Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 16, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | S&T BANCORP INC | ||
Entity Central Index Key | 719220 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 29,796,397 | ||
Entity Public Float | $723,040,943 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $57,048 and $53,594 at December 31, 2014 and 2013 | $109,580 | $108,356 |
Securities available-for-sale, at fair value | 640,273 | 509,425 |
Loans held for sale | 2,970 | 2,136 |
Portfolio loans, net of unearned income | 3,868,746 | 3,566,199 |
Allowance for loan losses | -47,911 | -46,255 |
Portfolio loans, net | 3,820,835 | 3,519,944 |
Bank owned life insurance | 62,252 | 60,480 |
Premises and equipment, net | 38,166 | 36,615 |
Federal Home Loan Bank and other restricted stock, at cost | 15,135 | 13,629 |
Goodwill | 175,820 | 175,820 |
Other intangible assets, net | 2,631 | 3,759 |
Other assets | 97,024 | 103,026 |
Total Assets | 4,964,686 | 4,533,190 |
LIABILITIES | ||
Noninterest-bearing demand | 1,083,919 | 992,779 |
Interest-bearing demand | 335,099 | 312,790 |
Money market | 376,612 | 281,403 |
Savings | 1,027,095 | 994,805 |
Certificates of deposit | 1,086,117 | 1,090,531 |
Total Deposits | 3,908,842 | 3,672,308 |
Securities sold under repurchase agreements | 30,605 | 33,847 |
Short-term borrowings | 290,000 | 140,000 |
Long-term borrowings | 19,442 | 21,810 |
Junior subordinated debt securities | 45,619 | 45,619 |
Other liabilities | 61,789 | 48,300 |
Total Liabilities | 4,356,297 | 3,961,884 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—31,197,365 shares at December 31, 2014 and 2013 Outstanding—29,796,397 shares at December 31, 2014 and 29,737,725 shares at December 31, 2013 | 77,993 | 77,993 |
Additional paid-in capital | 78,818 | 78,140 |
Retained earnings | 504,060 | 468,158 |
Accumulated other comprehensive income (loss) | -13,833 | -12,694 |
Treasury stock (1,400,968 shares at December 31, 2014 and 1,459,640 shares at December 31, 2013, at cost) | -38,649 | -40,291 |
Total Shareholders’ Equity | 608,389 | 571,306 |
Total Liabilities and Shareholders’ Equity | $4,964,686 | $4,533,190 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $57,048 | $53,594 |
Common stock, par value (in dollars per share) | $2.50 | $2.50 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,197,365 | 31,197,365 |
Common stock, shares outstanding | 29,796,397 | 29,737,725 |
Treasury stock, shares | 1,400,968 | 1,459,640 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME | |||
Loans, including fees | $147,293 | $142,492 | $145,181 |
Investment Securities: | |||
Taxable | 8,983 | 7,478 | 7,544 |
Tax-exempt | 3,857 | 3,401 | 3,121 |
Dividends | 390 | 385 | 405 |
Total Interest Income | 160,523 | 153,756 | 156,251 |
INTEREST EXPENSE | |||
Deposits | 10,128 | 11,406 | 16,796 |
Borrowings and junior subordinated debt securities | 2,353 | 3,157 | 4,228 |
Total Interest Expense | 12,481 | 14,563 | 21,024 |
NET INTEREST INCOME | 148,042 | 139,193 | 135,227 |
Provision for loan losses | 1,715 | 8,311 | 22,815 |
Net Interest Income After Provision for Loan Losses | 146,327 | 130,882 | 112,412 |
NONINTEREST INCOME | |||
Securities gains, net | 41 | 5 | 3,016 |
Wealth management fees | 11,343 | 10,696 | 9,808 |
Debit and credit card fees | 10,781 | 10,931 | 11,134 |
Service charges on deposit accounts | 10,559 | 10,488 | 9,992 |
Insurance fees | 5,955 | 6,248 | 6,131 |
Gain on sale of merchant card servicing business | 0 | 3,093 | 0 |
Mortgage banking | 917 | 2,123 | 2,878 |
Other | 6,742 | 7,943 | 8,953 |
Total Noninterest Income | 46,338 | 51,527 | 51,912 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 60,442 | 60,847 | 57,920 |
Data processing | 8,737 | 8,263 | 7,326 |
Net occupancy | 8,211 | 8,018 | 7,603 |
Furniture and equipment | 5,317 | 4,883 | 5,262 |
Professional services and legal | 3,717 | 4,184 | 4,610 |
Marketing | 3,316 | 2,929 | 3,206 |
Other taxes | 2,905 | 3,743 | 3,200 |
FDIC insurance | 2,436 | 2,772 | 2,926 |
Business Combination, Acquisition Related Costs | 689 | 838 | 5,968 |
Other | 21,470 | 20,915 | 24,842 |
Total Noninterest Expense | 117,240 | 117,392 | 122,863 |
Income Before Taxes | 75,425 | 65,017 | 41,461 |
Provision for income taxes | 17,515 | 14,478 | 7,261 |
Net Income Available to Common Shareholders | $57,910 | $50,539 | $34,200 |
Earnings per common share-basic (dollars per share) | $1.95 | $1.70 | $1.18 |
Earnings per common share-diluted (shares) | $1.95 | $1.70 | $1.18 |
Dividends declared per common share (dollars per share) | $0.68 | $0.61 | $0.60 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $57,910 | $50,539 | $34,200 |
Other Comprehensive Income (Loss), Before Tax: | |||
Net change in unrealized gains (losses) on securities available-for-sale | 11,825 | -16,928 | 4,097 |
Net available-for-sale securities gains reclassified into earnings | -41 | -5 | -3,016 |
Adjustment to funded status of employee benefit plans | -13,394 | 18,299 | -271 |
Other Comprehensive Income (Loss), Before Tax | -1,610 | 1,366 | 810 |
Income tax benefit (expense) related to items of other comprehensive income | 471 | -478 | -284 |
Other Comprehensive Income (Loss), After Tax | -1,139 | 888 | 526 |
Comprehensive Income | $56,771 | $51,427 | $34,726 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $490,526 | $74,285 | $52,637 | $421,468 | ($14,108) | ($43,756) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 34,200 | 34,200 | ||||
Other comprehensive income (loss), net of tax | 526 | 526 | ||||
Cash dividends declared | -17,357 | -17,357 | ||||
Common stock issued in acquisition | 27,610 | 3,708 | 23,902 | |||
Treasury stock issued | 998 | -2,272 | 3,270 | |||
Recognition of restricted stock compensation expense | 949 | 949 | ||||
Tax (expense) benefit from stock-based compensation | -30 | -30 | ||||
Ending balance at Dec. 31, 2012 | 537,422 | 77,993 | 77,458 | 436,039 | -13,582 | -40,486 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 50,539 | 50,539 | ||||
Other comprehensive income (loss), net of tax | 888 | 888 | ||||
Cash dividends declared | -18,137 | -18,137 | ||||
Treasury stock issued | -88 | -283 | 195 | |||
Recognition of restricted stock compensation expense | 586 | 586 | ||||
Tax (expense) benefit from stock-based compensation | 96 | 96 | ||||
Ending balance at Dec. 31, 2013 | 571,306 | 77,993 | 78,140 | 468,158 | -12,694 | -40,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 57,910 | 57,910 | ||||
Other comprehensive income (loss), net of tax | -1,139 | -1,139 | ||||
Cash dividends declared | -20,203 | -20,203 | ||||
Treasury stock issued | -163 | -1,805 | 1,642 | |||
Recognition of restricted stock compensation expense | 933 | 933 | ||||
Tax (expense) benefit from stock-based compensation | 16 | 16 | ||||
Issuance costs | -271 | -271 | ||||
Ending balance at Dec. 31, 2014 | $608,389 | $77,993 | $78,818 | $504,060 | ($13,833) | ($38,649) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends declared, per share (dollars per share) | $0.68 | $0.61 | $0.60 |
Common stock issued in acquisition, shares | 1,483,327 | ||
Treasury stock, shares net | 58,762 | 5,516 | 117,633 |
Common Stock [Member] | |||
Common stock issued in acquisition, shares | 1,483,327 | ||
Additional Paid-in Capital [Member] | |||
Common stock issued in acquisition, shares | 1,483,327 | ||
Retained Earnings [Member] | |||
Cash dividends declared, per share (dollars per share) | $0.68 | $0.61 | $0.60 |
Treasury stock, shares net | 58,762 | 5,516 | 117,633 |
Treasury Stock [Member] | |||
Treasury stock, shares net | 58,762 | 5,516 | 117,633 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net Income | $57,910 | $50,539 | $34,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 1,715 | 8,311 | 22,815 |
Provision for Other Losses | -655 | -60 | 1,811 |
Depreciation and amortization | 4,703 | 5,333 | 7,000 |
Net amortization of discounts and premiums | 3,680 | 3,826 | 2,280 |
Stock-based compensation expense | 975 | 687 | 913 |
Securities (gains) losses, net | -41 | -5 | -3,016 |
Net gain on sale of merchant card servicing business | 0 | -3,093 | 0 |
Tax (benefit) expense from stock-based compensation | -16 | -96 | 30 |
Mortgage loans originated for sale | -42,842 | -66,695 | -104,924 |
Proceeds from the sale of loans | 42,361 | 87,932 | 86,886 |
Deferred income taxes | 1,536 | -2,358 | 1,038 |
Gain on sale of fixed assets | -33 | ||
Gain on the sale of loans, net | -353 | -874 | -1,612 |
Net (increase) decrease in interest receivable | -933 | -130 | 973 |
Net decrease in interest payable | -127 | -2,005 | -1,376 |
Net decrease in other assets | 7,628 | 25,681 | 18,815 |
Net increase (decrease) in other liabilities | 2,595 | -20,917 | 18,057 |
Net Cash Provided by Operating Activities | 78,103 | 86,076 | 83,890 |
INVESTING ACTIVITIES | |||
Purchases of securities available-for-sale | 57,092 | 66,744 | 87,604 |
Proceeds from sales of securities available-for-sale | 1,418 | 94 | 66,575 |
Purchases of securities available-for-sale | -181,213 | -144,752 | -166,786 |
Net proceeds from the redemption of Federal Home Loan Bank stock | -1,506 | 1,685 | 5,700 |
Net (increase) decrease in loans | -313,264 | -241,172 | -21,892 |
Proceeds from the sale of loans not originated for resale | 5,408 | 5,158 | 3,874 |
Purchases of premises and equipment | -5,079 | -2,833 | -2,179 |
Proceeds from the sale of premises and equipment | 96 | 643 | 142 |
Net cash acquired from bank acquisitions | 18,639 | ||
Proceeds from the sale of merchant card servicing business | 4,750 | ||
Net Cash Used in Investing Activities | -437,048 | -309,683 | -8,323 |
FINANCING ACTIVITIES | |||
Net increase (decrease) in core deposits | 240,948 | -22,767 | 207,653 |
Net (decrease) increase in certificates of deposit | -4,549 | 56,174 | -217,311 |
Net increase (decrease) in short-term borrowings | 150,000 | 65,000 | |
Net (decrease) increase in securities sold under repurchase agreements | -3,242 | -28,735 | 28,442 |
Proceeds from long-term borrowings | 4,311 | ||
Repayments of long-term borrowings | -2,367 | -12,291 | -15,088 |
Repayment of junior subordinated debt | -45,000 | ||
Purchase of treasury shares | -163 | -88 | -49 |
Sale of treasury shares | 1,047 | ||
Issuance costs | -271 | ||
Cash dividends paid to common shareholders | -20,203 | -18,137 | -17,357 |
Tax benefit (expense) from stock-based compensation | 16 | 96 | -30 |
Net Cash Provided by (Used in) Financing Activities | 360,169 | -5,748 | -8,382 |
Net increase (decrease) in cash and cash equivalents | 1,224 | -229,355 | 67,185 |
Cash and cash equivalents at beginning of year | 108,356 | 337,711 | 270,526 |
Cash and Cash Equivalents at End of Year | 109,580 | 108,356 | 337,711 |
Supplemental Disclosures | |||
Transfers to other real estate owned and other repossessed assets | 586 | 1,238 | 1,915 |
Interest paid | 12,609 | 16,568 | 22,329 |
Income taxes paid, net of refunds | 18,075 | 13,130 | 4,063 |
Loans transferred to held for sale | 0 | 5,158 | 19,255 |
Net assets (liabilities) from acquisitions, excluding cash and cash equivalents | ($683) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Nature of Operations | |||
S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has three wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc. and STBA Capital Trust I. We own a one-half interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. | |||
We are presently engaged in nonbanking activities through the following five entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC and Stewart Capital Advisors, LLC. 9th Street Holdings, Inc. and S&T Bancholdings, Inc. are investment holding companies. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions and advises the Stewart Capital Mid Cap Fund. | |||
On March 9, 2012 we completed the acquisition and conversion of Mainline Bancorp, Inc., or Mainline, a bank holding company based in Ebensburg, Pennsylvania. Mainline had one subsidiary, Mainline National Bank, with eight branches and $129.5 million in loans and $206.0 million in deposits. The acquisition expanded our market share and footprint throughout Cambria and Blair counties of western Pennsylvania. The total acquisition cost of Mainline was $27.8 million. | |||
On August 13, 2012, we completed the acquisition of Gateway Bank of Pennsylvania, a bank with $99.1 million in loans and $105.4 million in deposits, headquartered in McMurray, Pennsylvania. The total acquisition cost of Gateway Bank was $19.8 million. As of December 31, 2012, Gateway was operating as a separate wholly-owned subsidiary of S&T, with all transactions since the acquisition date consolidated in our financial statements. On February 8, 2013, Gateway Bank was merged into S&T Bank, and their two branches are now fully operational branches of S&T Bank. | |||
On October 29, 2014, S&T and Integrity Bancshares, Inc., or Integrity, based in Camp Hill, Pennsylvania with eight branches and approximately $860 million in assets as of September 2014, entered into a definitive Agreement and Plan of Merger of Integrity with and into S&T. The transaction, valued at approximately $155 million, is expected to close in the first quarter of 2015, after satisfaction of customary closing conditions. As soon as practicable following the merger, Integrity Bank, a Pennsylvania state-chartered bank subsidiary of Integrity, will be merged with and into S&T Bank with S&T Bank continuing as the surviving bank. The bank merger is expected to close in the second quarter of 2015. However, for a period of at least three years following the merger, S&T Bank intends to operate bank branches in the markets currently served by Integrity Bank using the name "Integrity Bank - A Division of S&T Bank". | |||
Accounting Policies | |||
Our financial statements have been prepared in accordance with U. S. generally accepted accounting principles, or GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. Our significant accounting policies are described below. | |||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of S&T and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. | |||
Reclassification | |||
Certain amounts in prior years’ financial statements and footnotes have been reclassified to conform to the current year’s presentation. The reclassifications had no significant effect on our results of operations or financial condition. | |||
Business Combinations | |||
We account for business combinations using the acquisition method of accounting. Under this method of accounting, the acquired company’s net assets are recorded at fair value at the date of acquisition, and the results of operations of the acquired company are combined with our results from that date forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill. | |||
Fair Value Measurements | |||
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, trading assets and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, mortgage servicing rights, or MSRs, and certain other assets. | |||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which is developed, based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. | |||
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: | |||
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. | |||
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. | |||
Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. | |||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. | |||
The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. | |||
Recurring Basis | |||
Securities Available-for-Sale | |||
Securities available-for-sale include both debt and equity securities. We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provides us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our securities. The market evaluation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, and vast descriptive terms and conditions databases, as well as extensive quality control programs. | |||
Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2 and securities that are not readily traded and do not have a quotable market are classified as Level 3. | |||
Trading Assets | |||
We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. | |||
Derivative Financial Instruments | |||
We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. | |||
Nonrecurring Basis | |||
Loans Held for Sale | |||
Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. | |||
Impaired Loans | |||
Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish a specific reserve based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate, 2) the loan’s observable market price or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraised values may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. | |||
OREO and Other Repossessed Assets | |||
OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. | |||
Mortgage Servicing Rights | |||
The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. | |||
Other Assets | |||
We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. | |||
Financial Instruments | |||
In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. | |||
Cash and Cash Equivalents | |||
The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. | |||
Loans | |||
The fair value of variable rate performing loans that may reprice frequently at short-term market rates is based on carrying values adjusted for credit risk. The fair value of variable rate performing loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of fixed rate performing loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of nonperforming loans is based on their carrying values less any specific reserve. The carrying amount of accrued interest approximates fair value. | |||
Bank Owned Life Insurance | |||
Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. | |||
Deposits | |||
The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. | |||
Short-Term Borrowings | |||
The carrying amounts of securities sold under repurchase agreements and other short-term borrowings approximate their fair values. | |||
Long-Term Borrowings | |||
The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. | |||
Junior Subordinated Debt Securities | |||
The variable rate junior subordinated debt securities reprice quarterly; therefore, the fair values approximate the carrying values. | |||
Loan Commitments and Standby Letters of Credit | |||
Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. | |||
Other | |||
Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. | |||
Cash and Cash Equivalents | |||
We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents. | |||
Securities | |||
We determine the appropriate classification of securities at the time of purchase. All securities, including both debt and equity securities, are classified as available-for-sale. These are securities that we intend to hold for an indefinite period of time, but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. Such securities are carried at fair value with net unrealized gains and losses deemed to be temporary, reported as a component of other comprehensive income (loss), net of tax. Realized gains and losses on the sale of available-for-sale securities and other-than-temporary impairment, or OTTI, charges are recorded within noninterest income in the Consolidated Statements of Net Income. Realized gains and losses on the sale of securities are determined using the specific-identification method. Bond premiums are amortized to the call date and bond discounts are accreted to the maturity date, both on a level yield basis. | |||
An investment security is considered impaired if its fair value is less than its cost or amortized cost basis. We perform a quarterly review of our securities to identify those that may indicate an OTTI. Our policy for OTTI within the marketable equity securities portfolio generally requires an impairment charge when the security is in a loss position for 12 consecutive months, unless facts and circumstances would suggest the need for an OTTI prior to that time. Our policy for OTTI within the debt securities portfolio is based upon a number of factors, including but not limited to, the length of time and extent to which the estimated fair value has been less than cost, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the best estimate of the impairment charge representing credit losses, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery. If the impairment is considered other-than-temporary based on management’s review, the impairment must be separated into credit and non-credit components. The credit component is recognized in the Consolidated Statements of Net Income and the non-credit component is recognized in other comprehensive income (loss), net of applicable taxes. | |||
Loans Held for Sale | |||
Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the allowance for loan losses, or ALL. Subsequent declines in fair value are recognized as a charge to noninterest income. When a loan is placed in the held-for-sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held for sale are included in other noninterest income in the Consolidated Statements of Net Income. | |||
Loans | |||
Loans are reported at the principal amount outstanding net of unearned income, unamortized premiums or discounts and deferred origination fees and costs. We defer certain nonrefundable loan origination and commitment fees. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the respective lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income or expense. Interest is accrued and interest income is recognized on loans as earned. | |||
Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. | |||
Generally, consumer loans are charged off against the ALL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. | |||
Nonaccrual or Nonperforming Loans | |||
We stop accruing interest on a loan (nonaccrual loan) when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when payment is not past due, but we have doubt about the borrower’s ability to comply with contractual repayment terms. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. Interest income is recognized on nonaccrual loans on a cash basis if recovery of the remaining principal is reasonably assured. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. | |||
Troubled Debt Restructurings | |||
Troubled debt restructurings, or TDRs, are loans where we, for economic or legal reasons related to a borrower’s financial difficulty, grant a concession to the borrower that we would not otherwise grant. We strive to identify borrowers in financial difficulty early and work with them to modify the terms before their loan reaches nonaccrual status. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. | |||
We individually evaluate all substandard commercial loans that experienced a forbearance or change in terms agreement, as well as all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan to determine if they should be designated as TDRs. | |||
All TDRs will be reported as impaired loans for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. Further, all impaired loans are reported as nonaccrual loans unless the loan is a TDR that has met the requirements to be returned to accruing status. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. | |||
Allowance for Loan Losses | |||
The ALL reflects our estimates of probable losses inherent in the loan portfolio at the balance sheet date. The methodology for determining the ALL has two main components: evaluation and impairment tests of individual loans and evaluation and impairment tests of certain groups of homogeneous loans with similar risk characteristics. | |||
A loan is considered impaired when it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan agreement. We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. All TDRs will be reported as an impaired loan for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. For all TDRs, regardless of size, as well as all other impaired loans, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. Specific reserves are established based upon the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate, 2) the loan’s observable market price or 3) the estimated fair value of the collateral if the loan is collateral dependent. Our impairment evaluations consist primarily of the fair value of collateral method because most loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the impaired loan is less than the recorded investment in the loan balance. | |||
The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. | |||
We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. In general, the LEP will be shorter in an economic slowdown or recession and longer during times of economic stability or growth, as customers are better able to delay loss confirmation after a potential loss event has occurred. | |||
In conjunction with our annual review of the ALL assumptions, we have updated our study of LEPs for our commercial portfolio segments using our loan charge-off history. Our study showed that the LEP for our commercial construction portfolio has lengthened and that our current estimated LEPs for the CRE and C&I portfolio segments did not materially change. We estimate the LEP to be 3.5 years for CRE and commercial construction and 2.5 years for C&I. This is an increase from the prior LEP of 1.5 years for commercial construction. We believe that the LEPs for the consumer portfolio segments have also lengthened as they are influenced by the same improvement in economic conditions that has impacted the commercial portfolio segments over the past two years. We therefore also lengthened the LEP assumption for the consumer portfolio to 2.0 years. This is an increase from prior LEPs of 1.5 years for the consumer portfolio segment. | |||
Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We lengthened the LBP for C&I, Commercial Construction and the consumer loan portfolio segments in order to capture relevant historical data believed to be reflective of losses inherent in the portfolios. We use a five and one quarter years LBP for our commercial portfolio segments and three and one quarter years LBP for our consumer portfolio segments. | |||
After consideration of the historic loss calculations, management applies additional qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data and credit process changes, such as credit policies or underwriting standards. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. | |||
The changes made to the ALL assumptions were applied prospectively and did not result in a material change to the total ALL. Lengthening the LEPs does increase the historical loss rates and therefore the quantitative component of the ALL. We believe this makes the quantitative component of the ALL more reflective of inherent losses that exist within the loan portfolio, which resulted in a decrease in the qualitative component of the ALL. The ALL at December 31, 2014 reflects these changes within the C&I, Commercial Construction and consumer portfolio segments. | |||
Qualitative adjustments are aggregated into five categories, including process, economic conditions, loan portfolio, asset quality and other external factors. | |||
Within the five aforementioned categories, the following qualitative factors are considered: | |||
1) | Changes in our lending policies and procedures, including underwriting standards, collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; | ||
2) | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||
3) | Changes in the nature and volume of our loan portfolio and terms of loans; | ||
4) | Changes in the experience, ability and depth of our lending management and staff; | ||
5) | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; | ||
6) | Changes in the quality of our loan review system; | ||
7) | Changes in the value of the underlying collateral for collateral-dependent loans; | ||
8) | The existence and effect of any concentrations of credit and changes in the level of such concentrations; and | ||
9) | The effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. | ||
Our ALL Committee meets quarterly to verify the overall adequacy of the ALL. Additionally, on an annual basis, the ALL Committee meets to validate our ALL model. This validation includes reviewing the pools of loans to ensure the segmentation results in relevant homogeneous pools of loans. The ALL Committee reviews the LEP and LBP used to calculate the loss rates. Further, the ALL Committee reviews the qualitative factors to ensure that both the categories, as noted above, and the range of qualitative adjustments remain appropriate. As a result of this ongoing monitoring process, we may make changes to our ALL assumptions to be responsive to the economic environment. | |||
Bank Owned Life Insurance | |||
We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income or expense in the Consolidated Statements of Net Income. | |||
Premises and Equipment | |||
Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Management reviews long-lived assets using events and circumstances to determine if and when an asset is evaluated for recoverability. | |||
The estimated useful lives for the various asset categories are as follows: | |||
1) Land and Land Improvements | Non-depreciating assets | ||
2) Buildings | 25 years | ||
3) Furniture and Fixtures | 5 years | ||
4) Computer Equipment and Software | 5 years or term of license | ||
5) Other Equipment | 5 years | ||
6) Vehicles | 5 years | ||
7) Leasehold Improvements | Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise | ||
Restricted Investment in Bank Stock | |||
Federal Home Loan Bank, or FHLB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the members asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for OTTI on a quarterly basis. | |||
Atlantic Community Bankers’ Bank, or ACBB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the carrying value. We do not currently use their membership products and services. We acquired ACBB stock through various mergers of banks that were ACBB members. ACBB stock is evaluated for OTTI on a quarterly basis. | |||
Goodwill and Other Intangible Assets | |||
We have three reporting units: Community Banking, Insurance and Wealth Management. At December 31, 2014, we had goodwill of $175.8 million, including $171.6 million in Community Banking, representing 98 percent of total goodwill and $4.2 million in Insurance, representing two percent of total goodwill. The carrying value of goodwill is tested annually for impairment each October 1 or more frequently if it is determined that we should do so. We first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Our qualitative assessment considers such factors as macroeconomic conditions, market conditions specifically related to the banking industry, our overall financial performance and various other factors. If we determine that it is more likely than not that the fair value is less than the carrying amount, we proceed to test for impairment. The evaluation for impairment involves comparing the current estimated fair value of each reporting unit to its carrying value, including goodwill. If the current estimated fair value of a reporting unit exceeds its carrying value, no additional testing is required and impairment loss is not recorded. If the estimated fair value of a reporting unit is less than the carrying value, further valuation procedures are performed and could result in impairment of goodwill being recorded. Further valuation procedures would include allocating the estimated fair value to all assets and liabilities of the reporting unit to determine an implied goodwill value. If the implied value of goodwill of a reporting unit is less than the carrying amount of that goodwill, an impairment loss is recognized in an amount equal to that excess. | |||
We have core deposit and other intangible assets resulting from acquisitions which are subject to amortization. We determine the amount of identifiable intangible assets based upon independent core deposit and insurance contract analyses at the time of the acquisition. Intangible assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | |||
Variable Interest Entities | |||
Variable interest entities, or VIEs, are legal entities that generally either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. When an enterprise has both the power to direct the economic activities of the VIE and the obligation to absorb losses of the VIE or the right to receive benefits of the VIE, the entity has a controlling financial interest in the VIE. A VIE often holds financial assets, including loans or receivables, or other property. The company with a controlling financial interest, the primary beneficiary, is required to consolidate the VIE into its consolidated balance sheets. S&T has one wholly-owned trust subsidiary, STBA Capital Trust I, or the Trust, for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. At its inception in 2008, the Trust issued floating rate trust preferred securities to the Trustee, another financial institution, and used the proceeds from the sale to invest in junior subordinated debt, which is the sole asset of the Trust. The Trust pays dividends on the trust preferred securities at the same rate as the interest we pay on our junior subordinated debt held by the Trust. Because the third-party investors are the primary beneficiaries, the Trust qualifies as a VIE. Accordingly, the Trust and its net assets are not included in our Consolidated Financial Statements. However, the junior subordinated debt issued by S&T is included in our Consolidated Balance Sheets. | |||
Joint Ventures | |||
We have made investments directly in Low Income Housing Tax Credit, or LIHTC, partnerships formed with third parties. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. These investments are amortized over a maximum of 10 years, which represents the period that the tax credits will be utilized. We have determined that we are not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly impact the economic performance of the partnership and have both the obligation to absorb expected losses and the right to receive benefits. | |||
OREO and Other Repossessed Assets | |||
OREO and other repossessed assets are included in other assets in the Consolidated Balance Sheets and are comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of a foreclosure. At the time of foreclosure, these properties are recorded at the lower of the recorded investment in the loan or fair value less cost to sell. Loan losses arising from the acquisition of such property initially are charged against the ALL. Subsequently, these assets are carried at the lower of carrying value or current fair value less cost to sell. Gains or losses realized upon disposition of the asset are recorded in other expenses in the Consolidated Statements of Net Income. | |||
Mortgage Servicing Rights | |||
MSRs are recognized as separate assets when commitments to fund a loan to be sold are made. Upon commitment, the MSR is established, which represents the then current estimated fair value of future net cash flows expected to be realized for performing the servicing activities. The estimated fair value of the MSRs is estimated by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. In determining the estimated fair value of MSRs, mortgage interest rates, which are used to determine prepayment rates, are held constant over the estimated life of the portfolio. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Net Income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. | |||
MSRs are regularly evaluated for impairment based on the estimated fair value of those rights. The MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no longer exists for a particular tranche, the valuation allowance is reduced. | |||
MSRs are also reviewed for OTTI. OTTI exists when the recoverability of a recorded valuation allowance is determined to be remote, taking into consideration historical and projected interest rates and loan pay-off activity. When this situation occurs, the unrecoverable portion of the valuation allowance is applied as a direct write-down to the carrying value of the MSR. Unlike a valuation allowance, a direct write-down permanently reduces the carrying value of the MSR and the valuation allowance, precluding subsequent recoveries. | |||
Derivative Financial Instruments | |||
Interest Rate Swaps | |||
In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. | |||
Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. | |||
Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Net Income. | |||
Interest Rate Lock Commitments and Forward Sale Contracts | |||
In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We can encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Net Income. | |||
Allowance for Unfunded Commitments | |||
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because 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 unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The allowance for unfunded commitments is determined using a similar methodology as our ALL. The reserve is calculated by applying historical loss rates from our ALL model to the estimated future utilization of our unfunded commitments. | |||
Treasury Stock | |||
The repurchase of our common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from previous treasury share transactions exists. Any deficiency is charged to retained earnings. | |||
Revenue Recognition | |||
We recognize revenues as they are earned based on contractual terms or as services are provided when collectability is reasonably assured. Our principal source of revenue is interest income, which is recognized on an accrual basis. Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to our deposits and lending activities are accrued as earned. | |||
Wealth Management Fees | |||
Assets held in a fiduciary capacity by the subsidiary bank, S&T Bank, are not our assets and are therefore not included in our Consolidated Financial Statements. Wealth management fee income is reported in the Consolidated Statements of Net Income on an accrual basis. | |||
Stock-Based Compensation | |||
