which $3.5 and $3.9 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 FFKT Loans – In conjunction with the FFKT acquisition, WesBanco acquired loans with a book value of $1,064.8 million as of August 20, 2018. These loans were recorded at the fair value of $1,025.8 million, with $988.3 million categorized as ASC 310-20 loans. The fair market value adjustment on these loans of $26.0 million at the acquisition date is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality with a book value of $5.3 million were recorded at the fair value of $4.6 million, of which $2.4 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 carrying amount of loans acquired with deteriorated credit quality at September 30, 2019 was $3.0 million, while the outstanding customer balance was $3.5 million. At September 30, 2019, no allowance for loan losses has been recognized related to the FFKT-acquired impaired loans. Certain acquired underperforming loans with an acquired book value of $45.2 million were sold during the fourth quarter of 2018 for $32.9 million. The acquisition date fair value of the acquired loans was adjusted to the sale price resulting in no recognized gain or loss. The following table provides changes in accretable yield for loans acquired with deteriorated credit quality: For the Nine Months Ended September 30, September 30, (unaudited, in thousands) 2019 2018 Balance at beginning of period $ 6,203 $ 1,724 Acquisitions 1,300 695 Reduction due to change in projected cash flows (979 ) (86 ) Reclass from non-accretable difference 839 6,287 Transfers out — — Accretion (2,475 ) (902 ) Balance at end of period $ 4,888 $ 7,718 The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Due Accruing (1) As of September 30, 2019 Commercial real estate: Land and construction $ 509,062 $ 127 $ 84 $ 1,131 $ 1,342 $ 510,404 $ 834 Improved property 3,326,426 3,901 2,032 11,890 17,823 3,344,249 935 Total commercial real estate 3,835,488 4,028 2,116 13,021 19,165 3,854,653 1,769 Commercial and industrial 1,329,043 675 215 2,342 3,232 1,332,275 229 Residential real estate 1,620,684 3,560 3,789 10,541 17,890 1,638,574 2,724 Home equity 580,598 2,328 748 4,071 7,147 587,745 420 Consumer 340,640 1,678 805 382 2,865 343,505 283 Total portfolio loans 7,706,453 12,269 7,673 30,357 50,299 7,756,752 5,425 Loans held for sale 20,715 — — — — 20,715 — Total loans $ 7,727,168 $ 12,269 $ 7,673 $ 30,357 $ 50,299 $ 7,777,467 $ 5,425 Impaired loans included above are as follows: Non-accrual loans $ 8,107 $ 656 $ 1,156 $ 24,882 26,694 $ 34,801 TDRs accruing interest (1) 5,566 64 160 50 274 5,840 Total impaired $ 13,673 $ 720 $ 1,316 $ 24,932 $ 26,968 $ 40,641 As of December 31, 2018 Commercial real estate: Land and construction $ 526,660 $ 62 $ 1,350 $ — $ 1,412 $ 528,072 $ — Improved property 3,314,765 2,266 2,250 6,342 10,858 3,325,623 175 Total commercial real estate 3,841,425 2,328 3,600 6,342 12,270 3,853,695 175 Commercial and industrial 1,261,536 323 594 3,007 3,924 1,265,460 13 Residential real estate 1,593,519 2,717 5,001 10,370 18,088 1,611,607 2,820 Home equity 591,623 2,500 1,273 3,935 7,708 599,331 705 Consumer 322,584 2,084 1,007 513 3,604 326,188 364 Total portfolio loans 7,610,687 9,952 11,475 24,167 45,594 7,656,281 4,077 Loans held for sale 8,994 — — — — 8,994 — Total loans $ 7,619,681 $ 9,952 $ 11,475 $ 24,167 $ 45,594 $ 7,665,275 $ 4,077 Impaired loans included above are as follows: Non-accrual loans $ 8,910 $ 337 $ 1,370 $ 20,083 21,790 $ 30,700 TDRs accruing interest (1) 5,586 59 92 7 158 5,744 Total impaired $ 14,496 $ 396 $ 1,462 $ 20,090 $ 21,948 $ 36,444 (1) The following tables summarize impaired loans: Impaired Loans September 30, 2019 December 31, 2018 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 606 $ 554 $ — $ — $ — $ — Improved property 14,162 7,982 — 14,038 9,293 — Commercial and industrial 3,724 2,374 — 4,610 3,428 — Residential real estate 15,090 13,303 — 20,270 18,016 — Home equity 5,866 5,030 — 5,924 5,036 — Consumer 442 356 — 846 671 — Total impaired loans without a specific allowance 39,890 29,599 — 45,688 36,444 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 5,435 5,388 1,471 — — — Commercial and industrial 187 185 10 — — — Residential real estate 5,096 4,662 12 — — — Home equity 774 746 7 — — — Consumer 99 61 1 — — — Total impaired loans with a specific allowance 11,591 11,042 1,501 — — — Total impaired loans $ 51,481 $ 40,641 $ 1,501 $ 45,688 $ 36,444 $ — (1) Impaired Loans For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 425 $ — $ — $ — $ 284 $ — $ 260 $ — Improved property 7,647 — 10,409 15 7,962 — 11,000 383 Commercial and industrial 2,614 — 3,181 5 2,931 — 2,985 9 Residential real estate 12,600 — 18,336 68 13,752 — 18,207 195 Home equity 4,740 — 4,924 8 4,760 — 4,997 19 Consumer 334 — 692 3 425 — 776 8 Total impaired loans without a specific allowance 28,360 — 37,542 99 30,114 — 38,225 614 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved property 5,273 35 — — 3,170 63 1,052 — Commercial and industrial 189 4 — — 171 11 — — Residential real estate 4,792 51 — — 3,666 169 — — Home equity 834 8 — — 616 23 — — Consumer 68 1 — — 60 3 — — Total impaired loans with a specific allowance 11,156 99 — — 7,683 269 1,052 — Total impaired loans $ 39,516 $ 99 $ 37,542 $ 99 $ 37,797 $ 269 $ 39,277 $ 614 The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) September 30, December 31, (unaudited, in thousands) 2019 2018 Commercial real estate: Land and construction $ 554 $ — Improved property 12,036 8,413 Total commercial real estate 12,590 8,413 Commercial and industrial 2,374 3,260 Residential real estate 14,171 13,831 Home equity 5,299 4,610 Consumer 367 586 Total $ 34,801 $ 30,700 (1) TDRs September 30, 2019 December 31, 2018 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 1,334 197 1,531 880 1,529 2,409 Total commercial real estate 1,334 197 1,531 880 1,529 2,409 Commercial and industrial 185 — 185 168 169 337 Residential real estate 3,794 868 4,662 4,185 921 5,106 Home equity 477 269 746 426 198 624 Consumer 50 11 61 85 38 123 Total $ 5,840 $ 1,345 $ 7,185 $ 5,744 $ 2,855 $ 8,599 As of September 30, 2019 and December 31, 2018, 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 unfunded commitments to debtors whose loans were classified as impaired of $0.2 million and $0.1 million as of September 30, 2019 and December 31, 2018, respectively. The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2019 and 2018, respectively: New TDRs (1) For the Three Months Ended September 30, 2019 September 30, 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property 1 605 604 — — — Total commercial real estate 1 605 604 — — — Commercial and industrial — — — — — — Residential real estate — — — — — — Home equity — — — — — — Consumer — — — 1 19 18 Total 1 $ 605 $ 604 1 $ 19 $ 18 (1) New TDRs (1) For the Nine Months Ended September 30, 2019 September 30, 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property 1 610 604 — — — Total commercial real estate 1 610 604 — — — Commercial and industrial 1 44 37 1 10 8 Residential real estate 4 194 183 5 203 176 Home equity 2 187 184 1 20 19 Consumer 1 15 12 4 65 52 Total 9 $ 1,050 $ 1,020 11 $ 298 $ 255 (1) The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2019 and 2018, respectively, that were restructured within the last twelve months prior to September 30, 2019 and 2018, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2019 September 30, 2018 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 96 2 172 Home equity 1 100 1 6 Consumer 1 12 — — Total 3 $ 208 3 $ 178 (1) TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection. The loans in the table above were not accruing interest. The following table summarizes other real estate owned and repossessed assets included in other assets: September 30, December 31, (unaudited, in thousands) 2019 2018 Other real estate owned $ 3,662 $ 7,173 Repossessed assets 16 92 Total other real estate owned and repossessed assets $ 3,678 $ 7,265 Residential real estate included in other real estate owned at September 30, 2019 and December 31, 2018 was $0.6 million and $1.3 million, respectively. At September 30, 2019 and December 31, 2018, formal foreclosure proceedings were in process on residential real estate loans totaling $4.7 million and $6.0 million, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 6. LEASES Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in premises and equipment, net and other liabilities, respectively, on the consolidated balance sheet beginning January 1, 2019 when WesBanco adopted ASU 2016-02 prospectively. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in net occupancy expense in the consolidated statements of comprehensive income. Operating leases relate primarily to bank branches, office space and license agreements with remaining lease terms of generally 1 to 21 years, which include options for multiple five- and ten- year extensions, with a weighted-average lease term of 9 years. As of September 30, 2019, operating lease ROU assets and liabilities were $17.6 million and $20.5 million, respectively. The lease expense for operating leases was $0.6 million and $1.9 million for the three and nine months ended September 30, 2019, respectively. The weighted average discount rate was 3.29% as of September 30, 2019. Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at September 30, 2019 are as follows ( unaudited, in thousands Year Amount 2020 $ 5,174 2021 3,490 2022 2,682 2023 2,076 2024 and thereafter 10,803 Total lease payments $ 24,225 Less: Interest (3,694 ) Present value of lease liabilities $ 20,531 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 7. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives WesBanco is exposed to certain risks arising from both its business operations and economic conditions. WesBanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. WesBanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. WesBanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in WesBanco’s assets or liabilities. WesBanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when the Bank’s assets and liabilities are equally distributed but also have similar maturities. Loan Swaps WesBanco executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that WesBanco executes with a third party, so that WesBanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and the offsetting third-party swaps are recognized directly in earnings. As of September 30, 2019 and December 31, 2018, WesBanco had 54 and 43, respectively, interest rate swaps with an aggregate notional amount of $315.7 million and $229.8 million related to this program. During the nine months ended September 30, 2019 and 2018, WesBanco recognized net losses of $1.6 million and $0.1 million, respectively, related to the changes in fair value of these swaps. Additionally, WesBanco recognized $2.1 million and $1.4 million of income for the related swap fees for the nine months ended September 30, 2019 and 2018, respectively. Mortgage Loans Held for Sale and Loan Commitments Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as WesBanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. WesBanco sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. WesBanco enters into forward TBA contracts to manage the interest rate risk between the loan commitment and the closing of the loan. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower. Fair Values of Derivative Instruments on the Balance Sheet All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of WesBanco’s derivatives is designated in a qualifying hedging relationship under ASC 815. The table below presents the fair value of WesBanco’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 (unaudited, in thousands) Notional or Contractual Amount Asset Derivatives Liability Derivatives Notional or Contractual Amount Asset Derivatives Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 315,657 $ 18,672 $ 20,721 $ 229,778 $ 4,650 $ 5,081 Other contracts: Interest rate loan commitments 45,727 — 8 16,113 125 — Forward TBA contracts 73,000 208 — 20,000 — 234 Total derivatives $ 18,880 $ 20,729 $ 4,775 $ 5,315 Effect of Derivative Instruments on the Income Statement The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within the other non-interest income line item of the consolidated income statement for the three and nine months ended September 30, 2019 and 2018, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Location of Gain/(Loss) 2019 2018 2019 2018 Interest rate swaps Other income $ (556 ) $ (293 ) $ (1,619 ) $ (82 ) Interest rate loan commitments Mortgage banking income (66 ) (111 ) (133 ) 32 Forward TBA contracts Mortgage banking income (465 ) 131 (1,317 ) 530 Total $ (1,087 ) $ (273 ) $ (3,069 ) $ 480 Credit-risk-related Contingent Features WesBanco has agreements with its derivative counterparties that contain a provision, which provides that if WesBanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then WesBanco could also be declared in default on its derivative obligations. WesBanco also has agreements with certain of its derivative counterparties that contain a provision where if WesBanco fails to maintain its status as either a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and WesBanco would be required to settle its obligations under the agreements. WesBanco has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral with a market value of $31.7 million as of September 30, 2019. If WesBanco had breached any of these provisions at September 30, 2019, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | NOTE 8. BENEFIT PLANS 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 September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2019 2018 2019 2018 Service cost – benefits earned during year $ 567 $ 715 $ 1,681 $ 2,121 Interest cost on projected benefit obligation 1,327 1,242 3,938 3,684 Expected return on plan assets (2,235 ) (2,416 ) (6,633 ) (7,169 ) Amortization of prior service cost 7 6 20 19 Amortization of net loss 817 766 2,424 2,274 Net periodic pension cost $ 483 $ 313 $ 1,430 $ 929 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 $4.8 million is due for 2019, which can be offset in whole or in part by the Plan’s $52.5 million available credit balance. WesBanco made a voluntary contribution of $3.0 million to the Plan in June 2019 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 9. 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: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated. Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as WesBanco has elected the fair value option as of October 1, 2017. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy. Derivatives: WesBanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that WesBanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense. WesBanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income. 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 the application of lower of cost or market accounting or write-downs of individual assets and liabilities. Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy. 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 valu e hierarchy as of September 30, 2019 and December 31, 2018 : September 30, 2019 Fair Value Measurements Using: September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) 2019 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,644 $ 11,644 $ — $ — Available-for-sale debt securities U.S. Treasury 29,878 — 29,878 — U.S. Government sponsored entities and agencies 120,441 — 120,441 — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,681,065 — 1,681,065 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 188,305 — 188,305 — Obligations of state and political subdivisions 151,363 — 149,729 1,634 Corporate debt securities 38,147 — 38,147 — Total available-for-sale debt securities $ 2,209,199 $ — $ 2,207,565 $ 1,634 Loans held for sale 20,715 — 20,715 — Other assets - interest rate derivatives agreements 18,672 — 18,672 — Total assets recurring fair value measurements $ 2,260,230 $ 11,644 $ 2,246,952 $ 1,634 Other liabilities - interest rate derivatives agreements $ 20,721 $ — $ 20,721 $ — Total liabilities recurring fair value measurements $ 20,721 $ — $ 20,721 $ — Nonrecurring fair value measurements Impaired Loans $ 2,488 — — $ 2,488 Other real estate owned and repossessed assets 3,678 — — 3,678 Total nonrecurring fair value measurements $ 6,166 $ — $ — $ 6,166 December 31, 2018 Fair Value Measurements Using: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 2018 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,737 $ 11,737 $ — $ — Available-for-sale debt securities U.S. Treasury 19,878 — 19,878 — U.S. Government sponsored entities and agencies 141,652 — 141,652 — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,561,255 — 1,561,255 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 168,972 — 168,972 — Obligations of state and political subdivisions 185,114 — 183,611 1,503 Corporate debt securities 37,258 — 37,258 — Total available-for-sale debt securities $ 2,114,129 $ — $ 2,112,626 $ 1,503 Loans held for sale 8,994 — 8,994 — Other assets - interest rate derivatives agreements 4,650 — 4,650 — Total assets recurring fair value measurements $ 2,139,510 $ 11,737 $ 2,126,270 $ 1,503 Other liabilities - interest rate derivatives agreements $ 5,081 $ — $ 5,081 $ — Total liabilities recurring fair value measurements $ 5,081 $ — $ 5,081 $ — Nonrecurring fair value measurements Other real estate owned and repossessed assets 7,265 — — 7,265 Total nonrecurring fair value measurements $ 7,265 $ — $ — $ 7,265 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 significant transfers between level 1, 2 or 3 for the three and nine months ended September 30, 2019 or for the year ended December 31, 2018. 