Stock-based compensation may include stock options and restricted stock which is measured using the fair value method of accounting. The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award. Stock option expense is determined utilizing the Black-Scholes model. Restricted stock expense is determined using the grant date fair value. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. | |||
Pensions | |||
The expense for S&T Bank’s qualified and nonqualified defined benefit pension plans is actuarially determined using the projected unit credit actuarial cost method. It requires us to make economic assumptions regarding future interest rates and asset returns as well as various demographic assumptions. We estimate the discount rate used to measure benefit obligations by applying the projected cash flow for future benefit payments to a yield curve of high-quality corporate bonds available in the marketplace and by employing a model that matches bonds to our pension cash flows. The expected return on plan assets is an estimate of the long-term rate of return on plan assets, which is determined based on the current asset mix and estimates of return by asset class. We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as other comprehensive income (loss) in the period in which they occur. To the extent that such gains or losses exceed ten percent of the greater of the projected benefit obligation or plan assets, they are recognized as a component of pension costs over the future service periods of active plan participants. The funding policy for the qualified plan is to contribute an amount each year that is at least equal to the minimum required contribution as determined under the Pension Protection Act of 2006 and Moving Ahead for Progress in the 21st Century Act, but not more than the maximum amount permissible for taxable plan sponsors. Our nonqualified plans are unfunded. | |||
Marketing Costs | |||
We expense all marketing-related costs, including advertising costs, as incurred. | |||
Income Taxes | |||
We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business. On a quarterly basis, management assesses the reasonableness of our effective tax rate based upon our current estimate of the amount and components of net income, tax credits and the applicable statutory tax rates expected for the full year. We classify interest and penalties as an element of tax expense. | |||
Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and recognizes enacted changes in tax rate and laws. When deferred tax assets are recognized, they are subject to a valuation allowance based on management’s judgment as to whether realization is more likely than not. | |||
Accrued taxes represent the net estimated amount due to taxing jurisdictions and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. We evaluate and assess the relative risks and appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent and other information and maintain tax accruals consistent with the evaluation of these relative risks and merits. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance. These changes, when they occur, can affect deferred taxes and accrued taxes, as well as the current period’s income tax expense and can be significant to our operating results. | |||
Tax positions are recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |||
Earnings Per Share | |||
Basic earnings per share, or EPS, is calculated using the two-class method to determine income allocated to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period. Potentially dilutive securities are excluded from the basic EPS calculation. | |||
Diluted EPS is calculated under the more dilutive of either the treasury stock method or the two-class method. Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares. For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class. Potentially dilutive common shares are common stock equivalents relating to our outstanding warrants, stock options and restricted stock. | |||
Recently Adopted Accounting Standards Updates, or ASU | |||
Business Combinations (Topic 805): Pushdown Accounting | |||
In November 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-17, Pushdown Accounting - Business Combinations (Topic 805). The ASU provides an acquired entity with an option to elect to apply pushdown accounting. The amendments of this ASU apply to the separate financial statements of an acquired entity and its subsidiaries that are a business activity upon the occurrence of an event in which an acquirer obtains control of the entity. Pushdown accounting refers to the use of the acquirer's basis in the preparation of the acquiree's separate financial statements. The new standard became effective upon issuance on November 18, 2014. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists | |||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists. The ASU requires that entities should present an unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss, or NOL, or similar tax loss or tax credit carry forward rather than as a liability when the uncertain tax position would reduce the NOL or other carry forward under the tax law. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date | |||
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Recently Issued Accounting Standards Updates not yet Adopted | |||
Share-Based Payment Awards with Performance Targets | |||
In June 2014, the FASB issued ASU No. 2014-12, Share-Based Payment Awards with Performance Targets. The main provisions of ASU 2014-12 require that a performance target included in a share-based payment award that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Therefore, under the existing stock compensation guidance in Accounting Standards Codification Topic 718, the performance target should not be reflected in estimating the grant-date fair value of the award. The standard is effective for annual periods and interim periods beginning after December 15, 2015. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Repurchase-To-Maturity Transactions, Repurchase Financings and New Disclosures | |||
In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings and New Disclosures to change the accounting for repurchase-to-maturity transactions and certain linked repurchase financings. This will result in accounting for both types of arrangements as secured borrowings on the balance sheet and require new disclosures to (i) increase transparency about the types of collateral pledged in secured borrowing transactions and (ii) enable users to better understand transactions in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. The disclosure for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. All other accounting and disclosure amendments in the ASU are effective for the first interim or annual period beginning after December 15, 2014. Earlier application for a public business entity is prohibited. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Revenues from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenues from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2016 including interim periods therein. The provisions do not apply to lease contracts, insurance contracts, financial instruments and other contractual rights or obligations (e.g. receivables, debt and equity securities, liabilities, debt, derivatives transfers, and servicing, etc.), guarantees, or non-monetary exchanges between entities. We are currently evaluating the impact of the adoption of this pronouncement on our consolidated financial statements; however, we do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance applies to all entities that dispose of components. It will significantly change current practices for assessing discontinued operations and affect an entity’s income and earnings per share from continuing operations. An entity is required to reclassify assets and liabilities of a discontinued operation that are classified as held for sale or disposed of in the current period for all comparative periods presented. The ASU requires that an entity present in the statement of cash flows or disclose in a note either total operating and investing cash flows for discontinued operations, or depreciation, amortization, capital expenditures and significant operating and investing noncash items related to discontinued operations. Additional disclosures are required when an entity retains significant continuing involvement with a discontinued operation after its disposal, including the amount of cash flows to and from a discontinued operation. The new standard applies prospectively effective for annual periods beginning on or after December 15, 2014 and interim periods therein, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | |||
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure has occurred and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure. Interim and annual disclosure is required of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The new standard is effective using either the modified retrospective transition method or a prospective transition method for fiscal years and interim periods within those years, beginning after December 15, 2014, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Accounting for Investments in Qualified Affordable Housing Projects | |||
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The ASU permits reporting entities to make an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The proportional amortization method permits the amortization of the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2014, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||
The following table reconciles the numerators and denominators of basic and diluted EPS: | ||||||||||
Years ended December 31, | ||||||||||
(dollars in thousands, except share and per share data) | 2014 | 2013 | 2012 | |||||||
Numerator for Earnings per Common Share—Basic: | ||||||||||
Net income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Less: Income allocated to participating shares | 165 | 147 | 126 | |||||||
Net Income Allocated to Common Shareholders | $ | 57,745 | $ | 50,392 | $ | 34,074 | ||||
Numerator for Earnings per Common Share—Diluted: | ||||||||||
Net income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Denominators: | ||||||||||
Weighted Average Common Shares Outstanding—Basic | 29,683,103 | 29,647,231 | 28,976,619 | |||||||
Add: Dilutive potential common shares | 25,621 | 35,322 | 32,261 | |||||||
Denominator for Treasury Stock Method—Diluted | 29,708,724 | 29,682,553 | 29,008,880 | |||||||
Weighted Average Common Shares Outstanding—Basic | 29,683,103 | 29,647,231 | 28,976,619 | |||||||
Add: Average participating shares outstanding | 84,918 | 86,490 | 107,274 | |||||||
Denominator for Two-Class Method—Diluted | 29,768,021 | 29,733,721 | 29,083,893 | |||||||
Earnings per common share—basic | $ | 1.95 | $ | 1.7 | $ | 1.18 | ||||
Earnings per common share—diluted | $ | 1.95 | $ | 1.7 | $ | 1.18 | ||||
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019 | 517,012 | 517,012 | 517,012 | |||||||
Stock options considered anti-dilutive excluded from dilutive potential common shares | 419,538 | 619,418 | 747,443 | |||||||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares | 59,297 | 51,169 | 75,012 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2014 and 2013. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 14,880 | $ | — | $ | 14,880 | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | — | 269,285 | — | 269,285 | ||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 118,006 | — | 118,006 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 46,668 | — | 46,668 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 39,673 | — | 39,673 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 142,702 | — | 142,702 | ||||||||||||||||||||||
Marketable equity securities | 178 | 8,881 | — | 9,059 | ||||||||||||||||||||||
Total securities available-for-sale | 178 | 640,095 | — | 640,273 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,456 | — | — | 3,456 | ||||||||||||||||||||||
Total securities | 3,634 | 640,095 | — | 643,729 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 12,981 | — | 12,981 | ||||||||||||||||||||||
Interest rate lock commitments | — | 235 | — | 235 | ||||||||||||||||||||||
Total Assets | $ | 3,634 | $ | 653,311 | $ | — | $ | 656,945 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 12,953 | $ | — | $ | 12,953 | ||||||||||||||||||
Forward sale contracts | — | 57 | — | 57 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 13,010 | $ | — | $ | 13,010 | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | — | $ | 234,751 | $ | — | $ | 234,751 | ||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 63,774 | — | 63,774 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 48,669 | — | 48,669 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 39,052 | — | 39,052 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 114,264 | — | 114,264 | ||||||||||||||||||||||
Marketable equity securities | 202 | 8,713 | — | 8,915 | ||||||||||||||||||||||
Total securities available-for-sale | 202 | 509,223 | — | 509,425 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 2,864 | — | — | 2,864 | ||||||||||||||||||||||
Total securities | 3,066 | 509,223 | — | 512,289 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 13,698 | — | 13,698 | ||||||||||||||||||||||
Interest rate lock commitments | — | 85 | — | 85 | ||||||||||||||||||||||
Forward sales contracts | — | 34 | — | 34 | ||||||||||||||||||||||
Total Assets | $ | 3,066 | $ | 523,040 | $ | — | $ | 526,106 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | — | 13,647 | — | 13,647 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 13,647 | $ | — | $ | 13,647 | ||||||||||||||||||
We classify financial instruments as Level 3 when valuation models are used because significant inputs are not observable in the market. The following table presents the changes in assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine the fair value: | ||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of year | $ | — | $ | 300 | ||||||||||||||||||||||
Total gains included in other comprehensive income (loss)(1) | — | 44 | ||||||||||||||||||||||||
Net purchases, sales, issuances and settlements | — | — | ||||||||||||||||||||||||
Transfers out of Level 3 | — | (344 | ) | |||||||||||||||||||||||
Balance at End of Year | $ | — | $ | — | ||||||||||||||||||||||
-1 | Changes in estimated fair value of available-for-sale investments are recorded in accumulated other comprehensive income (loss) while gains and losses from sales are recorded in security gains (losses), net in the Consolidated Statements of Net Income. | |||||||||||||||||||||||||
In the second quarter of 2013, $0.3 million was transferred out of Level 3 into Level 2 as a result of a security becoming listed on a national securities exchange. There were no Level 3 liabilities measured at fair value on a recurring basis for any of the periods presented. | ||||||||||||||||||||||||||
We may be required to measure certain assets and liabilities on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at December 31, 2014 and 2013. The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
ASSETS(1) | ||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,516 | $ | 1,516 | ||||||||||
Impaired loans | — | — | 12,916 | 12,916 | — | — | 19,197 | 19,197 | ||||||||||||||||||
Other real estate owned | — | — | 117 | 117 | — | — | 317 | 317 | ||||||||||||||||||
Mortgage servicing rights | — | — | 2,934 | 2,934 | — | — | 1,025 | 1,025 | ||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 15,967 | $ | 15,967 | $ | — | $ | — | $ | 22,055 | $ | 22,055 | ||||||||||
-1 | This table presents only the nonrecurring items that are recorded at fair value in our financial statements. | |||||||||||||||||||||||||
The carrying values and fair values of our financial instruments at December 31, 2014 and 2013 are presented in the following tables: | ||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Value(1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 109,580 | $ | 109,580 | $ | 109,580 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 640,273 | 640,273 | 178 | 640,095 | — | |||||||||||||||||||||
Loans held for sale | 2,970 | 2,991 | — | — | 2,991 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 3,868,746 | 3,827,634 | — | — | 3,827,634 | |||||||||||||||||||||
Bank owned life insurance | 62,252 | 62,252 | — | 62,252 | — | |||||||||||||||||||||
FHLB and other restricted stock | 15,135 | 15,135 | — | — | 15,135 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,456 | 3,456 | 3,456 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,817 | 2,934 | — | — | 2,934 | |||||||||||||||||||||
Interest rate swaps | 12,981 | 12,981 | — | 12,981 | — | |||||||||||||||||||||
Interest rate lock commitments | 235 | 235 | — | 235 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 3,908,842 | $ | 3,910,342 | $ | — | $ | — | $ | 3,910,342 | ||||||||||||||||
Securities sold under repurchase agreements | 30,605 | 30,605 | — | — | 30,605 | |||||||||||||||||||||
Short-term borrowings | 290,000 | 290,000 | — | — | 290,000 | |||||||||||||||||||||
Long-term borrowings | 19,442 | 20,462 | — | — | 20,462 | |||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | |||||||||||||||||||||
Interest rate swaps | 12,953 | 12,953 | — | 12,953 | — | |||||||||||||||||||||
Forward sale contracts | 57 | 57 | 57 | |||||||||||||||||||||||
-1 | As reported in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Value(1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 108,356 | $ | 108,356 | $ | 108,356 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 509,425 | 509,425 | 202 | 509,223 | — | |||||||||||||||||||||
Loans held for sale | 2,136 | 2,139 | — | — | 2,139 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 3,566,199 | 3,538,072 | — | — | 3,538,072 | |||||||||||||||||||||
Bank owned life insurance | 60,480 | 60,480 | — | 60,480 | — | |||||||||||||||||||||
FHLB and other restricted stock | 13,629 | 13,629 | — | — | 13,629 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 2,864 | 2,864 | 2,864 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,919 | 3,143 | — | — | 3,143 | |||||||||||||||||||||
Interest rate swaps | 13,698 | 13,698 | — | 13,698 | — | |||||||||||||||||||||
Interest rate lock commitments | 85 | 85 | — | 85 | — | |||||||||||||||||||||
Forward sale contracts | 34 | 34 | — | 34 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 3,672,308 | $ | 3,673,624 | $ | — | $ | — | $ | 3,673,624 | ||||||||||||||||
Securities sold under repurchase agreements | 33,847 | 33,847 | — | — | 33,847 | |||||||||||||||||||||
Short-term borrowings | 140,000 | 140,000 | — | — | 140,000 | |||||||||||||||||||||
Long-term borrowings | 21,810 | 22,924 | — | — | 22,924 | |||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | |||||||||||||||||||||
Interest rate swaps | 13,647 | 13,647 | — | 13,647 | — | |||||||||||||||||||||
-1 | As reported in the Consolidated Balance Sheets |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Bank Accounts | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Bank Accounts | RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS |
The Board of Governors of the Federal Reserve System, or the Federal Reserve, imposes certain reserve requirements on all depository institutions. These reserves are maintained in the form of vault cash or as an interest-bearing balance with the Federal Reserve. The required reserves averaged $41.8 million for the year ended 2014, $39.7 million for the year ended 2013 and $36.6 million for the year ended 2012. |
Dividend_and_Loan_Restrictions
Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Dividend and Loan Restrictions | DIVIDEND AND LOAN RESTRICTIONS |
S&T is a legal entity separate and distinct from its banking and other subsidiaries. A substantial portion of our revenues consist of dividend payments we receive from S&T Bank. S&T Bank, in turn, is subject to state laws and regulations that limit the amount of dividends it can pay to us. In addition, both S&T and S&T Bank are subject to various general regulatory policies relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The Federal Reserve has indicated that banking organizations should generally pay dividends only if (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality and overall financial condition. Thus, under certain circumstances based upon our financial condition, our ability to declare and pay quarterly dividends may require consultation with the Federal Reserve and may be prohibited by applicable Federal Reserve guidelines. | |
Federal law prohibits us from borrowing from S&T Bank unless such loans are collateralized by specific obligations. Further, such loans are limited to 10 percent of S&T Bank’s capital stock and surplus. In April 2012, we closed a $5.0 million line of credit with S&T Bank that had been secured by investments of another subsidiary of S&T. |
Securities_AvailableforSale
Securities Available-for-Sale | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||
Securities Available-for-Sale | SECURITIES AVAILABLE-FOR-SALE | ||||||||||||||||||||||||||
The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented: | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||
Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 14,873 | $ | 7 | $ | — | $ | 14,880 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Obligations of U.S. government corporations and agencies | 268,029 | 2,334 | (1,078 | ) | 269,285 | 235,181 | 2,151 | (2,581 | ) | 234,751 | |||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 116,897 | 1,257 | (148 | ) | 118,006 | 63,776 | 601 | (603 | ) | 63,774 | |||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 45,274 | 1,548 | (154 | ) | 46,668 | 47,934 | 1,420 | (685 | ) | 48,669 | |||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,834 | 232 | (393 | ) | 39,673 | 40,357 | — | (1,305 | ) | 39,052 | |||||||||||||||||
Obligations of states and political subdivisions | 136,977 | 5,789 | (64 | ) | 142,702 | 115,572 | 1,294 | (2,602 | ) | 114,264 | |||||||||||||||||
Debt Securities | 621,884 | 11,167 | (1,837 | ) | 631,214 | 502,820 | 5,466 | (7,776 | ) | 500,510 | |||||||||||||||||
Marketable equity securities | 7,579 | 1,480 | — | 9,059 | 7,579 | 1,336 | — | 8,915 | |||||||||||||||||||
Total | $ | 629,463 | $ | 12,647 | $ | (1,837 | ) | $ | 640,273 | $ | 510,399 | $ | 6,802 | $ | (7,776 | ) | $ | 509,425 | |||||||||
The following table shows the composition of gross and net realized gains and losses for the periods presented: | |||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Gross realized gains | $ | 41 | $ | 5 | $ | 3,027 | |||||||||||||||||||||
Gross realized losses | — | — | (11 | ) | |||||||||||||||||||||||
Net Realized Gains | $ | 41 | $ | 5 | $ | 3,016 | |||||||||||||||||||||
The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented: | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||
(dollars in thousands) | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | ||||||||||||||||||
of | Value | Losses | of | Value | Losses | of | Value | Losses | |||||||||||||||||||
Securities | Securities | Securities | |||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 4 | $ | 39,745 | $ | (207 | ) | 8 | $ | 63,149 | $ | (871 | ) | 12 | $ | 102,894 | $ | (1,078 | ) | |||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 1 | 9,323 | (148 | ) | — | — | — | 1 | 9,323 | (148 | ) | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | — | — | 1 | 8,982 | (154 | ) | 1 | 8,982 | (154 | ) | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 1 | 9,998 | (25 | ) | 2 | 20,640 | (368 | ) | 3 | 30,638 | (393 | ) | |||||||||||||||
Obligations of states and political subdivisions | 1 | 263 | (1 | ) | 2 | 10,756 | (63 | ) | 3 | 11,019 | (64 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 7 | $ | 59,329 | $ | (381 | ) | 13 | $ | 103,527 | $ | (1,456 | ) | 20 | $ | 162,856 | $ | (1,837 | ) | |||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||
(dollars in thousands) | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | ||||||||||||||||||
of | Value | Losses | of | Value | Losses | of | Value | Losses | |||||||||||||||||||
Securities | Securities | Securities | |||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 16 | $ | 126,017 | $ | (2,581 | ) | — | $ | — | $ | — | 16 | $ | 126,017 | $ | (2,581 | ) | ||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 3 | 39,522 | (603 | ) | — | — | — | 3 | 39,522 | (603 | ) | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 | 22,822 | (685 | ) | — | — | — | 2 | 22,822 | (685 | ) | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 4 | 39,052 | (1,305 | ) | — | — | — | 4 | 39,052 | (1,305 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 16 | 47,529 | (1,739 | ) | 2 | 10,088 | (863 | ) | 18 | 57,617 | (2,602 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 41 | $ | 274,942 | $ | (6,913 | ) | 2 | $ | 10,088 | $ | (863 | ) | 43 | $ | 285,030 | $ | (7,776 | ) | |||||||||
We do not believe any individual unrealized loss as of December 31, 2014 represents an OTTI. As of December 31, 2014, the unrealized losses on 20 debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these securities. All debt securities are determined to be investment grade and are paying principal and interest according to the contractual terms of the security. There were no unrealized losses on marketable equity securities. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. | |||||||||||||||||||||||||||
The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive income/(loss) for the periods presented: | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/(Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/(Losses) | |||||||||||||||||||||
Total unrealized gains/(losses) on securities available for sale | $ | 12,647 | $ | (1,837 | ) | $ | 10,810 | $ | 6,802 | $ | (7,776 | ) | $ | (974 | ) | ||||||||||||
Income tax expense/(benefit) | 4,426 | (643 | ) | 3,783 | 2,381 | (2,722 | ) | (341 | ) | ||||||||||||||||||
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 8,221 | $ | (1,194 | ) | $ | 7,027 | $ | 4,421 | $ | (5,054 | ) | $ | (633 | ) | ||||||||||||
The amortized cost and fair value of securities available-for-sale at December 31, 2014 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair Value | |||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||
Due in one year or less | $ | 21,137 | $ | 21,339 | |||||||||||||||||||||||
Due after one year through five years | 196,589 | 197,183 | |||||||||||||||||||||||||
Due after five years through ten years | 101,013 | 102,788 | |||||||||||||||||||||||||
Due after ten years | 101,140 | 105,557 | |||||||||||||||||||||||||
419,879 | 426,867 | ||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 116,897 | 118,006 | |||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 45,274 | 46,668 | |||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,834 | 39,673 | |||||||||||||||||||||||||
Debt Securities | 621,884 | 631,214 | |||||||||||||||||||||||||
Marketable equity securities | 7,579 | 9,059 | |||||||||||||||||||||||||
Total | $ | 629,463 | $ | 640,273 | |||||||||||||||||||||||
At December 31, 2014 and 2013, securities with carrying values of $289.1 million and $243.2 million were pledged for various regulatory and legal requirements. |
Loans_and_Loans_Held_for_Sale
Loans and Loans Held for Sale | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||
Loans and Loans Held for Sale | LOANS AND LOANS HELD FOR SALE | |||||||||||||||||||
Loans are presented net of unearned income of $2.1 million and $1.3 million at December 31, 2014 and 2013. The following table indicates the composition of the loans as of the dates presented: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial real estate | $ | 1,682,236 | $ | 1,607,756 | ||||||||||||||||
Commercial and industrial | 994,138 | 842,449 | ||||||||||||||||||
Commercial construction | 216,148 | 143,675 | ||||||||||||||||||
Total Commercial Loans | 2,892,522 | 2,593,880 | ||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential mortgage | 489,586 | 487,092 | ||||||||||||||||||
Home equity | 418,563 | 414,195 | ||||||||||||||||||
Installment and other consumer | 65,567 | 67,883 | ||||||||||||||||||
Consumer construction | 2,508 | 3,149 | ||||||||||||||||||
Total Consumer Loans | 976,224 | 972,319 | ||||||||||||||||||
Total Portfolio Loans | 3,868,746 | 3,566,199 | ||||||||||||||||||
Loans held for sale | 2,970 | 2,136 | ||||||||||||||||||
Total Loans | $ | 3,871,716 | $ | 3,568,335 | ||||||||||||||||
We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by monitoring the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 75 percent of total portfolio loans at December 31, 2014 and 73 percent of total portfolio loans at December 31, 2013. Within our commercial portfolio, CRE and Commercial Construction portfolios combined comprise 66 percent of total commercial loans and 49 percent of total portfolio loans at December 31, 2014 and 68 percent of total commercial loans and 49 percent of total portfolio loans at December 31, 2013. Further segmentation of the CRE and Commercial Construction portfolios by industry and collateral type reveal no concentration in excess of nine percent of total loans at either December 31, 2014 or December 31, 2013. | ||||||||||||||||||||
Our market area includes Pennsylvania and the contiguous states of Ohio, West Virginia, New York and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this market area resulting in a geographic concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data as well as information supplied by our customers. Management believes underwriting guidelines, active monitoring of economic conditions and ongoing review by credit administration mitigates the concentration risk present in the loan portfolio. Our CRE and Commercial Construction portfolios have out of market exposure of 8 percent of the combined portfolio and 3.9 percent of total loans at December 31, 2014 and 7.9 percent of the combined portfolio and 3.9 percent of total loans at December 31, 2013. | ||||||||||||||||||||
TDRs are loans where we, for economic or legal reasons related to a borrower's financial difficulties, grant a concession to the borrower that we would not otherwise grant. We strive to identify borrowers in financial difficulty early and work with them to modify the terms before their loan reaches nonaccrual status. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. | ||||||||||||||||||||
We individually evaluate all substandard commercial loans that have experienced a forbearance or change in terms agreement, as well as all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan to determine if they should be designated as TDRs. All TDRs are considered to be impaired loans and will be reported as impaired loans for the remaining life of the loan, unless the restructuring agreement specifies and interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. Further, all impaired loans are reported as nonaccrual loans unless the loan is a TDR that has met the requirements to be returned to accruing status. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. | ||||||||||||||||||||
The following table summarizes the restructured loans as of the dates presented: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||
TDRs | TDRs | TDRs | TDRs | TDRs | TDRs | |||||||||||||||
Commercial real estate | $ | 16,939 | $ | 2,180 | $ | 19,119 | $ | 19,711 | $ | 3,898 | $ | 23,609 | ||||||||
Commercial and industrial | 8,074 | 356 | 8,430 | 7,521 | 1,884 | 9,405 | ||||||||||||||
Commercial construction | 5,736 | 1,869 | 7,605 | 5,338 | 2,708 | 8,046 | ||||||||||||||
Residential mortgage | 2,839 | 459 | 3,298 | 2,581 | 1,356 | 3,937 | ||||||||||||||
Home equity | 3,342 | 562 | 3,904 | 3,924 | 218 | 4,142 | ||||||||||||||
Installment and other consumer | 53 | 10 | 63 | 154 | 3 | 157 | ||||||||||||||
Total | $ | 36,983 | $ | 5,436 | $ | 42,419 | $ | 39,229 | $ | 10,067 | $ | 49,296 | ||||||||
The following tables present the restructured loans for the 12 months ended December 31: | ||||||||||||||||||||
2014 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total | ||||||||||||||||
Loans | Outstanding | Outstanding | Difference | |||||||||||||||||
Recorded | Recorded | in Recorded | ||||||||||||||||||
Investment(1) | Investment(1) | Investment | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 4 | $ | 1,991 | $ | 1,965 | $ | 26 | |||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 2 | $ | 381 | $ | 356 | $ | 25 | |||||||||||||
Commercial construction | ||||||||||||||||||||
Maturity date extension | 1 | 1,019 | 974 | 45 | ||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 9 | 651 | 634 | 17 | ||||||||||||||||
Home equity | ||||||||||||||||||||
Maturity date extension | 6 | 349 | 348 | 1 | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 96 | 95 | 1 | ||||||||||||||||
Chapter 7 bankruptcy(2) | 15 | 432 | 382 | 50 | ||||||||||||||||
Installment and other consumer | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 5 | 30 | 23 | 7 | ||||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 6 | 2,372 | 2,321 | 51 | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 96 | 95 | 1 | ||||||||||||||||
Maturity date extension | 7 | 1,368 | 1,322 | 46 | ||||||||||||||||
Chapter 7 bankruptcy(2) | 29 | 1,113 | 1,039 | 74 | ||||||||||||||||
Total | 44 | $ | 4,949 | $ | 4,777 | $ | 172 | |||||||||||||
-1 | Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | |||||||||||||||||||
-2 | Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. | |||||||||||||||||||
2013 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total | ||||||||||||||||
Loans | Outstanding | Outstanding | Difference | |||||||||||||||||
Recorded | Recorded | in Recorded | ||||||||||||||||||
Investment(1) | Investment(1) | Investment | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 4 | $ | 2,772 | $ | 2,494 | $ | (278 | ) | ||||||||||||
Interest rate reduction and maturity date extension | 2 | 664 | 636 | (28 | ) | |||||||||||||||
Principal forgiveness (2) | 1 | 4,339 | 4,216 | (123 | ) | |||||||||||||||
Maturity date extension | 1 | 219 | 219 | — | ||||||||||||||||
Chapter 7 bankruptcy(3) | 6 | 227 | 190 | (37 | ) | |||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 2 | $ | 670 | $ | 638 | $ | (32 | ) | ||||||||||||
Maturity date extension | 1 | 751 | 739 | (12 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 1 | 3 | 1 | (2 | ) | |||||||||||||||
Residential mortgage | ||||||||||||||||||||
Principal deferral | 2 | 153 | 149 | (4 | ) | |||||||||||||||
Interest rate reduction | 1 | 54 | 54 | — | ||||||||||||||||
Chapter 7 bankruptcy(3) | 8 | 617 | 592 | (25 | ) | |||||||||||||||
Home Equity | ||||||||||||||||||||
Principal deferral | 1 | 174 | 17 | (157 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 30 | 1,032 | 982 | (50 | ) | |||||||||||||||
Installment and other consumer | ||||||||||||||||||||
Chapter 7 bankruptcy(3) | 11 | 104 | 91 | (13 | ) | |||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 9 | 3,769 | 3,298 | (471 | ) | |||||||||||||||
Interest rate reduction | 1 | 54 | 54 | — | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 664 | 636 | (28 | ) | |||||||||||||||
Principal forgiveness (2) | 1 | 4,339 | 4,216 | (123 | ) | |||||||||||||||
Maturity date extension | 2 | 970 | 958 | (12 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 56 | 1,983 | 1,856 | (127 | ) | |||||||||||||||
Total | 71 | $ | 11,779 | $ | 11,018 | $ | (761 | ) | ||||||||||||
-1 | Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | |||||||||||||||||||
-2 | This loan had debt forgiveness of $0.1 million to the customer; however, the loan was previously charged-off to a balance below the actual contractual balance. | |||||||||||||||||||
-3 | Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. | |||||||||||||||||||
During 2014, we modified six loans that were not considered to be TDRs, including four C&I loans for $3.2 million and two CRE loans for $1.2 million. The modifications primarily represented instances where we were adequately compensated through additional collateral or a higher interest rate or there was an insignificant delay in payment. As of December 31, 2014, we have no commitments to lend additional funds on any TDRs. | ||||||||||||||||||||
We returned nine TDRs to accruing status during the twelve months ended December 31, 2014 totaling $1.9 million. We returned six TDRs to accruing status during 2013 totaling $6.9 million. | ||||||||||||||||||||
Defaulted TDRs are loans having a payment default of 90 days or more after the restructuring takes place. The following table is a summary of TDRs which defaulted during the years ended December 31, 2014 and 2013 that had been restructured within the last 12 months prior to defaulting: | ||||||||||||||||||||
Defaulted TDRs | ||||||||||||||||||||
For the | For the | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | ||||||||||||||||
Defaults | Investment | Defaults | Investment | |||||||||||||||||
Commercial real estate | — | $ | — | 1 | $ | 75 | ||||||||||||||
Commercial and industrial | — | — | 2 | 438 | ||||||||||||||||
Residential real estate | 1 | 20 | 8 | 607 | ||||||||||||||||
Home equity | 2 | 44 | 6 | 193 | ||||||||||||||||
Total | 3 | $ | 64 | 17 | $ | 1,313 | ||||||||||||||
The following table is a summary of nonperforming assets as of the dates presented: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
Nonaccrual loans | $ | 7,021 | $ | 12,387 | ||||||||||||||||
Nonaccrual TDRs | 5,436 | 10,067 | ||||||||||||||||||
Total nonaccrual loans | 12,457 | 22,454 | ||||||||||||||||||
OREO | 166 | 410 | ||||||||||||||||||
Total Nonperforming Assets | $ | 12,623 | $ | 22,864 | ||||||||||||||||
OREO consists of five properties and is included in other assets in the Consolidated Balance Sheets. It is our policy to obtain OREO appraisals on an annual basis. | ||||||||||||||||||||
We have granted loans to certain officers and directors of S&T as well as to certain affiliates of the officers and directors in the ordinary course of business. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than normal risk of collectability. | ||||||||||||||||||||