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, 2019 Impaired loans $ 2,488 Appraisal of collateral (1) Appraisal adjustments (2) (29.1%)/(29.1%) Liquidation expenses (2) (5.2%)/(5.2%) Other real estate owned and repossessed assets $ 3,678 Appraisal of collateral (1), (3) December 31, 2018 Other real estate owned and repossessed assets $ 7,265 Appraisal of collateral (1), (3) (1) (2) (3) The estimated fair values of WesBanco’s financial instruments are summarized below: Fair Value Measurements at September 30, 2019 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 244,333 $ 244,333 $ 244,333 $ — $ — Equity securities 11,644 11,644 11,644 — — Available-for-sale debt securities 2,209,199 2,209,199 — 2,207,565 1,634 Held-to-maturity debt securities 852,824 877,809 — 877,258 551 Net loans 7,702,435 7,741,859 — — 7,741,859 Loans held for sale 20,715 20,715 — 20,715 — Other assets - interest rate derivatives 18,672 18,672 — 18,672 — Accrued interest receivable 37,156 37,156 37,156 — — Financial Liabilities Deposits 8,664,363 8,671,246 7,388,830 1,282,416 — Federal Home Loan Bank borrowings 1,161,092 1,167,912 — 1,167,912 — Other borrowings 325,247 325,663 322,295 3,368 — Subordinated debt and junior subordinated debt 156,632 144,998 — 144,998 — Other liabilities - interest rate derivatives 20,721 20,721 — 20,721 — Accrued interest payable 5,273 5,273 5,273 — — Fair Value Measurements at December 31, 2018 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 169,186 $ 169,186 $ 169,186 $ — $ — Equity securities 11,737 11,737 11,737 — — Available-for-sale debt securities 2,114,129 2,114,129 — 2,112,626 1,503 Held-to-maturity debt securities 1,020,934 120,743 — 120,195 548 Net loans 7,607,333 7,422,825 — — 7,422,825 Loans held for sale 8,994 8,994 — 8,994 — Other assets - interest rate derivatives 4,650 4,650 — 4,650 — Accrued interest receivable 38,853 38,853 38,853 — — Financial Liabilities Deposits 8,831,633 8,836,390 7,376,023 1,460,367 — Federal Home Loan Bank borrowings 1,054,174 1,051,401 — 1,051,401 — Other borrowings 290,522 290,854 288,918 1,936 — Subordinated debt and junior subordinated debt 189,842 174,448 — 174,448 — Other liabilities - interest rate derivatives 5,081 5,081 — 5,081 — Accrued interest payable 4,627 4,627 4,627 — — The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on WesBanco’s consolidated balance sheets: Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value. Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above. Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. WesBanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value . Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to WesBanco for borrowings with similar terms and remaining maturities. Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used. Subordinated debt and junior subordinated debt: The fair value of subordinated debt is estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is based on recent similar transactions of single-issuer trust preferred securities. Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value. Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 10. REVENUE RECOGNITION WesBanco adopted ASU 2014-09 as of January 1, 2018 under the modified retrospective approach and there was no material impact on WesBanco’s Consolidated Financial statements. Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers Trust fees: Fees are earned over a period of time between monthly and annually, per the related fee schedule. The fees are earned ratably over the period for investment, safekeeping and other services performed by WesBanco. The fees are accrued when earned based on the daily asset value on the last day of the quarter. In most cases, the fees are directly debited from the customer account. Service charges on deposits: There are monthly service charges for both commercial and personal banking customers, which are earned over the month per the related fee schedule based on the customers’ deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account. Net securities brokerage revenue: Commission income is earned based on customer transactions and management of investments. The commission income from customers’ transactions is recognized when the transaction is complete. The commission income from the management of investments is earned continuously over a quarterly period. Payment processing fees: Payment processing fees are fees earned from the bill payment and electronic funds transfer (“EFT”) services provided under the name FirstNet. The fees are derived from both the individual consumer banking transactions and from businesses or service providers through monthly billing for total transactions occurring. These fees are earned at the time the transaction or customer activity occurs. The fees are debited from the customers’ deposit accounts or charged directly to the business or service provider. Electronic banking fees: Interchange and ATM fees are earned based on customer and ATM transactions. Revenue is recognized when the transaction is settled. Mortgage banking income: Income is earned when WesBanco-originated loans are sold to an investor on the secondary market. The investor bids on the loans. If the price is accepted, WesBanco delivers the loan documents to the investor. Once received and approved by the investor, revenue is recognized and the loans are derecognized from the Consolidated Balance Sheet. Prior to the loans being sold, they are classified as loans held for sale. Additionally, the changes in the fair value of the loans held for sale, loan commitments and related derivatives are included in mortgage banking income. Net gain or loss on sale of other real estate owned: Net gain or loss is recorded when other real estate is sold to a third party and the Bank collects substantially all of the consideration to which WesBanco is entitled in exchange for the transfer of the property. The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three and nine months ended September 30, 2019 and 2018, respectively: Point of Revenue For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Recognition 2019 2018 2019 2018 Revenue Streams Trust fees Trust account fees Over time $ 4,265 $ 4,006 $ 13,529 $ 11,856 WesMark fees Over time 2,160 2,259 6,351 6,664 Total trust fees 6,425 6,265 19,880 18,520 Service charges on deposits Commercial banking fees Over time 513 563 1,480 1,406 Personal service charges At a point in time & over time 6,543 5,750 18,323 14,876 Total service charges on deposits 7,056 6,313 19,803 16,282 Net securities brokerage revenue Annuity commissions At a point in time 1,204 1,326 4,018 3,836 Equity and debt security trades At a point in time 151 116 356 304 Managed money Over time 153 173 484 477 Trail commissions Over time 257 221 739 698 Total net securities brokerage revenue 1,765 1,836 5,597 5,315 Payment processing fees (1) At a point in time & over time 709 311 2,142 311 Electronic banking fees At a point in time 5,253 6,139 18,299 16,697 Mortgage banking income At a point in time 2,588 1,521 5,262 4,297 Net gain on other real estate owned and other assets At a point in time 158 150 670 641 (1) |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | NOTE 11. COMPREHENSIVE INCOME/(LOSS) The activity in accumulated other comprehensive income for the nine months ended September 30, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for-Sale Unrealized Gains on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income before reclassifications — 46,450 — 46,450 Amounts reclassified from accumulated other comprehensive income 1,721 (199 ) (179 ) 1,343 Period change 1,721 46,251 (179 ) 47,793 Balance at September 30, 2019 $ (14,821 ) $ 24,729 $ 14 $ 9,922 Balance at December 31, 2017 $ (18,626 ) $ (13,250 ) $ 381 $ (31,495 ) Other comprehensive income before reclassifications — (33,013 ) — (33,013 ) Acquired FFKT Medical benefit plan 4,235 — — 4,235 Amounts reclassified from accumulated other comprehensive income 1,621 (9 ) (149 ) 1,463 Period change 5,856 (33,022 ) (149 ) (27,315 ) Adoption of Accounting Standard ASU 2016-01 — (1,063 ) — (1,063 ) Balance at September 30, 2018 $ (12,770 ) $ (47,335 ) $ 232 $ (59,873 ) (1 ) The following table provides details about amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018: Details about Accumulated Other Comprehensive Income/(Loss) Components For the Three Months Ended September 30, For the Nine Months Ended September 30, Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2019 2018 2019 2018 Debt securities available-for-sale (1) Net securities gains reclassified into earnings $ (219 ) $ (11 ) $ (258 ) $ (11 ) Net securities gains (Non-interest income) Related income tax expense 50 2 59 2 Provision for income taxes Net effect on accumulated other comprehensive income for the period (169 ) (9 ) (199 ) (9 ) Debt securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (88 ) (64 ) (237 ) (195 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 20 15 58 46 Provision for income taxes Net effect on accumulated other comprehensive income for the period (68 ) (49 ) (179 ) (149 ) Defined benefit plans (2) Amortization of net loss and prior service costs 767 772 2,275 2,293 Employee benefits (Non-interest expense) Related income tax benefit (175 ) (177 ) (554 ) (672 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 592 595 1,721 1,621 Total reclassifications for the period $ 355 $ 537 $ 1,343 $ 1,463 (1) (2) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 12. COMMITMENTS AND CONTINGENT LIABILITIES Commitments — In the normal course of business, WesBanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. WesBanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. WesBanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $1.6 million and $0.7 million as of September 30, 2019 and December 31, 2018, respectively, and is included in other liabilities on the Consolidated Balance Sheets. Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $0.2 million as of September 30, 2019 and December 31, 2018. Contingent obligations to purchase loans funded by other entities include affordable housing plan guarantees, credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Affordable housing plan guarantees are performance guarantees for various building project loans. The guarantee amortizes as the loan balances decrease. Credit card guarantees are credit card balances not owned by WesBanco, whereby the Bank guarantees the performance of the cardholder. The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: September 30, December 31, (unaudited, in thousands) 2019 2018 Lines of credit $ 2,013,085 $ 1,894,030 Loans approved but not closed 391,885 258,778 Overdraft limits 150,684 153,572 Letters of credit 44,370 42,841 Contingent obligations and other guarantees 68,450 61,509 Contingent Liabilities — WesBanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 13. 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 $4.4 billion and $4.7 billion at September 30, 2019 and 2018, respectively. These assets are held by WesBanco in fiduciary or agency capacities for their customers and therefore are not included as assets on WesBanco’s Consolidated Balance Sheets. Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For The Three Months Ended September 30, 2019 Interest and dividend income $ 117,348 $ — $ 117,348 Interest expense 21,228 — 21,228 Net interest income 96,120 — 96,120 Provision for credit losses 4,121 — 4,121 Net interest income after provision for credit losses 91,999 — 91,999 Non-interest income 20,525 6,425 26,950 Non-interest expense 69,068 4,200 73,268 Income before provision for income taxes 43,456 2,225 45,681 Provision for income taxes 7,866 468 8,334 Net income $ 35,590 $ 1,757 $ 37,347 For The Three Months Ended September 30, 2018 Interest and dividend income $ 108,393 $ — $ 108,393 Interest expense 18,460 — 18,460 Net interest income 89,933 — 89,933 Provision for credit losses 1,035 — 1,035 Net interest income after provision for credit losses 88,898 — 88,898 Non-interest income 19,959 6,265 26,224 Non-interest expense 72,378 3,742 76,120 Income before provision for income taxes 36,479 2,523 39,002 Provision for income taxes 5,986 530 6,516 Net income $ 30,493 $ 1,993 $ 32,486 For the Nine Months Ended September 30, 2019 Interest and dividend income $ 355,944 $ — $ 355,944 Interest expense 63,003 — 63,003 Net interest income 292,941 — 292,941 Provision for credit losses 9,375 — 9,375 Net interest income after provision for credit losses 283,566 — 283,566 Non-interest income 65,998 19,880 85,878 Non-interest expense 207,299 12,353 219,652 Income before provision for income taxes 142,265 7,527 149,792 Provision for income taxes 25,714 1,581 27,295 Net income $ 116,551 $ 5,946 $ 122,497 For the Nine Months Ended September 30, 2018 Interest and dividend income $ 293,596 $ — $ 293,596 Interest expense 48,127 — 48,127 Net interest income 245,469 — 245,469 Provision for credit losses 4,911 — 4,911 Net interest income after provision for credit losses 240,558 — 240,558 Non-interest income 55,195 18,520 73,715 Non-interest expense 183,298 10,936 194,234 Income before provision for income taxes 112,455 7,584 120,039 Provision for income taxes 19,262 1,593 20,855 Net income $ 93,193 $ 5,991 $ 99,184 Total non-fiduciary assets of the trust and investment services segment were $4.0 million (including $2.5 million of trust customer intangibles) and $5.1 million (including $2.6 million of trust customer intangibles) at September 30, 2019 and 2018, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation — The accompanying unaudited interim financial statements of WesBanco, Inc. and its consolidated subsidiaries (“WesBanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. 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 2018 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on WesBanco’s net income and stockholders’ equity. 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 August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU specifically aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. WesBanco is currently assessing the impact of ASU 2018-15 on WesBanco’s Consolidated Financial Statements. ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20) In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies Accounting Standards Codification (“ASC”) 715-20 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. WesBanco is currently assessing the impact of ASU 2018-14 on WesBanco’s Consolidated Financial Statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion of entities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. WesBanco is currently assessing the impact of ASU 2018-13 on WesBanco’s Consolidated Financial Statements. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which will require entities to use a new forward-looking “expected loss” model also referred to as the current expected credit loss model (“CECL”) 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 similarly to current procedures, 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. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments” and in May 2019 the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326), Targeted Transition Relief. 