The following table presents a summary of the aggregate amount of loans to any such persons as of December 31: | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of year | $ | 23,848 | $ | 36,075 | ||||||||||||||||
New loans | 27,799 | 22,534 | ||||||||||||||||||
Repayments | (24,279 | ) | (34,761 | ) | ||||||||||||||||
Balance at End of Year | $ | 27,368 | $ | 23,848 | ||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||
Allowance for Loan Losses | ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||
We maintain an ALL at a level determined to be adequate to absorb estimated probable credit losses inherent in the loan portfolio as of the balance sheet date. We develop and document a systematic ALL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. | ||||||||||||||||||||||||||
The following are key risks within each portfolio segment: | ||||||||||||||||||||||||||
CRE—Loans secured by commercial purpose real estate, including both owner occupied properties and investment properties for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business prospects of the lessee, if the project is not owner occupied. | ||||||||||||||||||||||||||
C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often do not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. | ||||||||||||||||||||||||||
Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be complete, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. | ||||||||||||||||||||||||||
Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residences, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. | ||||||||||||||||||||||||||
Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. | ||||||||||||||||||||||||||
We further assess risk within each portfolio segment by pooling loans with similar risk characteristics. For the commercial loan classes, the most important indicator of risk is the internally assigned risk rating, including pass, special mention and substandard. Consumer loans are pooled by type of collateral, lien position and LTV ratio for Consumer Real Estate loans. Historical loss rates are applied to these loan pools to determine the reserve for loans collectively evaluated for impairment. | ||||||||||||||||||||||||||
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | Non- | Total | Total Loans | ||||||||||||||||||||
Past Due | Past Due | performing | Past Due | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,674,930 | $ | 2,548 | $ | 323 | $ | 4,435 | $ | 7,306 | $ | 1,682,236 | ||||||||||||||
Commercial and industrial | 991,136 | 1,227 | 153 | 1,622 | 3,002 | 994,138 | ||||||||||||||||||||
Commercial construction | 214,174 | — | — | 1,974 | 1,974 | 216,148 | ||||||||||||||||||||
Residential mortgage | 485,465 | 565 | 1,220 | 2,336 | 4,121 | 489,586 | ||||||||||||||||||||
Home equity | 414,303 | 1,756 | 445 | 2,059 | 4,260 | 418,563 | ||||||||||||||||||||
Installment and other consumer | 65,111 | 352 | 73 | 31 | 456 | 65,567 | ||||||||||||||||||||
Consumer construction | 2,508 | — | — | — | — | 2,508 | ||||||||||||||||||||
Total | $ | 3,847,627 | $ | 6,448 | $ | 2,214 | $ | 12,457 | $ | 21,119 | $ | 3,868,746 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | Non- | Total | Total Loans | ||||||||||||||||||||
Past Due | Past Due | performing | Past Due | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,595,590 | $ | 1,209 | $ | 207 | $ | 10,750 | $ | 12,166 | $ | 1,607,756 | ||||||||||||||
Commercial and industrial | 836,276 | 2,599 | 278 | 3,296 | 6,173 | 842,449 | ||||||||||||||||||||
Commercial construction | 139,133 | 1,049 | 751 | 2,742 | 4,542 | 143,675 | ||||||||||||||||||||
Residential mortgage | 481,260 | 828 | 1,666 | 3,338 | 5,832 | 487,092 | ||||||||||||||||||||
Home equity | 408,777 | 2,468 | 659 | 2,291 | 5,418 | 414,195 | ||||||||||||||||||||
Installment and other consumer | 67,420 | 382 | 44 | 37 | 463 | 67,883 | ||||||||||||||||||||
Consumer construction | 3,149 | — | — | — | — | 3,149 | ||||||||||||||||||||
Total | $ | 3,531,605 | $ | 8,535 | $ | 3,605 | $ | 22,454 | $ | 34,594 | $ | 3,566,199 | ||||||||||||||
We continually monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention and substandard. | ||||||||||||||||||||||||||
Our risk ratings are consistent with regulatory guidance and are as follows: | ||||||||||||||||||||||||||
Pass—The loan is currently performing and is of high quality. | ||||||||||||||||||||||||||
Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Economic and market conditions, beyond the borrower’s control, may in the future necessitate this classification. | ||||||||||||||||||||||||||
Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||
The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 1,635,132 | 97.2 | % | $ | 948,663 | 95.4 | % | $ | 196,520 | 90.9 | % | $ | 2,780,315 | 96.1 | % | ||||||||||
Special mention | 23,597 | 1.4 | % | 30,357 | 3.1 | % | 12,014 | 5.6 | % | 65,968 | 2.3 | % | ||||||||||||||
Substandard | 23,507 | 1.4 | % | 15,118 | 1.5 | % | 7,614 | 3.5 | % | 46,239 | 1.6 | % | ||||||||||||||
Total | $ | 1,682,236 | 100 | % | $ | 994,138 | 100 | % | $ | 216,148 | 100 | % | $ | 2,892,522 | 100 | % | ||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 1,519,720 | 94.5 | % | $ | 792,029 | 94 | % | $ | 119,177 | 82.9 | % | $ | 2,430,926 | 93.7 | % | ||||||||||
Special mention | 57,073 | 3.6 | % | 34,085 | 4.1 | % | 15,621 | 10.9 | % | 106,779 | 4.1 | % | ||||||||||||||
Substandard | 30,963 | 1.9 | % | 16,335 | 1.9 | % | 8,877 | 6.2 | % | 56,175 | 2.2 | % | ||||||||||||||
Total | $ | 1,607,756 | 100 | % | $ | 842,449 | 100 | % | $ | 143,675 | 100 | % | $ | 2,593,880 | 100 | % | ||||||||||
We monitor the delinquent status of the consumer portfolio on a monthly basis. Loans are considered nonperforming when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. | ||||||||||||||||||||||||||
The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
thousands) | Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | |||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 487,250 | 99.5 | % | $ | 416,504 | 99.5 | % | $ | 65,536 | 99.9 | % | $ | 2,508 | 100 | % | $ | 971,798 | 99.5 | % | ||||||
Nonperforming | 2,336 | 0.5 | % | 2,059 | 0.5 | % | 31 | 0.1 | % | — | — | % | 4,426 | 0.5 | % | |||||||||||
Total | $ | 489,586 | 100 | % | $ | 418,563 | 100 | % | $ | 65,567 | 100 | % | $ | 2,508 | 100 | % | $ | 976,224 | 100 | % | ||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
thousands) | Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | |||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 483,754 | 99.3 | % | $ | 411,904 | 99.4 | % | $ | 67,846 | 99.9 | % | $ | 3,149 | 100 | % | $ | 966,653 | 99.4 | % | ||||||
Nonperforming | 3,338 | 0.7 | % | 2,291 | 0.6 | % | 37 | 0.1 | % | — | — | % | 5,666 | 0.6 | % | |||||||||||
Total | $ | 487,092 | 100 | % | $ | 414,195 | 100 | % | $ | 67,883 | 100 | % | $ | 3,149 | 100 | % | $ | 972,319 | 100 | % | ||||||
We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. Loans are considered to be impaired when based upon current information and events it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan agreement. All TDRs will be reported as an impaired loan for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is expected that the remaining principal and interest will be fully collected according to the restructured agreement. For all TDRs, regardless of size, as well as all other impaired loans, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. | ||||||||||||||||||||||||||
The following table presents investments in loans considered to be impaired and related information on those impaired loans as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||
Commercial construction | — | — | — | 681 | 1,383 | 25 | ||||||||||||||||||||
Consumer real estate | 43 | 43 | 43 | 53 | 53 | 53 | ||||||||||||||||||||
Other consumer | 20 | 20 | 11 | 33 | 33 | 19 | ||||||||||||||||||||
Total with a Related Allowance Recorded | 63 | 63 | 54 | 767 | 1,469 | 97 | ||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 19,890 | 25,262 | — | 26,968 | 35,474 | — | ||||||||||||||||||||
Commercial and industrial | 9,218 | 9,449 | — | 9,580 | 9,703 | — | ||||||||||||||||||||
Commercial construction | 7,605 | 11,293 | — | 7,391 | 12,353 | — | ||||||||||||||||||||
Consumer real estate | 7,159 | 7,733 | — | 8,026 | 9,464 | — | ||||||||||||||||||||
Other consumer | 42 | 48 | — | 124 | 128 | — | ||||||||||||||||||||
Total without a Related Allowance Recorded | 43,914 | 53,785 | — | 52,089 | 67,122 | — | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 19,890 | 25,262 | — | 26,968 | 35,474 | — | ||||||||||||||||||||
Commercial and industrial | 9,218 | 9,449 | — | 9,580 | 9,703 | — | ||||||||||||||||||||
Commercial construction | 7,605 | 11,293 | — | 8,072 | 13,736 | 25 | ||||||||||||||||||||
Consumer real estate | 7,202 | 7,776 | 43 | 8,079 | 9,517 | 53 | ||||||||||||||||||||
Other consumer | 62 | 68 | 11 | 157 | 161 | 19 | ||||||||||||||||||||
Total | $ | 43,977 | $ | 53,848 | $ | 54 | $ | 52,856 | $ | 68,591 | $ | 97 | ||||||||||||||
The following table summarizes investments in loans considered to be impaired and related information on those impaired loans for the years presented: | ||||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 1,895 | $ | — | ||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | 1,652 | 49 | ||||||||||||||||||||||
Consumer real estate | 48 | 4 | 60 | 6 | ||||||||||||||||||||||
Other consumer | 24 | 2 | 24 | 4 | ||||||||||||||||||||||
Total with a Related Allowance Recorded | 72 | 6 | 3,631 | 59 | ||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 20,504 | 684 | 29,314 | 929 | ||||||||||||||||||||||
Commercial and industrial | 9,246 | 241 | 11,439 | 254 | ||||||||||||||||||||||
Commercial construction | 8,145 | 227 | 14,112 | 326 | ||||||||||||||||||||||
Consumer real estate | 7,027 | 396 | 8,714 | 436 | ||||||||||||||||||||||
Other consumer | 56 | 2 | 114 | 6 | ||||||||||||||||||||||
Total without a Related Allowance Recorded | 44,978 | 1,550 | 63,693 | 1,951 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 20,504 | 684 | 31,209 | 929 | ||||||||||||||||||||||
Commercial and industrial | 9,246 | 241 | 11,439 | 254 | ||||||||||||||||||||||
Commercial construction | 8,145 | 227 | 15,764 | 375 | ||||||||||||||||||||||
Consumer real estate | 7,074 | 400 | 8,774 | 442 | ||||||||||||||||||||||
Other consumer | 81 | 4 | 138 | 10 | ||||||||||||||||||||||
Total | $ | 45,050 | $ | 1,556 | $ | 67,324 | $ | 2,010 | ||||||||||||||||||
The following tables detail activity in the ALL for the periods presented: | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial | Commercial | Consumer | Other | Total Loans | ||||||||||||||||||||
Real Estate | and Industrial | Construction | Real Estate | Consumer | ||||||||||||||||||||||
Balance at beginning of year | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
Charge-offs | (2,041 | ) | (1,267 | ) | (712 | ) | (1,200 | ) | (1,133 | ) | (6,353 | ) | ||||||||||||||
Recoveries | 1,798 | 3,647 | 146 | 350 | 353 | 6,294 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | (243 | ) | 2,380 | (566 | ) | (850 | ) | (780 | ) | (59 | ) | |||||||||||||||
Provision for loan losses | 1,486 | (3,145 | ) | 1,285 | 821 | 1,268 | 1,715 | |||||||||||||||||||
Balance at End of Year | $ | 20,164 | $ | 13,668 | $ | 6,093 | $ | 6,333 | $ | 1,653 | $ | 47,911 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial | Commercial | Consumer | Other | Total Loans | ||||||||||||||||||||
Real Estate | and Industrial | Construction | Real Estate | Consumer | ||||||||||||||||||||||
Balance at beginning of year | $ | 25,246 | $ | 7,759 | $ | 7,500 | $ | 5,058 | $ | 921 | $ | 46,484 | ||||||||||||||
Charge-offs | (4,601 | ) | (2,714 | ) | (4,852 | ) | (2,407 | ) | (1,002 | ) | (15,576 | ) | ||||||||||||||
Recoveries | 3,388 | 2,142 | 531 | 651 | 324 | 7,036 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | (1,213 | ) | (572 | ) | (4,321 | ) | (1,756 | ) | (678 | ) | (8,540 | ) | ||||||||||||||
Provision for loan losses | (5,112 | ) | 7,246 | 2,195 | 3,060 | 922 | 8,311 | |||||||||||||||||||
Balance at End of Year | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
The following tables present the ALL and recorded investments in loans by category as of December 31: | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 20,164 | $ | 20,164 | $ | 19,890 | $ | 1,662,346 | $ | 1,682,236 | ||||||||||||||
Commercial and industrial | — | 13,668 | 13,668 | 9,218 | 984,920 | 994,138 | ||||||||||||||||||||
Commercial construction | — | 6,093 | 6,093 | 7,605 | 208,543 | 216,148 | ||||||||||||||||||||
Consumer real estate | 43 | 6,290 | 6,333 | 7,202 | 903,455 | 910,657 | ||||||||||||||||||||
Other consumer | 11 | 1,642 | 1,653 | 62 | 65,505 | 65,567 | ||||||||||||||||||||
Total | $ | 54 | $ | 47,857 | $ | 47,911 | $ | 43,977 | $ | 3,824,769 | $ | 3,868,746 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 18,921 | $ | 18,921 | $ | 26,968 | $ | 1,580,788 | $ | 1,607,756 | ||||||||||||||
Commercial and industrial | — | 14,433 | 14,433 | 9,580 | 832,869 | 842,449 | ||||||||||||||||||||
Commercial construction | 25 | 5,349 | 5,374 | 8,072 | 135,603 | 143,675 | ||||||||||||||||||||
Consumer real estate | 53 | 6,309 | 6,362 | 8,079 | 896,357 | 904,436 | ||||||||||||||||||||
Other consumer | 19 | 1,146 | 1,165 | 157 | 67,726 | 67,883 | ||||||||||||||||||||
Total | $ | 97 | $ | 46,158 | $ | 46,255 | $ | 52,856 | $ | 3,513,343 | $ | 3,566,199 | ||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Premises and Equipment | PREMISES AND EQUIPMENT | |||||||||
The following table is a summary of premises and equipment as of the dates presented: | ||||||||||
December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
Land | $ | 6,193 | $ | 6,193 | ||||||
Premises | 44,690 | 42,320 | ||||||||
Furniture and equipment | 26,661 | 25,139 | ||||||||
Leasehold improvements | 6,545 | 5,944 | ||||||||
84,089 | 79,596 | |||||||||
Accumulated depreciation | (45,923 | ) | (42,981 | ) | ||||||
Total | $ | 38,166 | $ | 36,615 | ||||||
Depreciation expense related to premises and equipment was $3.5 million in 2014, $3.5 million in 2013 and $3.9 million in 2012. | ||||||||||
Certain banking facilities are leased under arrangements expiring at various dates until the year 2054. We account for these leases on a straight-line basis due to escalation clauses. All leases are accounted for as operating leases, except for one capital lease. Rental expense for premises amounted to $2.7 million, $2.5 million and $2.4 million in 2014, 2013 and 2012. Included in the rental expense for premises are leases entered into with two S&T directors, which totaled $0.2 million each year in 2014, 2013 and 2012. | ||||||||||
Minimum annual rental and renewal option payments for each of the following five years and thereafter are approximately: | ||||||||||
(dollars in thousands) | Operating | Capital | Total | |||||||
2015 | $ | 2,274 | $ | 76 | $ | 2,350 | ||||
2016 | 2,200 | 76 | 2,276 | |||||||
2017 | 2,178 | 76 | 2,254 | |||||||
2018 | 2,143 | 76 | 2,219 | |||||||
2019 | 2,156 | 77 | 2,233 | |||||||
Thereafter | 40,352 | 687 | 41,039 | |||||||
Total | $ | 51,303 | $ | 1,068 | $ | 52,371 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||
The following table presents goodwill as of the dates presented: | |||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Balance at beginning of year | $ | 175,820 | $ | 175,733 | |||
Additions | — | 87 | |||||
Balance at End of Year | $ | 175,820 | $ | 175,820 | |||
Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is reviewed for impairment annually or more frequently if it is determined that a triggering event has occurred. Based upon our qualitative assessment performed for our annual impairment analysis, we concluded that it is more likely than not that the fair value of the reporting units exceeds the carrying value. In general, the overall macroeconomic conditions and more specifically the economic conditions of the banking industry have continued to improve. Additionally, our overall performance has improved and we did not identify any other facts and circumstances causing us to conclude that it is more likely than not that the fair value of the reporting units would be less than the carrying value. | |||||||
The following table shows a summary of intangible assets as of the dates presented: | |||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Gross carrying amount at beginning of year | $ | 16,401 | $ | 16,401 | |||
Additions | — | — | |||||
Accumulated amortization | (13,770 | ) | (12,642 | ) | |||
Balance at End of Year | $ | 2,631 | $ | 3,759 | |||
Intangible assets as of December 31, 2014 consisted of $2.1 million for the acquisition of core deposits, $0.1 million for the acquisition of wealth management relationships and $0.4 million for the acquisition of insurance contract relationships. We determined the amount of identifiable intangible assets based upon independent core deposit, wealth management and insurance contract valuations. Other intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. There were no triggering events in 2014 requiring an impairment analysis to be completed. | |||||||
Amortization expense on finite-lived intangible assets totaled $1.1 million, $1.6 million and $1.7 million for 2014, 2013 and 2012. The following is a summary of the expected amortization expense for finite-lived intangibles assets, assuming no new additions, for each of the five years following December 31, 2014: | |||||||
(dollars in thousands) | Amount | ||||||
2015 | $ | 883 | |||||
2016 | 645 | ||||||
2017 | 500 | ||||||
2018 | 134 | ||||||
2019 | 122 | ||||||
Total | $ | 2,284 | |||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||
The following table indicates the amount representing the value of derivative assets and derivative liabilities at December 31: | |||||||||||||
Derivatives (included in | Derivatives (included | ||||||||||||
Other Assets) | in Other Liabilities) | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Interest Rate Swap Contracts—Commercial Loans | |||||||||||||
Fair value | $ | 12,981 | $ | 13,698 | $ | 12,953 | $ | 13,647 | |||||
Notional amount | 245,152 | 261,754 | 245,152 | 261,754 | |||||||||
Collateral posted | — | — | 12,059 | 12,611 | |||||||||
Interest Rate Lock Commitments—Mortgage Loans | |||||||||||||
Fair value | 235 | 85 | — | — | |||||||||
Notional amount | 8,822 | 3,989 | — | — | |||||||||
Forward Sale Contracts—Mortgage Loans | |||||||||||||
Fair value | — | 34 | 57 | — | |||||||||
Notional amount | — | 5,250 | 7,789 | — | |||||||||
The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at December 31: | |||||||||||||
Derivatives (included | Derivatives (included | ||||||||||||
in Other Assets) | in Other Liabilities) | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Gross amounts recognized | $ | 13,203 | $ | 14,012 | $ | 13,175 | $ | 13,961 | |||||
Gross amounts offset | (222 | ) | (314 | ) | (222 | ) | (314 | ) | |||||
Net amounts presented in the Consolidated Balance Sheets | 12,981 | 13,698 | 12,953 | 13,647 | |||||||||
Gross amounts not offset(1) | — | — | (12,059 | ) | (12,611 | ) | |||||||
Net Amount | $ | 12,981 | $ | 13,698 | $ | 894 | $ | 1,036 | |||||
-1 | Amounts represent posted collateral. | ||||||||||||
The following table indicates the gain or loss recognized in income on derivatives for the years ended December 31: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Interest rate swap contracts—commercial loans | $ | (24 | ) | $ | (174 | ) | $ | 101 | |||||
Interest rate lock commitments—mortgage loans | 150 | (382 | ) | 223 | |||||||||
Forward sale contracts—mortgage loans | (90 | ) | 82 | 47 | |||||||||
Total Derivative Gain (Loss) | $ | 36 | $ | (474 | ) | $ | 371 | ||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Mortgage Servicing Rights | MORTGAGE SERVICING RIGHTS | |||||||||
For the years ended December 31, 2014, 2013 and 2012, the 1-4 family mortgage loans that were sold to Fannie Mae amounted to $40.1 million, $62.9 million and $82.9 million. At December 31, 2014, 2013 and 2012 our servicing portfolio totaled $325.8 million, $327.4 million and $329.2 million. | ||||||||||
The following table indicates MSRs and the net carrying values: | ||||||||||
(dollars in thousands) | Servicing | Valuation | Net Carrying | |||||||
Rights | Allowance | Value | ||||||||
Balance at December 31, 2012 | $ | 3,206 | $ | (1,100 | ) | $ | 2,106 | |||
Additions | 780 | — | 780 | |||||||
Amortization | (778 | ) | — | (778 | ) | |||||
Temporary impairment recapture | — | 811 | 811 | |||||||
Balance at December 31, 2013 | $ | 3,208 | $ | (289 | ) | $ | 2,919 | |||
Additions | 431 | — | 431 | |||||||
Amortization | (531 | ) | — | (531 | ) | |||||
Temporary impairment | — | (2 | ) | (2 | ) | |||||
Balance at December 31, 2014 | $ | 3,108 | $ | (291 | ) | $ | 2,817 | |||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||
Deposits | DEPOSITS | ||||||||||||||||||
The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(dollars in thousands) | Balance | Interest | Balance | Interest | Balance | Interest | |||||||||||||
Expense | Expense | Expense | |||||||||||||||||
Noninterest-bearing demand | $ | 1,083,919 | $ | — | $ | 992,779 | $ | — | $ | 960,980 | $ | — | |||||||
Interest-bearing demand | 335,099 | 19 | 312,790 | 75 | 316,760 | 146 | |||||||||||||
Money market | 376,612 | 572 | 281,403 | 446 | 361,233 | 528 | |||||||||||||
Savings | 1,027,095 | 1,607 | 994,805 | 1,735 | 965,571 | 2,356 | |||||||||||||
Certificates of deposit | 1,086,117 | 7,930 | 1,090,531 | 9,150 | 1,033,884 | 13,766 | |||||||||||||
Total | $ | 3,908,842 | $ | 10,128 | $ | 3,672,308 | $ | 11,406 | $ | 3,638,428 | $ | 16,796 | |||||||
The aggregate of all certificates of deposit over $100,000 amounted to $382.2 million and $433.8 million at December 31, 2014 and 2013. | |||||||||||||||||||
The following table indicates the scheduled maturities of certificates of deposit at December 31, 2014: | |||||||||||||||||||
(dollars in thousands) | Amount | ||||||||||||||||||
2015 | $ | 628,889 | |||||||||||||||||
2016 | 143,728 | ||||||||||||||||||
2017 | 230,051 | ||||||||||||||||||
2018 | 45,139 | ||||||||||||||||||
2019 | 30,295 | ||||||||||||||||||
Thereafter | 8,015 | ||||||||||||||||||
Total | $ | 1,086,117 | |||||||||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Short-Term Borrowings | SHORT-TERM BORROWINGS | ||||||||||||||||||||||||||
Short-term borrowings are for terms under one year and were comprised of retail repurchase agreements, or REPOs, and FHLB advances. We define REPOs with our local retail customers as retail REPOs. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and are therefore accounted for as a secured borrowing. FHLB advances are for various terms secured by a blanket lien on residential mortgages and other real estate secured loans. | |||||||||||||||||||||||||||
The following table represents the composition of short-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted | Interest | Balance | Weighted | Interest | Balance | Weighted | Interest | ||||||||||||||||||
Average | Expense | Average | Expense | Average | Expense | ||||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||||
REPOs | $ | 30,605 | 0.01 | % | $ | 3 | $ | 33,847 | 0.01 | % | $ | 62 | $ | 62,582 | 0.2 | % | $ | 82 | |||||||||
FHLB advances | 290,000 | 0.31 | % | 511 | 140,000 | 0.3 | % | 279 | 75,000 | 0.19 | % | 123 | |||||||||||||||
Total Short-term Borrowings | $ | 320,605 | 0.27 | % | $ | 514 | $ | 173,847 | 0.24 | % | $ | 341 | $ | 137,582 | 0.19 | % | $ | 205 | |||||||||
LongTerm_Borrowings_and_Subord
Long-Term Borrowings and Subordinated Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Long-Term Borrowings and Subordinated Debt | LONG-TERM BORROWINGS AND SUBORDINATED DEBT | ||||||||||||||||||||
Our long-term borrowings at the Pittsburgh FHLB as of December 31, 2014 and 2013 were $19.3 million and $21.6 million. FHLB borrowings are collateralized by a blanket lien on residential mortgages and other real estate secured loans. Total loans pledged as collateral at the FHLB were $2.3 billion at year end 2014. The FHLB has eliminated the requirement that it may require collateral delivery for any portion of credit exposure that exceeds 70 percent of maximum borrowing capacity. We were eligible to borrow up to an additional $1.3 billion based on qualifying collateral, to a maximum borrowing capacity of $1.6 billion. | |||||||||||||||||||||
The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: | |||||||||||||||||||||
(dollars in thousand) | 2014 | 2013 | 2012 | ||||||||||||||||||
Long-term borrowings | $ | 19,442 | $ | 21,810 | $ | 34,101 | |||||||||||||||
Weighted average interest rate | 3 | % | 3.01 | % | 3.17 | % | |||||||||||||||
Interest expense | $ | 617 | $ | 746 | $ | 1,107 | |||||||||||||||
Scheduled annual maturities and average interest rates for all of our long-term debt, including a capital lease of $0.2 million, for each of the five years and thereafter subsequent to December 31, 2014 are as follows: | |||||||||||||||||||||
(dollars in thousands) | Balance | Average Rate | |||||||||||||||||||
2015 | $ | 2,399 | 3.41 | % | |||||||||||||||||
2016 | 2,330 | 3.44 | % | ||||||||||||||||||
2017 | 2,412 | 3.53 | % | ||||||||||||||||||
2018 | 2,496 | 3.67 | % | ||||||||||||||||||
2019 | 2,514 | 3.13 | % | ||||||||||||||||||
Thereafter | 7,291 | 2.2 | % | ||||||||||||||||||
Total | $ | 19,442 | 2.97 | % | |||||||||||||||||
Junior Subordinated Debt Securities | |||||||||||||||||||||
The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(dollars in thousands) | Balance | Interest | Balance | Interest | Balance | Interest | |||||||||||||||
Expense | Expense | Expense | |||||||||||||||||||
2006 Junior subordinated debt | $ | 25,000 | $ | 463 | $ | 25,000 | $ | 475 | $ | 25,000 | $ | 523 | |||||||||
2008 Junior subordinated debt—trust preferred securities | 20,619 | 759 | 20,619 | 770 | 20,619 | 808 | |||||||||||||||
2008 Junior subordinated debt | — | — | — | 422 | 20,000 | 818 | |||||||||||||||
2008 Junior subordinated debt | — | — | — | 403 | 25,000 | 766 | |||||||||||||||
Total | $ | 45,619 | $ | 1,222 | $ | 45,619 | $ | 2,070 | $ | 90,619 | $ | 2,915 | |||||||||
The following table summarizes the key terms of our junior subordinated debt securities: | |||||||||||||||||||||
(dollars in thousands) | 2006 Junior | 2008 Trust | 2008 Junior | 2008 Junior | |||||||||||||||||
Subordinated Debt | Preferred Securities | Subordinated Debt | Subordinated Debt | ||||||||||||||||||
Junior Subordinated Debt | $25,000 | — | $20,000 | $25,000 | |||||||||||||||||
Trust Preferred Securities | — | $20,619 | — | — | |||||||||||||||||
Stated Maturity Date | 12/15/36 | 3/15/38 | 6/15/18 | 5/30/18 | |||||||||||||||||
Optional redemption date at par | Any time after 9/15/2011 | Any time after 3/15/2013 | Any time after 6/15/2013 | Any time after 5/30/2013 | |||||||||||||||||
Regulatory Capital | Tier 2 | Tier 1 | Tier 2 | Tier 2 | |||||||||||||||||
Interest Rate | 3 month LIBOR plus 160 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 250 bps | |||||||||||||||||
Interest Rate at December 31, 2014 | 1.84% | 3.74% | —% | —% | |||||||||||||||||
We completed a private placement of the trust preferred securities to a financial institution during the first quarter of 2008. As a result, we own 100 percent of the common equity of STBA Capital Trust I. The trust was formed to issue mandatorily redeemable capital securities to third-party investors. The proceeds from the sale of the securities and the issuance of the common equity by STBA Capital Trust I were invested in junior subordinated debt securities issued by us. The third party investors are considered the primary beneficiaries; therefore, the trust qualifies as a VIE, but is not consolidated into our financial statements. STBA Capital Trust I pays dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by STBA Capital Trust I. | |||||||||||||||||||||
We repaid $45.0 million of junior subordinated debt in June 2013 because of its diminishing regulatory capital benefit and the future positive impact on net interest income. We replaced the funding primarily with FHLB short-term advances. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | ||||||
Commitments | |||||||
The following table sets forth our commitments and letters of credit as of the dates presented: | |||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Commitments to extend credit | $ | 1,158,628 | $ | 1,038,529 | |||
Standby letters of credit | 73,584 | 78,639 | |||||
Total | $ | 1,232,212 | $ | 1,117,168 | |||
Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. | |||||||
Our allowance for unfunded loan commitments totaled $2.3 million at December 31, 2014 and $2.9 million at December 31, 2013. | |||||||
We have future commitments with third party vendors for data processing and communication charges. We had data processing and communication expense of $9.8 million , $9.5 million and $10.3 million for 2014, 2013 and 2012. Included in the 2013 expense is $0.8 million in one-time merger related expense. | |||||||
The following table sets forth the future estimated payments related to data processing and communication charges for each of the five years following December 31, 2014: | |||||||
(dollars in thousands) | Total | ||||||
2015 | $ | 11,326 | |||||
2016 | 10,715 | ||||||
2017 | 11,057 | ||||||
2018 | 11,411 | ||||||
2019 | 11,777 | ||||||
Total | $ | 56,286 | |||||
Litigation | |||||||
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | INCOME TAXES | |||||||||
Income tax expense (benefit) for the years ended December 31 are comprised of: | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Current | $ | 15,979 | $ | 16,836 | $ | 6,223 | ||||
Deferred | 1,536 | (2,358 | ) | 1,038 | ||||||
Total | $ | 17,515 | $ | 14,478 | $ | 7,261 | ||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. We ordinarily generate an annual effective tax rate that is less than the statutory rate of 35 percent primarily due to benefits resulting from tax-exempt interest, excludable dividend income, tax-exempt income on BOLI and tax benefits associated with LIHTC from certain partnership investments. | ||||||||||
The statutory to effective tax rate reconciliation for the years ended December 31 is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||
Low income housing tax credits | (5.8 | )% | (6.8 | )% | (10.5 | )% | ||||
Tax-exempt interest | (4.6 | )% | (4.5 | )% | (6.7 | )% | ||||
Bank owned life insurance | (0.8 | )% | (1.0 | )% | (1.2 | )% | ||||
Other | (0.6 | )% | (0.4 | )% | 0.9 | % | ||||
Effective Tax Rate | 23.2 | % | 22.3 | % | 17.5 | % | ||||
Significant components of our temporary differences were as follows at December 31: | ||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
Deferred Tax Liabilities: | ||||||||||
Net unrealized holding gains on securities available-for-sale | $ | (3,783 | ) | $ | — | |||||
Prepaid pension | (3,472 | ) | (3,730 | ) | ||||||
Deferred loan income | (2,165 | ) | (1,614 | ) | ||||||
Purchase accounting adjustments | (631 | ) | (801 | ) | ||||||
Depreciation on premises and equipment | (1,590 | ) | (1,061 | ) | ||||||
Other | (812 | ) | (823 | ) | ||||||
Total Deferred Tax liabilities | (12,453 | ) | (8,029 | ) | ||||||
Deferred Tax Assets: | ||||||||||
Net unrealized holding losses on securities available-for-sale | — | 361 | ||||||||
Allowance for loan losses | 17,567 | 18,890 | ||||||||
Other employee benefits | 2,453 | 2,369 | ||||||||
Low income housing partnerships | 4,049 | 3,147 | ||||||||
Net adjustment to funded status of pension | 11,089 | 6,495 | ||||||||
Impairment of securities | 1,313 | 1,313 | ||||||||
Delinquent interest on nonaccrual loans | — | 1,626 | ||||||||
State net operating loss carryforwards | 2,249 | 1,828 | ||||||||
Other | 4,668 | 3,950 | ||||||||
Gross Deferred Tax Assets | 43,388 | 39,979 | ||||||||
Less: Valuation allowance | (2,249 | ) | (2,199 | ) | ||||||
Total Deferred Tax Assets | 41,139 | 37,780 | ||||||||
Net Deferred Tax Asset | $ | 28,686 | $ | 29,751 | ||||||
We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the deferred tax assets. Except for Pennsylvania net operating losses, or NOLs, we have determined that a valuation allowance is unnecessary for the deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The valuation allowance is reviewed quarterly and adjusted based on management’s assessments of realizable deferred tax assets. Gross deferred tax assets were reduced by a valuation allowance of $2.2 million in 2014 related to Pennsylvania income tax NOLs. The PA NOL carryforwards total $22.5 million and will expire in the years 2020-2034. | ||||||||||
Unrecognized Tax Benefits | ||||||||||
A reconciliation of the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31: | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 1,902 | $ | 978 | $ | 200 | ||||
Prior period tax positions | ||||||||||
Increase | 55 | 924 | — | |||||||
Decrease | (1,673 | ) | — | — | ||||||
Current period tax positions | — | — | 913 | |||||||
Reductions for statute of limitations expirations | — | — | (135 | ) | ||||||
Balance at End of Year | $ | 284 | $ | 1,902 | $ | 978 | ||||
Amount That Would Affect the Effective Tax Rate if Recognized | $ | 184 | $ | 148 | $ | 147 | ||||
We classify interest and penalties as an element of tax expense. We monitor changes in tax statutes and regulations to determine if significant changes will occur over the next 12 months. In 2014, we reduced our reserve for tax and interest by $1.7 million to eliminate our UTB relating to Bad Debts that existed at December 31, 2013. Upon review of Large Business & International Directive 04-1014-008 issued October 24, 2014, we determined it is more likely than not upon examination our filing position, for which we previously maintained a reserve for UTB, would be upheld. As of December 31, 2014, no other significant changes to UTB are projected, however, tax audit examinations are possible. | ||||||||||
We recognized $0.1 million related to interest in 2014, $0.2 million related to interest in 2013 and 2012 in the Consolidated Statements of Net Income. | ||||||||||
During 2013, the IRS completed its examination of our 2010 tax year. The examination was closed with no material adjustments impacting tax expense. As of December 31, 2014, all income tax returns filed for the tax years 2011 through 2013 remain subject to examination by the IRS. |
Tax_Effects_on_Other_Comprehen
Tax Effects on Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Tax Effects on Other Comprehensive Income (Loss) | TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
The following tables present the tax effects of the components of other comprehensive income (loss) for the years ended December 31: | ||||||||||
(dollars in thousands) | Pre-Tax | Tax | Net of Tax | |||||||
Amount | (Expense) | Amount | ||||||||
Benefit | ||||||||||
2014 | ||||||||||
Net change in unrealized gains on securities available-for-sale | $ | 11,825 | $ | (4,139 | ) | $ | 7,686 | |||
Net available-for-sale securities gains reclassified into earnings | (41 | ) | 15 | (26 | ) | |||||
Adjustment to funded status of employee benefit plans | (13,394 | ) | 4,595 | (8,799 | ) | |||||
Other Comprehensive Income/(Loss) | $ | (1,610 | ) | $ | 471 | $ | (1,139 | ) | ||
2013 | ||||||||||
Net change in unrealized losses on securities available-for-sale | $ | (16,928 | ) | $ | 5,925 | $ | (11,003 | ) | ||
Net available-for-sale securities gains reclassified into earnings | (5 | ) | 2 | (3 | ) | |||||
Adjustment to funded status of employee benefit plans | 18,299 | (6,405 | ) | 11,894 | ||||||
Other Comprehensive Income | $ | 1,366 | $ | (478 | ) | $ | 888 | |||
2012 | ||||||||||
Net change in unrealized gains on securities available-for-sale | $ | 4,097 | $ | (1,434 | ) | $ | 2,663 | |||
Net available-for-sale securities gains reclassified into earnings | (3,016 | ) | 1,055 | (1,961 | ) | |||||
Adjustment to funded status of employee benefit plans | (271 | ) | 95 | (176 | ) | |||||
Other Comprehensive Income | $ | 810 | $ | (284 | ) | $ | 526 | |||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Benefits | EMPLOYEE BENEFITS | ||||||||||||
We maintain a defined benefit pension plan, or Plan, covering substantially all employees hired prior to January 1, 2008. The benefits are based on years of service and the employee’s compensation for the highest five consecutive years in the last 10 years. Contributions are intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. | |||||||||||||
The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status, which is recorded in other liabilities in the Consolidated Balance Sheets: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Change in Projected Benefit Obligation | |||||||||||||
Projected benefit obligation at beginning of year | $ | 95,969 | $ | 102,454 | |||||||||
Service cost | 2,369 | 2,767 | |||||||||||
Interest cost | 4,470 | 3,985 | |||||||||||
Actuarial loss (gain) | 16,020 | (7,167 | ) | ||||||||||
Benefits paid | (5,704 | ) | (6,070 | ) | |||||||||
Projected Benefit Obligation at End of Year | $ | 113,124 | $ | 95,969 | |||||||||
Change in Plan Assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 89,556 | $ | 81,088 | |||||||||
Actual return on plan assets | 9,634 | 14,538 | |||||||||||
Benefits paid | (5,704 | ) | (6,070 | ) | |||||||||
Fair Value of Plan Assets at End of Year | $ | 93,486 | $ | 89,556 | |||||||||
Funded Status | $ | (19,638 | ) | $ | (6,413 | ) | |||||||
The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) at December 31: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Prior service credit | $ | (1,167 | ) | $ | (1,304 | ) | |||||||
Net actuarial loss | 30,726 | 18,373 | |||||||||||
Total (Before Tax Effects) | $ | 29,559 | $ | 17,069 | |||||||||
Below are the actuarial weighted average assumptions used in determining the benefit obligation: | |||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4 | % | 4.75 | % | |||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligation recognized in other comprehensive income (loss) for the years ended December 31: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Components of Net Periodic Pension Cost | |||||||||||||
Service cost—benefits earned during the period | $ | 2,369 | $ | 2,767 | $ | 2,788 | |||||||