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. In December 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of Comptroller of the Currency (“OCC”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ adoption of the CECL methodolgy. The final rule provides banking organizations the option to phase-in, over a three-year period, the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. WesBanco is continuing to analyze the impact of the adoption of this standard on the company’s regulatory capital to determine the best course of action regarding immediate or delayed recognition of the day-one adoption adjustment upon regulatory capital. Under CECL, acquired loans or pools of loans that have experienced more-than-insignificant credit deterioration are deemed to be purchased credit deteriorated (“PCD”) loans, and are grossed-up on day 1 by the initial credit estimate through the allowance as opposed to a reduction in the loan’s amortized cost. The credit mark on acquired loans deemed not to be PCD loans will be reflected as a reduction in the loan’s amortized cost, with an allowance and corresponding provision for credit losses recorded in the first reporting period after acquisition through current period earnings, while the loan mark will accrete through interest income over the life of such loans. At acquisition, WesBanco will consider several factors as indicators that an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors may include loans 30 days or more past due, loans with an internal risk grade of below average or lower, loans classified as non-accrual by the acquired institution, materiality of the credit and loans that have been previously modified in a troubled debt restructuring (“TDR”) . Upon adoption of this standard, acquired loans from prior acquisitions that m e et the guidelines under ASC 310-30 (formerly known as “purchased credit impaired ”) will be reclassified as PCD loans. The accretable portion of the loan mark as of adoption date will continue to accrete into interest income. However, the non-accretable portion of the loan mark will be added to the allowance upon adoption, and any reversals of such mark will flow through the allowance in future periods. The loan mark on ASC 310-20 loans (“non-purchased credit impaired”) from prior acquisitions will continue to accrete through interest income over the life of such loans. WesBanco formed a cross-functional team in 2016 to oversee the implementation of CECL. The team was responsible for completing an initial data gap assessment, determining if additional data was needed or current data could be improved upon, finalizing the loan segmentation procedures, analyzing the methodology options regarding the calculation of expected credit losses and concluding why the selected methodology is reasonable and in-line with accounting guidance. WesBanco has completed a parallel run for the third quarter of 2019 to ensure the various forecasting and modeling assumptions are reasonable and supportable, including certain qualitative factors that have been developed to estimate the initial current expected credit loss allowance. WesBanco will continue to perform parallel runs throughout the remainder of 2019 prior to adoption of the ASU. Based on preliminary analysis performed during 2019, using forecasts and macroeconomic conditions and exposures during that time and with qualitative factors and model validation still in process, the overall Day 1 range of potential outcomes is estimated to result in an increase of up to 30% in the CECL allowance for credit losses for the loan portfolio. This estimation is derived from the selected assumption of a one-year reasonable and supportable forecast. After the forecast period, WesBanco reverts back over a three year period to historical loss rates adjusting for prepayments and curtailments, to estimate losses over the remaining life of loans. The most sensitive assumptions include the length of the forecast and reversion periods, forecast of unemployment and interest rate spreads and prepayment speeds. The ultimate impact will depend on the composition of the loan portfolio, credit quality of the loan portfolio and the macroeconomic conditions and forecasts utilized in the calculation of the allowance of credit losses for loans. WesBanco has engaged a third-party to validate the data inputs and the models utilized in the CECL calculation. The final results of the model validation, as well as further refinement of judgmental factors are still in process and could materially impact the estimated range of potential outcomes noted above. The Company has prepared documentation of the accounting policy decisions, changes to the business processes and procedures, and the control environment under the adoption of this standard, and has drafted the format of the initial, upon adoption footnote disclosure, to be included in the Form 10-Q for the first quarterly period after adoption, or as of March 31, 2020. Upon adoption, the Company estimates the impact on the Tier 1 risk-based capital ratio would be up to a 15 basis point reduction, based on the assumptions noted above, without a phase-in assumed of the regulatory capital impact over three years. None of the above noted evaluation assumptions and initial estimates include the acquired loans from Old Line Bancshares, Inc. (“Old Line”) or any related allowance impact. If the acquisition of Old Line closes before year-end, the acquired loan portfolio will be accounted for under existing acquired loan portfolio and allowance rules; however, if the acquisition closes after December 31, 2019, the new CECL rules will apply as noted above for PCD and non-PCD loans. WesBanco will recognize an allowance for credit losses for held-to-maturity (“HTM”) debt securities. Based on the credit quality of WesBanco’s HTM debt securities’ portfolio, WesBanco does not expect the allowance for credit losses to be significant for HTM securities. ASU 2016-02 Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires 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. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. In January 2018, the FASB issued ASU 2018-01, which allows entities the option to apply the provisions of the new lease guidance at the effective date without adjusting the comparative periods presented. In July 2018, the FASB issued ASU 2018-10, which provides narrow-scope improvements to the lease standard and ASU 2018-11, which allows entities to choose an additional transition method, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under this transitional method, the entity shall recognize and measure the leases that exist at the adoption date and the prior comparative periods are not adjusted. WesBanco adopted this ASU as of January 1, 2019 using the transitional method. In addition, WesBanco utilized certain practical expedients including the following - retained the classifications of existing leases, no re-assessment to determine if existing leases have initial direct costs and utilized hindsight when determining the lease term and assessment of impairment in existing leases. WesBanco initially capitalized $20 million upon adoption for right-of-use assets and lease liabilities, net of existing straight-line lease liabilities and unfavorable acquired lease liabilities. See additional disclosures in Note 6, “Leases.” ASU 2017-12 Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” The new guidance makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed how companies assess effectiveness. It was intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. Upon adoption, WesBanco reclassified $67.3 million of callable held-to-maturity municipal debt securities to available-for-sale debt securities. ASU 2018-16 D erivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” This ASU modifies ASC 815 for eligible benchmark interest rates. Due to concerns about the sustainability of the London Interbank Offered Rate (LIBOR), the Federal Reserve Board initiated an effort to introduce an alternative reference rate in the United States. The Overnight Index Swap (OIS) rate, which is based on SOFR is permitted as a U.S. benchmark interest rate for hedge accounting purposes. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For WesBanco, this update was effective for the fiscal year beginning January 1, 2019. The adoption of this pronouncement did not have a material impact on WesBanco’s Consolidated Financial Statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) - Farmers Capital Bank Corporation [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Final Purchase Price of Acquisition and Resulting Goodwill | The final purchase price of the FFKT acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) August 20, 2018 Purchase price: Fair value of WesBanco shares issued $ 391,267 Cash consideration for outstanding FFKT shares 37,634 Total purchase price $ 428,901 Fair value of: Tangible assets acquired $ 1,370,245 Core deposit and other intangible assets acquired 39,992 Liabilities assumed (1,434,779 ) Net cash received in the acquisition 230,139 Fair value of net assets acquired 205,597 Goodwill recognized $ 223,304 |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition. (unaudited, in thousands) August 20, 2018 Assets acquired Cash and due from banks $ 230,139 Securities 239,321 Loans 1,025,800 Goodwill and other intangible assets 263,296 Accrued income and other assets 105,124 Total assets acquired $ 1,863,680 Liabilities assumed Deposits $ 1,330,328 Borrowings 71,780 Accrued expenses and other liabilities 32,671 Total liabilities assumed $ 1,434,779 Net assets acquired $ 428,901 |
Purchase Price Allocation Adjustment [Member] | |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition previously reported as of June 30, 2019: (unaudited, in thousands) August 20, 2018 Goodwill recognized as of June 30, 2019 $ 220,897 Change in fair value of net assets acquired: Assets Accrued income and other assets 709 Liabilities Accrued expenses and other liabilities (3,116 ) Fair value of net assets acquired $ (2,407 ) Increase in goodwill recognized 2,407 Goodwill recognized as of September 30, 2019 $ 223,304 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands, except shares and per share amounts) 2019 2018 2019 2018 Numerator for both basic and diluted earnings per common share: Net income $ 37,347 $ 32,486 $ 122,497 $ 99,184 Denominator: Total average basic common shares outstanding 54,695,578 50,277,847 54,641,057 46,965,095 Effect of dilutive stock options and other stock compensation 55,766 154,265 64,704 142,734 Total diluted average common shares outstanding 54,751,344 50,432,112 54,705,761 47,107,829 Earnings per common share - basic $ 0.68 $ 0.65 $ 2.24 $ 2.11 Earnings per common share - diluted $ 0.68 $ 0.64 $ 2.24 $ 2.11 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value 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 debt securities: September 30, 2019 December 31, 2018 (unaudited, in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 29,817 $ 61 $ — $ 29,878 $ 19,882 $ 3 $ (7 ) $ 19,878 U.S. Government sponsored entities and agencies 116,508 4,012 (79 ) 120,441 142,852 556 (1,756 ) 141,652 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,663,942 21,469 (4,346 ) 1,681,065 1,585,864 2,912 (27,521 ) 1,561,255 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 183,634 4,716 (45 ) 188,305 171,671 264 (2,963 ) 168,972 Obligations of states and political subdivisions 145,593 5,771 (1 ) 151,363 184,057 2,039 (982 ) 185,114 Corporate debt securities 37,684 592 (129 ) 38,147 37,730 87 (559 ) 37,258 Total available-for-sale debt securities $ 2,177,178 $ 36,621 $ (4,600 ) $ 2,209,199 $ 2,142,056 $ 5,861 $ (33,788 ) $ 2,114,129 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 9,854 $ 53 $ (46 ) $ 9,861 $ 10,823 $ 6 $ (329 ) $ 10,500 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 129,797 1,273 (155 ) 130,915 148,300 204 (4,170 ) 144,334 Obligations of states and political subdivisions 679,932 22,244 (170 ) 702,006 828,520 8,771 (4,012 ) 833,279 Corporate debt securities 33,241 1,786 — 35,027 33,291 12 (673 ) 32,630 Total held-to-maturity debt securities $ 852,824 $ 25,356 $ (371 ) $ 877,809 $ 1,020,934 $ 8,993 $ (9,184 ) $ 1,020,743 Total debt securities $ 3,030,002 $ 61,977 $ (4,971 ) $ 3,087,008 $ 3,162,990 $ 14,854 $ (42,972 ) $ 3,134,872 |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2019. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, principal payments are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 61,932 $ 61,992 1-5 years 116,281 117,740 5-10 years 407,897 416,454 Over 10 years 1,591,068 1,613,013 Total available-for-sale debt securities $ 2,177,178 $ 2,209,199 Held-to-maturity debt securities Less than one year $ 18,138 $ 18,201 1-5 years 127,140 130,634 5-10 years 328,315 338,075 Over 10 years 379,231 390,899 Total held-to-maturity debt securities $ 852,824 $ 877,809 Total debt securities $ 3,030,002 $ 3,087,008 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments from the adoption of ASU 2016-01 effective January 1, 2018, for the three and nine months ended September 30, 2019 and 2018, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2019 2018 2019 2018 Debt securities: Gross realized gains $ 1,096 $ 88 $ 1,443 $ 100 Gross realized losses (741 ) (13 ) (950 ) (31 ) Net gains (losses) on debt securities $ 355 $ 75 $ 493 $ 69 Equity securities: Net unrealized gains (losses) recognized on securities still held $ (120 ) $ 11 $ 748 $ 330 Net realized gains (losses) recognized on securities sold — (2 ) 2,559 4 Net gains (losses) on equity securities $ (120 ) $ 9 $ 3,307 $ 334 Net securities gains $ 235 $ 84 $ 3,800 $ 403 |
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of September 30, 2019 and December 31, 2018, respectively: September 30, 2019 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Government sponsored entities and agencies $ 5,383 $ (17 ) 4 $ 6,781 $ (108 ) 2 $ 12,164 $ (125 ) 6 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 347,848 (1,515 ) 70 306,696 (2,986 ) 128 654,544 (4,501 ) 198 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 11,066 (38 ) 3 3,729 (7 ) 2 14,795 (45 ) 5 Obligations of states and political subdivisions 12,650 (39 ) 21 7,581 (132 ) 17 20,231 (171 ) 38 Corporate debt securities — — — 7,896 (129 ) 3 7,896 (129 ) 3 Total temporarily impaired securities $ 376,947 $ (1,609 ) 98 $ 332,683 $ (3,362 ) 152 $ 709,630 $ (4,971 ) $ 250 December 31, 2018 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ 9,972 $ (7 ) 1 $ — $ — — $ 9,972 $ (7 ) 1 U.S. Government sponsored entities and agencies 18,926 (148 ) 8 76,385 (1,937 ) 14 95,311 (2,085 ) 22 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 285,534 (1,862 ) 44 922,698 (29,829 ) 291 1,208,232 (31,691 ) 335 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 9,186 (18 ) 6 111,068 (2,945 ) 14 120,254 (2,963 ) 20 Obligations of states and political subdivisions 104,469 (439 ) 207 303,681 (4,555 ) 513 408,150 (4,994 ) 720 Corporate debt securities 38,791 (898 ) 18 11,452 (334 ) 5 50,243 (1,232 ) 23 Total temporarily impaired securities $ 466,878 $ (3,372 ) 284 $ 1,425,284 $ (39,600 ) 837 $ 1,892,162 $ (42,972 ) 1,121 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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. Net deferred loan costs were $4.5 million and $3.2 million at September 30, 2019 and December 31, 2018, respectively. The unamortized discount on purchased loans from acquisitions was $36.8 million at September 30, 2019, including $16.9 million related to FFKT, and $49.3 million at December 31, 2018, including $23.4 million related to FFKT. September 30, December 31, (unaudited, in thousands) 2019 2018 Commercial real estate: Land and construction $ 510,404 $ 528,072 Improved property 3,344,249 3,325,623 Total commercial real estate 3,854,653 3,853,695 Commercial and industrial 1,332,275 1,265,460 Residential real estate 1,638,574 1,611,607 Home equity 587,745 599,331 Consumer 343,505 326,188 Total portfolio loans 7,756,752 7,656,281 Loans held for sale 20,715 8,994 Total loans $ 7,777,467 $ 7,665,275 |
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, 2019 and 2018 (unaudited, in thousands) Commercial Real Estate - Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total Balance at December 31, 2018 Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses (207 ) 2,939 2,549 561 727 405 1,503 8,477 Provision for loan commitments 26 (9 ) 842 3 37 (1 ) — 898 Total provision for credit losses (181 ) 2,930 3,391 564 764 404 1,503 9,375 Charge-offs (45 ) (515 ) (1,420 ) (870 ) (859 ) (1,886 ) (1,273 ) (6,868 ) Recoveries 255 621 545 272 341 1,432 294 3,760 Net charge-offs 210 106 (875 ) (598 ) (518 ) (454 ) (979 ) (3,108 ) Balance at September 30, 2019 Allowance for loan losses 4,042 23,893 13,788 3,785 4,565 2,748 1,496 54,317 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total ending allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 Balance at December 31, 2017 Allowance for loan losses $ 3,117 $ 21,166 $ 9,414 $ 3,206 $ 4,497 $ 3,063 $ 821 $ 45,284 Allowance for loan commitments 119 26 173 7 212 37 — 574 Total beginning allowance for credit losses 3,236 21,192 9,587 3,213 4,709 3,100 821 45,858 Provision for credit losses: Provision for loan losses 789 (721 ) 2,538 1,106 (292 ) 541 840 4,801 Provision for loan commitments 67 (3 ) 32 2 9 3 — 110 Total provision for credit losses 856 (724 ) 2,570 1,108 (283 ) 544 840 4,911 Charge-offs (137 ) (719 ) (871 ) (873 ) (745 ) (2,465 ) (941 ) (6,751 ) Recoveries 400 1,098 970 336 830 1,657 277 5,568 Net charge-offs 263 379 99 (537 ) 85 (808 ) (664 ) (1,183 ) Balance at September 30, 2018 Allowance for loan losses 4,169 20,824 12,051 3,775 4,290 2,796 997 48,902 Allowance for loan commitments 186 23 205 9 221 40 — 684 Total ending allowance for credit losses $ 4,355 $ 20,847 $ 12,256 $ 3,784 $ 4,511 $ 2,836 $ 997 $ 49,586 |