Interest cost on projected benefit obligation | 4,470 | 3,985 | 4,358 | ||||||||||
Expected return on plan assets | (6,907 | ) | (6,207 | ) | (5,564 | ) | |||||||
Amortization of prior service cost (credit) | (137 | ) | (138 | ) | (137 | ) | |||||||
Recognized net actuarial loss | 941 | 2,425 | 2,474 | ||||||||||
Net Periodic Pension Expense | $ | 736 | $ | 2,832 | $ | 3,919 | |||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||||||||||||
Net actuarial loss (gain) | $ | 13,294 | $ | (15,499 | ) | $ | 2,477 | ||||||
Recognized net actuarial loss | (941 | ) | (2,425 | ) | (2,474 | ) | |||||||
Recognized prior service credit | 137 | 138 | 137 | ||||||||||
Total (Before Tax Effects) | $ | 12,490 | $ | (17,786 | ) | $ | 140 | ||||||
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Loss) (Before Tax Effects) | $ | 13,226 | $ | (14,954 | ) | $ | 4,059 | ||||||
The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.75 | % | 4 | % | 4.75 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 4 | % | |||||||
Expected return on assets | 8 | % | 8 | % | 8 | % | |||||||
The net actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic pension cost during the year ended December 31, 2015 is $1.9 million. The prior service credit expected to be recognized during the same period is $0.1 million. | |||||||||||||
The accumulated benefit obligation for the Plan was $104.3 million at December 31, 2014 and $88.3 million at December 31, 2013. | |||||||||||||
We consider many factors when setting the assumed rate of return on Plan assets. As a general guideline the assumed rate of return is equal to the weighted average of the expected returns for each asset category and is estimated based on historical returns as well as expected future returns. The weighted average discount rate is derived from corporate yield curves. | |||||||||||||
S&T Bank’s Retirement Plan Committee determines the investment policy for the Plan. In general, the targeted asset allocation is 50 percent to 70 percent equities and 30 percent to 50 percent fixed income. A strategic allocation within each asset class is employed based on the Plan’s time horizon, risk tolerances, performance expectations and asset class preferences. Investment managers have discretion to invest in any equity or fixed-income asset class, subject to the securities guidelines of the Plan’s Investment Policy Statement. | |||||||||||||
At this time, S&T Bank is not required to make a cash contribution to the Plan in 2015. No contributions were made during 2014. | |||||||||||||
The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter: | |||||||||||||
(dollars in thousands) | Amount | ||||||||||||
2015 | $ | 6,440 | |||||||||||
2016 | 6,437 | ||||||||||||
2017 | 6,268 | ||||||||||||
2018 | 6,719 | ||||||||||||
2019 | 6,637 | ||||||||||||
2020 - 2024 | 38,984 | ||||||||||||
We also have supplemental executive retirement plans, or SERPs, for certain key employees. The SERPs are unfunded. The projected benefit obligations related to the SERPs were $3.5 million and $2.8 million at December 31, 2014 and 2013. These amounts also represent the net amount recognized in the statement of financial position for the SERPs. Net periodic benefit costs for the SERPs were $0.4 million, $0.4 million and $0.5 million for each of the years ended December 31, 2014, 2013 and 2012. Additionally, $2.1 million and $1.5 million before tax were reflected in accumulated other comprehensive income (loss) at December 31, 2014 and 2013, in relation to the SERPs. The actuarial assumptions used for the SERPs are the same as those used for the Plan. | |||||||||||||
We maintain a Thrift Plan, a qualified defined contribution plan, in which substantially all employees are eligible to participate. We make matching contributions to the Thrift Plan up to 3.5 percent of participants’ eligible compensation and may make additional profit-sharing contributions as provided by the Thrift Plan. Expense related to these contributions amounted to $1.3 million in 2014, $1.4 million in 2013 and $1.3 million in 2012. | |||||||||||||
Fair Value Measurements | |||||||||||||
The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2014 and 2013. There were no transfers between Level 1 and Level 2 for items of a recurring basis during the periods presented. There were no purchases or transfers of Level 3 plan assets in 2014. | |||||||||||||
31-Dec-14 | |||||||||||||
Fair Value Asset Classes(1) | |||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents(2) | $ | — | $ | 5,073 | $ | — | $ | 5,073 | |||||
Fixed Income(3) | 26,726 | — | — | 26,726 | |||||||||
Equities: | |||||||||||||
Equity index mutual funds—international(4) | 3,728 | — | — | 3,728 | |||||||||
Domestic Individual Equities(5) | 57,085 | — | — | 57,085 | |||||||||
International Individual Equities(6) | 874 | — | — | 874 | |||||||||
Total Assets at Fair Value | $ | 88,413 | $ | 5,073 | $ | — | $ | 93,486 | |||||
-1 | Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. | ||||||||||||
-2 | This asset class includes FDIC insured money market instruments. | ||||||||||||
-3 | This asset class includes a variety of fixed income mutual funds which primarily invests in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. | ||||||||||||
-4 | The sole investment within this asset class is the Harbor International Institutional fund. | ||||||||||||
-5 | This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. | ||||||||||||
-6 | This asset class includes American Depository Receipts, or ADR. | ||||||||||||
31-Dec-13 | |||||||||||||
Fair Value Asset Classes(1) | |||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents(2) | $ | — | $ | 2,946 | $ | — | $ | 2,946 | |||||
Fixed Income(3) | 26,448 | — | — | 26,448 | |||||||||
Equities: | |||||||||||||
Equity index mutual funds—domestic(4) | 1,558 | — | — | 1,558 | |||||||||
Equity index mutual funds—international(5) | 2,497 | — | — | 2,497 | |||||||||
Domestic Individual Equities(6) | 55,206 | — | — | 55,206 | |||||||||
International Individual Equities(7) | 901 | — | — | 901 | |||||||||
Total Assets at Fair Value | $ | 86,610 | $ | 2,946 | $ | — | $ | 89,556 | |||||
-1 | Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. | ||||||||||||
-2 | This asset class includes FDIC insured money market instruments. | ||||||||||||
-3 | This asset class includes a variety of fixed income mutual funds which primarily invests in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. | ||||||||||||
-4 | The sole investment within this asset class is S&P 600 index iShares. | ||||||||||||
-5 | The sole investment within this asset class is MSCI EAFE Index iShares. | ||||||||||||
-6 | This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. | ||||||||||||
-7 | This asset class includes American Depository Receipts, or ADR. |
Incentive_and_Restricted_Stock
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan | INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN | ||||||||||||||||||||
We adopted an Incentive Stock Plan in 1992 that provided for granting incentive stock options, nonstatutory stock options, restricted stock and appreciation rights. On October 17, 1994, the 1992 Stock Plan was amended to include outside directors. The 1992 Stock Plan had a maximum of 3,200,000 shares of our common stock and expired ten years from the date of board approval. At December 31, 2002, 3,180,822 nonstatutory stock options and restricted stock had been granted under the 1992 Stock Plan. No further awards will be made under the 1992 Stock Plan. All grants under the 1992 Stock Plan have expired at December 31, 2012. | |||||||||||||||||||||
We adopted an Incentive Stock Plan in 2003 that provides for granting incentive stock options, nonstatutory stock options, restricted stock and appreciation rights. The 2003 Stock Plan has a maximum of 1,500,000 shares of our common stock and expires ten years from the date of board approval. The 2003 Stock Plan is similar to the 1992 Stock Plan, which the 2003 Stock Plan replaced. No further awards will be granted under the 2003 Stock Plan. | |||||||||||||||||||||
We adopted an Incentive Stock Plan in 2014 that provides for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. The 2014 Incentive Plan has a maximum of 750,000 shares of our common stock and expires ten years from the date of board approval. With respect to stock compensation provisions, the 2014 Incentive Plan is similar to the 2003 Stock Plan, which the 2014 Stock Plan replaced. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
As of December 31, 2014, 155,500 nonstatutory stock options are outstanding under the 2003 Stock Plan. Nonstatutory stock options granted in 2006 and 2005 are fully vested and have a ten year life. These stock options were fully expensed in 2010. | |||||||||||||||||||||
The fair value of nonstatutory stock option awards under the 2003 Stock Plan were estimated on the date of grant using the Black-Scholes valuation model, which is dependent upon certain assumptions. We use the simplified method in developing the estimated life of the option, whereby the expected life is presumed to be the midpoint between the vesting date and the end of the contractual term. There have been no nonstatutory stock options granted since 2006. | |||||||||||||||||||||
The following table summarizes activity for nonstatutory stock options for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number | Weighted | Weighted | Number of | Weighted | Weighted | Number of | Weighted | Weighted | |||||||||||||
of Shares | Average | Average | Shares | Average | Average | Shares | Average | Average | |||||||||||||
Exercise | Remaining | Exercise | Remaining | Exercise | Remaining | ||||||||||||||||
Price | Contractual | Price | Contractual | Price | Contractual | ||||||||||||||||
Term | Term | Term | |||||||||||||||||||
Outstanding at beginning of year | 428,900 | $ | 37.36 | 675,500 | $ | 35.18 | 757,050 | $ | 34.33 | ||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||
Exercised | — | — | — | — | — | — | |||||||||||||||
Forfeited | (273,400 | ) | 37.08 | (246,600 | ) | 31.39 | (81,550 | ) | 27.29 | ||||||||||||
Outstanding at End of Year | 155,500 | $ | 37.86 | 1.0 year | 428,900 | $ | 37.36 | 1.4 years | 675,500 | $ | 35.18 | 2.0 years | |||||||||
Exercisable at End of Year | 155,500 | $ | 37.86 | 1.0 year | 428,900 | $ | 37.36 | 1.4 years | 675,500 | $ | 35.18 | 2.0 years | |||||||||
The aggregate intrinsic value of options outstanding and exercisable was zero as of December 31, 2014, 2013 and 2012. The aggregate intrinsic value represents the total pretax intrinsic value (the difference between our closing stock price on the last trading day of the fourth quarter and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2014. | |||||||||||||||||||||
As of December 31, 2014, 2013 and 2012 all outstanding stock options have vested. During the years ended December 31, 2014, 2013 and 2012 no stock options were exercised. | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||
We periodically issue restricted stock to employees and directors, pursuant to our Stock Plans. As of December 31, 2014, 259,673 restricted shares have been granted under the 2003 Stock Plan and 80,455 restricted shares have been granted under the 2014 Stock Plan. | |||||||||||||||||||||
During 2014, 2013 and 2012, we granted 13,824, 18,942 and 19,362 restricted shares of common stock, to outside directors. The 2014 grants were issued under the 2014 Stock Plan and the 2013 and 2012 grants were issued under the 2003 Stock Plan. The grants are part of the compensation arrangement approved by the Compensation and Benefits Committee whereby the directors receive compensation in both the form of cash and restricted shares of common stock. These shares fully vest one year after the date of grant. | |||||||||||||||||||||
Also during 2014, 2013 and 2012, we granted 66,631, 3,247 and 48,008 restricted shares of common stock to senior management. The 2014 grants were issued under the 2014 Stock Plan and the 2013 and 2012 grants were issued under the 2003 Stock Plan. The awards to senior management were granted in accordance with performance levels set by the Compensation and Benefits Committee. During 2013 and 2012 restricted shares were granted on two occasions and have different vesting periods. The restricted stock grants for 2013 of 3,247 shares and for 2012 of 9,897 shares vest fully on the second anniversary of the grant dates. The restricted shares granted under our Long Term Incentive Plan, or LTIP, for 2014 and 2012 of 66,631 and 38,111 shares, respectively consisted of both time and performance-based awards. The 2014 grants were issued under the 2014 Stock Plan and there were no shares granted under the 2003 Stock Plan in 2013. Vesting for the time-based awards is 50 percent after two years and the remaining 50 percent at the end of the third year. The performance-based awards vest at the end of the three year period. During the vesting period, the recipient receives dividends and has the right to vote the unvested shares granted, except for the 2014 LTIP performance-based award. If the recipient leaves S&T before the end of the vesting period, shares will be forfeited except in the case of retirement, disability or death where accelerated vesting provisions are defined within the awards agreement. | |||||||||||||||||||||
Compensation expense for time-based restricted stock is recognized ratably over the period of service, generally the entire vesting period, based on fair value on the date of grant. For grants made to directors, the fair value is determined by the closing price of the stock on the date of grant. The average of the high and low prices of the stock on the grant date is used for senior management. Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period once the likelihood of meeting the performance measure is probable. During 2014, 2013 and 2012, we recognized compensation expense of $0.9 million, $0.6 million and $0.9 million and realized a tax benefit of $0.3 million, $0.2 million and $0.3 million related to restricted stock grants. | |||||||||||||||||||||
The following table provides information about restricted stock granted under the 2003 Stock Plan for the years ended December 31: | |||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested at December 31, 2012 | 115,019 | $ | 22.39 | ||||||||||||||||||
Granted | 22,189 | 19.18 | |||||||||||||||||||
Vested | 45,864 | 19.68 | |||||||||||||||||||
Forfeited | 11,929 | 21.3 | |||||||||||||||||||
Non-vested at December 31, 2013 | 79,415 | $ | 21.5 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Vested | 41,740 | 20.7 | |||||||||||||||||||
Forfeited | 14,530 | 20.97 | |||||||||||||||||||
Non-vested at December 31, 2014 | 23,145 | $ | 23.28 | ||||||||||||||||||
The following table provides information about restricted stock granted under the 2014 Stock Plan for the years ended December 31: | |||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested at December 31, 2013 | — | $ | — | ||||||||||||||||||
Granted | 80,455 | 23.24 | |||||||||||||||||||
Vested | 158 | 23.19 | |||||||||||||||||||
Forfeited | 473 | 23.19 | |||||||||||||||||||
Non-vested at December 31, 2014 | 79,824 | $ | 23.24 | ||||||||||||||||||
As of December 31, 2014, there was $1.5 million of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 1.97 years. | |||||||||||||||||||||
Dividend Reinvestment Plan | |||||||||||||||||||||
We also sponsor a Dividend Reinvestment and Stock Purchase Plan, or Dividend Plan, where shareholders may purchase shares of S&T common stock at the average fair value with reinvested dividends and voluntary cash contributions. The plan administrator and transfer agent may purchase shares directly from us from shares held in treasury or purchase shares in the open market to fulfill the Dividend Plan’s needs. |
Parent_Company_Condensed_Finan
Parent Company Condensed Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Parent Company Condensed Financial Information | PARENT COMPANY CONDENSED FINANCIAL INFORMATION | |||||||||
The following condensed financial statements summarize the financial position of S&T Bancorp, Inc. as of December 31, 2014 and 2013 and the results of its operations and cash flows for each of the three years ended December 31, 2014, 2013 and 2012. | ||||||||||
BALANCE SHEETS | ||||||||||
December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
ASSETS | ||||||||||
Cash | $ | 38,028 | $ | 14,852 | ||||||
Investments in: | ||||||||||
Bank subsidiary | 565,927 | 553,825 | ||||||||
Nonbank subsidiaries | 20,569 | 19,561 | ||||||||
Other assets | 5,567 | 4,441 | ||||||||
Total Assets | $ | 630,091 | $ | 592,679 | ||||||
LIABILITIES | ||||||||||
Long-term debt | $ | 20,619 | $ | 20,619 | ||||||
Other liabilities | 1,083 | 754 | ||||||||
Total Liabilities | 21,702 | 21,373 | ||||||||
Total Shareholders’ Equity | 608,389 | 571,306 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 630,091 | $ | 592,679 | ||||||
STATEMENTS OF NET INCOME | ||||||||||
Years ended December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Dividends from subsidiaries | $ | 46,414 | $ | 24,087 | $ | 35,603 | ||||
Investment income | 19 | 15 | 17 | |||||||
Interest expense on long-term debt | 759 | 769 | 808 | |||||||
Other expenses | 2,014 | 2,579 | 1,800 | |||||||
Income before Equity in Undistributed Net Income of Subsidiaries | 43,660 | 20,754 | 33,012 | |||||||
Equity in undistributed net income (distribution in excess of net income) of: | ||||||||||
Bank subsidiary | 13,351 | 29,926 | 1,371 | |||||||
Nonbank subsidiaries | 899 | (141 | ) | (183 | ) | |||||
Net Income | $ | 57,910 | $ | 50,539 | 34,200 | |||||
STATEMENTS OF CASH FLOWS | ||||||||||
Years ended December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
OPERATING ACTIVITIES | ||||||||||
Net Income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Equity in undistributed (earnings) losses of subsidiaries | (14,250 | ) | (29,785 | ) | (1,188 | ) | ||||
Tax (benefit) expense from stock-based compensation | (16 | ) | (96 | ) | 30 | |||||
Other | (106 | ) | 121 | 1,023 | ||||||
Net Cash Provided by Operating Activities | 43,538 | 20,779 | 34,065 | |||||||
INVESTING ACTIVITIES | ||||||||||
Net investments in subsidiaries | — | — | (5,035 | ) | ||||||
Acquisitions | — | — | (14,123 | ) | ||||||
Net Cash Used in Investing Activities | — | — | (19,158 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||
(Purchase) Sale of treasury shares, net | (163 | ) | (88 | ) | 998 | |||||
Cash dividends paid to common shareholders | (20,215 | ) | (18,137 | ) | (17,357 | ) | ||||
Tax benefit (expense) from stock-based compensation | 16 | 96 | (30 | ) | ||||||
Net Cash Used in Financing Activities | (20,362 | ) | (18,129 | ) | (16,389 | ) | ||||
Net increase (decrease) in cash | 23,176 | 2,650 | (1,482 | ) | ||||||
Cash at beginning of year | 14,852 | 12,202 | 13,684 | |||||||
Cash at End of Year | $ | 38,028 | $ | 14,852 | $ | 12,202 | ||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||
Regulatory Matters | REGULATORY MATTERS | |||||||||||||||||
We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial statements. Under capital guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about risk weightings and other factors. | ||||||||||||||||||
The most recent notifications from the Federal Reserve and the FDIC categorized S&T and S&T Bank as well capitalized under the regulatory framework for corrective action. There have been no conditions or events that we believe have changed S&T or S&T Bank’s status during 2014 and 2013. | ||||||||||||||||||
Tier 1 capital consists principally of shareholders’ equity, including preferred stock; excluding items recorded in accumulated other comprehensive income (loss), less goodwill and other intangibles. For regulatory purposes, trust preferred securities totaling $20.0 million, issued by an unconsolidated trust subsidiary of S&T underlying junior subordinated debt, are included in Tier 1 capital for S&T. Total capital consists of Tier 1 capital plus junior subordinated debt and the ALL subject to limitation. We currently have $25.0 million in junior subordinated debt which is included in Tier 2 capital for S&T in accordance with current regulatory reporting requirements. | ||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of Total and Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. As of December 31, 2014 and 2013, we met all capital adequacy requirements to which we are subject. | ||||||||||||||||||
The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank. | ||||||||||||||||||
Actual | Minimum | To be | ||||||||||||||||
Regulatory Capital | Well Capitalized | |||||||||||||||||
Requirements | Under Prompt | |||||||||||||||||
Corrective Action | ||||||||||||||||||
Provisions | ||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | $ | 537,935 | 14.27 | % | $ | 301,548 | 8 | % | $ | 376,936 | 10 | % | ||||||
S&T Bank | 475,538 | 12.68 | % | 300,095 | 8 | % | 375,119 | 10 | % | |||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | 465,114 | 12.34 | % | 150,774 | 4 | % | 226,161 | 6 | % | |||||||||
S&T Bank | 403,593 | 10.76 | % | 150,048 | 4 | % | 225,071 | 6 | % | |||||||||
Leverage Ratio(1) | ||||||||||||||||||
S&T | 465,114 | 9.8 | % | 189,895 | 4 | % | 237,369 | 5 | % | |||||||||
S&T Bank | 403,593 | 8.53 | % | 189,182 | 4 | % | 236,477 | 5 | % | |||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | $ | 494,986 | 14.36 | % | $ | 275,684 | 8 | % | $ | 344,606 | 10 | % | ||||||
S&T Bank | 457,540 | 13.35 | % | 274,257 | 8 | % | 342,821 | 10 | % | |||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | 426,234 | 12.37 | % | 137,842 | 4 | % | 206,763 | 6 | % | |||||||||
S&T Bank | 389,584 | 11.36 | % | 137,128 | 4 | % | 205,693 | 6 | % | |||||||||
Leverage Ratio(1) | ||||||||||||||||||
S&T | 426,234 | 9.75 | % | 174,824 | 4 | % | 218,530 | 5 | % | |||||||||
S&T Bank | 389,584 | 8.95 | % | 174,081 | 4 | % | 217,601 | 5 | % | |||||||||
-1 | Minimum requirement is 3.00 percent for the most highly rated financial institutions. |
Segments
Segments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segments | SEGMENTS | |||||||||||||||
We operate three reportable operating segments: Community Banking, Insurance and Wealth Management. | ||||||||||||||||
• | Our Community Banking segment offers services which include accepting time and demand deposits, originating commercial and consumer loans and providing letters of credit and credit card services. | |||||||||||||||
• | Our Insurance segment includes a full-service insurance agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions and personal insurance lines. | |||||||||||||||
• | Our Wealth Management segment offers discount brokerage services, services as executor and trustee under wills and deeds, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisor that manages private investment accounts for individuals and institutions. | |||||||||||||||
The following represents total assets by reportable operating segment as of December 31: | ||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||
Community Banking | $ | 4,954,728 | $ | 4,524,939 | ||||||||||||
Insurance | 7,468 | 6,926 | ||||||||||||||
Wealth Management | 2,490 | 1,325 | ||||||||||||||
Total Assets | $ | 4,964,686 | $ | 4,533,190 | ||||||||||||
The following tables provide financial information for our three segments. The financial results of the business segments include allocations for shared services based on an internal analysis that supports line of business and branch performance measurement. Shared services include expenses such as employee benefits, occupancy expense, computer support and other corporate overhead. Even with these allocations, the financial results are not necessarily indicative of the business segments’ financial condition and results of operations as if they existed as independent entities. The information provided under the caption “Eliminations” represents operations not considered to be reportable segments and/or general operating expenses and eliminations and adjustments, which are necessary for purposes of reconciling to the Consolidated Financial Statements. | ||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 160,403 | $ | 2 | $ | 518 | $ | (400 | ) | $ | 160,523 | |||||
Interest expense | 13,989 | — | — | (1,508 | ) | 12,481 | ||||||||||
Net interest income | 146,414 | 2 | 518 | 1,108 | 148,042 | |||||||||||
Provision for loan losses | 1,715 | — | — | — | 1,715 | |||||||||||
Noninterest income | 29,443 | 5,279 | 11,297 | 319 | 46,338 | |||||||||||
Noninterest expense | 97,733 | 4,313 | 9,173 | 1,427 | 112,646 | |||||||||||
Depreciation expense | 3,387 | 51 | 27 | — | 3,465 | |||||||||||
Amortization of intangible assets | 1,039 | 51 | 39 | — | 1,129 | |||||||||||
Provision for income taxes | 16,311 | 303 | 901 | — | 17,515 | |||||||||||
Net Income | $ | 55,672 | $ | 563 | $ | 1,675 | $ | — | $ | 57,910 | ||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 153,450 | $ | 2 | $ | 517 | $ | (213 | ) | $ | 153,756 | |||||
Interest expense | 16,508 | — | — | (1,945 | ) | 14,563 | ||||||||||
Net interest income | 136,942 | 2 | 517 | 1,732 | 139,193 | |||||||||||
Provision for loan losses | 8,311 | — | — | — | 8,311 | |||||||||||
Noninterest income | 34,649 | 5,483 | 10,662 | 733 | 51,527 | |||||||||||
Noninterest expense | 94,769 | 5,210 | 9,850 | 2,465 | 112,294 | |||||||||||
Depreciation expense | 3,430 | 47 | 30 | — | 3,507 | |||||||||||
Amortization of intangible assets | 1,492 | 51 | 48 | — | 1,591 | |||||||||||
Provision (benefit) for income taxes | 14,180 | (47 | ) | 345 | — | 14,478 | ||||||||||
Net Income | $ | 49,409 | $ | 224 | $ | 906 | $ | — | $ | 50,539 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 155,865 | $ | 1 | $ | 454 | $ | (69 | ) | $ | 156,251 | |||||
Interest expense | 22,135 | — | — | (1,111 | ) | 21,024 | ||||||||||
Net interest income | 133,730 | 1 | 454 | 1,042 | 135,227 | |||||||||||
Provision for loan losses | 22,815 | — | — | — | 22,815 | |||||||||||
Noninterest income | 36,422 | 5,262 | 9,788 | 440 | 51,912 | |||||||||||
Noninterest expense | 100,474 | 5,569 | 9,717 | 1,482 | 117,242 | |||||||||||
Depreciation expense | 3,833 | 48 | 31 | — | 3,912 | |||||||||||
Amortization of intangible assets | 1,600 | 52 | 57 | — | 1,709 | |||||||||||
Provision (benefit) for income taxes | 7,420 | (242 | ) | 83 | — | 7,261 | ||||||||||
Net Income (Loss) | $ | 34,010 | $ | (164 | ) | $ | 354 | $ | — | $ | 34,200 | |||||
Other_Noninterest_Expense
Other Noninterest Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Noninterest Expense | OTHER NONINTEREST EXPENSE | |||||||||||
Other noninterest expense is presented in the table below: | ||||||||||||
Years Ended December 31, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Other noninterest expenses: | ||||||||||||
Joint venture amortization | $ | 4,054 | $ | 4,095 | $ | 4,199 | ||||||
Loan related expenses | 2,579 | 2,432 | 2,538 | |||||||||
Telecommunications | 2,220 | 1,691 | 1,415 | |||||||||
Amortization of intangibles | 1,129 | 1,591 | 1,709 | |||||||||
Other real estate owned | 264 | 445 | 2,166 | |||||||||
Other | 11,224 | 10,661 | 12,815 | |||||||||
Total Other Noninterest Expenses | $ | 21,470 | $ | 20,915 | $ | 24,842 | ||||||
Selected_Financial_Data
Selected Financial Data | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Selected Financial Data | SELECTED FINANCIAL DATA | |||||||||||||||||||||||||
The following table presents selected financial data for the most recent eight quarters. | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands, except per | Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||
share data) (unaudited) | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
SUMMARY OF OPERATIONS | ||||||||||||||||||||||||||
Interest income | $ | 41,381 | $ | 40,605 | $ | 39,872 | $ | 38,665 | $ | 38,779 | $ | 38,581 | $ | 38,553 | $ | 37,843 | ||||||||||
Interest expense | 3,315 | 3,076 | 3,017 | 3,074 | 3,125 | 3,307 | 3,957 | 4,174 | ||||||||||||||||||
Provision for loan losses | 1,106 | 1,454 | (1,134 | ) | 289 | 1,562 | 3,419 | 1,023 | 2,307 | |||||||||||||||||
Net interest income after provision for loan losses | 36,960 | 36,075 | 37,989 | 35,302 | 34,092 | 31,855 | 33,573 | 31,362 | ||||||||||||||||||
Security gains, net | — | — | 40 | 1 | — | 3 | — | 2 | ||||||||||||||||||
Noninterest income | 11,220 | 11,931 | 11,731 | 11,415 | 11,312 | 12,539 | 12,867 | 14,804 | ||||||||||||||||||
Noninterest expense | 29,720 | 28,440 | 30,165 | 28,914 | 29,447 | 27,943 | 28,386 | 31,616 | ||||||||||||||||||
Income before taxes | 18,460 | 19,566 | 19,595 | 17,804 | 15,957 | 16,454 | 18,054 | 14,552 | ||||||||||||||||||
Provision for income taxes | 3,963 | 4,906 | 4,875 | 3,771 | 4,098 | 4,207 | 3,951 | 2,222 | ||||||||||||||||||
Net Income Available to Common Shareholders | $ | 14,497 | $ | 14,660 | $ | 14,720 | $ | 14,033 | $ | 11,859 | $ | 12,247 | $ | 14,103 | $ | 12,330 | ||||||||||
Per Share Data | ||||||||||||||||||||||||||
Common earnings per share—diluted | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.47 | $ | 0.4 | $ | 0.41 | $ | 0.47 | $ | 0.41 | ||||||||||
Dividends declared per common share | 0.18 | 0.17 | 0.17 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||
Common book value | 20.42 | 20.33 | 20.04 | 19.64 | 19.21 | 18.68 | 18.39 | 18.32 | ||||||||||||||||||
Sale_of_Merchant_Card_Servicin
Sale of Merchant Card Servicing Business | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Merchant Card Servicing Business | SALE OF MERCHANT CARD SERVICING BUSINESS |
We sold our existing merchant card servicing business for $4.8 million during the first quarter of 2013. Consequently, we terminated an agreement with our existing merchant processor and incurred a termination fee of $1.7 million. As a result of this transaction, we recognized a gain of $3.1 million in the first quarter of 2013. In conjunction with the sale of the merchant card servicing business, we entered into a marketing and sales alliance agreement with the purchaser for an initial term of ten years. The agreement provides that we will actively market and refer our customers to the purchaser and in return will receive a share of the future revenue. Future revenue is dependent on the number of referrals, number of new merchant accounts and volume of activity. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Nature of Operations | Nature of Operations | ||
S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has three wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc. and STBA Capital Trust I. We own a one-half interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. | |||
We are presently engaged in nonbanking activities through the following five entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC and Stewart Capital Advisors, LLC. 9th Street Holdings, Inc. and S&T Bancholdings, Inc. are investment holding companies. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions and advises the Stewart Capital Mid Cap Fund. | |||
On March 9, 2012 we completed the acquisition and conversion of Mainline Bancorp, Inc., or Mainline, a bank holding company based in Ebensburg, Pennsylvania. Mainline had one subsidiary, Mainline National Bank, with eight branches and $129.5 million in loans and $206.0 million in deposits. The acquisition expanded our market share and footprint throughout Cambria and Blair counties of western Pennsylvania. The total acquisition cost of Mainline was $27.8 million. | |||
On August 13, 2012, we completed the acquisition of Gateway Bank of Pennsylvania, a bank with $99.1 million in loans and $105.4 million in deposits, headquartered in McMurray, Pennsylvania. The total acquisition cost of Gateway Bank was $19.8 million. As of December 31, 2012, Gateway was operating as a separate wholly-owned subsidiary of S&T, with all transactions since the acquisition date consolidated in our financial statements. On February 8, 2013, Gateway Bank was merged into S&T Bank, and their two branches are now fully operational branches of S&T Bank. | |||
Accounting Policies | Accounting Policies | ||
Our financial statements have been prepared in accordance with U. S. generally accepted accounting principles, or GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. Our significant accounting policies are described below. | |||
Principles of Consolidation | Principles of Consolidation | ||
The Consolidated Financial Statements include the accounts of S&T and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. | |||
Reclassification | Reclassification | ||
Certain amounts in prior years’ financial statements and footnotes have been reclassified to conform to the current year’s presentation. The reclassifications had no significant effect on our results of operations or financial condition. | |||
Business Combinations | Business Combinations | ||
We account for business combinations using the acquisition method of accounting. Under this method of accounting, the acquired company’s net assets are recorded at fair value at the date of acquisition, and the results of operations of the acquired company are combined with our results from that date forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill. | |||
Fair Value Measurements | Fair Value Measurements | ||
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, trading assets and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, mortgage servicing rights, or MSRs, and certain other assets. | |||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which is developed, based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. | |||
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: | |||
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. | |||
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. | |||
Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. | |||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. | |||
The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. | |||
Recurring Basis | |||
Securities Available-for-Sale | |||
Securities available-for-sale include both debt and equity securities. We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provides us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our securities. The market evaluation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, and vast descriptive terms and conditions databases, as well as extensive quality control programs. | |||
Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2 and securities that are not readily traded and do not have a quotable market are classified as Level 3. | |||
Trading Assets | |||
We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. | |||
Derivative Financial Instruments | |||
We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. | |||
Nonrecurring Basis | |||
Loans Held for Sale | |||
Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. | |||
Impaired Loans | |||
Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish a specific reserve based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate, 2) the loan’s observable market price or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraised values may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. | |||
OREO and Other Repossessed Assets | |||
OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. | |||
Mortgage Servicing Rights | |||
The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. | |||
Other Assets | |||
We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. | |||
Financial Instruments | Financial Instruments | ||
In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. | |||
Cash and Cash Equivalents | |||
The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. | |||
Loans | |||
The fair value of variable rate performing loans that may reprice frequently at short-term market rates is based on carrying values adjusted for credit risk. The fair value of variable rate performing loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of fixed rate performing loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of nonperforming loans is based on their carrying values less any specific reserve. The carrying amount of accrued interest approximates fair value. | |||
Bank Owned Life Insurance | |||
Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. | |||
Deposits | |||
The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. | |||
Short-Term Borrowings | |||
The carrying amounts of securities sold under repurchase agreements and other short-term borrowings approximate their fair values. | |||
Long-Term Borrowings | |||
The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. | |||
Junior Subordinated Debt Securities | |||
The variable rate junior subordinated debt securities reprice quarterly; therefore, the fair values approximate the carrying values. | |||
Loan Commitments and Standby Letters of Credit | |||
Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. | |||
Other | |||
Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents. | |||
Securities | Securities | ||
We determine the appropriate classification of securities at the time of purchase. All securities, including both debt and equity securities, are classified as available-for-sale. These are securities that we intend to hold for an indefinite period of time, but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. Such securities are carried at fair value with net unrealized gains and losses deemed to be temporary, reported as a component of other comprehensive income (loss), net of tax. Realized gains and losses on the sale of available-for-sale securities and other-than-temporary impairment, or OTTI, charges are recorded within noninterest income in the Consolidated Statements of Net Income. Realized gains and losses on the sale of securities are determined using the specific-identification method. Bond premiums are amortized to the call date and bond discounts are accreted to the maturity date, both on a level yield basis. | |||