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Over- drafts Total September 30, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 1,471 $ 10 $ 12 $ 7 $ 1 $ — $ 1,501 Allowance for loans collectively evaluated for impairment 4,042 22,422 13,778 3,773 4,558 2,747 1,496 52,816 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 Portfolio loans: Individually evaluated for impairment (1) $ — $ 5,388 $ 185 $ 4,662 $ 746 $ 61 $ — $ 11,042 Collectively evaluated for impairment 510,162 3,330,959 1,331,248 1,632,348 586,999 343,444 — 7,735,160 Acquired with deteriorated credit quality 242 7,902 842 1,564 — — — 10,550 Total portfolio loans $ 510,404 $ 3,344,249 $ 1,332,275 $ 1,638,574 $ 587,745 $ 343,505 $ — $ 7,756,752 December 31, 2018 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Allowance for loans collectively evaluated for impairment 4,039 20,848 12,114 3,822 4,356 2,797 972 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total allowance for credit losses $ 4,208 $ 20,881 $ 12,376 $ 3,834 $ 4,582 $ 2,836 $ 972 $ 49,689 Portfolio loans: Individually evaluated for impairment (1) $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 527,737 3,319,672 1,264,560 1,609,177 599,331 326,063 — 7,646,540 Acquired with deteriorated credit quality 335 5,951 900 2,430 — 125 — 9,741 Total portfolio loans $ 528,072 $ 3,325,623 $ 1,265,460 $ 1,611,607 $ 599,331 $ 326,188 $ — $ 7,656,281 (1 ) |
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 (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of September 30, 2019 Pass $ 503,021 $ 3,217,475 $ 1,292,481 $ 5,012,977 Criticized - compromised 5,742 54,441 18,697 78,880 Classified - substandard 1,641 72,333 21,097 95,071 Classified - doubtful — — — — Total $ 510,404 $ 3,344,249 $ 1,332,275 $ 5,186,928 As of December 31, 2018 Pass $ 523,707 $ 3,267,304 $ 1,245,190 $ 5,036,201 Criticized - compromised 2,297 35,566 13,847 51,710 Classified - substandard 2,068 22,753 6,423 31,244 Classified - doubtful — — — — Total $ 528,072 $ 3,325,623 $ 1,265,460 $ 5,119,155 |
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 September 30, September 30, (unaudited, in thousands) 2019 2018 Balance at beginning of period $ 6,203 $ 1,724 Acquisitions 1,300 695 Reduction due to change in projected cash flows (979 ) (86 ) Reclass from non-accretable difference 839 6,287 Transfers out — — Accretion (2,475 ) (902 ) Balance at end of period $ 4,888 $ 7,718 |
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Due Accruing (1) As of September 30, 2019 Commercial real estate: Land and construction $ 509,062 $ 127 $ 84 $ 1,131 $ 1,342 $ 510,404 $ 834 Improved property 3,326,426 3,901 2,032 11,890 17,823 3,344,249 935 Total commercial real estate 3,835,488 4,028 2,116 13,021 19,165 3,854,653 1,769 Commercial and industrial 1,329,043 675 215 2,342 3,232 1,332,275 229 Residential real estate 1,620,684 3,560 3,789 10,541 17,890 1,638,574 2,724 Home equity 580,598 2,328 748 4,071 7,147 587,745 420 Consumer 340,640 1,678 805 382 2,865 343,505 283 Total portfolio loans 7,706,453 12,269 7,673 30,357 50,299 7,756,752 5,425 Loans held for sale 20,715 — — — — 20,715 — Total loans $ 7,727,168 $ 12,269 $ 7,673 $ 30,357 $ 50,299 $ 7,777,467 $ 5,425 Impaired loans included above are as follows: Non-accrual loans $ 8,107 $ 656 $ 1,156 $ 24,882 26,694 $ 34,801 TDRs accruing interest (1) 5,566 64 160 50 274 5,840 Total impaired $ 13,673 $ 720 $ 1,316 $ 24,932 $ 26,968 $ 40,641 As of December 31, 2018 Commercial real estate: Land and construction $ 526,660 $ 62 $ 1,350 $ — $ 1,412 $ 528,072 $ — Improved property 3,314,765 2,266 2,250 6,342 10,858 3,325,623 175 Total commercial real estate 3,841,425 2,328 3,600 6,342 12,270 3,853,695 175 Commercial and industrial 1,261,536 323 594 3,007 3,924 1,265,460 13 Residential real estate 1,593,519 2,717 5,001 10,370 18,088 1,611,607 2,820 Home equity 591,623 2,500 1,273 3,935 7,708 599,331 705 Consumer 322,584 2,084 1,007 513 3,604 326,188 364 Total portfolio loans 7,610,687 9,952 11,475 24,167 45,594 7,656,281 4,077 Loans held for sale 8,994 — — — — 8,994 — Total loans $ 7,619,681 $ 9,952 $ 11,475 $ 24,167 $ 45,594 $ 7,665,275 $ 4,077 Impaired loans included above are as follows: Non-accrual loans $ 8,910 $ 337 $ 1,370 $ 20,083 21,790 $ 30,700 TDRs accruing interest (1) 5,586 59 92 7 158 5,744 Total impaired $ 14,496 $ 396 $ 1,462 $ 20,090 $ 21,948 $ 36,444 (1) |
Summary of Impaired Loans | The following tables summarize impaired loans: Impaired Loans September 30, 2019 December 31, 2018 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 606 $ 554 $ — $ — $ — $ — Improved property 14,162 7,982 — 14,038 9,293 — Commercial and industrial 3,724 2,374 — 4,610 3,428 — Residential real estate 15,090 13,303 — 20,270 18,016 — Home equity 5,866 5,030 — 5,924 5,036 — Consumer 442 356 — 846 671 — Total impaired loans without a specific allowance 39,890 29,599 — 45,688 36,444 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 5,435 5,388 1,471 — — — Commercial and industrial 187 185 10 — — — Residential real estate 5,096 4,662 12 — — — Home equity 774 746 7 — — — Consumer 99 61 1 — — — Total impaired loans with a specific allowance 11,591 11,042 1,501 — — — Total impaired loans $ 51,481 $ 40,641 $ 1,501 $ 45,688 $ 36,444 $ — (1) Impaired Loans For the Three Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 425 $ — $ — $ — $ 284 $ — $ 260 $ — Improved property 7,647 — 10,409 15 7,962 — 11,000 383 Commercial and industrial 2,614 — 3,181 5 2,931 — 2,985 9 Residential real estate 12,600 — 18,336 68 13,752 — 18,207 195 Home equity 4,740 — 4,924 8 4,760 — 4,997 19 Consumer 334 — 692 3 425 — 776 8 Total impaired loans without a specific allowance 28,360 — 37,542 99 30,114 — 38,225 614 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — — Improved property 5,273 35 — — 3,170 63 1,052 — Commercial and industrial 189 4 — — 171 11 — — Residential real estate 4,792 51 — — 3,666 169 — — Home equity 834 8 — — 616 23 — — Consumer 68 1 — — 60 3 — — Total impaired loans with a specific allowance 11,156 99 — — 7,683 269 1,052 — Total impaired loans $ 39,516 $ 99 $ 37,542 $ 99 $ 37,797 $ 269 $ 39,277 $ 614 |
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) September 30, December 31, (unaudited, in thousands) 2019 2018 Commercial real estate: Land and construction $ 554 $ — Improved property 12,036 8,413 Total commercial real estate 12,590 8,413 Commercial and industrial 2,374 3,260 Residential real estate 14,171 13,831 Home equity 5,299 4,610 Consumer 367 586 Total $ 34,801 $ 30,700 (1) TDRs September 30, 2019 December 31, 2018 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 1,334 197 1,531 880 1,529 2,409 Total commercial real estate 1,334 197 1,531 880 1,529 2,409 Commercial and industrial 185 — 185 168 169 337 Residential real estate 3,794 868 4,662 4,185 921 5,106 Home equity 477 269 746 426 198 624 Consumer 50 11 61 85 38 123 Total $ 5,840 $ 1,345 $ 7,185 $ 5,744 $ 2,855 $ 8,599 |
Loans Identified as TDRs | The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2019 and 2018, respectively: New TDRs (1) For the Three Months Ended September 30, 2019 September 30, 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property 1 605 604 — — — Total commercial real estate 1 605 604 — — — Commercial and industrial — — — — — — Residential real estate — — — — — — Home equity — — — — — — Consumer — — — 1 19 18 Total 1 $ 605 $ 604 1 $ 19 $ 18 (1) New TDRs (1) For the Nine Months Ended September 30, 2019 September 30, 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property 1 610 604 — — — Total commercial real estate 1 610 604 — — — Commercial and industrial 1 44 37 1 10 8 Residential real estate 4 194 183 5 203 176 Home equity 2 187 184 1 20 19 Consumer 1 15 12 4 65 52 Total 9 $ 1,050 $ 1,020 11 $ 298 $ 255 (1) The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2019 and 2018, respectively, that were restructured within the last twelve months prior to September 30, 2019 and 2018, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2019 September 30, 2018 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 96 2 172 Home equity 1 100 1 6 Consumer 1 12 — — Total 3 $ 208 3 $ 178 (1) |
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) 2019 2018 Other real estate owned $ 3,662 $ 7,173 Repossessed assets 16 92 Total other real estate owned and repossessed assets $ 3,678 $ 7,265 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at September 30, 2019 are as follows ( unaudited, in thousands Year Amount 2020 $ 5,174 2021 3,490 2022 2,682 2023 2,076 2024 and thereafter 10,803 Total lease payments $ 24,225 Less: Interest (3,694 ) Present value of lease liabilities $ 20,531 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments on Balance Sheets | The table below presents the fair value of WesBanco’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 (unaudited, in thousands) Notional or Contractual Amount Asset Derivatives Liability Derivatives Notional or Contractual Amount Asset Derivatives Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 315,657 $ 18,672 $ 20,721 $ 229,778 $ 4,650 $ 5,081 Other contracts: Interest rate loan commitments 45,727 — 8 16,113 125 — Forward TBA contracts 73,000 208 — 20,000 — 234 Total derivatives $ 18,880 $ 20,729 $ 4,775 $ 5,315 |
Summary of Effect of Derivative Instruments on Income Statement | The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within the other non-interest income line item of the consolidated income statement for the three and nine months ended September 30, 2019 and 2018, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Location of Gain/(Loss) 2019 2018 2019 2018 Interest rate swaps Other income $ (556 ) $ (293 ) $ (1,619 ) $ (82 ) Interest rate loan commitments Mortgage banking income (66 ) (111 ) (133 ) 32 Forward TBA contracts Mortgage banking income (465 ) 131 (1,317 ) 530 Total $ (1,087 ) $ (273 ) $ (3,069 ) $ 480 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit 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 September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2019 2018 2019 2018 Service cost – benefits earned during year $ 567 $ 715 $ 1,681 $ 2,121 Interest cost on projected benefit obligation 1,327 1,242 3,938 3,684 Expected return on plan assets (2,235 ) (2,416 ) (6,633 ) (7,169 ) Amortization of prior service cost 7 6 20 19 Amortization of net loss 817 766 2,424 2,274 Net periodic pension cost $ 483 $ 313 $ 1,430 $ 929 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 valu e hierarchy as of September 30, 2019 and December 31, 2018 : September 30, 2019 Fair Value Measurements Using: September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) 2019 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,644 $ 11,644 $ — $ — Available-for-sale debt securities U.S. Treasury 29,878 — 29,878 — U.S. Government sponsored entities and agencies 120,441 — 120,441 — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,681,065 — 1,681,065 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 188,305 — 188,305 — Obligations of state and political subdivisions 151,363 — 149,729 1,634 Corporate debt securities 38,147 — 38,147 — Total available-for-sale debt securities $ 2,209,199 $ — $ 2,207,565 $ 1,634 Loans held for sale 20,715 — 20,715 — Other assets - interest rate derivatives agreements 18,672 — 18,672 — Total assets recurring fair value measurements $ 2,260,230 $ 11,644 $ 2,246,952 $ 1,634 Other liabilities - interest rate derivatives agreements $ 20,721 $ — $ 20,721 $ — Total liabilities recurring fair value measurements $ 20,721 $ — $ 20,721 $ — Nonrecurring fair value measurements Impaired Loans $ 2,488 — — $ 2,488 Other real estate owned and repossessed assets 3,678 — — 3,678 Total nonrecurring fair value measurements $ 6,166 $ — $ — $ 6,166 December 31, 2018 Fair Value Measurements Using: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 2018 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,737 $ 11,737 $ — $ — Available-for-sale debt securities U.S. Treasury 19,878 — 19,878 — U.S. Government sponsored entities and agencies 141,652 — 141,652 — Residential mortgage-backed securities and collateralized mortgage obligations of government agencies 1,561,255 — 1,561,255 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 168,972 — 168,972 — Obligations of state and political subdivisions 185,114 — 183,611 1,503 Corporate debt securities 37,258 — 37,258 — Total available-for-sale debt securities $ 2,114,129 $ — $ 2,112,626 $ 1,503 Loans held for sale 8,994 — 8,994 — Other assets - interest rate derivatives agreements 4,650 — 4,650 — Total assets recurring fair value measurements $ 2,139,510 $ 11,737 $ 2,126,270 $ 1,503 Other liabilities - interest rate derivatives agreements $ 5,081 $ — $ 5,081 $ — Total liabilities recurring fair value measurements $ 5,081 $ — $ 5,081 $ — Nonrecurring fair value measurements Other real estate owned and repossessed assets 7,265 — — 7,265 Total nonrecurring fair value measurements $ 7,265 $ — $ — $ 7,265 |
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, 2019 Impaired loans $ 2,488 Appraisal of collateral (1) Appraisal adjustments (2) (29.1%)/(29.1%) Liquidation expenses (2) (5.2%)/(5.2%) Other real estate owned and repossessed assets $ 3,678 Appraisal of collateral (1), (3) December 31, 2018 Other real estate owned and repossessed assets $ 7,265 Appraisal of collateral (1), (3) (1) (2) (3) |
Estimates Fair Values of Financial Instruments | Fair Value Measurements at September 30, 2019 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 244,333 $ 244,333 $ 244,333 $ — $ — Equity securities 11,644 11,644 11,644 — — Available-for-sale debt securities 2,209,199 2,209,199 — 2,207,565 1,634 Held-to-maturity debt securities 852,824 877,809 — 877,258 551 Net loans 7,702,435 7,741,859 — — 7,741,859 Loans held for sale 20,715 20,715 — 20,715 — Other assets - interest rate derivatives 18,672 18,672 — 18,672 — Accrued interest receivable 37,156 37,156 37,156 — — Financial Liabilities Deposits 8,664,363 8,671,246 7,388,830 1,282,416 — Federal Home Loan Bank borrowings 1,161,092 1,167,912 — 1,167,912 — Other borrowings 325,247 325,663 322,295 3,368 — Subordinated debt and junior subordinated debt 156,632 144,998 — 144,998 — Other liabilities - interest rate derivatives 20,721 20,721 — 20,721 — Accrued interest payable 5,273 5,273 5,273 — — Fair Value Measurements at December 31, 2018 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 169,186 $ 169,186 $ 169,186 $ — $ — Equity securities 11,737 11,737 11,737 — — Available-for-sale debt securities 2,114,129 2,114,129 — 2,112,626 1,503 Held-to-maturity debt securities 1,020,934 120,743 — 120,195 548 Net loans 7,607,333 7,422,825 — — 7,422,825 Loans held for sale 8,994 8,994 — 8,994 — Other assets - interest rate derivatives 4,650 4,650 — 4,650 — Accrued interest receivable 38,853 38,853 38,853 — — Financial Liabilities Deposits 8,831,633 8,836,390 7,376,023 1,460,367 — Federal Home Loan Bank borrowings 1,054,174 1,051,401 — 1,051,401 — Other borrowings 290,522 290,854 288,918 1,936 — Subordinated debt and junior subordinated debt 189,842 174,448 — 174,448 — Other liabilities - interest rate derivatives 5,081 5,081 — 5,081 — Accrued interest payable 4,627 4,627 4,627 — — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Recognition | The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three and nine months ended September 30, 2019 and 2018, respectively: Point of Revenue For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Recognition 2019 2018 2019 2018 Revenue Streams Trust fees Trust account fees Over time $ 4,265 $ 4,006 $ 13,529 $ 11,856 WesMark fees Over time 2,160 2,259 6,351 6,664 Total trust fees 6,425 6,265 19,880 18,520 Service charges on deposits Commercial banking fees Over time 513 563 1,480 1,406 Personal service charges At a point in time & over time 6,543 5,750 18,323 14,876 Total service charges on deposits 7,056 6,313 19,803 16,282 Net securities brokerage revenue Annuity commissions At a point in time 1,204 1,326 4,018 3,836 Equity and debt security trades At a point in time 151 116 356 304 Managed money Over time 153 173 484 477 Trail commissions Over time 257 221 739 698 Total net securities brokerage revenue 1,765 1,836 5,597 5,315 Payment processing fees (1) At a point in time & over time 709 311 2,142 311 Electronic banking fees At a point in time 5,253 6,139 18,299 16,697 Mortgage banking income At a point in time 2,588 1,521 5,262 4,297 Net gain on other