An investment security is considered impaired if its fair value is less than its cost or amortized cost basis. We perform a quarterly review of our securities to identify those that may indicate an OTTI. Our policy for OTTI within the marketable equity securities portfolio generally requires an impairment charge when the security is in a loss position for 12 consecutive months, unless facts and circumstances would suggest the need for an OTTI prior to that time. Our policy for OTTI within the debt securities portfolio is based upon a number of factors, including but not limited to, the length of time and extent to which the estimated fair value has been less than cost, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the best estimate of the impairment charge representing credit losses, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery. If the impairment is considered other-than-temporary based on management’s review, the impairment must be separated into credit and non-credit components. The credit component is recognized in the Consolidated Statements of Net Income and the non-credit component is recognized in other comprehensive income (loss), net of applicable taxes. | |||
Loans Held for Sale | Loans Held for Sale | ||
Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the allowance for loan losses, or ALL. Subsequent declines in fair value are recognized as a charge to noninterest income. When a loan is placed in the held-for-sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held for sale are included in other noninterest income in the Consolidated Statements of Net Income. | |||
Loans | Loans | ||
Loans are reported at the principal amount outstanding net of unearned income, unamortized premiums or discounts and deferred origination fees and costs. We defer certain nonrefundable loan origination and commitment fees. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the respective lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income or expense. Interest is accrued and interest income is recognized on loans as earned. | |||
Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. | |||
Generally, consumer loans are charged off against the ALL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. | |||
Nonaccrual or Nonperforming Loans | Nonaccrual or Nonperforming Loans | ||
We stop accruing interest on a loan (nonaccrual loan) when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when payment is not past due, but we have doubt about the borrower’s ability to comply with contractual repayment terms. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. Interest income is recognized on nonaccrual loans on a cash basis if recovery of the remaining principal is reasonably assured. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. | |||
Troubled Debt Restructurings | Troubled Debt Restructurings | ||
Troubled debt restructurings, or TDRs, are loans where we, for economic or legal reasons related to a borrower’s financial difficulty, grant a concession to the borrower that we would not otherwise grant. We strive to identify borrowers in financial difficulty early and work with them to modify the terms before their loan reaches nonaccrual status. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. | |||
We individually evaluate all substandard commercial loans that experienced a forbearance or change in terms agreement, as well as all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan to determine if they should be designated as TDRs. | |||
All TDRs will be reported as impaired loans for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. Further, all impaired loans are reported as nonaccrual loans unless the loan is a TDR that has met the requirements to be returned to accruing status. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. | |||
Allowance for Loan Losses | Allowance for Loan Losses | ||
The ALL reflects our estimates of probable losses inherent in the loan portfolio at the balance sheet date. The methodology for determining the ALL has two main components: evaluation and impairment tests of individual loans and evaluation and impairment tests of certain groups of homogeneous loans with similar risk characteristics. | |||
A loan is considered impaired when it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan agreement. We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. All TDRs will be reported as an impaired loan for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. For all TDRs, regardless of size, as well as all other impaired loans, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. Specific reserves are established based upon the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate, 2) the loan’s observable market price or 3) the estimated fair value of the collateral if the loan is collateral dependent. Our impairment evaluations consist primarily of the fair value of collateral method because most loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the impaired loan is less than the recorded investment in the loan balance. | |||
The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. | |||
We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. In general, the LEP will be shorter in an economic slowdown or recession and longer during times of economic stability or growth, as customers are better able to delay loss confirmation after a potential loss event has occurred. | |||
In conjunction with our annual review of the ALL assumptions, we have updated our study of LEPs for our commercial portfolio segments using our loan charge-off history. Our study showed that the LEP for our commercial construction portfolio has lengthened and that our current estimated LEPs for the CRE and C&I portfolio segments did not materially change. We estimate the LEP to be 3.5 years for CRE and commercial construction and 2.5 years for C&I. This is an increase from the prior LEP of 1.5 years for commercial construction. We believe that the LEPs for the consumer portfolio segments have also lengthened as they are influenced by the same improvement in economic conditions that has impacted the commercial portfolio segments over the past two years. We therefore also lengthened the LEP assumption for the consumer portfolio to 2.0 years. This is an increase from prior LEPs of 1.5 years for the consumer portfolio segment. | |||
Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We lengthened the LBP for C&I, Commercial Construction and the consumer loan portfolio segments in order to capture relevant historical data believed to be reflective of losses inherent in the portfolios. We use a five and one quarter years LBP for our commercial portfolio segments and three and one quarter years LBP for our consumer portfolio segments. | |||
After consideration of the historic loss calculations, management applies additional qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data and credit process changes, such as credit policies or underwriting standards. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. | |||
The changes made to the ALL assumptions were applied prospectively and did not result in a material change to the total ALL. Lengthening the LEPs does increase the historical loss rates and therefore the quantitative component of the ALL. We believe this makes the quantitative component of the ALL more reflective of inherent losses that exist within the loan portfolio, which resulted in a decrease in the qualitative component of the ALL. The ALL at December 31, 2014 reflects these changes within the C&I, Commercial Construction and consumer portfolio segments. | |||
Qualitative adjustments are aggregated into five categories, including process, economic conditions, loan portfolio, asset quality and other external factors. | |||
Within the five aforementioned categories, the following qualitative factors are considered: | |||
1) | Changes in our lending policies and procedures, including underwriting standards, collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; | ||
2) | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||
3) | Changes in the nature and volume of our loan portfolio and terms of loans; | ||
4) | Changes in the experience, ability and depth of our lending management and staff; | ||
5) | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; | ||
6) | Changes in the quality of our loan review system; | ||
7) | Changes in the value of the underlying collateral for collateral-dependent loans; | ||
8) | The existence and effect of any concentrations of credit and changes in the level of such concentrations; and | ||
9) | The effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. | ||
Our ALL Committee meets quarterly to verify the overall adequacy of the ALL. Additionally, on an annual basis, the ALL Committee meets to validate our ALL model. This validation includes reviewing the pools of loans to ensure the segmentation results in relevant homogeneous pools of loans. The ALL Committee reviews the LEP and LBP used to calculate the loss rates. Further, the ALL Committee reviews the qualitative factors to ensure that both the categories, as noted above, and the range of qualitative adjustments remain appropriate. As a result of this ongoing monitoring process, we may make changes to our ALL assumptions to be responsive to the economic environment. | |||
Bank Owned Life Insurance | Bank Owned Life Insurance | ||
We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income or expense in the Consolidated Statements of Net Income. | |||
Premises and Equipment | Premises and Equipment | ||
Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Management reviews long-lived assets using events and circumstances to determine if and when an asset is evaluated for recoverability. | |||
The estimated useful lives for the various asset categories are as follows: | |||
1) Land and Land Improvements | Non-depreciating assets | ||
2) Buildings | 25 years | ||
3) Furniture and Fixtures | 5 years | ||
4) Computer Equipment and Software | 5 years or term of license | ||
5) Other Equipment | 5 years | ||
6) Vehicles | 5 years | ||
7) Leasehold Improvements | Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise | ||
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock | ||
Federal Home Loan Bank, or FHLB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the members asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for OTTI on a quarterly basis. | |||
Atlantic Community Bankers’ Bank, or ACBB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the carrying value. We do not currently use their membership products and services. We acquired ACBB stock through various mergers of banks that were ACBB members. ACBB stock is evaluated for OTTI on a quarterly basis. | |||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||
We have three reporting units: Community Banking, Insurance and Wealth Management. At December 31, 2014, we had goodwill of $175.8 million, including $171.6 million in Community Banking, representing 98 percent of total goodwill and $4.2 million in Insurance, representing two percent of total goodwill. The carrying value of goodwill is tested annually for impairment each October 1 or more frequently if it is determined that we should do so. We first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Our qualitative assessment considers such factors as macroeconomic conditions, market conditions specifically related to the banking industry, our overall financial performance and various other factors. If we determine that it is more likely than not that the fair value is less than the carrying amount, we proceed to test for impairment. The evaluation for impairment involves comparing the current estimated fair value of each reporting unit to its carrying value, including goodwill. If the current estimated fair value of a reporting unit exceeds its carrying value, no additional testing is required and impairment loss is not recorded. If the estimated fair value of a reporting unit is less than the carrying value, further valuation procedures are performed and could result in impairment of goodwill being recorded. Further valuation procedures would include allocating the estimated fair value to all assets and liabilities of the reporting unit to determine an implied goodwill value. If the implied value of goodwill of a reporting unit is less than the carrying amount of that goodwill, an impairment loss is recognized in an amount equal to that excess. | |||
We have core deposit and other intangible assets resulting from acquisitions which are subject to amortization. We determine the amount of identifiable intangible assets based upon independent core deposit and insurance contract analyses at the time of the acquisition. Intangible assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | |||
Variable Interest Entities | Variable Interest Entities | ||
Variable interest entities, or VIEs, are legal entities that generally either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. When an enterprise has both the power to direct the economic activities of the VIE and the obligation to absorb losses of the VIE or the right to receive benefits of the VIE, the entity has a controlling financial interest in the VIE. A VIE often holds financial assets, including loans or receivables, or other property. The company with a controlling financial interest, the primary beneficiary, is required to consolidate the VIE into its consolidated balance sheets. S&T has one wholly-owned trust subsidiary, STBA Capital Trust I, or the Trust, for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. At its inception in 2008, the Trust issued floating rate trust preferred securities to the Trustee, another financial institution, and used the proceeds from the sale to invest in junior subordinated debt, which is the sole asset of the Trust. The Trust pays dividends on the trust preferred securities at the same rate as the interest we pay on our junior subordinated debt held by the Trust. Because the third-party investors are the primary beneficiaries, the Trust qualifies as a VIE. Accordingly, the Trust and its net assets are not included in our Consolidated Financial Statements. However, the junior subordinated debt issued by S&T is included in our Consolidated Balance Sheets. | |||
Joint Ventures | Joint Ventures | ||
We have made investments directly in Low Income Housing Tax Credit, or LIHTC, partnerships formed with third parties. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. These investments are amortized over a maximum of 10 years, which represents the period that the tax credits will be utilized. We have determined that we are not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly impact the economic performance of the partnership and have both the obligation to absorb expected losses and the right to receive benefits. | |||
OREO and Other Repossessed Assets | OREO and Other Repossessed Assets | ||
OREO and other repossessed assets are included in other assets in the Consolidated Balance Sheets and are comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of a foreclosure. At the time of foreclosure, these properties are recorded at the lower of the recorded investment in the loan or fair value less cost to sell. Loan losses arising from the acquisition of such property initially are charged against the ALL. Subsequently, these assets are carried at the lower of carrying value or current fair value less cost to sell. Gains or losses realized upon disposition of the asset are recorded in other expenses in the Consolidated Statements of Net Income. | |||
Mortgage Servicing Rights | Mortgage Servicing Rights | ||
MSRs are recognized as separate assets when commitments to fund a loan to be sold are made. Upon commitment, the MSR is established, which represents the then current estimated fair value of future net cash flows expected to be realized for performing the servicing activities. The estimated fair value of the MSRs is estimated by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. In determining the estimated fair value of MSRs, mortgage interest rates, which are used to determine prepayment rates, are held constant over the estimated life of the portfolio. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Net Income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. | |||
MSRs are regularly evaluated for impairment based on the estimated fair value of those rights. The MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no longer exists for a particular tranche, the valuation allowance is reduced. | |||
MSRs are also reviewed for OTTI. OTTI exists when the recoverability of a recorded valuation allowance is determined to be remote, taking into consideration historical and projected interest rates and loan pay-off activity. When this situation occurs, the unrecoverable portion of the valuation allowance is applied as a direct write-down to the carrying value of the MSR. Unlike a valuation allowance, a direct write-down permanently reduces the carrying value of the MSR and the valuation allowance, precluding subsequent recoveries. | |||
Derivative Financial Instruments | Derivative Financial Instruments | ||
Interest Rate Swaps | |||
In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. | |||
Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. | |||
Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Net Income. | |||
Interest Rate Lock Commitments and Forward Sale Contracts | |||
In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We can encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Net Income. | |||
Allowance for Unfunded Commitments | Allowance for Unfunded Commitments | ||
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because 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 unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The allowance for unfunded commitments is determined using a similar methodology as our ALL. The reserve is calculated by applying historical loss rates from our ALL model to the estimated future utilization of our unfunded commitments. | |||
Treasury Stock | Treasury Stock | ||
The repurchase of our common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from previous treasury share transactions exists. Any deficiency is charged to retained earnings. | |||
Revenue Recognition | Revenue Recognition | ||
We recognize revenues as they are earned based on contractual terms or as services are provided when collectability is reasonably assured. Our principal source of revenue is interest income, which is recognized on an accrual basis. Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to our deposits and lending activities are accrued as earned. | |||
Wealth Management Fees | Wealth Management Fees | ||
Assets held in a fiduciary capacity by the subsidiary bank, S&T Bank, are not our assets and are therefore not included in our Consolidated Financial Statements. Wealth management fee income is reported in the Consolidated Statements of Net Income on an accrual basis. | |||
Stock-Based Compensation | Stock-Based Compensation | ||
Stock-based compensation may include stock options and restricted stock which is measured using the fair value method of accounting. The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award. Stock option expense is determined utilizing the Black-Scholes model. Restricted stock expense is determined using the grant date fair value. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. | |||
Pensions | Pensions | ||
The expense for S&T Bank’s qualified and nonqualified defined benefit pension plans is actuarially determined using the projected unit credit actuarial cost method. It requires us to make economic assumptions regarding future interest rates and asset returns as well as various demographic assumptions. We estimate the discount rate used to measure benefit obligations by applying the projected cash flow for future benefit payments to a yield curve of high-quality corporate bonds available in the marketplace and by employing a model that matches bonds to our pension cash flows. The expected return on plan assets is an estimate of the long-term rate of return on plan assets, which is determined based on the current asset mix and estimates of return by asset class. We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as other comprehensive income (loss) in the period in which they occur. To the extent that such gains or losses exceed ten percent of the greater of the projected benefit obligation or plan assets, they are recognized as a component of pension costs over the future service periods of active plan participants. The funding policy for the qualified plan is to contribute an amount each year that is at least equal to the minimum required contribution as determined under the Pension Protection Act of 2006 and Moving Ahead for Progress in the 21st Century Act, but not more than the maximum amount permissible for taxable plan sponsors. Our nonqualified plans are unfunded. | |||
Marketing Costs | Marketing Costs | ||
We expense all marketing-related costs, including advertising costs, as incurred. | |||
Income Taxes | Income Taxes | ||
We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business. On a quarterly basis, management assesses the reasonableness of our effective tax rate based upon our current estimate of the amount and components of net income, tax credits and the applicable statutory tax rates expected for the full year. We classify interest and penalties as an element of tax expense. | |||
Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and recognizes enacted changes in tax rate and laws. When deferred tax assets are recognized, they are subject to a valuation allowance based on management’s judgment as to whether realization is more likely than not. | |||
Accrued taxes represent the net estimated amount due to taxing jurisdictions and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. We evaluate and assess the relative risks and appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent and other information and maintain tax accruals consistent with the evaluation of these relative risks and merits. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance. These changes, when they occur, can affect deferred taxes and accrued taxes, as well as the current period’s income tax expense and can be significant to our operating results. | |||
Tax positions are recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |||
Earnings Per Share | Earnings Per Share | ||
Basic earnings per share, or EPS, is calculated using the two-class method to determine income allocated to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period. Potentially dilutive securities are excluded from the basic EPS calculation. | |||
Diluted EPS is calculated under the more dilutive of either the treasury stock method or the two-class method. Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares. For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class. Potentially dilutive common shares are common stock equivalents relating to our outstanding warrants, stock options and restricted stock. | |||
Recently Issued Accounting Standards | Recently Adopted Accounting Standards Updates, or ASU | ||
Business Combinations (Topic 805): Pushdown Accounting | |||
In November 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-17, Pushdown Accounting - Business Combinations (Topic 805). The ASU provides an acquired entity with an option to elect to apply pushdown accounting. The amendments of this ASU apply to the separate financial statements of an acquired entity and its subsidiaries that are a business activity upon the occurrence of an event in which an acquirer obtains control of the entity. Pushdown accounting refers to the use of the acquirer's basis in the preparation of the acquiree's separate financial statements. The new standard became effective upon issuance on November 18, 2014. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists | |||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists. The ASU requires that entities should present an unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss, or NOL, or similar tax loss or tax credit carry forward rather than as a liability when the uncertain tax position would reduce the NOL or other carry forward under the tax law. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date | |||
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. The adoption of this ASU had no impact on our results of operations or financial position. | |||
Recently Issued Accounting Standards Updates not yet Adopted | |||
Share-Based Payment Awards with Performance Targets | |||
In June 2014, the FASB issued ASU No. 2014-12, Share-Based Payment Awards with Performance Targets. The main provisions of ASU 2014-12 require that a performance target included in a share-based payment award that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Therefore, under the existing stock compensation guidance in Accounting Standards Codification Topic 718, the performance target should not be reflected in estimating the grant-date fair value of the award. The standard is effective for annual periods and interim periods beginning after December 15, 2015. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Repurchase-To-Maturity Transactions, Repurchase Financings and New Disclosures | |||
In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings and New Disclosures to change the accounting for repurchase-to-maturity transactions and certain linked repurchase financings. This will result in accounting for both types of arrangements as secured borrowings on the balance sheet and require new disclosures to (i) increase transparency about the types of collateral pledged in secured borrowing transactions and (ii) enable users to better understand transactions in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. The disclosure for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. All other accounting and disclosure amendments in the ASU are effective for the first interim or annual period beginning after December 15, 2014. Earlier application for a public business entity is prohibited. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Revenues from Contracts with Customers | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenues from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2016 including interim periods therein. The provisions do not apply to lease contracts, insurance contracts, financial instruments and other contractual rights or obligations (e.g. receivables, debt and equity securities, liabilities, debt, derivatives transfers, and servicing, etc.), guarantees, or non-monetary exchanges between entities. We are currently evaluating the impact of the adoption of this pronouncement on our consolidated financial statements; however, we do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance applies to all entities that dispose of components. It will significantly change current practices for assessing discontinued operations and affect an entity’s income and earnings per share from continuing operations. An entity is required to reclassify assets and liabilities of a discontinued operation that are classified as held for sale or disposed of in the current period for all comparative periods presented. The ASU requires that an entity present in the statement of cash flows or disclose in a note either total operating and investing cash flows for discontinued operations, or depreciation, amortization, capital expenditures and significant operating and investing noncash items related to discontinued operations. Additional disclosures are required when an entity retains significant continuing involvement with a discontinued operation after its disposal, including the amount of cash flows to and from a discontinued operation. The new standard applies prospectively effective for annual periods beginning on or after December 15, 2014 and interim periods therein, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | |||
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure has occurred and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure. Interim and annual disclosure is required of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The new standard is effective using either the modified retrospective transition method or a prospective transition method for fiscal years and interim periods within those years, beginning after December 15, 2014, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |||
Accounting for Investments in Qualified Affordable Housing Projects | |||
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The ASU permits reporting entities to make an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The proportional amortization method permits the amortization of the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2014, and early adoption is permitted. We do not expect that this ASU will have a material impact on our results of operations or financial position. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Estimated Useful Lives for Various Asset | |||
1) Land and Land Improvements | Non-depreciating assets | ||
2) Buildings | 25 years | ||
3) Furniture and Fixtures | 5 years | ||
4) Computer Equipment and Software | 5 years or term of license | ||
5) Other Equipment | 5 years | ||
6) Vehicles | 5 years | ||
7) Leasehold Improvements | Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Reconciles Numerators and Denominators of Basic Earnings Per Share and Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted EPS: | |||||||||
Years ended December 31, | ||||||||||
(dollars in thousands, except share and per share data) | 2014 | 2013 | 2012 | |||||||
Numerator for Earnings per Common Share—Basic: | ||||||||||
Net income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Less: Income allocated to participating shares | 165 | 147 | 126 | |||||||
Net Income Allocated to Common Shareholders | $ | 57,745 | $ | 50,392 | $ | 34,074 | ||||
Numerator for Earnings per Common Share—Diluted: | ||||||||||
Net income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Denominators: | ||||||||||
Weighted Average Common Shares Outstanding—Basic | 29,683,103 | 29,647,231 | 28,976,619 | |||||||
Add: Dilutive potential common shares | 25,621 | 35,322 | 32,261 | |||||||
Denominator for Treasury Stock Method—Diluted | 29,708,724 | 29,682,553 | 29,008,880 | |||||||
Weighted Average Common Shares Outstanding—Basic | 29,683,103 | 29,647,231 | 28,976,619 | |||||||
Add: Average participating shares outstanding | 84,918 | 86,490 | 107,274 | |||||||
Denominator for Two-Class Method—Diluted | 29,768,021 | 29,733,721 | 29,083,893 | |||||||
Earnings per common share—basic | $ | 1.95 | $ | 1.7 | $ | 1.18 | ||||
Earnings per common share—diluted | $ | 1.95 | $ | 1.7 | $ | 1.18 | ||||
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019 | 517,012 | 517,012 | 517,012 | |||||||
Stock options considered anti-dilutive excluded from dilutive potential common shares | 419,538 | 619,418 | 747,443 | |||||||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares | 59,297 | 51,169 | 75,012 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2014 and 2013. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. | |||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 14,880 | $ | — | $ | 14,880 | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | — | 269,285 | — | 269,285 | ||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 118,006 | — | 118,006 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 46,668 | — | 46,668 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 39,673 | — | 39,673 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 142,702 | — | 142,702 | ||||||||||||||||||||||
Marketable equity securities | 178 | 8,881 | — | 9,059 | ||||||||||||||||||||||
Total securities available-for-sale | 178 | 640,095 | — | 640,273 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,456 | — | — | 3,456 | ||||||||||||||||||||||
Total securities | 3,634 | 640,095 | — | 643,729 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 12,981 | — | 12,981 | ||||||||||||||||||||||
Interest rate lock commitments | — | 235 | — | 235 | ||||||||||||||||||||||
Total Assets | $ | 3,634 | $ | 653,311 | $ | — | $ | 656,945 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 12,953 | $ | — | $ | 12,953 | ||||||||||||||||||
Forward sale contracts | — | 57 | — | 57 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 13,010 | $ | — | $ | 13,010 | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | — | $ | 234,751 | $ | — | $ | 234,751 | ||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 63,774 | — | 63,774 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 48,669 | — | 48,669 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 39,052 | — | 39,052 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 114,264 | — | 114,264 | ||||||||||||||||||||||
Marketable equity securities | 202 | 8,713 | — | 8,915 | ||||||||||||||||||||||
Total securities available-for-sale | 202 | 509,223 | — | 509,425 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 2,864 | — | — | 2,864 | ||||||||||||||||||||||
Total securities | 3,066 | 509,223 | — | 512,289 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 13,698 | — | 13,698 | ||||||||||||||||||||||
Interest rate lock commitments | — | 85 | — | 85 | ||||||||||||||||||||||
Forward sales contracts | — | 34 | — | 34 | ||||||||||||||||||||||
Total Assets | $ | 3,066 | $ | 523,040 | $ | — | $ | 526,106 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | — | 13,647 | — | 13,647 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 13,647 | $ | — | $ | 13,647 | ||||||||||||||||||
Changes in Assets Classified as Level 3 in Fair Value Hierarchy | The following table presents the changes in assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine the fair value: | |||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of year | $ | — | $ | 300 | ||||||||||||||||||||||
Total gains included in other comprehensive income (loss)(1) | — | 44 | ||||||||||||||||||||||||
Net purchases, sales, issuances and settlements | — | — | ||||||||||||||||||||||||
Transfers out of Level 3 | — | (344 | ) | |||||||||||||||||||||||
Balance at End of Year | $ | — | $ | — | ||||||||||||||||||||||
-1 | Changes in estimated fair value of available-for-sale investments are recorded in accumulated other comprehensive income (loss) while gains and losses from sales are recorded in security gains (losses), net in the Consolidated Statements of Net Income. | |||||||||||||||||||||||||
Assets Measured at Fair Value on Nonrecurring Basis by Fair Value Hierarchy | The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
ASSETS(1) | ||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,516 | $ | 1,516 | ||||||||||
Impaired loans | — | — | 12,916 | 12,916 | — | — | 19,197 | 19,197 | ||||||||||||||||||
Other real estate owned | — | — | 117 | 117 | — | — | 317 | 317 | ||||||||||||||||||
Mortgage servicing rights | — | — | 2,934 | 2,934 | — | — | 1,025 | 1,025 | ||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 15,967 | $ | 15,967 | $ | — | $ | — | $ | 22,055 | $ | 22,055 | ||||||||||
-1 | This table presents only the nonrecurring items that are recorded at fair value in our financial statements. | |||||||||||||||||||||||||
Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at December 31, 2014 and 2013 are presented in the following tables: | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Value(1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 109,580 | $ | 109,580 | $ | 109,580 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 640,273 | 640,273 | 178 | 640,095 | — | |||||||||||||||||||||
Loans held for sale | 2,970 | 2,991 | — | — | 2,991 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 3,868,746 | 3,827,634 | — | — | 3,827,634 | |||||||||||||||||||||
Bank owned life insurance | 62,252 | 62,252 | — | 62,252 | — | |||||||||||||||||||||
FHLB and other restricted stock | 15,135 | 15,135 | — | — | 15,135 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,456 | 3,456 | 3,456 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,817 | 2,934 | — | — | 2,934 | |||||||||||||||||||||
Interest rate swaps | 12,981 | 12,981 | — | 12,981 | — | |||||||||||||||||||||
Interest rate lock commitments | 235 | 235 | — | 235 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 3,908,842 | $ | 3,910,342 | $ | — | $ | — | $ | 3,910,342 | ||||||||||||||||
Securities sold under repurchase agreements | 30,605 | 30,605 | — | — | 30,605 | |||||||||||||||||||||
Short-term borrowings | 290,000 | 290,000 | — | — | 290,000 | |||||||||||||||||||||
Long-term borrowings | 19,442 | 20,462 | — | — | 20,462 | |||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | |||||||||||||||||||||
Interest rate swaps | 12,953 | 12,953 | — | 12,953 | — | |||||||||||||||||||||
Forward sale contracts | 57 | 57 | 57 | |||||||||||||||||||||||
-1 | As reported in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||||
(dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Value(1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 108,356 | $ | 108,356 | $ | 108,356 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 509,425 | 509,425 | 202 | 509,223 | — | |||||||||||||||||||||
Loans held for sale | 2,136 | 2,139 | — | — | 2,139 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 3,566,199 | 3,538,072 | — | — | 3,538,072 | |||||||||||||||||||||
Bank owned life insurance | 60,480 | 60,480 | — | 60,480 | — | |||||||||||||||||||||
FHLB and other restricted stock | 13,629 | 13,629 | — | — | 13,629 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 2,864 | 2,864 | 2,864 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,919 | 3,143 | — | — | 3,143 | |||||||||||||||||||||
Interest rate swaps | 13,698 | 13,698 | — | 13,698 | — | |||||||||||||||||||||
Interest rate lock commitments | 85 | 85 | — | 85 | — | |||||||||||||||||||||
Forward sale contracts | 34 | 34 | — | 34 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 3,672,308 | $ | 3,673,624 | $ | — | $ | — | $ | 3,673,624 | ||||||||||||||||
Securities sold under repurchase agreements | 33,847 | 33,847 | — | — | 33,847 | |||||||||||||||||||||
Short-term borrowings | 140,000 | 140,000 | — | — | 140,000 | |||||||||||||||||||||
Long-term borrowings | 21,810 | 22,924 | — | — | 22,924 | |||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | |||||||||||||||||||||