real estate owned and other assets At a point in time 158 150 670 641 (1) |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the nine months ended September 30, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for-Sale Unrealized Gains on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income before reclassifications — 46,450 — 46,450 Amounts reclassified from accumulated other comprehensive income 1,721 (199 ) (179 ) 1,343 Period change 1,721 46,251 (179 ) 47,793 Balance at September 30, 2019 $ (14,821 ) $ 24,729 $ 14 $ 9,922 Balance at December 31, 2017 $ (18,626 ) $ (13,250 ) $ 381 $ (31,495 ) Other comprehensive income before reclassifications — (33,013 ) — (33,013 ) Acquired FFKT Medical benefit plan 4,235 — — 4,235 Amounts reclassified from accumulated other comprehensive income 1,621 (9 ) (149 ) 1,463 Period change 5,856 (33,022 ) (149 ) (27,315 ) Adoption of Accounting Standard ASU 2016-01 — (1,063 ) — (1,063 ) Balance at September 30, 2018 $ (12,770 ) $ (47,335 ) $ 232 $ (59,873 ) (1 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) | The following table provides details about amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018: Details about Accumulated Other Comprehensive Income/(Loss) Components For the Three Months Ended September 30, For the Nine Months Ended September 30, Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2019 2018 2019 2018 Debt securities available-for-sale (1) Net securities gains reclassified into earnings $ (219 ) $ (11 ) $ (258 ) $ (11 ) Net securities gains (Non-interest income) Related income tax expense 50 2 59 2 Provision for income taxes Net effect on accumulated other comprehensive income for the period (169 ) (9 ) (199 ) (9 ) Debt securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (88 ) (64 ) (237 ) (195 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 20 15 58 46 Provision for income taxes Net effect on accumulated other comprehensive income for the period (68 ) (49 ) (179 ) (149 ) Defined benefit plans (2) Amortization of net loss and prior service costs 767 772 2,275 2,293 Employee benefits (Non-interest expense) Related income tax benefit (175 ) (177 ) (554 ) (672 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 592 595 1,721 1,621 Total reclassifications for the period $ 355 $ 537 $ 1,343 $ 1,463 (1) (2) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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) 2019 2018 Lines of credit $ 2,013,085 $ 1,894,030 Loans approved but not closed 391,885 258,778 Overdraft limits 150,684 153,572 Letters of credit 44,370 42,841 Contingent obligations and other guarantees 68,450 61,509 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 Interest and dividend income $ 117,348 $ — $ 117,348 Interest expense 21,228 — 21,228 Net interest income 96,120 — 96,120 Provision for credit losses 4,121 — 4,121 Net interest income after provision for credit losses 91,999 — 91,999 Non-interest income 20,525 6,425 26,950 Non-interest expense 69,068 4,200 73,268 Income before provision for income taxes 43,456 2,225 45,681 Provision for income taxes 7,866 468 8,334 Net income $ 35,590 $ 1,757 $ 37,347 For The Three Months Ended September 30, 2018 Interest and dividend income $ 108,393 $ — $ 108,393 Interest expense 18,460 — 18,460 Net interest income 89,933 — 89,933 Provision for credit losses 1,035 — 1,035 Net interest income after provision for credit losses 88,898 — 88,898 Non-interest income 19,959 6,265 26,224 Non-interest expense 72,378 3,742 76,120 Income before provision for income taxes 36,479 2,523 39,002 Provision for income taxes 5,986 530 6,516 Net income $ 30,493 $ 1,993 $ 32,486 For the Nine Months Ended September 30, 2019 Interest and dividend income $ 355,944 $ — $ 355,944 Interest expense 63,003 — 63,003 Net interest income 292,941 — 292,941 Provision for credit losses 9,375 — 9,375 Net interest income after provision for credit losses 283,566 — 283,566 Non-interest income 65,998 19,880 85,878 Non-interest expense 207,299 12,353 219,652 Income before provision for income taxes 142,265 7,527 149,792 Provision for income taxes 25,714 1,581 27,295 Net income $ 116,551 $ 5,946 $ 122,497 For the Nine Months Ended September 30, 2018 Interest and dividend income $ 293,596 $ — $ 293,596 Interest expense 48,127 — 48,127 Net interest income 245,469 — 245,469 Provision for credit losses 4,911 — 4,911 Net interest income after provision for credit losses 240,558 — 240,558 Non-interest income 55,195 18,520 73,715 Non-interest expense 183,298 10,936 194,234 Income before provision for income taxes 112,455 7,584 120,039 Provision for income taxes 19,262 1,593 20,855 Net income $ 93,193 $ 5,991 $ 99,184 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Regulatory capital impact period | 3 years | |
Capitalized right of use asset and lease liabilities to be regcognize upon adoption of ASU | $ 20 | |
Municipal Debt Securities [Member] | Accounting Standards Update 2017-12 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reclassification of callable held-to-maturity securities | $ 67.3 | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated percentage increase in allowance for credit losses for loan portfolio | 30.00% | |
Tier 1 risk-based capital ratio reduction | 0.15% |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 23, 2019USD ($)Branch$ / sharesshares | Aug. 20, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||
Total Assets | $ 12,593,887 | $ 12,458,632 | ||||||
Portfolio loans, net of unearned income | 7,756,752 | 7,656,281 | ||||||
Deposits | 8,664,363 | 8,831,633 | ||||||
Total shareholders' equity | 2,101,269 | $ 2,074,116 | $ 1,978,827 | $ 1,927,269 | $ 1,524,106 | $ 1,395,321 | ||
Farmers Capital Bank Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Assets | $ 1,600,000 | |||||||
Portfolio loans, net of unearned income | 1,000,000 | |||||||
Securities | 239,321 | |||||||
Value of acquisition | $ 428,901 | |||||||
Closing stock price | $ / shares | $ 49.40 | |||||||
Number of shares issued for acquisition | shares | 7,920,387 | |||||||
Cash consideration for outstanding FFKT shares | $ 37,634 | |||||||
Goodwill acquired | 223,304 | |||||||
Purchase price allocation in core deposit intangible | 39,992 | |||||||
Merger related expense | 3,200 | |||||||
Old Line [Member] | Definitive Agreement and Plan of Merger [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Assets | $ 3,100,000 | |||||||
Portfolio loans, net of unearned income | 2,400,000 | |||||||
Value of acquisition | $ 500,100 | |||||||
Number of shares issued for acquisition | shares | 0.7844 | |||||||
Merger related expense | $ 1,700 | |||||||
Deposits | $ 2,400,000 | |||||||
Total shareholders' equity | $ 400,000 | |||||||
Number of branches acquired | Branch | 37 | |||||||
Business acquisition, price per share | $ / shares | $ 29.22 | |||||||
Community Banking [Member] | Farmers Capital Bank Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price allocation in core deposit intangible | 37,400 | |||||||
Trust And Investment Services [Member] | Customer Relationships [Member] | Farmers Capital Bank Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price allocation in core deposit intangible | $ 2,600 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Final Purchase Price of Acquisition and Resulting Goodwill (Detail) - Farmers Capital Bank Corporation [Member] $ in Thousands | Aug. 20, 2018USD ($) |
Purchase price: | |
Fair value of WesBanco shares issued | $ 391,267 |
Cash consideration for outstanding FFKT shares | 37,634 |
Total purchase price | 428,901 |
Fair value of: | |
Tangible assets acquired | 1,370,245 |
Core deposit and other intangible assets acquired | 39,992 |
Liabilities assumed | (1,434,779) |
Net cash received in the acquisition | 230,139 |
Fair value of net assets acquired | 205,597 |
Goodwill recognized | $ 223,304 |
Mergers and Acquisitions - Allo
Mergers and Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - Farmers Capital Bank Corporation [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Aug. 20, 2018 | |
Business Acquisition [Line Items] | ||
Cash and due from banks | $ 230,139 | |
Securities | 239,321 | |
Loans | 1,025,800 | |
Goodwill and other intangible assets | 263,296 | |
Accrued income and other assets | 105,124 | |
Total assets acquired | 1,863,680 | |
Liabilities assumed | ||
Deposits | 1,330,328 | |
Borrowings | 71,780 | |
Accrued expenses and other liabilities | 32,671 | |
Total liabilities assumed | 1,434,779 | |
Fair value of net assets acquired | 205,597 | |
Net assets acquired | $ 428,901 | |
Purchase Price Allocation Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 220,897 | |
Accrued income and other assets | 709 | |
Liabilities assumed | ||
Accrued expenses and other liabilities | (3,116) | |
Fair value of net assets acquired | (2,407) | |
Increase in goodwill recognized | 2,407 | |
Goodwill recognized | $ 223,304 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator for both basic and diluted earnings per common share: | ||||
Net income | $ 37,347 | $ 32,486 | $ 122,497 | $ 99,184 |
Denominator: | ||||
Total average basic common shares outstanding | 54,695,578 | 50,277,847 | 54,641,057 | 46,965,095 |
Effect of dilutive stock options and other stock compensation | 55,766 | 154,265 | 64,704 | 142,734 |
Total diluted average common shares outstanding | 54,751,344 | 50,432,112 | 54,705,761 | 47,107,829 |
Earnings per common share - basic | $ 0.68 | $ 0.65 | $ 2.24 | $ 2.11 |
Earnings per common share - diluted | $ 0.68 | $ 0.64 | $ 2.24 | $ 2.11 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||
Shares contingently issuable under shareholder return plan | 0 | 45,840 | ||
Stock Option [Member] | ||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of net income per diluted shares | 352,250 | 0 | 352,250 | 117,600 |
Restricted Stock [Member] | ||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||
Shares contingently issuable under shareholder return plan | 30,137 | 17,081 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 2,177,178 | $ 2,142,056 |
Available-for-sale, Gross Unrealized Gains | 36,621 | 5,861 |
Available-for-sale, Gross Unrealized Losses | (4,600) | (33,788) |
Available-for-sale, Estimated Fair Value | 2,209,199 | 2,114,129 |
Held-to-maturity, Amortized Cost | 852,824 | 1,020,934 |
Held-to-maturity, Gross Unrealized Gains | 25,356 | 8,993 |
Held-to-maturity, Gross Unrealized Losses | (371) | (9,184) |
Held-to-maturity securities, Fair value | 877,809 | 1,020,743 |
Total securities, Amortized Cost | 3,030,002 | 3,162,990 |
Total securities, Gross Unrealized Gains | 61,977 | 14,854 |
Total securities, Gross Unrealized Losses | (4,971) | (42,972) |
Total securities, Estimated Fair Value | 3,087,008 | 3,134,872 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 29,817 | 19,882 |
Available-for-sale, Gross Unrealized Gains | 61 | 3 |
Available-for-sale, Gross Unrealized Losses | (7) | |
Available-for-sale, Estimated Fair Value | 29,878 | 19,878 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 116,508 | 142,852 |
Available-for-sale, Gross Unrealized Gains | 4,012 | 556 |
Available-for-sale, Gross Unrealized Losses | (79) | (1,756) |
Available-for-sale, Estimated Fair Value | 120,441 | 141,652 |
Held-to-maturity, Amortized Cost | 9,854 | 10,823 |
Held-to-maturity, Gross Unrealized Gains | 53 | 6 |
Held-to-maturity, Gross Unrealized Losses | (46) | (329) |
Held-to-maturity securities, Fair value | 9,861 | 10,500 |
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 | 1,663,942 | 1,585,864 |
Available-for-sale, Gross Unrealized Gains | 21,469 | 2,912 |
Available-for-sale, Gross Unrealized Losses | (4,346) | (27,521) |
Available-for-sale, Estimated Fair Value | 1,681,065 | 1,561,255 |
Held-to-maturity, Amortized Cost | 129,797 | 148,300 |
Held-to-maturity, Gross Unrealized Gains | 1,273 | 204 |
Held-to-maturity, Gross Unrealized Losses | (155) | (4,170) |
Held-to-maturity securities, Fair value | 130,915 | 144,334 |
Commercial 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 | 183,634 | 171,671 |
Available-for-sale, Gross Unrealized Gains | 4,716 | 264 |
Available-for-sale, Gross Unrealized Losses | (45) | (2,963) |
Available-for-sale, Estimated Fair Value | 188,305 | 168,972 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 145,593 | 184,057 |
Available-for-sale, Gross Unrealized Gains | 5,771 | 2,039 |
Available-for-sale, Gross Unrealized Losses | (1) | (982) |
Available-for-sale, Estimated Fair Value | 151,363 | 185,114 |
Held-to-maturity, Amortized Cost | 679,932 | 828,520 |
Held-to-maturity, Gross Unrealized Gains | 22,244 | 8,771 |
Held-to-maturity, Gross Unrealized Losses | (170) | (4,012) |
Held-to-maturity securities, Fair value | 702,006 | 833,279 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 37,684 | 37,730 |
Available-for-sale, Gross Unrealized Gains | 592 | 87 |
Available-for-sale, Gross Unrealized Losses | (129) | (559) |
Available-for-sale, Estimated Fair Value | 38,147 | 37,258 |
Held-to-maturity, Amortized Cost | 33,241 | 33,291 |
Held-to-maturity, Gross Unrealized Gains | 1,786 | 12 |
Held-to-maturity, Gross Unrealized Losses | (673) | |
Held-to-maturity securities, Fair value | $ 35,027 | $ 32,630 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019USD ($)Holding | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Holding | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Maximum percentage of equity of one issuer | 10.00% | ||
Number of holdings greater than specified percentage of equity | Holding | 0 | 0 | |
Equities securities | $ 11,644 | $ 11,737 | |
Securities with aggregate fair values | 2,000,000 | 2,000,000 | |
Proceeds from sale of available-for-sale securities | 125,239 | $ 82,134 | |
Net unrealized gains (losses) on available-for-sale securities included in AOCI | 24,700 | (21,500) | |
Federal home loan bank stock, Total | 56,300 | $ 50,800 | |
Grantor Trusts [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Equities securities | $ 8,500 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Total available-for-sale debt securities, Amortized Cost, Less than one year | $ 61,932 | |
Total available-for-sale debt securities, Amortized Cost, 1-5 years | 116,281 | |
Total available-for-sale debt securities, Amortized Cost, 5-10 years | 407,897 | |
Total available-for-sale debt securities, Amortized Cost, Over 10 years | 1,591,068 | |
Available-for-sale, Amortized Cost | 2,177,178 | $ 2,142,056 |
Total held-to-maturity debt securities, Amortized Cost, Less than one year | 18,138 | |
Total held-to-maturity debt securities, Amortized Cost, 1-5 years | 127,140 | |
Total held-to-maturity debt securities, Amortized Cost, 5-10 years | 328,315 | |
Total held-to-maturity debt securities, Amortized Cost, Over 10 years | 379,231 | |
Held-to-maturity, Amortized Cost | 852,824 | 1,020,934 |
Total debt securities, Amortized Cost | 3,030,002 | |
Total available-for-sale debt securities, Fair Value, Less than one year | 61,992 | |
Total available-for-sale debt securities, Fair Value, 1-5 years | 117,740 | |
Total available-for-sale debt securities, Fair Value, 5-10 years | 416,454 | |
Total available-for-sale debt securities, Fair Value, Over 10 years | 1,613,013 | |
Total available-for-sale debt securities, Fair Value | 2,209,199 | 2,114,129 |
Total held-to-maturity debt securities, Fair Value, Less than one year | 18,201 | |
Total held-to-maturity debt securities, Fair Value, 1-5 years | 130,634 | |
Total held-to-maturity debt securities, Fair Value, 5-10 years | 338,075 | |
Total held-to-maturity debt securities, Fair Value, Over 10 years | 390,899 | |
Total held-to-maturity debt securities, Fair Value | 877,809 | 1,020,743 |
Total debt securities, Fair Value | $ 3,087,008 | $ 3,134,872 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities as well as Result of the Adoption of the ASU 2016-01 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Net securities gains | $ 235 | $ 84 | $ 3,800 | $ 403 |
Debt Securities [Member] | ||||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Gross realized gains | 1,096 | 88 | 1,443 | 100 |
Gross realized losses | (741) | (13) | (950) | (31) |
Net gains (losses) on debt securities | 355 | 75 | 493 | 69 |
Equity Securities [Member] | ||||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Net unrealized gains (losses) recognized on securities still held | (120) | 11 | 748 | 330 |
Net realized gains (losses) recognized on securities sold | (2) | 2,559 | 4 | |
Net gains (losses) on equity securities | $ (120) | $ 9 | $ 3,307 | $ 334 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Sep. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 376,947 | $ 466,878 |
Less than 12 months, Unrealized Losses | $ (1,609) | $ (3,372) |
Less than 12 months, Number of Securities | Security | 98 | 284 |
12 months or more, Fair Value | $ 332,683 | $ 1,425,284 |
12 months or more, Unrealized Losses | $ (3,362) | $ (39,600) |
12 months or more, Number of Securities | Security | 152 | 837 |
Fair Value, Total | $ 709,630 | $ 1,892,162 |
Unrealized Losses, Total | $ (4,971) | $ (42,972) |
Number of Securities Total | Security | 250 | 1,121 |
US Treasury Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 9,972 | |
Less than 12 months, Unrealized Losses | $ (7) | |
Less than 12 months, Number of Securities | Security | 1 | |
Fair Value, Total | $ 9,972 | |
Unrealized Losses, Total | $ (7) | |
Number of Securities Total | Security | 1 | |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 5,383 | $ 18,926 |
Less than 12 months, Unrealized Losses | $ (17) | $ (148) |
Less than 12 months, Number of Securities | Security | 4 | 8 |
12 months or more, Fair Value | $ 6,781 | $ 76,385 |
12 months or more, Unrealized Losses | $ (108) | $ (1,937) |
12 months or more, Number of Securities | Security | 2 | 14 |
Fair Value, Total | $ 12,164 | $ 95,311 |
Unrealized Losses, Total | $ (125) | $ (2,085) |
Number of Securities Total | Security | 6 | 22 |
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 | $ 347,848 | $ 285,534 |
Less than 12 months, Unrealized Losses | $ (1,515) | $ (1,862) |
Less than 12 months, Number of Securities | Security | 70 | 44 |
12 months or more, Fair Value | $ 306,696 | $ 922,698 |
12 months or more, Unrealized Losses | $ (2,986) | $ (29,829) |
12 months or more, Number of Securities | Security | 128 | 291 |
Fair Value, Total | $ 654,544 | $ 1,208,232 |
Unrealized Losses, Total | $ (4,501) | $ (31,691) |
Number of Securities Total | Security | 198 | 335 |
Commercial 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 | $ 11,066 | $ 9,186 |
Less than 12 months, Unrealized Losses | $ (38) | $ (18) |
Less than 12 months, Number of Securities | Security | 3 | 6 |
12 months or more, Fair Value | $ 3,729 | $ 111,068 |
12 months or more, Unrealized Losses | $ (7) | $ (2,945) |
12 months or more, Number of Securities | Security | 2 | 14 |
Fair Value, Total | $ 14,795 | $ 120,254 |
Unrealized Losses, Total | $ (45) | $ (2,963) |
Number of Securities Total | Security | 5 | 20 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 12,650 | $ 104,469 |
Less than 12 months, Unrealized Losses | $ (39) | $ (439) |
Less than 12 months, Number of Securities | Security | 21 | 207 |
12 months or more, Fair Value | $ 7,581 | $ 303,681 |
12 months or more, Unrealized Losses | $ (132) | $ (4,555) |
12 months or more, Number of Securities | Security | 17 | 513 |
Fair Value, Total | $ 20,231 | $ 408,150 |
Unrealized Losses, Total | $ (171) | $ (4,994) |
Number of Securities Total | Security | 38 | 720 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 38,791 | |
Less than 12 months, Unrealized Losses | $ (898) | |
Less than 12 months, Number of Securities | Security | 18 | |
12 months or more, Fair Value | $ 7,896 | $ 11,452 |
12 months or more, Unrealized Losses | $ (129) | $ (334) |
12 months or more, Number of Securities | Security | 3 | 5 |
Fair Value, Total | $ 7,896 | $ 50,243 |
Unrealized Losses, Total | $ (129) | $ (1,232) |
Number of Securities Total | Security | 3 | 23 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Additional Information (Detail) | Aug. 20, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract |
Financing Receivable, Recorded Investment [Line Items] | ||||
Net Deferred loan (costs) and fees | $ 3,200,000 | $ 4,500,000 | $ 3,200,000 | |
Unamortized discount on purchased loans from acquisitions | 49,300,000 | 36,800,000 | 49,300,000 | |
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 22,900,000 | 23,300,000 | 22,900,000 | |
Internally assigned loan grades to residential real estate, home equity and consumer loans | 3,900,000 | 3,500,000 | 3,900,000 | |
Loans acquired with deteriorated credit quality | 9,741,000 | $ 10,550,000 | $ 9,741,000 | |
Number of restructured contracts greater than $0 million | Contract | 0 | 0 | ||
Threshold for TDR | 1,000,000 | $ 1,000,000 | $ 1,000,000 | |
Accruing and non accrual TDR permitted interest-only payment period | 3 months | |||
Unfunded commitments to debtors for impaired loans | 100,000 | $ 200,000 | 100,000 | |
Other real estate owned | 7,173,000 | 3,662,000 | 7,173,000 | |
Residential Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans acquired with deteriorated credit quality | 2,430,000 | 1,564,000 | 2,430,000 | |
Other real estate owned | 1,300,000 | 600,000 | 1,300,000 | |
Foreclosure proceedings in process on residential real estate loans | 6,000,000 | 4,700,000 | 6,000,000 | |
Cost Recovery Method [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans acquired with deteriorated credit quality, fair value | $ 2,400,000 | |||
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans acquired with deteriorated credit quality | 900,000 | 842,000 | 900,000 | |
Commercial and Industrial [Member] | Maximum [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Annual sales of borrowers | 100,000,000 | |||
Farmers Capital Bank Corporation [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Unamortized discount on purchased loans from acquisitions | 23,400,000 | 16,900,000 | $ 23,400,000 | |
Portfolio loans, net of unearned income | 1,064,800,000 | |||
Fair value of acquired loans | 1,025,800,000 | |||
Fair market value adjustment of acquired loans | 988,300,000 | |||
Fair market value adjustment of acquired loans | 26,000,000 | |||
Loans acquired with deteriorated credit quality | 5,300,000 | 3,000,000 | ||
Loans acquired with deteriorated credit quality, fair value | $ 4,600,000 | |||
Loans acquired with deteriorated credit quality outstanding customer balance | 3,500,000 | |||
Acquired impaired loans allowances for loan losses | $ 0 | |||
Acquired loans, sold book value | 45,200,000 | |||
Acquired loans, sold | $ 32,900,000 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 7,756,752 | $ 7,656,281 |
Loans held for sale | 20,715 | 8,994 |
Total loans | 7,777,467 | 7,665,275 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 510,404 | 528,072 |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 3,344,249 | 3,325,623 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,332,275 | 1,265,460 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 3,854,653 | 3,853,695 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,638,574 | 1,611,607 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 343,505 | 326,188 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 587,745 | $ 599,331 |
Loans and the Allowance for C_5
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | $ 48,948 | $ 45,284 | ||
Allowance for loan commitments, beginning balance | 741 | 574 | ||
Total beginning allowance for credit losses | 49,689 | 45,858 | ||
Provision for loan losses | 8,477 | 4,801 | ||
Provision for loan commitments | 898 | 110 | ||
Total provision for credit losses | $ 4,121 | $ 1,035 | 9,375 | 4,911 |
Charge-offs | (6,868) | (6,751) | ||
Recoveries | 3,760 | 5,568 | ||
Net charge-offs | (3,108) | (1,183) | ||
Allowance for loan losses, ending balance | 54,317 | 48,902 | 54,317 | 48,902 |
Allowance for loan commitments, ending balance | 1,639 | 684 | 1,639 | 684 |
Total ending allowance for credit losses | 55,956 | 49,586 | 55,956 | 49,586 |
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,039 | 3,117 | ||
Allowance for loan commitments, beginning balance | 169 | 119 | ||
Total beginning allowance for credit losses | 4,208 | 3,236 | ||
Provision for loan losses | (207) | 789 | ||
Provision for loan commitments | 26 | 67 | ||
Total provision for credit losses | (181) | 856 | ||
Charge-offs | (45) | (137) | ||
Recoveries | 255 | 400 | ||
Net charge-offs | 210 | 263 | ||
Allowance for loan losses, ending balance | 4,042 | 4,169 | 4,042 | 4,169 |
Allowance for loan commitments, ending balance | 195 | 186 | 195 | 186 |
Total ending allowance for credit losses | 4,237 | 4,355 | 4,237 | 4,355 |
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 20,848 | 21,166 | ||
Allowance for loan commitments, beginning balance | 33 | 26 | ||
Total beginning allowance for credit losses | 20,881 | 21,192 | ||
Provision for loan losses | 2,939 | (721) | ||
Provision for loan commitments | (9) | (3) | ||
Total provision for credit losses | 2,930 | (724) | ||
Charge-offs | (515) | (719) | ||
Recoveries | 621 | 1,098 | ||
Net charge-offs | 106 | 379 | ||
Allowance for loan losses, ending balance | 23,893 | 20,824 | 23,893 | 20,824 |
Allowance for loan commitments, ending balance | 24 | 23 | 24 | 23 |
Total ending allowance for credit losses | 23,917 | 20,847 | 23,917 | 20,847 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 12,114 | 9,414 | ||
Allowance for loan commitments, beginning balance | 262 | 173 | ||
Total beginning allowance for credit losses | 12,376 | 9,587 | ||
Provision for loan losses | 2,549 | 2,538 | ||
Provision for loan commitments | 842 | 32 | ||
Total provision for credit losses | 3,391 | 2,570 | ||
Charge-offs | (1,420) | (871) | ||
Recoveries | 545 | 970 | ||
Net charge-offs | (875) | 99 | ||
Allowance for loan losses, ending balance | 13,788 | 12,051 | 13,788 | 12,051 |
Allowance for loan commitments, ending balance | 1,104 | 205 | 1,104 | 205 |
Total ending allowance for credit losses | 14,892 | 12,256 | 14,892 | 12,256 |
Deposit Overdrafts [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 972 | 821 | ||
Total beginning allowance for credit losses | 972 | 821 | ||
Provision for loan losses | 1,503 | 840 | ||
Total provision for credit losses | 1,503 | 840 | ||
Charge-offs | (1,273) | (941) | ||
Recoveries | 294 | 277 | ||
Net charge-offs | (979) | (664) | ||
Allowance for loan losses, ending balance | 1,496 | 997 | 1,496 | 997 |
Total ending allowance for credit losses | 1,496 | 997 | 1,496 | 997 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 3,822 | 3,206 | ||
Allowance for loan commitments, beginning balance | 12 | 7 | ||
Total beginning allowance for credit losses | 3,834 | 3,213 | ||
Provision for loan losses | 561 | 1,106 | ||
Provision for loan commitments | 3 | 2 | ||
Total provision for credit losses | 564 | 1,108 | ||
Charge-offs | (870) | (873) | ||
Recoveries | 272 | 336 | ||
Net charge-offs | (598) | (537) | ||
Allowance for loan losses, ending balance | 3,785 | 3,775 | 3,785 | 3,775 |
Allowance for loan commitments, ending balance | 15 | 9 | 15 | 9 |
Total ending allowance for credit losses | 3,800 | 3,784 | 3,800 | 3,784 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 2,797 | 3,063 | ||
Allowance for loan commitments, beginning balance | 39 | 37 | ||
Total beginning allowance for credit losses | 2,836 | 3,100 | ||
Provision for loan losses | 405 | 541 | ||
Provision for loan commitments | (1) | 3 | ||
Total provision for credit losses | 404 | 544 | ||
Charge-offs | (1,886) | (2,465) | ||
Recoveries | 1,432 | 1,657 | ||
Net charge-offs | (454) | (808) | ||
Allowance for loan losses, ending balance | 2,748 | 2,796 | 2,748 | 2,796 |
Allowance for loan commitments, ending balance | 38 | 40 | 38 | 40 |
Total ending allowance for credit losses | 2,786 | 2,836 | 2,786 | 2,836 |
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, beginning balance | 4,356 | 4,497 | ||
Allowance for loan commitments, beginning balance | 226 | 212 | ||
Total beginning allowance for credit losses | 4,582 | 4,709 | ||
Provision for loan losses | 727 | (292) | ||
Provision for loan commitments | 37 | 9 | ||
Total provision for credit losses | 764 | (283) | ||
Charge-offs | (859) | (745) | ||
Recoveries | 341 | 830 | ||
Net charge-offs | (518) | 85 | ||
Allowance for loan losses, ending balance | 4,565 | 4,290 | 4,565 | 4,290 |
Allowance for loan commitments, ending balance | 263 | 221 | 263 | 221 |
Total ending allowance for credit losses | $ 4,828 | $ 4,511 | $ 4,828 | $ 4,511 |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 1,501 | |||
Allowance for loans collectively evaluated for impairment | 52,816 | $ 48,948 | ||
Allowance for loan commitments | 1,639 | 741 | $ 684 | $ 574 |
Total allowance for credit losses | 55,956 | 49,689 | 49,586 | 45,858 |
Individually evaluated for impairment | 11,042 | |||
Collectively evaluated for impairment | 7,735,160 | 7,646,540 | ||
Acquired with deteriorated credit quality | 10,550 | 9,741 | ||
Total loans | 7,756,752 | 7,656,281 | ||
Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,042 | 4,039 | ||
Allowance for loan commitments | 195 | 169 | 186 | 119 |
Total allowance for credit losses | 4,237 | 4,208 | 4,355 | 3,236 |
Collectively evaluated for impairment | 510,162 | 527,737 | ||
Acquired with deteriorated credit quality | 242 | 335 | ||
Total loans | 510,404 | 528,072 | ||
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1,471 | |||
Allowance for loans collectively evaluated for impairment | 22,422 | 20,848 | ||
Allowance for loan commitments | 24 | 33 | 23 | 26 |
Total allowance for credit losses | 23,917 | 20,881 | 20,847 | 21,192 |
Individually evaluated for impairment | 5,388 | |||
Collectively evaluated for impairment | 3,330,959 | 3,319,672 | ||
Acquired with deteriorated credit quality | 7,902 | 5,951 | ||
Total loans | 3,344,249 | 3,325,623 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 10 | |||
Allowance for loans collectively evaluated for impairment | 13,778 | 12,114 | ||
Allowance for loan commitments | 1,104 | 262 | 205 | 173 |
Total allowance for credit losses | 14,892 | 12,376 | 12,256 | 9,587 |
Individually evaluated for impairment | 185 | |||
Collectively evaluated for impairment | 1,331,248 | 1,264,560 | ||
Acquired with deteriorated credit quality | 842 | 900 | ||
Total loans | 1,332,275 | 1,265,460 | ||
Deposit Overdrafts [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 1,496 | 972 | ||
Total allowance for credit losses | 1,496 | 972 | 997 | 821 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 12 | |||
Allowance for loans collectively evaluated for impairment | 3,773 | 3,822 | ||
Allowance for loan commitments | 15 | 12 | 9 | 7 |
Total allowance for credit losses | 3,800 | 3,834 | 3,784 | 3,213 |
Individually evaluated for impairment | 4,662 | |||
Collectively evaluated for impairment | 1,632,348 | 1,609,177 | ||
Acquired with deteriorated credit quality | 1,564 | 2,430 | ||
Total loans | 1,638,574 | 1,611,607 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1 | |||
Allowance for loans collectively evaluated for impairment | 2,747 | 2,797 | ||
Allowance for loan commitments | 38 | 39 | 40 | 37 |
Total allowance for credit losses | 2,786 | 2,836 | 2,836 | 3,100 |
Individually evaluated for impairment | 61 | |||
Collectively evaluated for impairment | 343,444 | 326,063 | ||
Acquired with deteriorated credit quality | 125 | |||
Total loans | 343,505 | 326,188 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 7 | |||
Allowance for loans collectively evaluated for impairment | 4,558 | 4,356 | ||
Allowance for loan commitments | 263 | 226 | 221 | 212 |
Total allowance for credit losses | 4,828 | 4,582 | $ 4,511 | $ 4,709 |
Individually evaluated for impairment | 746 | |||
Collectively evaluated for impairment | 586,999 | 599,331 | ||
Total loans | $ 587,745 | $ 599,331 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Troubled debt restructuring threshold | $ 1 | $ 1 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Summary of commercial loans by risk grade | ||
Commercial loans | $ 7,702,435 | $ 7,607,333 |
Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 5,012,977 | 5,036,201 |
Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 78,880 | 51,710 |
Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 95,071 | 31,244 |
Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 510,404 | 528,072 |
Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 503,021 | 523,707 |
Commercial Real Estate - Land and Construction [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 5,742 | 2,297 |
Commercial Real Estate - Land and Construction [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,641 | 2,068 |
Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,344,249 | 3,325,623 |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 3,217,475 | 3,267,304 |
Commercial Real Estate - Improved Property [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 54,441 | 35,566 |
Commercial Real Estate - Improved Property [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 72,333 | 22,753 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,332,275 | 1,265,460 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 1,292,481 | 1,245,190 |
Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 18,697 | 13,847 |
Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | 21,097 | 6,423 |
Commercial Portfolio Segment [Member] | ||
Summary of commercial loans by risk grade | ||
Commercial loans | $ 5,186,928 | $ 5,119,155 |
Loans and the Allowance for C_9
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, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Abstract] | ||