Interest rate swaps | 13,647 | 13,647 | — | 13,647 | — | |||||||||||||||||||||
-1 | As reported in the Consolidated Balance Sheets |
Securities_AvailableforSale_Ta
Securities Available-for-Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||
Composition of Securities Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||
Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 14,873 | $ | 7 | $ | — | $ | 14,880 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Obligations of U.S. government corporations and agencies | 268,029 | 2,334 | (1,078 | ) | 269,285 | 235,181 | 2,151 | (2,581 | ) | 234,751 | |||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 116,897 | 1,257 | (148 | ) | 118,006 | 63,776 | 601 | (603 | ) | 63,774 | |||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 45,274 | 1,548 | (154 | ) | 46,668 | 47,934 | 1,420 | (685 | ) | 48,669 | |||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,834 | 232 | (393 | ) | 39,673 | 40,357 | — | (1,305 | ) | 39,052 | |||||||||||||||||
Obligations of states and political subdivisions | 136,977 | 5,789 | (64 | ) | 142,702 | 115,572 | 1,294 | (2,602 | ) | 114,264 | |||||||||||||||||
Debt Securities | 621,884 | 11,167 | (1,837 | ) | 631,214 | 502,820 | 5,466 | (7,776 | ) | 500,510 | |||||||||||||||||
Marketable equity securities | 7,579 | 1,480 | — | 9,059 | 7,579 | 1,336 | — | 8,915 | |||||||||||||||||||
Total | $ | 629,463 | $ | 12,647 | $ | (1,837 | ) | $ | 640,273 | $ | 510,399 | $ | 6,802 | $ | (7,776 | ) | $ | 509,425 | |||||||||
Schedule of Gross and Net Realized Gains and Losses on Sale of Securities | The following table shows the composition of gross and net realized gains and losses for the periods presented: | ||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Gross realized gains | $ | 41 | $ | 5 | $ | 3,027 | |||||||||||||||||||||
Gross realized losses | — | — | (11 | ) | |||||||||||||||||||||||
Net Realized Gains | $ | 41 | $ | 5 | $ | 3,016 | |||||||||||||||||||||
Fair Value and Age of Gross Unrealized Losses by Investment Category | The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||
(dollars in thousands) | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | ||||||||||||||||||
of | Value | Losses | of | Value | Losses | of | Value | Losses | |||||||||||||||||||
Securities | Securities | Securities | |||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 4 | $ | 39,745 | $ | (207 | ) | 8 | $ | 63,149 | $ | (871 | ) | 12 | $ | 102,894 | $ | (1,078 | ) | |||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 1 | 9,323 | (148 | ) | — | — | — | 1 | 9,323 | (148 | ) | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | — | — | 1 | 8,982 | (154 | ) | 1 | 8,982 | (154 | ) | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 1 | 9,998 | (25 | ) | 2 | 20,640 | (368 | ) | 3 | 30,638 | (393 | ) | |||||||||||||||
Obligations of states and political subdivisions | 1 | 263 | (1 | ) | 2 | 10,756 | (63 | ) | 3 | 11,019 | (64 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 7 | $ | 59,329 | $ | (381 | ) | 13 | $ | 103,527 | $ | (1,456 | ) | 20 | $ | 162,856 | $ | (1,837 | ) | |||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||
(dollars in thousands) | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | ||||||||||||||||||
of | Value | Losses | of | Value | Losses | of | Value | Losses | |||||||||||||||||||
Securities | Securities | Securities | |||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 16 | $ | 126,017 | $ | (2,581 | ) | — | $ | — | $ | — | 16 | $ | 126,017 | $ | (2,581 | ) | ||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 3 | 39,522 | (603 | ) | — | — | — | 3 | 39,522 | (603 | ) | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 | 22,822 | (685 | ) | — | — | — | 2 | 22,822 | (685 | ) | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 4 | 39,052 | (1,305 | ) | — | — | — | 4 | 39,052 | (1,305 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 16 | 47,529 | (1,739 | ) | 2 | 10,088 | (863 | ) | 18 | 57,617 | (2,602 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 41 | $ | 274,942 | $ | (6,913 | ) | 2 | $ | 10,088 | $ | (863 | ) | 43 | $ | 285,030 | $ | (7,776 | ) | |||||||||
Unrealized Gain (Loss) on Investments | The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive income/(loss) for the periods presented: | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/(Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/(Losses) | |||||||||||||||||||||
Total unrealized gains/(losses) on securities available for sale | $ | 12,647 | $ | (1,837 | ) | $ | 10,810 | $ | 6,802 | $ | (7,776 | ) | $ | (974 | ) | ||||||||||||
Income tax expense/(benefit) | 4,426 | (643 | ) | 3,783 | 2,381 | (2,722 | ) | (341 | ) | ||||||||||||||||||
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 8,221 | $ | (1,194 | ) | $ | 7,027 | $ | 4,421 | $ | (5,054 | ) | $ | (633 | ) | ||||||||||||
Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of securities available-for-sale at December 31, 2014 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair Value | |||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||
Due in one year or less | $ | 21,137 | $ | 21,339 | |||||||||||||||||||||||
Due after one year through five years | 196,589 | 197,183 | |||||||||||||||||||||||||
Due after five years through ten years | 101,013 | 102,788 | |||||||||||||||||||||||||
Due after ten years | 101,140 | 105,557 | |||||||||||||||||||||||||
419,879 | 426,867 | ||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 116,897 | 118,006 | |||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 45,274 | 46,668 | |||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,834 | 39,673 | |||||||||||||||||||||||||
Debt Securities | 621,884 | 631,214 | |||||||||||||||||||||||||
Marketable equity securities | 7,579 | 9,059 | |||||||||||||||||||||||||
Total | $ | 629,463 | $ | 640,273 | |||||||||||||||||||||||
Loans_and_Loans_Held_for_Sale_
Loans and Loans Held for Sale (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||
Composition of Loans | The following table indicates the composition of the loans as of the dates presented: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial real estate | $ | 1,682,236 | $ | 1,607,756 | ||||||||||||||||
Commercial and industrial | 994,138 | 842,449 | ||||||||||||||||||
Commercial construction | 216,148 | 143,675 | ||||||||||||||||||
Total Commercial Loans | 2,892,522 | 2,593,880 | ||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential mortgage | 489,586 | 487,092 | ||||||||||||||||||
Home equity | 418,563 | 414,195 | ||||||||||||||||||
Installment and other consumer | 65,567 | 67,883 | ||||||||||||||||||
Consumer construction | 2,508 | 3,149 | ||||||||||||||||||
Total Consumer Loans | 976,224 | 972,319 | ||||||||||||||||||
Total Portfolio Loans | 3,868,746 | 3,566,199 | ||||||||||||||||||
Loans held for sale | 2,970 | 2,136 | ||||||||||||||||||
Total Loans | $ | 3,871,716 | $ | 3,568,335 | ||||||||||||||||
Restructured Loans for Periods Presented | The following table summarizes the restructured loans as of the dates presented: | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||
TDRs | TDRs | TDRs | TDRs | TDRs | TDRs | |||||||||||||||
Commercial real estate | $ | 16,939 | $ | 2,180 | $ | 19,119 | $ | 19,711 | $ | 3,898 | $ | 23,609 | ||||||||
Commercial and industrial | 8,074 | 356 | 8,430 | 7,521 | 1,884 | 9,405 | ||||||||||||||
Commercial construction | 5,736 | 1,869 | 7,605 | 5,338 | 2,708 | 8,046 | ||||||||||||||
Residential mortgage | 2,839 | 459 | 3,298 | 2,581 | 1,356 | 3,937 | ||||||||||||||
Home equity | 3,342 | 562 | 3,904 | 3,924 | 218 | 4,142 | ||||||||||||||
Installment and other consumer | 53 | 10 | 63 | 154 | 3 | 157 | ||||||||||||||
Total | $ | 36,983 | $ | 5,436 | $ | 42,419 | $ | 39,229 | $ | 10,067 | $ | 49,296 | ||||||||
Restructured Loans for Periods Stated | The following tables present the restructured loans for the 12 months ended December 31: | |||||||||||||||||||
2014 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total | ||||||||||||||||
Loans | Outstanding | Outstanding | Difference | |||||||||||||||||
Recorded | Recorded | in Recorded | ||||||||||||||||||
Investment(1) | Investment(1) | Investment | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 4 | $ | 1,991 | $ | 1,965 | $ | 26 | |||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 2 | $ | 381 | $ | 356 | $ | 25 | |||||||||||||
Commercial construction | ||||||||||||||||||||
Maturity date extension | 1 | 1,019 | 974 | 45 | ||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 9 | 651 | 634 | 17 | ||||||||||||||||
Home equity | ||||||||||||||||||||
Maturity date extension | 6 | 349 | 348 | 1 | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 96 | 95 | 1 | ||||||||||||||||
Chapter 7 bankruptcy(2) | 15 | 432 | 382 | 50 | ||||||||||||||||
Installment and other consumer | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 5 | 30 | 23 | 7 | ||||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 6 | 2,372 | 2,321 | 51 | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 96 | 95 | 1 | ||||||||||||||||
Maturity date extension | 7 | 1,368 | 1,322 | 46 | ||||||||||||||||
Chapter 7 bankruptcy(2) | 29 | 1,113 | 1,039 | 74 | ||||||||||||||||
Total | 44 | $ | 4,949 | $ | 4,777 | $ | 172 | |||||||||||||
-1 | Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | |||||||||||||||||||
-2 | Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. | |||||||||||||||||||
2013 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total | ||||||||||||||||
Loans | Outstanding | Outstanding | Difference | |||||||||||||||||
Recorded | Recorded | in Recorded | ||||||||||||||||||
Investment(1) | Investment(1) | Investment | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 4 | $ | 2,772 | $ | 2,494 | $ | (278 | ) | ||||||||||||
Interest rate reduction and maturity date extension | 2 | 664 | 636 | (28 | ) | |||||||||||||||
Principal forgiveness (2) | 1 | 4,339 | 4,216 | (123 | ) | |||||||||||||||
Maturity date extension | 1 | 219 | 219 | — | ||||||||||||||||
Chapter 7 bankruptcy(3) | 6 | 227 | 190 | (37 | ) | |||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 2 | $ | 670 | $ | 638 | $ | (32 | ) | ||||||||||||
Maturity date extension | 1 | 751 | 739 | (12 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 1 | 3 | 1 | (2 | ) | |||||||||||||||
Residential mortgage | ||||||||||||||||||||
Principal deferral | 2 | 153 | 149 | (4 | ) | |||||||||||||||
Interest rate reduction | 1 | 54 | 54 | — | ||||||||||||||||
Chapter 7 bankruptcy(3) | 8 | 617 | 592 | (25 | ) | |||||||||||||||
Home Equity | ||||||||||||||||||||
Principal deferral | 1 | 174 | 17 | (157 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 30 | 1,032 | 982 | (50 | ) | |||||||||||||||
Installment and other consumer | ||||||||||||||||||||
Chapter 7 bankruptcy(3) | 11 | 104 | 91 | (13 | ) | |||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 9 | 3,769 | 3,298 | (471 | ) | |||||||||||||||
Interest rate reduction | 1 | 54 | 54 | — | ||||||||||||||||
Interest rate reduction and maturity date extension | 2 | 664 | 636 | (28 | ) | |||||||||||||||
Principal forgiveness (2) | 1 | 4,339 | 4,216 | (123 | ) | |||||||||||||||
Maturity date extension | 2 | 970 | 958 | (12 | ) | |||||||||||||||
Chapter 7 bankruptcy(3) | 56 | 1,983 | 1,856 | (127 | ) | |||||||||||||||
Total | 71 | $ | 11,779 | $ | 11,018 | $ | (761 | ) | ||||||||||||
-1 | Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | |||||||||||||||||||
-2 | This loan had debt forgiveness of $0.1 million to the customer; however, the loan was previously charged-off to a balance below the actual contractual balance. | |||||||||||||||||||
-3 | Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. | |||||||||||||||||||
Summary of Nonperforming Assets of Defaulted TDRs | The following table is a summary of TDRs which defaulted during the years ended December 31, 2014 and 2013 that had been restructured within the last 12 months prior to defaulting: | |||||||||||||||||||
Defaulted TDRs | ||||||||||||||||||||
For the | For the | |||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | ||||||||||||||||
Defaults | Investment | Defaults | Investment | |||||||||||||||||
Commercial real estate | — | $ | — | 1 | $ | 75 | ||||||||||||||
Commercial and industrial | — | — | 2 | 438 | ||||||||||||||||
Residential real estate | 1 | 20 | 8 | 607 | ||||||||||||||||
Home equity | 2 | 44 | 6 | 193 | ||||||||||||||||
Total | 3 | $ | 64 | 17 | $ | 1,313 | ||||||||||||||
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
Nonaccrual loans | $ | 7,021 | $ | 12,387 | ||||||||||||||||
Nonaccrual TDRs | 5,436 | 10,067 | ||||||||||||||||||
Total nonaccrual loans | 12,457 | 22,454 | ||||||||||||||||||
OREO | 166 | 410 | ||||||||||||||||||
Total Nonperforming Assets | $ | 12,623 | $ | 22,864 | ||||||||||||||||
Summary of Aggregate Amount of Loans | The following table presents a summary of the aggregate amount of loans to any such persons as of December 31: | |||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of year | $ | 23,848 | $ | 36,075 | ||||||||||||||||
New loans | 27,799 | 22,534 | ||||||||||||||||||
Repayments | (24,279 | ) | (34,761 | ) | ||||||||||||||||
Balance at End of Year | $ | 27,368 | $ | 23,848 | ||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||
Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: | |||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | Non- | Total | Total Loans | ||||||||||||||||||||
Past Due | Past Due | performing | Past Due | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,674,930 | $ | 2,548 | $ | 323 | $ | 4,435 | $ | 7,306 | $ | 1,682,236 | ||||||||||||||
Commercial and industrial | 991,136 | 1,227 | 153 | 1,622 | 3,002 | 994,138 | ||||||||||||||||||||
Commercial construction | 214,174 | — | — | 1,974 | 1,974 | 216,148 | ||||||||||||||||||||
Residential mortgage | 485,465 | 565 | 1,220 | 2,336 | 4,121 | 489,586 | ||||||||||||||||||||
Home equity | 414,303 | 1,756 | 445 | 2,059 | 4,260 | 418,563 | ||||||||||||||||||||
Installment and other consumer | 65,111 | 352 | 73 | 31 | 456 | 65,567 | ||||||||||||||||||||
Consumer construction | 2,508 | — | — | — | — | 2,508 | ||||||||||||||||||||
Total | $ | 3,847,627 | $ | 6,448 | $ | 2,214 | $ | 12,457 | $ | 21,119 | $ | 3,868,746 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | Non- | Total | Total Loans | ||||||||||||||||||||
Past Due | Past Due | performing | Past Due | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,595,590 | $ | 1,209 | $ | 207 | $ | 10,750 | $ | 12,166 | $ | 1,607,756 | ||||||||||||||
Commercial and industrial | 836,276 | 2,599 | 278 | 3,296 | 6,173 | 842,449 | ||||||||||||||||||||
Commercial construction | 139,133 | 1,049 | 751 | 2,742 | 4,542 | 143,675 | ||||||||||||||||||||
Residential mortgage | 481,260 | 828 | 1,666 | 3,338 | 5,832 | 487,092 | ||||||||||||||||||||
Home equity | 408,777 | 2,468 | 659 | 2,291 | 5,418 | 414,195 | ||||||||||||||||||||
Installment and other consumer | 67,420 | 382 | 44 | 37 | 463 | 67,883 | ||||||||||||||||||||
Consumer construction | 3,149 | — | — | — | — | 3,149 | ||||||||||||||||||||
Total | $ | 3,531,605 | $ | 8,535 | $ | 3,605 | $ | 22,454 | $ | 34,594 | $ | 3,566,199 | ||||||||||||||
Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings | The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented: | |||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 1,635,132 | 97.2 | % | $ | 948,663 | 95.4 | % | $ | 196,520 | 90.9 | % | $ | 2,780,315 | 96.1 | % | ||||||||||
Special mention | 23,597 | 1.4 | % | 30,357 | 3.1 | % | 12,014 | 5.6 | % | 65,968 | 2.3 | % | ||||||||||||||
Substandard | 23,507 | 1.4 | % | 15,118 | 1.5 | % | 7,614 | 3.5 | % | 46,239 | 1.6 | % | ||||||||||||||
Total | $ | 1,682,236 | 100 | % | $ | 994,138 | 100 | % | $ | 216,148 | 100 | % | $ | 2,892,522 | 100 | % | ||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 1,519,720 | 94.5 | % | $ | 792,029 | 94 | % | $ | 119,177 | 82.9 | % | $ | 2,430,926 | 93.7 | % | ||||||||||
Special mention | 57,073 | 3.6 | % | 34,085 | 4.1 | % | 15,621 | 10.9 | % | 106,779 | 4.1 | % | ||||||||||||||
Substandard | 30,963 | 1.9 | % | 16,335 | 1.9 | % | 8,877 | 6.2 | % | 56,175 | 2.2 | % | ||||||||||||||
Total | $ | 1,607,756 | 100 | % | $ | 842,449 | 100 | % | $ | 143,675 | 100 | % | $ | 2,593,880 | 100 | % | ||||||||||
Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status | The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented: | |||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
thousands) | Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | |||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 487,250 | 99.5 | % | $ | 416,504 | 99.5 | % | $ | 65,536 | 99.9 | % | $ | 2,508 | 100 | % | $ | 971,798 | 99.5 | % | ||||||
Nonperforming | 2,336 | 0.5 | % | 2,059 | 0.5 | % | 31 | 0.1 | % | — | — | % | 4,426 | 0.5 | % | |||||||||||
Total | $ | 489,586 | 100 | % | $ | 418,563 | 100 | % | $ | 65,567 | 100 | % | $ | 2,508 | 100 | % | $ | 976,224 | 100 | % | ||||||
31-Dec-13 | ||||||||||||||||||||||||||
(dollars in | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
thousands) | Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | |||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 483,754 | 99.3 | % | $ | 411,904 | 99.4 | % | $ | 67,846 | 99.9 | % | $ | 3,149 | 100 | % | $ | 966,653 | 99.4 | % | ||||||
Nonperforming | 3,338 | 0.7 | % | 2,291 | 0.6 | % | 37 | 0.1 | % | — | — | % | 5,666 | 0.6 | % | |||||||||||
Total | $ | 487,092 | 100 | % | $ | 414,195 | 100 | % | $ | 67,883 | 100 | % | $ | 3,149 | 100 | % | $ | 972,319 | 100 | % | ||||||
Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following table summarizes investments in loans considered to be impaired and related information on those impaired loans for the years presented: | |||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 1,895 | $ | — | ||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | 1,652 | 49 | ||||||||||||||||||||||
Consumer real estate | 48 | 4 | 60 | 6 | ||||||||||||||||||||||
Other consumer | 24 | 2 | 24 | 4 | ||||||||||||||||||||||
Total with a Related Allowance Recorded | 72 | 6 | 3,631 | 59 | ||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 20,504 | 684 | 29,314 | 929 | ||||||||||||||||||||||
Commercial and industrial | 9,246 | 241 | 11,439 | 254 | ||||||||||||||||||||||
Commercial construction | 8,145 | 227 | 14,112 | 326 | ||||||||||||||||||||||
Consumer real estate | 7,027 | 396 | 8,714 | 436 | ||||||||||||||||||||||
Other consumer | 56 | 2 | 114 | 6 | ||||||||||||||||||||||
Total without a Related Allowance Recorded | 44,978 | 1,550 | 63,693 | 1,951 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 20,504 | 684 | 31,209 | 929 | ||||||||||||||||||||||
Commercial and industrial | 9,246 | 241 | 11,439 | 254 | ||||||||||||||||||||||
Commercial construction | 8,145 | 227 | 15,764 | 375 | ||||||||||||||||||||||
Consumer real estate | 7,074 | 400 | 8,774 | 442 | ||||||||||||||||||||||
Other consumer | 81 | 4 | 138 | 10 | ||||||||||||||||||||||
Total | $ | 45,050 | $ | 1,556 | $ | 67,324 | $ | 2,010 | ||||||||||||||||||
The following table presents investments in loans considered to be impaired and related information on those impaired loans as of the dates presented: | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||
Commercial construction | — | — | — | 681 | 1,383 | 25 | ||||||||||||||||||||
Consumer real estate | 43 | 43 | 43 | 53 | 53 | 53 | ||||||||||||||||||||
Other consumer | 20 | 20 | 11 | 33 | 33 | 19 | ||||||||||||||||||||
Total with a Related Allowance Recorded | 63 | 63 | 54 | 767 | 1,469 | 97 | ||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 19,890 | 25,262 | — | 26,968 | 35,474 | — | ||||||||||||||||||||
Commercial and industrial | 9,218 | 9,449 | — | 9,580 | 9,703 | — | ||||||||||||||||||||
Commercial construction | 7,605 | 11,293 | — | 7,391 | 12,353 | — | ||||||||||||||||||||
Consumer real estate | 7,159 | 7,733 | — | 8,026 | 9,464 | — | ||||||||||||||||||||
Other consumer | 42 | 48 | — | 124 | 128 | — | ||||||||||||||||||||
Total without a Related Allowance Recorded | 43,914 | 53,785 | — | 52,089 | 67,122 | — | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 19,890 | 25,262 | — | 26,968 | 35,474 | — | ||||||||||||||||||||
Commercial and industrial | 9,218 | 9,449 | — | 9,580 | 9,703 | — | ||||||||||||||||||||
Commercial construction | 7,605 | 11,293 | — | 8,072 | 13,736 | 25 | ||||||||||||||||||||
Consumer real estate | 7,202 | 7,776 | 43 | 8,079 | 9,517 | 53 | ||||||||||||||||||||
Other consumer | 62 | 68 | 11 | 157 | 161 | 19 | ||||||||||||||||||||
Total | $ | 43,977 | $ | 53,848 | $ | 54 | $ | 52,856 | $ | 68,591 | $ | 97 | ||||||||||||||
Summary of Allowance for Loan Losses | The following tables detail activity in the ALL for the periods presented: | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial | Commercial | Consumer | Other | Total Loans | ||||||||||||||||||||
Real Estate | and Industrial | Construction | Real Estate | Consumer | ||||||||||||||||||||||
Balance at beginning of year | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
Charge-offs | (2,041 | ) | (1,267 | ) | (712 | ) | (1,200 | ) | (1,133 | ) | (6,353 | ) | ||||||||||||||
Recoveries | 1,798 | 3,647 | 146 | 350 | 353 | 6,294 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | (243 | ) | 2,380 | (566 | ) | (850 | ) | (780 | ) | (59 | ) | |||||||||||||||
Provision for loan losses | 1,486 | (3,145 | ) | 1,285 | 821 | 1,268 | 1,715 | |||||||||||||||||||
Balance at End of Year | $ | 20,164 | $ | 13,668 | $ | 6,093 | $ | 6,333 | $ | 1,653 | $ | 47,911 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial | Commercial | Consumer | Other | Total Loans | ||||||||||||||||||||
Real Estate | and Industrial | Construction | Real Estate | Consumer | ||||||||||||||||||||||
Balance at beginning of year | $ | 25,246 | $ | 7,759 | $ | 7,500 | $ | 5,058 | $ | 921 | $ | 46,484 | ||||||||||||||
Charge-offs | (4,601 | ) | (2,714 | ) | (4,852 | ) | (2,407 | ) | (1,002 | ) | (15,576 | ) | ||||||||||||||
Recoveries | 3,388 | 2,142 | 531 | 651 | 324 | 7,036 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | (1,213 | ) | (572 | ) | (4,321 | ) | (1,756 | ) | (678 | ) | (8,540 | ) | ||||||||||||||
Provision for loan losses | (5,112 | ) | 7,246 | 2,195 | 3,060 | 922 | 8,311 | |||||||||||||||||||
Balance at End of Year | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the ALL and recorded investments in loans by category as of December 31: | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 20,164 | $ | 20,164 | $ | 19,890 | $ | 1,662,346 | $ | 1,682,236 | ||||||||||||||
Commercial and industrial | — | 13,668 | 13,668 | 9,218 | 984,920 | 994,138 | ||||||||||||||||||||
Commercial construction | — | 6,093 | 6,093 | 7,605 | 208,543 | 216,148 | ||||||||||||||||||||
Consumer real estate | 43 | 6,290 | 6,333 | 7,202 | 903,455 | 910,657 | ||||||||||||||||||||
Other consumer | 11 | 1,642 | 1,653 | 62 | 65,505 | 65,567 | ||||||||||||||||||||
Total | $ | 54 | $ | 47,857 | $ | 47,911 | $ | 43,977 | $ | 3,824,769 | $ | 3,868,746 | ||||||||||||||
2013 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 18,921 | $ | 18,921 | $ | 26,968 | $ | 1,580,788 | $ | 1,607,756 | ||||||||||||||
Commercial and industrial | — | 14,433 | 14,433 | 9,580 | 832,869 | 842,449 | ||||||||||||||||||||
Commercial construction | 25 | 5,349 | 5,374 | 8,072 | 135,603 | 143,675 | ||||||||||||||||||||
Consumer real estate | 53 | 6,309 | 6,362 | 8,079 | 896,357 | 904,436 | ||||||||||||||||||||
Other consumer | 19 | 1,146 | 1,165 | 157 | 67,726 | 67,883 | ||||||||||||||||||||
Total | $ | 97 | $ | 46,158 | $ | 46,255 | $ | 52,856 | $ | 3,513,343 | $ | 3,566,199 | ||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Summary of Premises and Equipment | The following table is a summary of premises and equipment as of the dates presented: | |||||||||
December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
Land | $ | 6,193 | $ | 6,193 | ||||||
Premises | 44,690 | 42,320 | ||||||||
Furniture and equipment | 26,661 | 25,139 | ||||||||
Leasehold improvements | 6,545 | 5,944 | ||||||||
84,089 | 79,596 | |||||||||
Accumulated depreciation | (45,923 | ) | (42,981 | ) | ||||||
Total | $ | 38,166 | $ | 36,615 | ||||||
Minimum Annual Rental and Renewal Option Payments | Minimum annual rental and renewal option payments for each of the following five years and thereafter are approximately: | |||||||||
(dollars in thousands) | Operating | Capital | Total | |||||||
2015 | $ | 2,274 | $ | 76 | $ | 2,350 | ||||
2016 | 2,200 | 76 | 2,276 | |||||||
2017 | 2,178 | 76 | 2,254 | |||||||
2018 | 2,143 | 76 | 2,219 | |||||||
2019 | 2,156 | 77 | 2,233 | |||||||
Thereafter | 40,352 | 687 | 41,039 | |||||||
Total | $ | 51,303 | $ | 1,068 | $ | 52,371 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Goodwill | The following table presents goodwill as of the dates presented: | ||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Balance at beginning of year | $ | 175,820 | $ | 175,733 | |||
Additions | — | 87 | |||||
Balance at End of Year | $ | 175,820 | $ | 175,820 | |||
Summary of Intangible Assets | The following table shows a summary of intangible assets as of the dates presented: | ||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Gross carrying amount at beginning of year | $ | 16,401 | $ | 16,401 | |||
Additions | — | — | |||||
Accumulated amortization | (13,770 | ) | (12,642 | ) | |||
Balance at End of Year | $ | 2,631 | $ | 3,759 | |||
Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets | The following is a summary of the expected amortization expense for finite-lived intangibles assets, assuming no new additions, for each of the five years following December 31, 2014: | ||||||
(dollars in thousands) | Amount | ||||||
2015 | $ | 883 | |||||
2016 | 645 | ||||||
2017 | 500 | ||||||
2018 | 134 | ||||||
2019 | 122 | ||||||
Total | $ | 2,284 | |||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Value of Derivative Assets and Derivative Liabilities | The following table indicates the amount representing the value of derivative assets and derivative liabilities at December 31: | ||||||||||||
Derivatives (included in | Derivatives (included | ||||||||||||
Other Assets) | in Other Liabilities) | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Interest Rate Swap Contracts—Commercial Loans | |||||||||||||
Fair value | $ | 12,981 | $ | 13,698 | $ | 12,953 | $ | 13,647 | |||||
Notional amount | 245,152 | 261,754 | 245,152 | 261,754 | |||||||||
Collateral posted | — | — | 12,059 | 12,611 | |||||||||
Interest Rate Lock Commitments—Mortgage Loans | |||||||||||||
Fair value | 235 | 85 | — | — | |||||||||
Notional amount | 8,822 | 3,989 | — | — | |||||||||
Forward Sale Contracts—Mortgage Loans | |||||||||||||
Fair value | — | 34 | 57 | — | |||||||||
Notional amount | — | 5,250 | 7,789 | — | |||||||||
Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at December 31: | ||||||||||||
Derivatives (included | Derivatives (included | ||||||||||||
in Other Assets) | in Other Liabilities) | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Gross amounts recognized | $ | 13,203 | $ | 14,012 | $ | 13,175 | $ | 13,961 | |||||
Gross amounts offset | (222 | ) | (314 | ) | (222 | ) | (314 | ) | |||||
Net amounts presented in the Consolidated Balance Sheets | 12,981 | 13,698 | 12,953 | 13,647 | |||||||||
Gross amounts not offset(1) | — | — | (12,059 | ) | (12,611 | ) | |||||||
Net Amount | $ | 12,981 | $ | 13,698 | $ | 894 | $ | 1,036 | |||||
-1 | Amounts represent posted collateral. | ||||||||||||
Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the years ended December 31: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Interest rate swap contracts—commercial loans | $ | (24 | ) | $ | (174 | ) | $ | 101 | |||||
Interest rate lock commitments—mortgage loans | 150 | (382 | ) | 223 | |||||||||
Forward sale contracts—mortgage loans | (90 | ) | 82 | 47 | |||||||||
Total Derivative Gain (Loss) | $ | 36 | $ | (474 | ) | $ | 371 | ||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of Mortgage Servicing Rights and Net Carrying Values | The following table indicates MSRs and the net carrying values: | |||||||||
(dollars in thousands) | Servicing | Valuation | Net Carrying | |||||||
Rights | Allowance | Value | ||||||||
Balance at December 31, 2012 | $ | 3,206 | $ | (1,100 | ) | $ | 2,106 | |||
Additions | 780 | — | 780 | |||||||
Amortization | (778 | ) | — | (778 | ) | |||||
Temporary impairment recapture | — | 811 | 811 | |||||||
Balance at December 31, 2013 | $ | 3,208 | $ | (289 | ) | $ | 2,919 | |||
Additions | 431 | — | 431 | |||||||
Amortization | (531 | ) | — | (531 | ) | |||||
Temporary impairment | — | (2 | ) | (2 | ) | |||||
Balance at December 31, 2014 | $ | 3,108 | $ | (291 | ) | $ | 2,817 | |||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||
Composition of Deposits and Interest Expenses | The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(dollars in thousands) | Balance | Interest | Balance | Interest | Balance | Interest | |||||||||||||
Expense | Expense | Expense | |||||||||||||||||
Noninterest-bearing demand | $ | 1,083,919 | $ | — | $ | 992,779 | $ | — | $ | 960,980 | $ | — | |||||||
Interest-bearing demand | 335,099 | 19 | 312,790 | 75 | 316,760 | 146 | |||||||||||||
Money market | 376,612 | 572 | 281,403 | 446 | 361,233 | 528 | |||||||||||||
Savings | 1,027,095 | 1,607 | 994,805 | 1,735 | 965,571 | 2,356 | |||||||||||||
Certificates of deposit | 1,086,117 | 7,930 | 1,090,531 | 9,150 | 1,033,884 | 13,766 | |||||||||||||
Total | $ | 3,908,842 | $ | 10,128 | $ | 3,672,308 | $ | 11,406 | $ | 3,638,428 | $ | 16,796 | |||||||
Scheduled Maturities of Certificates of Deposit | The following table indicates the scheduled maturities of certificates of deposit at December 31, 2014: | ||||||||||||||||||
(dollars in thousands) | Amount | ||||||||||||||||||
2015 | $ | 628,889 | |||||||||||||||||
2016 | 143,728 | ||||||||||||||||||
2017 | 230,051 | ||||||||||||||||||
2018 | 45,139 | ||||||||||||||||||
2019 | 30,295 | ||||||||||||||||||
Thereafter | 8,015 | ||||||||||||||||||
Total | $ | 1,086,117 | |||||||||||||||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Composition of Short-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table represents the composition of short-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted | Interest | Balance | Weighted | Interest | Balance | Weighted | Interest | ||||||||||||||||||
Average | Expense | Average | Expense | Average | Expense | ||||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||||
REPOs | $ | 30,605 | 0.01 | % | $ | 3 | $ | 33,847 | 0.01 | % | $ | 62 | $ | 62,582 | 0.2 | % | $ | 82 | |||||||||
FHLB advances | 290,000 | 0.31 | % | 511 | 140,000 | 0.3 | % | 279 | 75,000 | 0.19 | % | 123 | |||||||||||||||
Total Short-term Borrowings | $ | 320,605 | 0.27 | % | $ | 514 | $ | 173,847 | 0.24 | % | $ | 341 | $ | 137,582 | 0.19 | % | $ | 205 | |||||||||
LongTerm_Borrowings_and_Subord1
Long-Term Borrowings and Subordinated Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Long-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: | ||||||||||||||||||||
(dollars in thousand) | 2014 | 2013 | 2012 | ||||||||||||||||||
Long-term borrowings | $ | 19,442 | $ | 21,810 | $ | 34,101 | |||||||||||||||
Weighted average interest rate | 3 | % | 3.01 | % | 3.17 | % | |||||||||||||||
Interest expense | $ | 617 | $ | 746 | $ | 1,107 | |||||||||||||||
Schedule of Annual Maturities and Average Interest Rate of Long-Term Debt | Scheduled annual maturities and average interest rates for all of our long-term debt, including a capital lease of $0.2 million, for each of the five years and thereafter subsequent to December 31, 2014 are as follows: | ||||||||||||||||||||
(dollars in thousands) | Balance | Average Rate | |||||||||||||||||||
2015 | $ | 2,399 | 3.41 | % | |||||||||||||||||
2016 | 2,330 | 3.44 | % | ||||||||||||||||||
2017 | 2,412 | 3.53 | % | ||||||||||||||||||
2018 | 2,496 | 3.67 | % | ||||||||||||||||||
2019 | 2,514 | 3.13 | % | ||||||||||||||||||
Thereafter | 7,291 | 2.2 | % | ||||||||||||||||||
Total | $ | 19,442 | 2.97 | % | |||||||||||||||||
Schedule of Junior Subordinated Debt Securities and Interest Expense | The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(dollars in thousands) | Balance | Interest | Balance | Interest | Balance | Interest | |||||||||||||||
Expense | Expense | Expense | |||||||||||||||||||
2006 Junior subordinated debt | $ | 25,000 | $ | 463 | $ | 25,000 | $ | 475 | $ | 25,000 | $ | 523 | |||||||||
2008 Junior subordinated debt—trust preferred securities | 20,619 | 759 | 20,619 | 770 | 20,619 | 808 | |||||||||||||||
2008 Junior subordinated debt | — | — | — | 422 | 20,000 | 818 | |||||||||||||||
2008 Junior subordinated debt | — | — | — | 403 | 25,000 | 766 | |||||||||||||||
Total | $ | 45,619 | $ | 1,222 | $ | 45,619 | $ | 2,070 | $ | 90,619 | $ | 2,915 | |||||||||
Schedule of Junior Subordinated Debt Securities | The following table summarizes the key terms of our junior subordinated debt securities: | ||||||||||||||||||||
(dollars in thousands) | 2006 Junior | 2008 Trust | 2008 Junior | 2008 Junior | |||||||||||||||||
Subordinated Debt | Preferred Securities | Subordinated Debt | Subordinated Debt | ||||||||||||||||||
Junior Subordinated Debt | $25,000 | — | $20,000 | $25,000 | |||||||||||||||||
Trust Preferred Securities | — | $20,619 | — | — | |||||||||||||||||
Stated Maturity Date | 12/15/36 | 3/15/38 | 6/15/18 | 5/30/18 | |||||||||||||||||
Optional redemption date at par | Any time after 9/15/2011 | Any time after 3/15/2013 | Any time after 6/15/2013 | Any time after 5/30/2013 | |||||||||||||||||
Regulatory Capital | Tier 2 | Tier 1 | Tier 2 | Tier 2 | |||||||||||||||||
Interest Rate | 3 month LIBOR plus 160 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 250 bps | |||||||||||||||||
Interest Rate at December 31, 2014 | 1.84% | 3.74% | —% | —% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: | ||||||
December 31, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Commitments to extend credit | $ | 1,158,628 | $ | 1,038,529 | |||
Standby letters of credit | 73,584 | 78,639 | |||||
Total | $ | 1,232,212 | $ | 1,117,168 | |||
Future Estimated Payments Related to Data Processing and Communication Charges | The following table sets forth the future estimated payments related to data processing and communication charges for each of the five years following December 31, 2014: | ||||||
(dollars in thousands) | Total | ||||||
2015 | $ | 11,326 | |||||
2016 | 10,715 | ||||||
2017 | 11,057 | ||||||
2018 | 11,411 | ||||||
2019 | 11,777 | ||||||
Total | $ | 56,286 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Schedule of Income Tax Expense (Benefit) | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Current | $ | 15,979 | $ | 16,836 | $ | 6,223 | ||||
Deferred | 1,536 | (2,358 | ) | 1,038 | ||||||
Total | $ | 17,515 | $ | 14,478 | $ | 7,261 | ||||
Schedule of Statutory to Effective Tax Rate Reconciliation | ||||||||||
2014 | 2013 | 2012 | ||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||
Low income housing tax credits | (5.8 | )% | (6.8 | )% | (10.5 | )% | ||||
Tax-exempt interest | (4.6 | )% | (4.5 | )% | (6.7 | )% | ||||
Bank owned life insurance | (0.8 | )% | (1.0 | )% | (1.2 | )% | ||||
Other | (0.6 | )% | (0.4 | )% | 0.9 | % | ||||
Effective Tax Rate | 23.2 | % | 22.3 | % | 17.5 | % | ||||
Schedule of Significant Components of Temporary Differences with Deferred Tax Assets and Liabilities | Significant components of our temporary differences were as follows at December 31: | |||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
Deferred Tax Liabilities: | ||||||||||
Net unrealized holding gains on securities available-for-sale | $ | (3,783 | ) | $ | — | |||||
Prepaid pension | (3,472 | ) | (3,730 | ) | ||||||
Deferred loan income | (2,165 | ) | (1,614 | ) | ||||||
Purchase accounting adjustments | (631 | ) | (801 | ) | ||||||
Depreciation on premises and equipment | (1,590 | ) | (1,061 | ) | ||||||
Other | (812 | ) | (823 | ) | ||||||
Total Deferred Tax liabilities | (12,453 | ) | (8,029 | ) | ||||||
Deferred Tax Assets: | ||||||||||
Net unrealized holding losses on securities available-for-sale | — | 361 | ||||||||
Allowance for loan losses | 17,567 | 18,890 | ||||||||
Other employee benefits | 2,453 | 2,369 | ||||||||
Low income housing partnerships | 4,049 | 3,147 | ||||||||
Net adjustment to funded status of pension | 11,089 | 6,495 | ||||||||
Impairment of securities | 1,313 | 1,313 | ||||||||
Delinquent interest on nonaccrual loans | — | 1,626 | ||||||||
State net operating loss carryforwards | 2,249 | 1,828 | ||||||||
Other | 4,668 | 3,950 | ||||||||
Gross Deferred Tax Assets | 43,388 | 39,979 | ||||||||
Less: Valuation allowance | (2,249 | ) | (2,199 | ) | ||||||
Total Deferred Tax Assets | 41,139 | 37,780 | ||||||||
Net Deferred Tax Asset | $ | 28,686 | $ | 29,751 | ||||||
Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | A reconciliation of the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31: | |||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 1,902 | $ | 978 | $ | 200 | ||||
Prior period tax positions | ||||||||||
Increase | 55 | 924 | — | |||||||
Decrease | (1,673 | ) | — | — | ||||||
Current period tax positions | — | — | 913 | |||||||
Reductions for statute of limitations expirations | — | — | (135 | ) | ||||||
Balance at End of Year | $ | 284 | $ | 1,902 | $ | 978 | ||||
Amount That Would Affect the Effective Tax Rate if Recognized | $ | 184 | $ | 148 | $ | 147 | ||||
Tax_Effects_on_Other_Comprehen1
Tax Effects on Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Tax Effects of Components of Other Comprehensive Income (Loss) | The following tables present the tax effects of the components of other comprehensive income (loss) for the years ended December 31: | |||||||||
(dollars in thousands) | Pre-Tax | Tax | Net of Tax | |||||||
Amount | (Expense) | Amount | ||||||||
Benefit | ||||||||||
2014 | ||||||||||
Net change in unrealized gains on securities available-for-sale | $ | 11,825 | $ | (4,139 | ) | $ | 7,686 | |||
Net available-for-sale securities gains reclassified into earnings | (41 | ) | 15 | (26 | ) | |||||
Adjustment to funded status of employee benefit plans | (13,394 | ) | 4,595 | (8,799 | ) | |||||