Balance at beginning of period | $ 6,203 | $ 1,724 |
Acquisitions | 1,300 | 695 |
Reduction due to change in projected cash flows | (979) | (86) |
Reclass from non-accretable difference | 839 | 6,287 |
Accretion | (2,475) | (902) |
Balance at end of period | $ 4,888 | $ 7,718 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 7,706,453 | $ 7,610,687 |
Total Past Due | 50,299 | 45,594 |
Total loans | 7,756,752 | 7,656,281 |
90 Days or More Past Due and Accruing | 5,425 | 4,077 |
Loans held for sale, current | 20,715 | 8,994 |
Loans held for sale | 20,715 | 8,994 |
Total loans, current | 7,727,168 | 7,619,681 |
Total loans | 7,777,467 | 7,665,275 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 580,598 | 591,623 |
Total Past Due | 7,147 | 7,708 |
Total loans | 587,745 | 599,331 |
90 Days or More Past Due and Accruing | 420 | 705 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 3,835,488 | 3,841,425 |
Total Past Due | 19,165 | 12,270 |
Total loans | 3,854,653 | 3,853,695 |
90 Days or More Past Due and Accruing | 1,769 | 175 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,620,684 | 1,593,519 |
Total Past Due | 17,890 | 18,088 |
Total loans | 1,638,574 | 1,611,607 |
90 Days or More Past Due and Accruing | 2,724 | 2,820 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 340,640 | 322,584 |
Total Past Due | 2,865 | 3,604 |
Total loans | 343,505 | 326,188 |
90 Days or More Past Due and Accruing | 283 | 364 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 509,062 | 526,660 |
Total Past Due | 1,342 | 1,412 |
Total loans | 510,404 | 528,072 |
90 Days or More Past Due and Accruing | 834 | |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 3,326,426 | 3,314,765 |
Total Past Due | 17,823 | 10,858 |
Total loans | 3,344,249 | 3,325,623 |
90 Days or More Past Due and Accruing | 935 | 175 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,329,043 | 1,261,536 |
Total Past Due | 3,232 | 3,924 |
Total loans | 1,332,275 | 1,265,460 |
90 Days or More Past Due and Accruing | 229 | 13 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 8,107 | 8,910 |
Total Past Due | 26,694 | 21,790 |
Total loans | 34,801 | 30,700 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 5,566 | 5,586 |
Total Past Due | 274 | 158 |
Total loans | 5,840 | 5,744 |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 13,673 | 14,496 |
Total Past Due | 26,968 | 21,948 |
Total loans | 40,641 | 36,444 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 12,269 | 9,952 |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,328 | 2,500 |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,028 | 2,328 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,560 | 2,717 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,678 | 2,084 |
30-59 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 127 | 62 |
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,901 | 2,266 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 675 | 323 |
30-59 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 656 | 337 |
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 64 | 59 |
30-59 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 720 | 396 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 7,673 | 11,475 |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 748 | 1,273 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,116 | 3,600 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,789 | 5,001 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 805 | 1,007 |
60-89 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 84 | 1,350 |
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,032 | 2,250 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 215 | 594 |
60-89 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,156 | 1,370 |
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 160 | 92 |
60-89 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,316 | 1,462 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 30,357 | 24,167 |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,071 | 3,935 |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 13,021 | 6,342 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 10,541 | 10,370 |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 382 | 513 |
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,131 | |
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 11,890 | 6,342 |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,342 | 3,007 |
90 Days or More Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 24,882 | 20,083 |
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 50 | 7 |
90 Days or More Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 24,932 | $ 20,090 |
Loans and the Allowance for _11
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Loans and the Allowance for _12
Loans and the Allowance for Credit Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | $ 39,890 | $ 39,890 | $ 45,688 | ||
Recorded Investment, With no specific allowance recorded | 29,599 | 29,599 | 36,444 | ||
Unpaid Principal Balance, With a specific allowance recorded | 11,591 | 11,591 | |||
Recorded Investment, With a specific allowance recorded | 11,042 | 11,042 | |||
Related Allowance, With a specific allowance recorded | 1,501 | 1,501 | |||
Total impaired loans, Unpaid principal balance | 51,481 | 51,481 | 45,688 | ||
Total impaired loans, Recorded investment | 40,641 | 40,641 | 36,444 | ||
Total impaired loans, Related Allowance | 1,501 | 1,501 | |||
Average recorded investment, with no related specific allowance | 28,360 | $ 37,542 | 30,114 | $ 38,225 | |
Interest income recognized, With no related specific allowance | 99 | 614 | |||
Average recorded investment, With a specific allowance recorded | 11,156 | 7,683 | 1,052 | ||
Interest income recognized, With a specific allowance recorded | 99 | 269 | |||
Total impaired loans, Average recorded investment | 39,516 | 37,542 | 37,797 | 39,277 | |
Total impaired loans, Interest income recognized | 99 | 99 | 269 | 614 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 15,090 | 15,090 | 20,270 | ||
Recorded Investment, With no specific allowance recorded | 13,303 | 13,303 | 18,016 | ||
Unpaid Principal Balance, With a specific allowance recorded | 5,096 | 5,096 | |||
Recorded Investment, With a specific allowance recorded | 4,662 | 4,662 | |||
Related Allowance, With a specific allowance recorded | 12 | 12 | |||
Average recorded investment, with no related specific allowance | 12,600 | 18,336 | 13,752 | 18,207 | |
Interest income recognized, With no related specific allowance | 68 | 195 | |||
Average recorded investment, With a specific allowance recorded | 4,792 | 3,666 | |||
Interest income recognized, With a specific allowance recorded | 51 | 169 | |||
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 442 | 442 | 846 | ||
Recorded Investment, With no specific allowance recorded | 356 | 356 | 671 | ||
Unpaid Principal Balance, With a specific allowance recorded | 99 | 99 | |||
Recorded Investment, With a specific allowance recorded | 61 | 61 | |||
Related Allowance, With a specific allowance recorded | 1 | 1 | |||
Average recorded investment, with no related specific allowance | 334 | 692 | 425 | 776 | |
Interest income recognized, With no related specific allowance | 3 | 8 | |||
Average recorded investment, With a specific allowance recorded | 68 | 60 | |||
Interest income recognized, With a specific allowance recorded | 1 | 3 | |||
Home Equity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 5,866 | 5,866 | 5,924 | ||
Recorded Investment, With no specific allowance recorded | 5,030 | 5,030 | 5,036 | ||
Unpaid Principal Balance, With a specific allowance recorded | 774 | 774 | |||
Recorded Investment, With a specific allowance recorded | 746 | 746 | |||
Related Allowance, With a specific allowance recorded | 7 | 7 | |||
Average recorded investment, with no related specific allowance | 4,740 | 4,924 | 4,760 | 4,997 | |
Interest income recognized, With no related specific allowance | 8 | 19 | |||
Average recorded investment, With a specific allowance recorded | 834 | 616 | |||
Interest income recognized, With a specific allowance recorded | 8 | 23 | |||
Commercial Real Estate - Land and Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 606 | 606 | |||
Recorded Investment, With no specific allowance recorded | 554 | 554 | |||
Average recorded investment, with no related specific allowance | 425 | 284 | 260 | ||
Commercial Real Estate - Improved Property [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 14,162 | 14,162 | 14,038 | ||
Recorded Investment, With no specific allowance recorded | 7,982 | 7,982 | 9,293 | ||
Unpaid Principal Balance, With a specific allowance recorded | 5,435 | 5,435 | |||
Recorded Investment, With a specific allowance recorded | 5,388 | 5,388 | |||
Related Allowance, With a specific allowance recorded | 1,471 | 1,471 | |||
Average recorded investment, with no related specific allowance | 7,647 | 10,409 | 7,962 | 11,000 | |
Interest income recognized, With no related specific allowance | 15 | 383 | |||
Average recorded investment, With a specific allowance recorded | 5,273 | 3,170 | 1,052 | ||
Interest income recognized, With a specific allowance recorded | 35 | 63 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 3,724 | 3,724 | 4,610 | ||
Recorded Investment, With no specific allowance recorded | 2,374 | 2,374 | $ 3,428 | ||
Unpaid Principal Balance, With a specific allowance recorded | 187 | 187 | |||
Recorded Investment, With a specific allowance recorded | 185 | 185 | |||
Related Allowance, With a specific allowance recorded | 10 | 10 | |||
Average recorded investment, with no related specific allowance | 2,614 | 3,181 | 2,931 | 2,985 | |
Interest income recognized, With no related specific allowance | $ 5 | $ 9 | |||
Average recorded investment, With a specific allowance recorded | 189 | 171 | |||
Interest income recognized, With a specific allowance recorded | $ 4 | $ 11 |
Loans and the Allowance for _13
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 34,801 | $ 30,700 |
TDRs | 7,185 | 8,599 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 5,840 | 5,744 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,345 | 2,855 |
Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 554 | |
Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 12,036 | 8,413 |
TDRs | 1,531 | 2,409 |
Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,334 | 880 |
Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 197 | 1,529 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 2,374 | 3,260 |
TDRs | 185 | 337 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 185 | 168 |
Commercial and Industrial [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 169 | |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 5,299 | 4,610 |
TDRs | 746 | 624 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 477 | 426 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 269 | 198 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 12,590 | 8,413 |
TDRs | 1,531 | 2,409 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,334 | 880 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 197 | 1,529 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 14,171 | 13,831 |
TDRs | 4,662 | 5,106 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 3,794 | 4,185 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 868 | 921 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 367 | 586 |
TDRs | 61 | 123 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 50 | 85 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $ 11 | $ 38 |
Loans and the Allowance for _14
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail) | Sep. 30, 2019USD ($)Borrower | Dec. 31, 2018USD ($)Borrower |
Receivables [Abstract] | ||
Number of borrowers with loans greater than one million | Borrower | 3 | 1 |
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower | $ 1,000,000 | $ 1,000,000 |
Borrowers with large amount of loans outstanding, net | $ 8,200,000 | $ 3,400,000 |
Loans and the Allowance for _15
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | 9 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 605 | $ 19 | $ 1,050 | $ 298 |
Post-Modification Outstanding Recorded Investment | $ 604 | $ 18 | $ 1,020 | $ 255 |
Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 605 | $ 610 | ||
Post-Modification Outstanding Recorded Investment | $ 604 | $ 604 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 44 | $ 10 | ||
Post-Modification Outstanding Recorded Investment | $ 37 | $ 8 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 605 | $ 610 | ||
Post-Modification Outstanding Recorded Investment | $ 604 | $ 604 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 4 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 194 | $ 203 | ||
Post-Modification Outstanding Recorded Investment | $ 183 | $ 176 | ||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 19 | $ 15 | $ 65 | |
Post-Modification Outstanding Recorded Investment | $ 18 | $ 12 | $ 52 | |
Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 187 | $ 20 | ||
Post-Modification Outstanding Recorded Investment | $ 184 | $ 19 |
Loans and the Allowance for _16
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)Default | Sep. 30, 2018USD ($)Default | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 3 | 3 |
Recorded Investment | $ | $ 208 | $ 178 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 2 |
Recorded Investment | $ | $ 96 | $ 172 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | |
Recorded Investment | $ | $ 12 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 1 |
Recorded Investment | $ | $ 100 | $ 6 |
Loans and the Allowance for _17
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Other real estate owned | $ 3,662 | $ 7,173 |
Repossessed assets | 16 | 92 |
Total other real estate owned and repossessed assets | $ 3,678 | $ 7,265 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Weighted-average lease term | 9 years | 9 years |
Operating lease ROU assets | $ 17,600 | $ 17,600 |
Operating lease ROU liabilities | 20,531 | 20,531 |
Operating lease, expense | $ 600 | $ 1,900 |
Weighted average discount rate | 3.29% | 3.29% |
Maximum [Member] | ||
Operating lease terms | 21 years | 21 years |
Operating lease term extensions | 10 years | 10 years |
Minimum [Member] | ||
Operating lease terms | 1 year | 1 year |
Operating lease term extensions | 5 years | 5 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 5,174 |
2021 | 3,490 |
2022 | 2,682 |
2023 | 2,076 |
2024 and thereafter | 10,803 |
Total lease payments | 24,225 |
Total lease payments | 24,225 |
Less: Interest | (3,694) |
Present value of lease liabilities | $ 20,531 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)Derivative | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Derivative | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Aggregate notional amount | $ 315,700,000 | $ 315,700,000 | $ 229,800,000 | ||
Net gain (loss) on change in fair value | (1,087,000) | $ (273,000) | (3,069,000) | $ 480,000 | |
Collateral posted with market value on liability positions with credit risk-related contingent features | $ 31,700,000 | $ 31,700,000 | |||
Interest Rate Swaps [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of interest rate swaps | Derivative | 54 | 54 | 43 | ||
Net gain (loss) on change in fair value | $ (1,600,000) | (100,000) | |||
Income (loss) on derivative instrument not designated hedges | $ 2,100,000 | $ 1,400,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | $ 315,700,000 | $ 229,800,000 |
Asset Derivatives | 18,880,000 | 4,775,000 |
Liability Derivatives | 20,729,000 | 5,315,000 |
Interest Rate Swaps [Member] | Loan Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 315,657,000 | 229,778,000 |
Asset Derivatives | 18,672,000 | 4,650,000 |
Liability Derivatives | 20,721,000 | 5,081,000 |
Interest Rate Loan Commitments [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 45,727,000 | 16,113,000 |
Asset Derivatives | 125,000 | |
Liability Derivatives | 8,000 | |
Forward TBA Contracts [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 73,000,000 | 20,000,000 |
Asset Derivatives | $ 208,000 | |
Liability Derivatives | $ 234,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | $ (1,087) | $ (273) | $ (3,069) | $ 480 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | (556) | (293) | (1,619) | (82) |
Interest Rate Loan Commitments [Member] | Mortgage Banking Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | (66) | (111) | (133) | 32 |
Forward TBA Contracts [Member] | Mortgage Banking Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | $ (465) | $ 131 | $ (1,317) | $ 530 |
Benefit Plans - Defined Benefit
Benefit Plans - Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | ||||
Service cost – benefits earned during year | $ 567 | $ 715 | $ 1,681 | $ 2,121 |