Other Comprehensive Income/(Loss) | $ | (1,610 | ) | $ | 471 | $ | (1,139 | ) | ||
2013 | ||||||||||
Net change in unrealized losses on securities available-for-sale | $ | (16,928 | ) | $ | 5,925 | $ | (11,003 | ) | ||
Net available-for-sale securities gains reclassified into earnings | (5 | ) | 2 | (3 | ) | |||||
Adjustment to funded status of employee benefit plans | 18,299 | (6,405 | ) | 11,894 | ||||||
Other Comprehensive Income | $ | 1,366 | $ | (478 | ) | $ | 888 | |||
2012 | ||||||||||
Net change in unrealized gains on securities available-for-sale | $ | 4,097 | $ | (1,434 | ) | $ | 2,663 | |||
Net available-for-sale securities gains reclassified into earnings | (3,016 | ) | 1,055 | (1,961 | ) | |||||
Adjustment to funded status of employee benefit plans | (271 | ) | 95 | (176 | ) | |||||
Other Comprehensive Income | $ | 810 | $ | (284 | ) | $ | 526 | |||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities | The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status, which is recorded in other liabilities in the Consolidated Balance Sheets: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Change in Projected Benefit Obligation | |||||||||||||
Projected benefit obligation at beginning of year | $ | 95,969 | $ | 102,454 | |||||||||
Service cost | 2,369 | 2,767 | |||||||||||
Interest cost | 4,470 | 3,985 | |||||||||||
Actuarial loss (gain) | 16,020 | (7,167 | ) | ||||||||||
Benefits paid | (5,704 | ) | (6,070 | ) | |||||||||
Projected Benefit Obligation at End of Year | $ | 113,124 | $ | 95,969 | |||||||||
Change in Plan Assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 89,556 | $ | 81,088 | |||||||||
Actual return on plan assets | 9,634 | 14,538 | |||||||||||
Benefits paid | (5,704 | ) | (6,070 | ) | |||||||||
Fair Value of Plan Assets at End of Year | $ | 93,486 | $ | 89,556 | |||||||||
Funded Status | $ | (19,638 | ) | $ | (6,413 | ) | |||||||
Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) at December 31: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||
Prior service credit | $ | (1,167 | ) | $ | (1,304 | ) | |||||||
Net actuarial loss | 30,726 | 18,373 | |||||||||||
Total (Before Tax Effects) | $ | 29,559 | $ | 17,069 | |||||||||
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation | Below are the actuarial weighted average assumptions used in determining the benefit obligation: | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4 | % | 4.75 | % | |||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligation recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Components of Net Periodic Pension Cost | |||||||||||||
Service cost—benefits earned during the period | $ | 2,369 | $ | 2,767 | $ | 2,788 | |||||||
Interest cost on projected benefit obligation | 4,470 | 3,985 | 4,358 | ||||||||||
Expected return on plan assets | (6,907 | ) | (6,207 | ) | (5,564 | ) | |||||||
Amortization of prior service cost (credit) | (137 | ) | (138 | ) | (137 | ) | |||||||
Recognized net actuarial loss | 941 | 2,425 | 2,474 | ||||||||||
Net Periodic Pension Expense | $ | 736 | $ | 2,832 | $ | 3,919 | |||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||||||||||||
Net actuarial loss (gain) | $ | 13,294 | $ | (15,499 | ) | $ | 2,477 | ||||||
Recognized net actuarial loss | (941 | ) | (2,425 | ) | (2,474 | ) | |||||||
Recognized prior service credit | 137 | 138 | 137 | ||||||||||
Total (Before Tax Effects) | $ | 12,490 | $ | (17,786 | ) | $ | 140 | ||||||
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Loss) (Before Tax Effects) | $ | 13,226 | $ | (14,954 | ) | $ | 4,059 | ||||||
Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost | The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.75 | % | 4 | % | 4.75 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 4 | % | |||||||
Expected return on assets | 8 | % | 8 | % | 8 | % | |||||||
Estimated Future Benefit Payments | The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter: | ||||||||||||
(dollars in thousands) | Amount | ||||||||||||
2015 | $ | 6,440 | |||||||||||
2016 | 6,437 | ||||||||||||
2017 | 6,268 | ||||||||||||
2018 | 6,719 | ||||||||||||
2019 | 6,637 | ||||||||||||
2020 - 2024 | 38,984 | ||||||||||||
Pension Plan Assets Measured at Fair Value on Recurring Basis | The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2014 and 2013. There were no transfers between Level 1 and Level 2 for items of a recurring basis during the periods presented. There were no purchases or transfers of Level 3 plan assets in 2014. | ||||||||||||
31-Dec-14 | |||||||||||||
Fair Value Asset Classes(1) | |||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents(2) | $ | — | $ | 5,073 | $ | — | $ | 5,073 | |||||
Fixed Income(3) | 26,726 | — | — | 26,726 | |||||||||
Equities: | |||||||||||||
Equity index mutual funds—international(4) | 3,728 | — | — | 3,728 | |||||||||
Domestic Individual Equities(5) | 57,085 | — | — | 57,085 | |||||||||
International Individual Equities(6) | 874 | — | — | 874 | |||||||||
Total Assets at Fair Value | $ | 88,413 | $ | 5,073 | $ | — | $ | 93,486 | |||||
-1 | Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. | ||||||||||||
-2 | This asset class includes FDIC insured money market instruments. | ||||||||||||
-3 | This asset class includes a variety of fixed income mutual funds which primarily invests in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. | ||||||||||||
-4 | The sole investment within this asset class is the Harbor International Institutional fund. | ||||||||||||
-5 | This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. | ||||||||||||
-6 | This asset class includes American Depository Receipts, or ADR. | ||||||||||||
31-Dec-13 | |||||||||||||
Fair Value Asset Classes(1) | |||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash and cash equivalents(2) | $ | — | $ | 2,946 | $ | — | $ | 2,946 | |||||
Fixed Income(3) | 26,448 | — | — | 26,448 | |||||||||
Equities: | |||||||||||||
Equity index mutual funds—domestic(4) | 1,558 | — | — | 1,558 | |||||||||
Equity index mutual funds—international(5) | 2,497 | — | — | 2,497 | |||||||||
Domestic Individual Equities(6) | 55,206 | — | — | 55,206 | |||||||||
International Individual Equities(7) | 901 | — | — | 901 | |||||||||
Total Assets at Fair Value | $ | 86,610 | $ | 2,946 | $ | — | $ | 89,556 | |||||
-1 | Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. | ||||||||||||
-2 | This asset class includes FDIC insured money market instruments. | ||||||||||||
-3 | This asset class includes a variety of fixed income mutual funds which primarily invests in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. | ||||||||||||
-4 | The sole investment within this asset class is S&P 600 index iShares. | ||||||||||||
-5 | The sole investment within this asset class is MSCI EAFE Index iShares. | ||||||||||||
-6 | This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. | ||||||||||||
-7 | This asset class includes American Depository Receipts, or ADR. |
Incentive_and_Restricted_Stock1
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Summary of Nonstatutory Stock Options Activity | The following table summarizes activity for nonstatutory stock options for the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number | Weighted | Weighted | Number of | Weighted | Weighted | Number of | Weighted | Weighted | |||||||||||||
of Shares | Average | Average | Shares | Average | Average | Shares | Average | Average | |||||||||||||
Exercise | Remaining | Exercise | Remaining | Exercise | Remaining | ||||||||||||||||
Price | Contractual | Price | Contractual | Price | Contractual | ||||||||||||||||
Term | Term | Term | |||||||||||||||||||
Outstanding at beginning of year | 428,900 | $ | 37.36 | 675,500 | $ | 35.18 | 757,050 | $ | 34.33 | ||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||
Exercised | — | — | — | — | — | — | |||||||||||||||
Forfeited | (273,400 | ) | 37.08 | (246,600 | ) | 31.39 | (81,550 | ) | 27.29 | ||||||||||||
Outstanding at End of Year | 155,500 | $ | 37.86 | 1.0 year | 428,900 | $ | 37.36 | 1.4 years | 675,500 | $ | 35.18 | 2.0 years | |||||||||
Exercisable at End of Year | 155,500 | $ | 37.86 | 1.0 year | 428,900 | $ | 37.36 | 1.4 years | 675,500 | $ | 35.18 | 2.0 years | |||||||||
2003 Stock Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Summary of Non-Vested Restricted Stock | The following table provides information about restricted stock granted under the 2003 Stock Plan for the years ended December 31: | ||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested at December 31, 2012 | 115,019 | $ | 22.39 | ||||||||||||||||||
Granted | 22,189 | 19.18 | |||||||||||||||||||
Vested | 45,864 | 19.68 | |||||||||||||||||||
Forfeited | 11,929 | 21.3 | |||||||||||||||||||
Non-vested at December 31, 2013 | 79,415 | $ | 21.5 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Vested | 41,740 | 20.7 | |||||||||||||||||||
Forfeited | 14,530 | 20.97 | |||||||||||||||||||
Non-vested at December 31, 2014 | 23,145 | $ | 23.28 | ||||||||||||||||||
2014 Stock Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Summary of Non-Vested Restricted Stock | The following table provides information about restricted stock granted under the 2014 Stock Plan for the years ended December 31: | ||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested at December 31, 2013 | — | $ | — | ||||||||||||||||||
Granted | 80,455 | 23.24 | |||||||||||||||||||
Vested | 158 | 23.19 | |||||||||||||||||||
Forfeited | 473 | 23.19 | |||||||||||||||||||
Non-vested at December 31, 2014 | 79,824 | $ | 23.24 | ||||||||||||||||||
Parent_Company_Condensed_Finan1
Parent Company Condensed Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Balance Sheets | BALANCE SHEETS | |||||||||
December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||
ASSETS | ||||||||||
Cash | $ | 38,028 | $ | 14,852 | ||||||
Investments in: | ||||||||||
Bank subsidiary | 565,927 | 553,825 | ||||||||
Nonbank subsidiaries | 20,569 | 19,561 | ||||||||
Other assets | 5,567 | 4,441 | ||||||||
Total Assets | $ | 630,091 | $ | 592,679 | ||||||
LIABILITIES | ||||||||||
Long-term debt | $ | 20,619 | $ | 20,619 | ||||||
Other liabilities | 1,083 | 754 | ||||||||
Total Liabilities | 21,702 | 21,373 | ||||||||
Total Shareholders’ Equity | 608,389 | 571,306 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 630,091 | $ | 592,679 | ||||||
Statements of Net Income | STATEMENTS OF NET INCOME | |||||||||
Years ended December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Dividends from subsidiaries | $ | 46,414 | $ | 24,087 | $ | 35,603 | ||||
Investment income | 19 | 15 | 17 | |||||||
Interest expense on long-term debt | 759 | 769 | 808 | |||||||
Other expenses | 2,014 | 2,579 | 1,800 | |||||||
Income before Equity in Undistributed Net Income of Subsidiaries | 43,660 | 20,754 | 33,012 | |||||||
Equity in undistributed net income (distribution in excess of net income) of: | ||||||||||
Bank subsidiary | 13,351 | 29,926 | 1,371 | |||||||
Nonbank subsidiaries | 899 | (141 | ) | (183 | ) | |||||
Net Income | $ | 57,910 | $ | 50,539 | 34,200 | |||||
Statements of Cash Flows | STATEMENTS OF CASH FLOWS | |||||||||
Years ended December 31, | ||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||
OPERATING ACTIVITIES | ||||||||||
Net Income | $ | 57,910 | $ | 50,539 | $ | 34,200 | ||||
Equity in undistributed (earnings) losses of subsidiaries | (14,250 | ) | (29,785 | ) | (1,188 | ) | ||||
Tax (benefit) expense from stock-based compensation | (16 | ) | (96 | ) | 30 | |||||
Other | (106 | ) | 121 | 1,023 | ||||||
Net Cash Provided by Operating Activities | 43,538 | 20,779 | 34,065 | |||||||
INVESTING ACTIVITIES | ||||||||||
Net investments in subsidiaries | — | — | (5,035 | ) | ||||||
Acquisitions | — | — | (14,123 | ) | ||||||
Net Cash Used in Investing Activities | — | — | (19,158 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||
(Purchase) Sale of treasury shares, net | (163 | ) | (88 | ) | 998 | |||||
Cash dividends paid to common shareholders | (20,215 | ) | (18,137 | ) | (17,357 | ) | ||||
Tax benefit (expense) from stock-based compensation | 16 | 96 | (30 | ) | ||||||
Net Cash Used in Financing Activities | (20,362 | ) | (18,129 | ) | (16,389 | ) | ||||
Net increase (decrease) in cash | 23,176 | 2,650 | (1,482 | ) | ||||||
Cash at beginning of year | 14,852 | 12,202 | 13,684 | |||||||
Cash at End of Year | $ | 38,028 | $ | 14,852 | $ | 12,202 | ||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||
Summary of Risk-Based Capital Amounts and Ratios for S&T and S&T Bank | The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank. | |||||||||||||||||
Actual | Minimum | To be | ||||||||||||||||
Regulatory Capital | Well Capitalized | |||||||||||||||||
Requirements | Under Prompt | |||||||||||||||||
Corrective Action | ||||||||||||||||||
Provisions | ||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | $ | 537,935 | 14.27 | % | $ | 301,548 | 8 | % | $ | 376,936 | 10 | % | ||||||
S&T Bank | 475,538 | 12.68 | % | 300,095 | 8 | % | 375,119 | 10 | % | |||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | 465,114 | 12.34 | % | 150,774 | 4 | % | 226,161 | 6 | % | |||||||||
S&T Bank | 403,593 | 10.76 | % | 150,048 | 4 | % | 225,071 | 6 | % | |||||||||
Leverage Ratio(1) | ||||||||||||||||||
S&T | 465,114 | 9.8 | % | 189,895 | 4 | % | 237,369 | 5 | % | |||||||||
S&T Bank | 403,593 | 8.53 | % | 189,182 | 4 | % | 236,477 | 5 | % | |||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | $ | 494,986 | 14.36 | % | $ | 275,684 | 8 | % | $ | 344,606 | 10 | % | ||||||
S&T Bank | 457,540 | 13.35 | % | 274,257 | 8 | % | 342,821 | 10 | % | |||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||
S&T | 426,234 | 12.37 | % | 137,842 | 4 | % | 206,763 | 6 | % | |||||||||
S&T Bank | 389,584 | 11.36 | % | 137,128 | 4 | % | 205,693 | 6 | % | |||||||||
Leverage Ratio(1) | ||||||||||||||||||
S&T | 426,234 | 9.75 | % | 174,824 | 4 | % | 218,530 | 5 | % | |||||||||
S&T Bank | 389,584 | 8.95 | % | 174,081 | 4 | % | 217,601 | 5 | % | |||||||||
-1 | Minimum requirement is 3.00 percent for the most highly rated financial institutions. |
Segments_Tables
Segments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Total Assets by Reportable Operating Segment | The following represents total assets by reportable operating segment as of December 31: | |||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||
Community Banking | $ | 4,954,728 | $ | 4,524,939 | ||||||||||||
Insurance | 7,468 | 6,926 | ||||||||||||||
Wealth Management | 2,490 | 1,325 | ||||||||||||||
Total Assets | $ | 4,964,686 | $ | 4,533,190 | ||||||||||||
Financial Information of Segments | . The information provided under the caption “Eliminations” represents operations not considered to be reportable segments and/or general operating expenses and eliminations and adjustments, which are necessary for purposes of reconciling to the Consolidated Financial Statements. | |||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 160,403 | $ | 2 | $ | 518 | $ | (400 | ) | $ | 160,523 | |||||
Interest expense | 13,989 | — | — | (1,508 | ) | 12,481 | ||||||||||
Net interest income | 146,414 | 2 | 518 | 1,108 | 148,042 | |||||||||||
Provision for loan losses | 1,715 | — | — | — | 1,715 | |||||||||||
Noninterest income | 29,443 | 5,279 | 11,297 | 319 | 46,338 | |||||||||||
Noninterest expense | 97,733 | 4,313 | 9,173 | 1,427 | 112,646 | |||||||||||
Depreciation expense | 3,387 | 51 | 27 | — | 3,465 | |||||||||||
Amortization of intangible assets | 1,039 | 51 | 39 | — | 1,129 | |||||||||||
Provision for income taxes | 16,311 | 303 | 901 | — | 17,515 | |||||||||||
Net Income | $ | 55,672 | $ | 563 | $ | 1,675 | $ | — | $ | 57,910 | ||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 153,450 | $ | 2 | $ | 517 | $ | (213 | ) | $ | 153,756 | |||||
Interest expense | 16,508 | — | — | (1,945 | ) | 14,563 | ||||||||||
Net interest income | 136,942 | 2 | 517 | 1,732 | 139,193 | |||||||||||
Provision for loan losses | 8,311 | — | — | — | 8,311 | |||||||||||
Noninterest income | 34,649 | 5,483 | 10,662 | 733 | 51,527 | |||||||||||
Noninterest expense | 94,769 | 5,210 | 9,850 | 2,465 | 112,294 | |||||||||||
Depreciation expense | 3,430 | 47 | 30 | — | 3,507 | |||||||||||
Amortization of intangible assets | 1,492 | 51 | 48 | — | 1,591 | |||||||||||
Provision (benefit) for income taxes | 14,180 | (47 | ) | 345 | — | 14,478 | ||||||||||
Net Income | $ | 49,409 | $ | 224 | $ | 906 | $ | — | $ | 50,539 | ||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth | Eliminations | Consolidated | |||||||||||
Banking | Management | |||||||||||||||
Interest income | $ | 155,865 | $ | 1 | $ | 454 | $ | (69 | ) | $ | 156,251 | |||||
Interest expense | 22,135 | — | — | (1,111 | ) | 21,024 | ||||||||||
Net interest income | 133,730 | 1 | 454 | 1,042 | 135,227 | |||||||||||
Provision for loan losses | 22,815 | — | — | — | 22,815 | |||||||||||
Noninterest income | 36,422 | 5,262 | 9,788 | 440 | 51,912 | |||||||||||
Noninterest expense | 100,474 | 5,569 | 9,717 | 1,482 | 117,242 | |||||||||||
Depreciation expense | 3,833 | 48 | 31 | — | 3,912 | |||||||||||
Amortization of intangible assets | 1,600 | 52 | 57 | — | 1,709 | |||||||||||
Provision (benefit) for income taxes | 7,420 | (242 | ) | 83 | — | 7,261 | ||||||||||
Net Income (Loss) | $ | 34,010 | $ | (164 | ) | $ | 354 | $ | — | $ | 34,200 | |||||
Other_Noninterest_Expense_Tabl
Other Noninterest Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Summary of Other Noninterest Expenses | Other noninterest expense is presented in the table below: | |||||||||||
Years Ended December 31, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Other noninterest expenses: | ||||||||||||
Joint venture amortization | $ | 4,054 | $ | 4,095 | $ | 4,199 | ||||||
Loan related expenses | 2,579 | 2,432 | 2,538 | |||||||||
Telecommunications | 2,220 | 1,691 | 1,415 | |||||||||
Amortization of intangibles | 1,129 | 1,591 | 1,709 | |||||||||
Other real estate owned | 264 | 445 | 2,166 | |||||||||
Other | 11,224 | 10,661 | 12,815 | |||||||||
Total Other Noninterest Expenses | $ | 21,470 | $ | 20,915 | $ | 24,842 | ||||||
Selected_Financial_Data_Tables
Selected Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Summary of Selected Financial Data | The following table presents selected financial data for the most recent eight quarters. | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands, except per | Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||
share data) (unaudited) | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
SUMMARY OF OPERATIONS | ||||||||||||||||||||||||||
Interest income | $ | 41,381 | $ | 40,605 | $ | 39,872 | $ | 38,665 | $ | 38,779 | $ | 38,581 | $ | 38,553 | $ | 37,843 | ||||||||||
Interest expense | 3,315 | 3,076 | 3,017 | 3,074 | 3,125 | 3,307 | 3,957 | 4,174 | ||||||||||||||||||
Provision for loan losses | 1,106 | 1,454 | (1,134 | ) | 289 | 1,562 | 3,419 | 1,023 | 2,307 | |||||||||||||||||
Net interest income after provision for loan losses | 36,960 | 36,075 | 37,989 | 35,302 | 34,092 | 31,855 | 33,573 | 31,362 | ||||||||||||||||||
Security gains, net | — | — | 40 | 1 | — | 3 | — | 2 | ||||||||||||||||||
Noninterest income | 11,220 | 11,931 | 11,731 | 11,415 | 11,312 | 12,539 | 12,867 | 14,804 | ||||||||||||||||||
Noninterest expense | 29,720 | 28,440 | 30,165 | 28,914 | 29,447 | 27,943 | 28,386 | 31,616 | ||||||||||||||||||
Income before taxes | 18,460 | 19,566 | 19,595 | 17,804 | 15,957 | 16,454 | 18,054 | 14,552 | ||||||||||||||||||
Provision for income taxes | 3,963 | 4,906 | 4,875 | 3,771 | 4,098 | 4,207 | 3,951 | 2,222 | ||||||||||||||||||
Net Income Available to Common Shareholders | $ | 14,497 | $ | 14,660 | $ | 14,720 | $ | 14,033 | $ | 11,859 | $ | 12,247 | $ | 14,103 | $ | 12,330 | ||||||||||
Per Share Data | ||||||||||||||||||||||||||
Common earnings per share—diluted | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.47 | $ | 0.4 | $ | 0.41 | $ | 0.47 | $ | 0.41 | ||||||||||
Dividends declared per common share | 0.18 | 0.17 | 0.17 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||
Common book value | 20.42 | 20.33 | 20.04 | 19.64 | 19.21 | 18.68 | 18.39 | 18.32 | ||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Mar. 09, 2012 | Aug. 12, 2013 | Jun. 30, 2015 | Dec. 31, 2013 | Oct. 29, 2014 | |
Subsidiary | Subsidiary | Branch | branch | |||
segment | Branch | |||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of Reporting Units | 3 | |||||
Number of subsidiary | 3 | |||||
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 100.00% | |||||
Period for satisfactory payment of TDRs | 6 months | |||||
Evaluation for impairment of substandard and nonaccrual commercial loans | $500,000 | |||||
Carrying amount of goodwill | 175,820,000 | 175,820,000 | ||||
Amortization period of intangible assets | 10 years | |||||
Percentage of amount recognized of tax benefit | 50.00% | |||||
Percentage of projected benefit obligation | 10.00% | |||||
Assets | 4,964,686,000 | 4,533,190,000 | ||||
Community Banking [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Carrying amount of goodwill | 171,600,000 | |||||
Percentage of goodwill to reporting units | 98.00% | |||||
Assets | 4,954,728,000 | 4,524,939,000 | ||||
Insurance [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Carrying amount of goodwill | 4,200,000 | |||||
Percentage of goodwill to reporting units | 2.00% | |||||
Assets | 7,468,000 | 6,926,000 | ||||
Common Wealth Trust Life Insurance Company [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 50.00% | |||||
Mainline [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of subsidiary | 1 | |||||
Business acquisition date | 9-Mar-12 | |||||
Number of branches | 8 | |||||
Business acquisition, loans | 129,500,000 | |||||
Business acquisition, deposits | 206,000,000 | |||||
Business acquisition cost | 27,800,000 | |||||
Gateway [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Business acquisition date | 13-Aug-12 | |||||
Number of branches | 2 | |||||
Business acquisition, loans | 99,100,000 | |||||
Business acquisition, deposits | 105,400,000 | |||||
Business acquisition cost | 19,800,000 | |||||
Integrity Bancshares, Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Transaction value | 155,000,000 | |||||
Number of Branches | 8 | |||||
Assets | $860,000,000 | |||||
Interest Rate Lock Commitments [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Period for interest rate lock commitment | 60 days | |||||
Commercial Real Estate [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Allowance for loan loss emergence period | 3 years 6 months | |||||
Period lengthened the LEP assumption for the consumer portfolio | 1 year 6 months | |||||
Commercial and Industrial [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Allowance for loan loss emergence period | 2 years 6 months | |||||
Consumer Portfolio Segment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Allowance for loan loss emergence period | 2 years | |||||
Period lengthened the LEP assumption for the consumer portfolio | 1 year 6 months | |||||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 20.00% | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 50.00% | |||||
Scenario, Forecast [Member] | Integrity Bancshares, Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Period of intended operation subsequent to merger | 3 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives for Various Asset (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Land and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, description | Non-depreciating assets |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 25 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 5 years |
Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 5 years |
Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | 15 years |
Earnings_Per_Share_Reconciles_
Earnings Per Share - Reconciles Numerators and Denominators of Basic Earnings Per Share and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator for Earnings per Common Share-Basic: | |||||||||||
Net Income | $57,910 | $50,539 | $34,200 | ||||||||
Less: Income allocated to participating shares | 165 | 147 | 126 | ||||||||
Net Income Allocated to Common Shareholders | 14,497 | 14,660 | 14,720 | 14,033 | 11,859 | 12,247 | 14,103 | 12,330 | 57,745 | 50,392 | 34,074 |
Numerator for Earnings per Common Share-Diluted: | |||||||||||
Net Income | $57,910 | $50,539 | $34,200 | ||||||||
Denominators: | |||||||||||
Weighted Average Common Shares Outstanding-Basic | 29,683,103 | 29,647,231 | 28,976,619 | ||||||||
Add: Dilutive potential common shares | 25,621 | 35,322 | 32,261 | ||||||||
Denominator for Treasury Stock Method-Diluted | 29,708,724 | 29,682,553 | 29,008,880 | ||||||||
Weighted Average Common Shares Outstanding-Basic | 29,683,103 | 29,647,231 | 28,976,619 | ||||||||
Add: Average participating shares outstanding | 84,918 | 86,490 | 107,274 | ||||||||
Denominator for Two-Class Method-Diluted | 29,768,021 | 29,733,721 | 29,083,893 | ||||||||
Earnings per common share-basic (dollars per share) | $1.95 | $1.70 | $1.18 | ||||||||
Earnings per common share-diluted (shares) | $0.49 | $0.49 | $0.49 | $0.47 | $0.40 | $0.41 | $0.47 | $0.41 | $1.95 | $1.70 | $1.18 |
Exercise price of warrants (dollars per share) | $31.53 | $31.53 | |||||||||
Warrants [Member] | |||||||||||
Denominators: | |||||||||||
Anti-dilutive excluded from dilutive potential common shares | 517,012 | 517,012 | 517,012 | ||||||||
Stock Options [Member] | |||||||||||
Denominators: | |||||||||||
Anti-dilutive excluded from dilutive potential common shares | 419,538 | 619,418 | 747,443 | ||||||||
Restricted Stock [Member] | |||||||||||
Denominators: | |||||||||||
Anti-dilutive excluded from dilutive potential common shares | 59,297 | 51,169 | 75,012 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable [Line Items] | |||
Transfers out of Level 3 | $300,000 | $0 | ($344,000) |
Liabilities measured at fair value on nonrecurring basis | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Total securities available-for-sale | $640,273 | $509,425 |
US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 14,880 | 0 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 269,285 | 234,751 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 118,006 | 63,774 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 46,668 | 48,669 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 39,673 | 39,052 |
Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 142,702 | 114,264 |
Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 9,059 | 8,915 |
Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 640,273 | 509,425 |
Trading securities held in a Rabbi Trust | 3,456 | 2,864 |
Total securities | 643,729 | 512,289 |
Total Assets | 656,945 | 526,106 |
LIABILITIES | ||
Total Liabilities | 13,010 | 13,647 |
Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 14,880 | |
Fair Value Measurements, Recurring [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 269,285 | 234,751 |
Fair Value Measurements, Recurring [Member] | Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 118,006 | 63,774 |
Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 46,668 | 48,669 |
Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 39,673 | 39,052 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 142,702 | 114,264 |
Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 9,059 | 8,915 |
Fair Value Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative financial assets | 12,981 | 13,698 |
LIABILITIES | ||
Derivative financial liabilities | 12,953 | 13,647 |
Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 235 | 85 |
Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | 34 | |
LIABILITIES | ||
Derivative financial liabilities | 57 | |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 178 | 202 |
Trading securities held in a Rabbi Trust | 3,456 | 2,864 |
Total securities | 3,634 | 3,066 |
Total Assets | 3,634 | 3,066 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 178 | 202 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 640,095 | 509,223 |
Trading securities held in a Rabbi Trust | 0 | 0 |
Total securities | 640,095 | 509,223 |
Total Assets | 653,311 | 523,040 |
LIABILITIES | ||
Total Liabilities | 13,010 | 13,647 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 14,880 | |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 269,285 | 234,751 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 118,006 | 63,774 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 46,668 | 48,669 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 39,673 | 39,052 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 142,702 | 114,264 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 8,881 | 8,713 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative financial assets | 12,981 | 13,698 |
LIABILITIES | ||
Derivative financial liabilities | 12,953 | 13,647 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 235 | 85 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | 34 | |
LIABILITIES | ||
Derivative financial liabilities | 57 | |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Trading securities held in a Rabbi Trust | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | $0 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Assets Classified as Level 3 in Fair Value Hierarchy (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | |||
Balance at beginning of year | $0 | $300 | |
Total gains included in other comprehensive income (loss) | 0 | 44 | |
Net purchases, sales, issuances and settlements | 0 | 0 | |
Transfers out of Level 3 | 300 | 0 | -344 |
Balance at End of Year | $0 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Loans held for sale | $0 | $1,516 |
Impaired loans | 12,916 | 19,197 |
Other real estate owned | 117 | 317 |
Mortgage servicing rights | 2,934 | 1,025 |
Total Assets | 15,967 | 22,055 |
Level 1 [Member] | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Level 2 [Member] | ||
ASSETS | ||
Loans held for sale | 0 | 0 |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Level 3 [Member] | ||
ASSETS | ||
Loans held for sale | 0 | 1,516 |
Impaired loans | 12,916 | 19,197 |
Other real estate owned | 117 | 317 |
Mortgage servicing rights | 2,934 | 1,025 |
Total Assets | $15,967 | $22,055 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
ASSETS | |||
Securities available-for-sale | $640,273 | $509,425 | |
Federal Home Loan Bank and other restricted stock, at cost | 15,135 | 13,629 | |
LIABILITIES | |||
Junior subordinated debt securities | 45,619 | 45,619 | 90,619 |
Carrying Value [Member] | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 109,580 | 108,356 | |
Securities available-for-sale | 640,273 | 509,425 | |
Loans held for sale | 2,970 | 2,136 | |
Portfolio loans, net of unearned income | 3,868,746 | 3,566,199 | |
Bank owned life insurance | 62,252 | 60,480 | |
Federal Home Loan Bank and other restricted stock, at cost | 15,135 | 13,629 | |
Trading securities held in a Rabbi Trust | 3,456 | 2,864 | |
Mortgage servicing rights | 2,817 | 2,919 | |
LIABILITIES | |||
Deposits | 3,908,842 | 3,672,308 | |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 30,605 | 33,847 | |
Short-term Debt, Fair Value | 290,000 | 140,000 | |
Long-term Debt, Fair Value | 19,442 | 21,810 | |
Junior subordinated debt securities | 45,619 | 45,619 | |
Carrying Value [Member] | Interest Rate Swaps [Member] | |||
ASSETS | |||
Derivative financial assets | 12,981 | 13,698 | |
LIABILITIES | |||
Derivative financial liabilities | 12,953 | 13,647 | |
Carrying Value [Member] | Interest Rate Lock Commitments [Member] | |||
ASSETS | |||
Derivative financial assets | 235 | 85 | |
Carrying Value [Member] | Forward Sale Contracts [Member] | |||
ASSETS | |||
Derivative financial assets | 34 | ||
LIABILITIES | |||
Derivative financial liabilities | 57 | ||
Fair Value Measurements [Member] | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 109,580 | 108,356 | |
Securities available-for-sale | 640,273 | 509,425 | |
Loans held for sale | 2,991 | 2,139 | |
Portfolio loans, net of unearned income | 3,827,634 | 3,538,072 | |
Bank owned life insurance | 62,252 | 60,480 | |
Federal Home Loan Bank and other restricted stock, at cost | 15,135 | 13,629 | |
Trading securities held in a Rabbi Trust | 3,456 | 2,864 | |
Mortgage servicing rights | 2,934 | 3,143 | |
LIABILITIES | |||
Deposits | 3,910,342 | 3,673,624 | |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 30,605 | 33,847 | |
Short-term Debt, Fair Value | 290,000 | 140,000 | |
Long-term Debt, Fair Value | 20,462 | 22,924 | |
Junior subordinated debt securities | 45,619 | 45,619 | |
Fair Value Measurements [Member] | Level 1 [Member] | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 109,580 | 108,356 | |
Securities available-for-sale | 178 | 202 | |
Trading securities held in a Rabbi Trust | 3,456 | 2,864 | |
Fair Value Measurements [Member] | Level 2 [Member] | |||
ASSETS | |||
Securities available-for-sale | 640,095 | 509,223 | |
Bank owned life insurance | 62,252 | 60,480 | |
Fair Value Measurements [Member] | Level 3 [Member] | |||
ASSETS | |||
Securities available-for-sale | 0 | ||
Loans held for sale | 2,991 | 2,139 | |
Portfolio loans, net of unearned income | 3,827,634 | 3,538,072 | |
Federal Home Loan Bank and other restricted stock, at cost | 15,135 | 13,629 | |
Mortgage servicing rights | 2,934 | 3,143 | |
LIABILITIES | |||
Deposits | 3,910,342 | 3,673,624 | |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 30,605 | 33,847 | |
Short-term Debt, Fair Value | 290,000 | 140,000 | |
Long-term Debt, Fair Value | 20,462 | 22,924 | |
Junior subordinated debt securities | 45,619 | 45,619 | |
Fair Value Measurements [Member] | Interest Rate Swaps [Member] | |||
ASSETS | |||
Derivative financial assets | 12,981 | 13,698 | |
LIABILITIES | |||
Derivative financial liabilities | 12,953 | 13,647 | |
Fair Value Measurements [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | |||
ASSETS | |||
Derivative financial assets | 12,981 | 13,698 | |
LIABILITIES | |||
Derivative financial liabilities | 12,953 | 13,647 | |
Fair Value Measurements [Member] | Interest Rate Lock Commitments [Member] | |||
ASSETS | |||
Derivative financial assets | 235 | 85 | |
Fair Value Measurements [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member] | |||
ASSETS | |||
Derivative financial assets | 235 | 85 | |
Fair Value Measurements [Member] | Forward Sale Contracts [Member] | |||
ASSETS | |||
Derivative financial assets | 34 | ||
LIABILITIES | |||
Derivative financial liabilities | 57 | ||
Fair Value Measurements [Member] | Forward Sale Contracts [Member] | Level 2 [Member] | |||
ASSETS | |||
Derivative financial assets | 34 | ||
LIABILITIES | |||
Derivative financial liabilities | $57 |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Bank Accounts - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Cash and Cash Equivalents [Abstract] | |||
Interest-bearing average reserves | $41.80 | $39.70 | $36.60 |
Dividend_and_Loan_Restrictions1
Dividend and Loan Restrictions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Apr. 30, 2012 | |
Equity [Abstract] | ||
Percentage of collateralized loans | 10.00% | |
Line of credit | $5,000,000 |
Securities_AvailableforSale_Co
Securities Available-for-Sale - Composition of Securities Available-for-Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $629,463 | $510,399 |
Gross Unrealized Gains | 12,647 | 6,802 |
Gross Unrealized Losses | -1,837 | -7,776 |
Fair Value | 640,273 | 509,425 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,873 | 0 |
Gross Unrealized Gains | 7 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 14,880 | 0 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 268,029 | 235,181 |
Gross Unrealized Gains | 2,334 | 2,151 |
Gross Unrealized Losses | -1,078 | -2,581 |
Fair Value | 269,285 | 234,751 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116,897 | 63,776 |
Gross Unrealized Gains | 1,257 | 601 |
Gross Unrealized Losses | -148 | -603 |
Fair Value | 118,006 | 63,774 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,274 | 47,934 |
Gross Unrealized Gains | 1,548 | 1,420 |
Gross Unrealized Losses | -154 | -685 |
Fair Value | 46,668 | 48,669 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,834 | 40,357 |
Gross Unrealized Gains | 232 | 0 |
Gross Unrealized Losses | -393 | -1,305 |
Fair Value | 39,673 | 39,052 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 136,977 | 115,572 |
Gross Unrealized Gains | 5,789 | 1,294 |
Gross Unrealized Losses | -64 | -2,602 |
Fair Value | 142,702 | 114,264 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 621,884 | 502,820 |
Gross Unrealized Gains | 11,167 | 5,466 |
Gross Unrealized Losses | -1,837 | -7,776 |
Fair Value | 631,214 | 500,510 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Gross Unrealized Gains | 1,480 | 1,336 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $9,059 | $8,915 |
Securities_AvailableforSale_Sc
Securities Available-for-Sale - Schedule of Gross and Net Realized Gains and Losses on Sale of Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $41 | $5 | $3,027 |
Gross realized losses | 0 | 0 | -11 |
Net Realized Gains | $41 | $5 | $3,016 |
Securities_AvailableforSale_Fa
Securities Available-for-Sale - Fair Value and Age of Gross Unrealized Losses by Investment Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
security | security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 7 | 41 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $59,329,000 | $274,942,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -381,000 | -6,913,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 13 | 2 |
Available-for-sale Securities, 12 Months or More, Fair Value | 103,527,000 | 10,088,000 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -1,456,000 | -863,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | 43 |
Available-for-sale Securities, Fair Value, Total | 162,856,000 | 285,030,000 |
Available-for-sale Securities, Unrealized Losses, Total | -1,837,000 | -7,776,000 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 4 | 16 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 39,745,000 | 126,017,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -207,000 | -2,581,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 8 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | 63,149,000 | 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -871,000 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 12 | 16 |