Interest cost on projected benefit obligation | 1,327 | 1,242 | 3,938 | 3,684 |
Expected return on plan assets | (2,235) | (2,416) | (6,633) | (7,169) |
Amortization of prior service cost | 7 | 6 | 20 | 19 |
Amortization of net loss | 817 | 766 | 2,424 | 2,274 |
Net periodic pension cost | $ 483 | $ 313 | $ 1,430 | $ 929 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Minimum required pension plan contribution | $ 4.8 |
Available credit balance | 52.5 |
Expected voluntary contribution for the year 2019 | $ 3 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 11,644 | $ 11,737 |
Available-for-sale debt securities | 2,209,199 | 2,114,129 |
Loans held for sale | 20,715 | 8,994 |
Other real estate owned and repossessed assets | 3,678 | 7,265 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,644 | 11,737 |
Available-for-sale debt securities | 2,209,199 | 2,114,129 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives agreements | 18,672 | 4,650 |
Total assets recurring fair value measurements | 2,260,230 | 2,139,510 |
Other liabilities - interest rate derivatives agreements | 20,721 | 5,081 |
Total liabilities recurring fair value measurements | 20,721 | 5,081 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 2,488 | |
Other real estate owned and repossessed assets | 3,678 | 7,265 |
Total assets recurring fair value measurements | 6,166 | 7,265 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 29,878 | 19,878 |
US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 29,878 | 19,878 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 120,441 | 141,652 |
U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 120,441 | 141,652 |
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] | ||
Available-for-sale debt securities | 1,681,065 | 1,561,255 |
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] | ||
Available-for-sale debt securities | 1,681,065 | 1,561,255 |
Commercial 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] | ||
Available-for-sale debt securities | 188,305 | 168,972 |
Commercial 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] | ||
Available-for-sale debt securities | 188,305 | 168,972 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 151,363 | 185,114 |
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] | ||
Available-for-sale debt securities | 151,363 | 185,114 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 38,147 | 37,258 |
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 38,147 | 37,258 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,644 | 11,737 |
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] | ||
Equity securities | 11,644 | 11,737 |
Total assets recurring fair value measurements | 11,644 | 11,737 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 2,207,565 | 2,112,626 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives agreements | 18,672 | 4,650 |
Other liabilities - interest rate derivatives agreements | 20,721 | 5,081 |
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] | ||
Available-for-sale debt securities | 2,207,565 | 2,112,626 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives agreements | 18,672 | 4,650 |
Total assets recurring fair value measurements | 2,246,952 | 2,126,270 |
Other liabilities - interest rate derivatives agreements | 20,721 | 5,081 |
Total liabilities recurring fair value measurements | 20,721 | 5,081 |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 29,878 | 19,878 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 120,441 | 141,652 |
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] | ||
Available-for-sale debt securities | 1,681,065 | 1,561,255 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial 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] | ||
Available-for-sale debt securities | 188,305 | 168,972 |
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] | ||
Available-for-sale debt securities | 149,729 | 183,611 |
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] | ||
Available-for-sale debt securities | 38,147 | 37,258 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,634 | 1,503 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,634 | 1,503 |
Total assets recurring fair value measurements | 1,634 | 1,503 |
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 | 2,488 | |
Other real estate owned and repossessed assets | 3,678 | 7,265 |
Total assets recurring fair value measurements | 6,166 | 7,265 |
Significant Unobservable Inputs (Level 3) [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] | ||
Available-for-sale debt securities | $ 1,634 | $ 1,503 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Fair value transfer amount | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Other real estate owned and repossessed assets | $ 3,678 | $ 7,265 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Impaired Loans | 2,488 | |
Other real estate owned and repossessed assets | 3,678 | 7,265 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Impaired Loans | 2,488 | |
Other real estate owned and repossessed assets | $ 3,678 | $ 7,265 |
Impaired loans, Appraisal adjustments | (29.10%) | |
Impaired Loans Liquidation Expenses | (5.20%) | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Impaired loans, Appraisal adjustments | (29.10%) | |
Impaired Loans Liquidation Expenses | (5.20%) |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Cash and due from banks | $ 244,333 | $ 169,186 |
Equity securities | 11,644 | 11,737 |
Available-for-sale debt securities | 2,209,199 | 2,114,129 |
Held-to-maturity debt securities | 852,824 | 1,020,934 |
Net loans | 7,702,435 | 7,607,333 |
Loans held for sale | 20,715 | 8,994 |
Accrued interest receivable | 37,156 | 38,853 |
Financial Liabilities | ||
Deposits | 8,664,363 | 8,831,633 |
Federal Home Loan Bank borrowings | 1,161,092 | 1,054,174 |
Other borrowings | 325,247 | 290,522 |
Subordinated debt and junior subordinated debt | 156,632 | 189,842 |
Accrued interest payable | 5,273 | 4,627 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial Assets | ||
Cash and due from banks | 244,333 | 169,186 |
Equity securities | 11,644 | 11,737 |
Accrued interest receivable | 37,156 | 38,853 |
Financial Liabilities | ||
Deposits | 7,388,830 | 7,376,023 |
Other borrowings | 322,295 | 288,918 |
Accrued interest payable | 5,273 | 4,627 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 2,207,565 | 2,112,626 |
Held-to-maturity debt securities | 877,258 | 120,195 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives | 18,672 | 4,650 |
Financial Liabilities | ||
Deposits | 1,282,416 | 1,460,367 |
Federal Home Loan Bank borrowings | 1,167,912 | 1,051,401 |
Other borrowings | 3,368 | 1,936 |
Subordinated debt and junior subordinated debt | 144,998 | 174,448 |
Other liabilities - interest rate derivatives | 20,721 | 5,081 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 1,634 | 1,503 |
Held-to-maturity debt securities | 551 | 548 |
Net loans | 7,741,859 | 7,422,825 |
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and due from banks | 244,333 | 169,186 |
Equity securities | 11,644 | 11,737 |
Available-for-sale debt securities | 2,209,199 | 2,114,129 |
Held-to-maturity debt securities | 852,824 | 1,020,934 |
Net loans | 7,702,435 | 7,607,333 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives | 18,672 | 4,650 |
Accrued interest receivable | 37,156 | 38,853 |
Financial Liabilities | ||
Deposits | 8,664,363 | 8,831,633 |
Federal Home Loan Bank borrowings | 1,161,092 | 1,054,174 |
Other borrowings | 325,247 | 290,522 |
Subordinated debt and junior subordinated debt | 156,632 | 189,842 |
Other liabilities - interest rate derivatives | 20,721 | 5,081 |
Accrued interest payable | 5,273 | 4,627 |
Fair Value Estimate [Member] | ||
Financial Assets | ||
Cash and due from banks | 244,333 | 169,186 |
Equity securities | 11,644 | 11,737 |
Available-for-sale debt securities | 2,209,199 | 2,114,129 |
Held-to-maturity debt securities | 877,809 | 120,743 |
Net loans | 7,741,859 | 7,422,825 |
Loans held for sale | 20,715 | 8,994 |
Other assets - interest rate derivatives | 18,672 | 4,650 |
Accrued interest receivable | 37,156 | 38,853 |
Financial Liabilities | ||
Deposits | 8,671,246 | 8,836,390 |
Federal Home Loan Bank borrowings | 1,167,912 | 1,051,401 |
Other borrowings | 325,663 | 290,854 |
Subordinated debt and junior subordinated debt | 144,998 | 174,448 |
Other liabilities - interest rate derivatives | 20,721 | 5,081 |
Accrued interest payable | $ 5,273 | $ 4,627 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | $ 1,765 | $ 1,836 | $ 5,597 | $ 5,315 |
Electronic banking fees | 5,253 | 6,139 | 18,299 | 16,697 |
Mortgage banking income | 2,588 | 1,521 | 5,262 | 4,297 |
Net gain on other real estate owned and other assets | 158 | 150 | 670 | 641 |
Total Service Charges on Deposits [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 7,056 | 6,313 | 19,803 | 16,282 |
Trust Account fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 4,265 | 4,006 | $ 13,529 | 11,856 |
Point of revenue recognition | Over time | |||
WesMark Fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 2,160 | 2,259 | $ 6,351 | 6,664 |
Point of revenue recognition | Over time | |||
Total Trust Fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 6,425 | 6,265 | $ 19,880 | 18,520 |
Commercial Banking Fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 513 | 563 | $ 1,480 | 1,406 |
Point of revenue recognition | Over time | |||
Personal Service Charges [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 6,543 | 5,750 | $ 18,323 | 14,876 |
Point of revenue recognition | At a point in time & over time | |||
Annuity Commissions [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 1,204 | 1,326 | $ 4,018 | 3,836 |
Point of revenue recognition | At a point in time | |||
Equity And Debt Security Trades [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 151 | 116 | $ 356 | 304 |
Point of revenue recognition | At a point in time | |||
Managed Money [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 153 | 173 | $ 484 | 477 |
Point of revenue recognition | Over time | |||
Trail Commissions [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 257 | 221 | $ 739 | 698 |
Point of revenue recognition | Over time | |||
Payment Processing Fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Payment Processing Fees | $ 709 | $ 311 | $ 2,142 | $ 311 |
Point of revenue recognition | At a point in time & over time | |||
Electronic Banking Fees [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time | |||
Mortgage [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time | |||
Other Real Estate Owned and Other Assets [Member] | ||||
Schedule of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time |
Comprehensive Income_(Loss) - C
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 2,074,116 | $ 1,524,106 | $ 1,978,827 | $ 1,395,321 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 355 | 537 | 1,343 | 1,463 |
Total other comprehensive (loss) gain | 5,809 | (6,521) | 47,793 | (27,315) |
Ending Balance | 2,101,269 | 1,927,269 | 2,101,269 | 1,927,269 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (16,542) | (18,626) | ||
Other comprehensive income/(loss) before reclassifications | 0 | |||
Acquired FFKT Medical benefit plan | 4,235 | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 592 | 595 | 1,721 | 1,621 |
Total other comprehensive (loss) gain | 1,721 | 5,856 | ||
Ending Balance | (14,821) | (12,770) | (14,821) | (12,770) |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (21,522) | (13,250) | ||
Other comprehensive income/(loss) before reclassifications | 46,450 | (33,013) | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | (169) | (9) | (199) | (9) |
Total other comprehensive (loss) gain | 46,251 | (33,022) | ||
Adoption of Accounting Standard ASU 2016-01 | (1,063) | (1,063) | ||
Ending Balance | 24,729 | (47,335) | 24,729 | (47,335) |
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 193 | 381 | ||
Other comprehensive income/(loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | (68) | (49) | (179) | (149) |
Total other comprehensive (loss) gain | (179) | (149) | ||
Ending Balance | 14 | 232 | 14 | 232 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 4,113 | (53,352) | (37,871) | (31,495) |
Other comprehensive income/(loss) before reclassifications | 46,450 | (33,013) | ||
Acquired FFKT Medical benefit plan | 4,235 | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 1,343 | 1,463 | ||
Total other comprehensive (loss) gain | 5,809 | (6,521) | 47,793 | (27,315) |
Adoption of Accounting Standard ASU 2016-01 | (1,063) | (1,063) | ||
Ending Balance | $ 9,922 | $ (59,873) | $ 9,922 | $ (59,873) |
Comprehensive Income_(Loss) -_2
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 23.00% | 23.00% |
Comprehensive Income_(Loss) - S
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | $ (235) | $ (84) | $ (3,800) | $ (403) |
Provision for income taxes | 8,334 | 6,516 | 27,295 | 20,855 |
Employee benefits (Non-interest expense) | 9,726 | 7,905 | 29,419 | 22,782 |
Interest and dividends on securities (Interest and dividend income) | (20,646) | (20,290) | (64,504) | (55,918) |
Net effect on accumulated other comprehensive income/(loss) for the period | 355 | 537 | 1,343 | 1,463 |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | (169) | (9) | (199) | (9) |
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | (68) | (49) | (179) | (149) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | 592 | 595 | 1,721 | 1,621 |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | (219) | (11) | (258) | (11) |
Provision for income taxes | 50 | 2 | 59 | 2 |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | 20 | 15 | 58 | 46 |
Interest and dividends on securities (Interest and dividend income) | (88) | (64) | (237) | (195) |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | (175) | (177) | (554) | (672) |
Employee benefits (Non-interest expense) | $ 767 | $ 772 | $ 2,275 | $ 2,293 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||||
Allowance for credit losses associated with loan commitments | $ 1,639 | $ 741 | $ 684 | $ 574 |
Liability associated with letters of credit | $ 200 | $ 200 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 2,013,085 | $ 1,894,030 |
Loans approved but not closed | 391,885 | 258,778 |
Overdraft limits | 150,684 | 153,572 |
Letters of credit | 44,370 | 42,841 |
Contingent obligations and other guarantees | $ 68,450 | $ 61,509 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)Segment | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Operating segments | Segment | 2 | |
Trust and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Market value of assets managed or held in custody by trust and investment services segment | $ 4,400 | $ 4,700 |
Total non-fiduciary assets of the trust and investment services segment | 4 | 5.1 |
Trust and Investment Services [Member] | Customer-Related Intangible Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total non-fiduciary assets of the trust and investment services segment | $ 2.5 | $ 2.6 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Interest and dividend income | $ 117,348 | $ 108,393 | $ 355,944 | $ 293,596 |
Interest expense | 21,228 | 18,460 | 63,003 | 48,127 |
Net interest income | 96,120 | 89,933 | 292,941 | 245,469 |
Provision for credit losses | 4,121 | 1,035 | 9,375 | 4,911 |
Net interest income after provision for credit losses | 91,999 | 88,898 | 283,566 | 240,558 |
Non-interest income | 26,950 | 26,224 | 85,878 | 73,715 |
Non-interest expense | 73,268 | 76,120 | 219,652 | 194,234 |
Income before provision for income taxes | 45,681 | 39,002 | 149,792 | 120,039 |
Provision for income taxes | 8,334 | 6,516 | 27,295 | 20,855 |
Net income | 37,347 | 32,486 | 122,497 | 99,184 |
Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest and dividend income | 117,348 | 108,393 | 355,944 | 293,596 |
Interest expense | 21,228 | 18,460 | 63,003 | 48,127 |
Net interest income | 96,120 | 89,933 | 292,941 | 245,469 |
Provision for credit losses | 4,121 | 1,035 | 9,375 | 4,911 |
Net interest income after provision for credit losses | 91,999 | 88,898 | 283,566 | 240,558 |
Non-interest income | 20,525 | 19,959 | 65,998 | 55,195 |
Non-interest expense | 69,068 | 72,378 | 207,299 | 183,298 |
Income before provision for income taxes | 43,456 | 36,479 | 142,265 | 112,455 |
Provision for income taxes | 7,866 | 5,986 | 25,714 | 19,262 |
Net income | 35,590 | 30,493 | 116,551 | 93,193 |
Trust and Investment Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 6,425 | 6,265 | 19,880 | 18,520 |
Non-interest expense | 4,200 | 3,742 | 12,353 | 10,936 |
Income before provision for income taxes | 2,225 | 2,523 | 7,527 | 7,584 |
Provision for income taxes | 468 | 530 | 1,581 | 1,593 |
Net income | $ 1,757 | $ 1,993 | $ 5,946 | $ 5,991 |