Available-for-sale Securities, Fair Value, Total | 102,894,000 | 126,017,000 |
Available-for-sale Securities, Unrealized Losses, Total | -1,078,000 | -2,581,000 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | 3 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 9,323,000 | 39,522,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -148,000 | -603,000 |
Available-for-sale Securities, 12 Months or More, Fair Value | 0 | 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | 0 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 3 |
Available-for-sale Securities, Fair Value, Total | 9,323,000 | 39,522,000 |
Available-for-sale Securities, Unrealized Losses, Total | -148,000 | -603,000 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 0 | 2 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 0 | 22,822,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | 0 | -685,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | 8,982,000 | 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -154,000 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 2 |
Available-for-sale Securities, Fair Value, Total | 8,982,000 | 22,822,000 |
Available-for-sale Securities, Unrealized Losses, Total | -154,000 | -685,000 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | 4 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 9,998,000 | 39,052,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -25,000 | -1,305,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | 20,640,000 | 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -368,000 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 4 |
Available-for-sale Securities, Fair Value, Total | 30,638,000 | 39,052,000 |
Available-for-sale Securities, Unrealized Losses, Total | -393,000 | -1,305,000 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | 16 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 263,000 | 47,529,000 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -1,000 | -1,739,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | 2 |
Available-for-sale Securities, 12 Months or More, Fair Value | 10,756,000 | 10,088,000 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -63,000 | -863,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 18 |
Available-for-sale Securities, Fair Value, Total | 11,019,000 | 57,617,000 |
Available-for-sale Securities, Unrealized Losses, Total | -64,000 | -2,602,000 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Unrealized Losses, Total | $0 |
Securities_AvailableforSale_Ad
Securities Available-for-Sale - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
security | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of debt securities on which unrealized losses were primarily attributable to changes in interest | 20 | |
Total temporarily impaired securities | $1,837,000 | $7,776,000 |
Carrying values of securities | 289,100,000 | 243,200,000 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired securities | $0 |
Securities_AvailableforSale_Un
Securities Available-for-Sale - Unrealized Gains (Losses) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Gains | $12,647 | $6,802 |
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Losses | -1,837 | -7,776 |
Total unrealized gains/(losses) on securities available for sale, Net Unrealized Gains | 10,810 | -974 |
Income tax expense/(benefit), Gross Unrealized Gains | 4,426 | 2,381 |
Income tax expense/(benefit), Gross Unrealized Losses | -643 | -2,722 |
Income tax expense/(benefit), Net Unrealized Gains | 3,783 | -341 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | 8,221 | 4,421 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | -1,194 | -5,054 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $7,027 | ($633) |
Securities_AvailableforSale_Am
Securities Available-for-Sale - Amortized Cost and Fair Value of Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $629,463 | $510,399 |
Fair Value | 640,273 | 509,425 |
Obligations of U.S. Government Corporations and Agencies, and Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 21,137 | |
Due after one year through five years, Amortized Cost | 196,589 | |
Due after five years through ten years, Amortized Cost | 101,013 | |
Due after ten years, Amortized Cost | 101,140 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost | 419,879 | |
Due in one year or less, Fair Value | 21,339 | |
Due after one year through five years, Fair Value | 197,183 | |
Due after five years through ten years, Fair Value | 102,788 | |
Due after ten years, Fair Value | 105,557 | |
Fair Value, Debt securities | 426,867 | |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116,897 | 63,776 |
Fair Value | 118,006 | 63,774 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,274 | 47,934 |
Fair Value | 46,668 | 48,669 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,834 | 40,357 |
Fair Value | 39,673 | 39,052 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 621,884 | 502,820 |
Fair Value | 631,214 | 500,510 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Fair Value | $9,059 | $8,915 |
Loans_and_Loans_Held_for_Sale_1
Loans and Loans Held for Sale - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
SecurityLoan | TDRs | |
TDRs | ||
Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned Income On Loan | $2,100,000 | $1,300,000 |
Percentage of commercial loans in total portfolio loans | 75.00% | 73.00% |
Maximum concentration of commercial real estate and commercial construction portfolio in loans | 9.00% | 9.00% |
Financial receivable trouble debt restructuring reclassified to accruing trouble debt restructuring status | 1,900,000 | 6,900,000 |
Number of TDRs returned back to accruing status | 9 | 6 |
Number of loan modified | 6 | |
Commitment to lend additional funds on TDRs | 0 | |
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | |
Other real estate owned properties | 5 | |
CRE and Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Combined percentage of commercial real estate and commercial construction in total commercial loans | 66.00% | 68.00% |
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 49.00% | 49.00% |
Out-of-state exposure of combined portfolio | 8.00% | 7.90% |
Percentage of total loans out-of-state | 3.90% | 3.90% |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan modified | 4 | |
Loans modified not considered to be troubled debt restructuring | 3,200,000 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan modified | 2 | |
Loans modified not considered to be troubled debt restructuring | $1,200,000 | |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan modified | 1 |
Loans_and_Loans_Held_for_Sale_2
Loans and Loans Held for Sale - Composition of Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Composition of the loans | ||
Commercial loans | $2,892,522 | $2,593,880 |
Consumer loans | 976,224 | 972,319 |
Total Portfolio Loans | 3,868,746 | 3,566,199 |
Loans held for sale | 2,970 | 2,136 |
Total Loans | 3,871,716 | 3,568,335 |
Commercial Real Estate [Member] | ||
Composition of the loans | ||
Commercial loans | 1,682,236 | 1,607,756 |
Total Portfolio Loans | 1,682,236 | 1,607,756 |
Commercial and Industrial [Member] | ||
Composition of the loans | ||
Commercial loans | 994,138 | 842,449 |
Total Portfolio Loans | 994,138 | 842,449 |
Commercial Construction [Member] | ||
Composition of the loans | ||
Commercial loans | 216,148 | 143,675 |
Total Portfolio Loans | 216,148 | 143,675 |
Residential Mortgage [Member] | ||
Composition of the loans | ||
Consumer loans | 489,586 | 487,092 |
Total Portfolio Loans | 489,586 | 487,092 |
Home Equity [Member] | ||
Composition of the loans | ||
Consumer loans | 418,563 | 414,195 |
Total Portfolio Loans | 418,563 | 414,195 |
Installment and Other Consumer [Member] | ||
Composition of the loans | ||
Consumer loans | 65,567 | 67,883 |
Total Portfolio Loans | 65,567 | 67,883 |
Consumer Construction [Member] | ||
Composition of the loans | ||
Consumer loans | 2,508 | 3,149 |
Total Portfolio Loans | $2,508 | $3,149 |
Loans_and_Loans_Held_for_Sale_3
Loans and Loans Held for Sale - Restructured Loans for Periods Presented (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | $4,777 | $11,018 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 36,983 | 39,229 |
Performing Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 16,939 | 19,711 |
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 8,074 | 7,521 |
Performing Financing Receivable [Member] | Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 5,736 | 5,338 |
Performing Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 2,839 | 2,581 |
Performing Financing Receivable [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 3,342 | 3,924 |
Performing Financing Receivable [Member] | Installment and Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 53 | 154 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 5,436 | 10,067 |
Nonperforming Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 2,180 | 3,898 |
Nonperforming Financing Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 356 | 1,884 |
Nonperforming Financing Receivable [Member] | Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 1,869 | 2,708 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 459 | 1,356 |
Nonperforming Financing Receivable [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 562 | 218 |
Nonperforming Financing Receivable [Member] | Installment and Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 10 | 3 |
Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 42,419 | 49,296 |
Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 19,119 | 23,609 |
Financing Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 8,430 | 9,405 |
Financing Receivable [Member] | Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 7,605 | 8,046 |
Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 3,298 | 3,937 |
Financing Receivable [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 3,904 | 4,142 |
Financing Receivable [Member] | Installment and Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | $63 | $157 |
Loans_and_Loans_Held_for_Sale_4
Loans and Loans Held for Sale - Restructured Loans for Periods Stated (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Decrease, Forgiveness | $100,000 | |
Number of Loans | 44 | 71 |
Pre-Modification Outstanding Recorded Investment | 4,949,000 | 11,779,000 |
Post-Modification Outstanding Recorded Investment | 4,777,000 | 11,018,000 |
Total Difference in Recorded Investment | 172,000 | -761,000 |
Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 6 | 9 |
Pre-Modification Outstanding Recorded Investment | 2,372,000 | 3,769,000 |
Post-Modification Outstanding Recorded Investment | 2,321,000 | 3,298,000 |
Total Difference in Recorded Investment | 51,000 | -471,000 |
Interest Rate Reduction and Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | 96,000 | 664,000 |
Post-Modification Outstanding Recorded Investment | 95,000 | 636,000 |
Total Difference in Recorded Investment | 1,000 | -28,000 |
Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 4,339,000 | |
Post-Modification Outstanding Recorded Investment | 4,216,000 | |
Total Difference in Recorded Investment | -123,000 | |
Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 29 | 56 |
Pre-Modification Outstanding Recorded Investment | 1,113,000 | 1,983,000 |
Post-Modification Outstanding Recorded Investment | 1,039,000 | 1,856,000 |
Total Difference in Recorded Investment | 74,000 | -127,000 |
Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 7 | 2 |
Pre-Modification Outstanding Recorded Investment | 1,368,000 | 970,000 |
Post-Modification Outstanding Recorded Investment | 1,322,000 | 958,000 |
Total Difference in Recorded Investment | 46,000 | -12,000 |
Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 54,000 | |
Post-Modification Outstanding Recorded Investment | 54,000 | |
Total Difference in Recorded Investment | 0 | |
Commercial Real Estate [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | 1,991,000 | 2,772,000 |
Post-Modification Outstanding Recorded Investment | 1,965,000 | 2,494,000 |
Total Difference in Recorded Investment | 26,000 | -278,000 |
Commercial Real Estate [Member] | Interest Rate Reduction and Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Investment | 664,000 | |
Post-Modification Outstanding Recorded Investment | 636,000 | |
Total Difference in Recorded Investment | -28,000 | |
Commercial Real Estate [Member] | Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 4,339,000 | |
Post-Modification Outstanding Recorded Investment | 4,216,000 | |
Total Difference in Recorded Investment | -123,000 | |
Commercial Real Estate [Member] | Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 6 | |
Pre-Modification Outstanding Recorded Investment | 227,000 | |
Post-Modification Outstanding Recorded Investment | 190,000 | |
Total Difference in Recorded Investment | -37,000 | |
Commercial Real Estate [Member] | Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 219,000 | |
Post-Modification Outstanding Recorded Investment | 219,000 | |
Total Difference in Recorded Investment | 0 | |
Commercial and Industrial [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | 381,000 | 670,000 |
Post-Modification Outstanding Recorded Investment | 356,000 | 638,000 |
Total Difference in Recorded Investment | 25,000 | -32,000 |
Commercial and Industrial [Member] | Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 3,000 | |
Post-Modification Outstanding Recorded Investment | 1,000 | |
Total Difference in Recorded Investment | -2,000 | |
Commercial and Industrial [Member] | Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 751,000 | |
Post-Modification Outstanding Recorded Investment | 739,000 | |
Total Difference in Recorded Investment | -12,000 | |
Commercial Construction [Member] | Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 1,019,000 | |
Post-Modification Outstanding Recorded Investment | 974,000 | |
Total Difference in Recorded Investment | 45,000 | |
Residential Mortgage [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Investment | 153,000 | |
Post-Modification Outstanding Recorded Investment | 149,000 | |
Total Difference in Recorded Investment | -4,000 | |
Residential Mortgage [Member] | Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 9 | 8 |
Pre-Modification Outstanding Recorded Investment | 651,000 | 617,000 |
Post-Modification Outstanding Recorded Investment | 634,000 | 592,000 |
Total Difference in Recorded Investment | 17,000 | -25,000 |
Residential Mortgage [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 54,000 | |
Post-Modification Outstanding Recorded Investment | 54,000 | |
Home Equity [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | 174,000 | |
Post-Modification Outstanding Recorded Investment | 17,000 | |
Total Difference in Recorded Investment | -157,000 | |
Home Equity [Member] | Interest Rate Reduction and Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Investment | 96,000 | |
Post-Modification Outstanding Recorded Investment | 95,000 | |
Total Difference in Recorded Investment | 1,000 | |
Home Equity [Member] | Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 15 | 30 |
Pre-Modification Outstanding Recorded Investment | 432,000 | 1,032,000 |
Post-Modification Outstanding Recorded Investment | 382,000 | 982,000 |
Total Difference in Recorded Investment | 50,000 | -50,000 |
Home Equity [Member] | Maturity Date Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 6 | |
Pre-Modification Outstanding Recorded Investment | 349,000 | |
Post-Modification Outstanding Recorded Investment | 348,000 | |
Total Difference in Recorded Investment | 1,000 | |
Installment and Other Consumer [Member] | Chapter 7 Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 5 | 11 |
Pre-Modification Outstanding Recorded Investment | 30,000 | 104,000 |
Post-Modification Outstanding Recorded Investment | 23,000 | 91,000 |
Total Difference in Recorded Investment | $7,000 | ($13,000) |
Loans_and_Loans_Held_for_Sale_5
Loans and Loans Held for Sale - Summary of Nonperforming Assets of Defaulted TDRs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 3 | 17 |
Recorded Investment | $64 | $1,313 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 0 | 1 |
Recorded Investment | 0 | 75 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 0 | 2 |
Recorded Investment | 0 | 438 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 8 |
Recorded Investment | 20 | 607 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 2 | 6 |
Recorded Investment | $44 | $193 |
Loans_and_Loans_Held_for_Sale_6
Loans and Loans Held for Sale - Summary of Nonperforming Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Nonperforming Assets | ||
Nonaccrual loans | $7,021 | $12,387 |
Nonaccrual TDRs | 5,436 | 10,067 |
Total nonaccrual loans | 12,457 | 22,454 |
OREO | 166 | 410 |
Total Nonperforming Assets | $12,623 | $22,864 |
Loans_and_Loans_Held_for_Sale_7
Loans and Loans Held for Sale - Summary of Aggregate Amount of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans Receivable from Officers and Directors [Roll Forward] | ||
Balance at beginning of year | $23,848 | $36,075 |
New loans | 27,799 | 22,534 |
Repayments | -24,279 | -34,761 |
Balance at End of Year | $27,368 | $23,848 |
Allowance_for_Loan_Losses_Age_
Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | $3,847,627 | $3,531,605 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 6,448 | 8,535 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 2,214 | 3,605 |
Financing Receivable, Recorded Investment, Non-performing | 12,457 | 22,454 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 21,119 | 34,594 |
Total Portfolio Loans | 3,868,746 | 3,566,199 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 1,674,930 | 1,595,590 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 2,548 | 1,209 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 323 | 207 |
Financing Receivable, Recorded Investment, Non-performing | 4,435 | 10,750 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 7,306 | 12,166 |
Total Portfolio Loans | 1,682,236 | 1,607,756 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 991,136 | 836,276 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,227 | 2,599 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 153 | 278 |
Financing Receivable, Recorded Investment, Non-performing | 1,622 | 3,296 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 3,002 | 6,173 |
Total Portfolio Loans | 994,138 | 842,449 |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 214,174 | 139,133 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 1,049 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 751 |
Financing Receivable, Recorded Investment, Non-performing | 1,974 | 2,742 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 1,974 | 4,542 |
Total Portfolio Loans | 216,148 | 143,675 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 485,465 | 481,260 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 565 | 828 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 1,220 | 1,666 |
Financing Receivable, Recorded Investment, Non-performing | 2,336 | 3,338 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 4,121 | 5,832 |
Total Portfolio Loans | 489,586 | 487,092 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 414,303 | 408,777 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,756 | 2,468 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 445 | 659 |
Financing Receivable, Recorded Investment, Non-performing | 2,059 | 2,291 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 4,260 | 5,418 |
Total Portfolio Loans | 418,563 | 414,195 |
Installment and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 65,111 | 67,420 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 352 | 382 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 73 | 44 |
Financing Receivable, Recorded Investment, Non-performing | 31 | 37 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 456 | 463 |
Total Portfolio Loans | 65,567 | 67,883 |
Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 2,508 | 3,149 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Non-performing | 0 | 0 |
Financing Receivable, Recorded Investment, Past Due Loans, Total | 0 | 0 |
Total Portfolio Loans | $2,508 | $3,149 |
Allowance_for_Loan_Losses_Reco
Allowance for Loan Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | $2,892,522 | $2,593,880 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 2,780,315 | 2,430,926 |
Total percentage of recorded investment in commercial loan | 96.10% | 93.70% |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 65,968 | 106,779 |
Total percentage of recorded investment in commercial loan | 2.30% | 4.10% |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 46,239 | 56,175 |
Total percentage of recorded investment in commercial loan | 1.60% | 2.20% |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 1,682,236 | 1,607,756 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 1,635,132 | 1,519,720 |
Total percentage of recorded investment in commercial loan | 97.20% | 94.50% |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 23,597 | 57,073 |
Total percentage of recorded investment in commercial loan | 1.40% | 3.60% |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 23,507 | 30,963 |
Total percentage of recorded investment in commercial loan | 1.40% | 1.90% |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 994,138 | 842,449 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 948,663 | 792,029 |
Total percentage of recorded investment in commercial loan | 95.40% | 94.00% |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 30,357 | 34,085 |
Total percentage of recorded investment in commercial loan | 3.10% | 4.10% |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 15,118 | 16,335 |
Total percentage of recorded investment in commercial loan | 1.50% | 1.90% |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 216,148 | 143,675 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 196,520 | 119,177 |
Total percentage of recorded investment in commercial loan | 90.90% | 82.90% |
Commercial Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 12,014 | 15,621 |
Total percentage of recorded investment in commercial loan | 5.60% | 10.90% |
Commercial Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | $7,614 | $8,877 |
Total percentage of recorded investment in commercial loan | 3.50% | 6.20% |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | ||
Evaluation for impairment of substandard and nonaccrual commercial loans | 500,000 | |
Total amount of all impaired loans | 43,977,000 | 52,856,000 |
Commercial real estate impaired loans current appraisals | 0 | |
Commercial real estate impaired loans needing current appraisals | 0 | |
Minimum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans considered nonperforming (in days) | 90 days | |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total amount of all impaired loans | 19,890,000 | $26,968,000 |
Allowance_for_Loan_Losses_Reco1
Allowance for Loan Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | $976,224 | $972,319 |
% of Total | 100.00% | 100.00% |
Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 971,798 | 966,653 |
% of Total | 99.50% | 99.40% |
Non Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 4,426 | 5,666 |
% of Total | 0.50% | 0.60% |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 489,586 | 487,092 |
% of Total | 100.00% | 100.00% |
Residential Mortgage [Member] | Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 487,250 | 483,754 |
% of Total | 99.50% | 99.30% |
Residential Mortgage [Member] | Non Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 2,336 | 3,338 |
% of Total | 0.50% | 0.70% |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 418,563 | 414,195 |
% of Total | 100.00% | 100.00% |
Home Equity [Member] | Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 416,504 | 411,904 |
% of Total | 99.50% | 99.40% |
Home Equity [Member] | Non Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 2,059 | 2,291 |
% of Total | 0.50% | 0.60% |
Installment and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 65,567 | 67,883 |
% of Total | 100.00% | 100.00% |
Installment and Other Consumer [Member] | Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 65,536 | 67,846 |
% of Total | 99.90% | 99.90% |
Installment and Other Consumer [Member] | Non Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 31 | 37 |
% of Total | 0.10% | 0.10% |
Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 2,508 | 3,149 |
% of Total | 100.00% | 100.00% |
Consumer Construction [Member] | Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 2,508 | 3,149 |
% of Total | 100.00% | 100.00% |
Consumer Construction [Member] | Non Performing Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | $0 | $0 |
% of Total | 0.00% | 0.00% |
Allowance_for_Loan_Losses_Inve
Allowance for Loan Losses - Investments in Loans Considered to be Impaired and Related Information on Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | $63 | $767 |
With a related allowance recorded, Unpaid Principal Balance | 63 | 1,469 |
With a related allowance recorded, Related Allowance | 54 | 97 |
Without a related allowance recorded, Recorded Investment | 43,914 | 52,089 |
Without a related allowance, Unpaid Principal Balance | 53,785 | 67,122 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 43,977 | 52,856 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 53,848 | 68,591 |
Impaired Financing Receivable, Related Allowance | 54 | 97 |
With a related allowance recorded, Average Recorded Investment | 72 | 3,631 |
With a related allowance recorded, Interest Income Recognized | 6 | 59 |
Without a related allowance recorded, Average Recorded Investment | 44,978 | 63,693 |
Without a related allowance recorded, Interest Income Recognized | 1,550 | 1,951 |
Impaired Financing Receivable, Average Recorded Investment, Total | 45,050 | 67,324 |
Impaired Financing Receivable, Interest Income Recognized, Total | 1,556 | 2,010 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | 0 | 0 |
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 |
With a related allowance recorded, Related Allowance | 0 | 0 |
Without a related allowance recorded, Recorded Investment | 19,890 | 26,968 |
Without a related allowance, Unpaid Principal Balance | 25,262 | 35,474 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 19,890 | 26,968 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 25,262 | 35,474 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
With a related allowance recorded, Average Recorded Investment | 0 | 1,895 |
With a related allowance recorded, Interest Income Recognized | 0 | 0 |
Without a related allowance recorded, Average Recorded Investment | 20,504 | 29,314 |
Without a related allowance recorded, Interest Income Recognized | 684 | 929 |
Impaired Financing Receivable, Average Recorded Investment, Total | 20,504 | 31,209 |
Impaired Financing Receivable, Interest Income Recognized, Total | 684 | 929 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | 0 | 0 |
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 |
With a related allowance recorded, Related Allowance | 0 | 0 |
Without a related allowance recorded, Recorded Investment | 9,218 | 9,580 |
Without a related allowance, Unpaid Principal Balance | 9,449 | 9,703 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 9,218 | 9,580 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 9,449 | 9,703 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
With a related allowance recorded, Average Recorded Investment | 0 | 0 |
With a related allowance recorded, Interest Income Recognized | 0 | 0 |
Without a related allowance recorded, Average Recorded Investment | 9,246 | 11,439 |
Without a related allowance recorded, Interest Income Recognized | 241 | 254 |
Impaired Financing Receivable, Average Recorded Investment, Total | 9,246 | 11,439 |
Impaired Financing Receivable, Interest Income Recognized, Total | 241 | 254 |
Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | 0 | 681 |
With a related allowance recorded, Unpaid Principal Balance | 0 | 1,383 |
With a related allowance recorded, Related Allowance | 0 | 25 |
Without a related allowance recorded, Recorded Investment | 7,605 | 7,391 |
Without a related allowance, Unpaid Principal Balance | 11,293 | 12,353 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 7,605 | 8,072 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 11,293 | 13,736 |
Impaired Financing Receivable, Related Allowance | 0 | 25 |
With a related allowance recorded, Average Recorded Investment | 0 | 1,652 |
With a related allowance recorded, Interest Income Recognized | 0 | 49 |
Without a related allowance recorded, Average Recorded Investment | 8,145 | 14,112 |
Without a related allowance recorded, Interest Income Recognized | 227 | 326 |
Impaired Financing Receivable, Average Recorded Investment, Total | 8,145 | 15,764 |
Impaired Financing Receivable, Interest Income Recognized, Total | 227 | 375 |
Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | 43 | 53 |
With a related allowance recorded, Unpaid Principal Balance | 43 | 53 |
With a related allowance recorded, Related Allowance | 43 | 53 |
Without a related allowance recorded, Recorded Investment | 7,159 | 8,026 |
Without a related allowance, Unpaid Principal Balance | 7,733 | 9,464 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 7,202 | 8,079 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 7,776 | 9,517 |
Impaired Financing Receivable, Related Allowance | 43 | 53 |
With a related allowance recorded, Average Recorded Investment | 48 | 60 |
With a related allowance recorded, Interest Income Recognized | 4 | 6 |
Without a related allowance recorded, Average Recorded Investment | 7,027 | 8,714 |
Without a related allowance recorded, Interest Income Recognized | 396 | 436 |
Impaired Financing Receivable, Average Recorded Investment, Total | 7,074 | 8,774 |
Impaired Financing Receivable, Interest Income Recognized, Total | 400 | 442 |
Other Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance recorded, Recorded Investment | 20 | 33 |
With a related allowance recorded, Unpaid Principal Balance | 20 | 33 |
With a related allowance recorded, Related Allowance | 11 | 19 |
Without a related allowance recorded, Recorded Investment | 42 | 124 |
Without a related allowance, Unpaid Principal Balance | 48 | 128 |
Without a related allowance recorded, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Total | 62 | 157 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 68 | 161 |
Impaired Financing Receivable, Related Allowance | 11 | 19 |
With a related allowance recorded, Average Recorded Investment | 24 | 24 |
With a related allowance recorded, Interest Income Recognized | 2 | 4 |
Without a related allowance recorded, Average Recorded Investment | 56 | 114 |
Without a related allowance recorded, Interest Income Recognized | 2 | 6 |
Impaired Financing Receivable, Average Recorded Investment, Total | 81 | 138 |
Impaired Financing Receivable, Interest Income Recognized, Total | $4 | $10 |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | $46,255 | $46,484 | $46,255 | $46,484 | |||||||
Charge-offs | -6,353 | -15,576 | |||||||||
Recoveries | 6,294 | 7,036 | |||||||||
Net (Charge-offs)/ Recoveries | -59 | -8,540 | |||||||||
Provision for loan losses | 1,106 | 1,454 | -1,134 | 289 | 1,562 | 3,419 | 1,023 | 2,307 | 1,715 | 8,311 | 22,815 |
Balance at End of Year | 47,911 | 46,255 | 47,911 | 46,255 | 46,484 | ||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | 18,921 | 25,246 | 18,921 | 25,246 | |||||||
Charge-offs | -2,041 | -4,601 | |||||||||
Recoveries | 1,798 | 3,388 | |||||||||
Net (Charge-offs)/ Recoveries | -243 | -1,213 | |||||||||
Provision for loan losses | 1,486 | -5,112 | |||||||||
Balance at End of Year | 20,164 | 18,921 | 20,164 | 18,921 | |||||||
Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | 14,433 | 7,759 | 14,433 | 7,759 | |||||||
Charge-offs | -1,267 | -2,714 | |||||||||
Recoveries | 3,647 | 2,142 | |||||||||
Net (Charge-offs)/ Recoveries | 2,380 | -572 | |||||||||
Provision for loan losses | -3,145 | 7,246 | |||||||||
Balance at End of Year | 13,668 | 14,433 | 13,668 | 14,433 | |||||||
Commercial Construction [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | 5,374 | 7,500 | 5,374 | 7,500 | |||||||
Charge-offs | -712 | -4,852 | |||||||||
Recoveries | 146 | 531 | |||||||||
Net (Charge-offs)/ Recoveries | -566 | -4,321 | |||||||||
Provision for loan losses | 1,285 | 2,195 | |||||||||
Balance at End of Year | 6,093 | 5,374 | 6,093 | 5,374 | |||||||
Consumer Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | 6,362 | 5,058 | 6,362 | 5,058 | |||||||
Charge-offs | -1,200 | -2,407 | |||||||||
Recoveries | 350 | 651 | |||||||||
Net (Charge-offs)/ Recoveries | -850 | -1,756 | |||||||||
Provision for loan losses | 821 | 3,060 | |||||||||
Balance at End of Year | 6,333 | 6,362 | 6,333 | 6,362 | |||||||
Other Consumer [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of year | 1,165 | 921 | 1,165 | 921 | |||||||
Charge-offs | -1,133 | -1,002 | |||||||||
Recoveries | 353 | 324 | |||||||||
Net (Charge-offs)/ Recoveries | -780 | -678 | |||||||||
Provision for loan losses | 1,268 | 922 | |||||||||
Balance at End of Year | $1,653 | $1,165 | $1,653 | $1,165 |
Allowance_for_Loan_Losses_Summ1
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | $54 | $97 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 47,857 | 46,158 | |
Total Allowance for Loan Losses | 47,911 | 46,255 | 46,484 |
Portfolio Loans, Individually Evaluated for Impairment | 43,977 | 52,856 | |
Portfolio Loans, Collectively Evaluated for Impairment | 3,824,769 | 3,513,343 | |
Total Portfolio Loans | 3,868,746 | 3,566,199 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 20,164 | 18,921 | |
Total Allowance for Loan Losses | 20,164 | 18,921 | 25,246 |
Portfolio Loans, Individually Evaluated for Impairment | 19,890 | 26,968 | |
Portfolio Loans, Collectively Evaluated for Impairment | 1,662,346 | 1,580,788 | |
Total Portfolio Loans | 1,682,236 | 1,607,756 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 13,668 | 14,433 | |
Total Allowance for Loan Losses | 13,668 | 14,433 | 7,759 |
Portfolio Loans, Individually Evaluated for Impairment | 9,218 | 9,580 | |
Portfolio Loans, Collectively Evaluated for Impairment | 984,920 | 832,869 | |
Total Portfolio Loans | 994,138 | 842,449 | |
Commercial Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 25 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,093 | 5,349 | |
Total Allowance for Loan Losses | 6,093 | 5,374 | 7,500 |
Portfolio Loans, Individually Evaluated for Impairment | 7,605 | 8,072 | |
Portfolio Loans, Collectively Evaluated for Impairment | 208,543 | 135,603 | |
Total Portfolio Loans | 216,148 | 143,675 | |
Consumer Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 43 | 53 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,290 | 6,309 | |
Total Allowance for Loan Losses | 6,333 | 6,362 | 5,058 |
Portfolio Loans, Individually Evaluated for Impairment | 7,202 | 8,079 | |
Portfolio Loans, Collectively Evaluated for Impairment | 903,455 | 896,357 | |
Total Portfolio Loans | 910,657 | 904,436 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 11 | 19 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,642 | 1,146 | |
Total Allowance for Loan Losses | 1,653 | 1,165 | 921 |
Portfolio Loans, Individually Evaluated for Impairment | 62 | 157 | |
Portfolio Loans, Collectively Evaluated for Impairment | 65,505 | 67,726 | |
Total Portfolio Loans | $65,567 | $67,883 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $84,089 | $79,596 |
Accumulated depreciation | -45,923 | -42,981 |
Premises and equipment, net | 38,166 | 36,615 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 6,193 | 6,193 |
Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 44,690 | 42,320 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 26,661 | 25,139 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $6,545 | $5,944 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $3,465,000 | $3,507,000 | $3,912,000 |
Lease expiration year | 1-Jan-54 | ||
Rental expense | 2,700,000 | 2,500,000 | 2,400,000 |
Rental expense for premises leases with two directors | $200,000 | $200,000 | $200,000 |
Premises_and_Equipment_Minimum
Premises and Equipment - Minimum Annual Rental and Renewal Option Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
Operating, 2015 | $2,274 |
Operating, 2016 | 2,200 |
Operating, 2017 | 2,178 |
Operating, 2018 | 2,143 |
Operating, 2019 | 2,156 |
Operating, Thereafter | 40,352 |
Operating, Total | 51,303 |
Capital, 2015 | 76 |
Capital ,2016 | 76 |
Capital, 2017 | 76 |
Capital, 2018 | 76 |
Capital, 2019 | 77 |
Capital, Thereafter | 687 |
Capital, Total | 1,068 |
2015 | 2,350 |
2016 | 2,276 |
2017 | 2,254 |
2018 | 2,219 |
2019 | 2,233 |
Thereafter | 41,039 |
Total | $52,371 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Roll Forward of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Balance at beginning of year | $175,820 | $175,733 |
Additions | 0 | 87 |
Balance at End of Year | $175,820 | $175,820 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Event | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Acquisition of core deposits | $2,100,000 | ||
Acquisition of wealth management relationships | 100,000 | ||
Acquisition of insurance contract relationships | 400,000 | ||
Number of triggering events | 0 | ||
Amortization expense on finite-lived intangible assets | $1,129,000 | $1,591,000 | $1,709,000 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount at beginning of year | $16,401 | $16,401 |
Additions | 0 | 0 |
Accumulated amortization | -13,770 | -12,642 |
Gross carrying amount at end of year | $2,631 | $3,759 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $883 |
2016 | 645 |
2017 | 500 |
2018 | 134 |
2019 | 122 |
Total | $2,284 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | $12,981 | $13,698 |
Fair value, Derivatives (included in Other Liabilities) | 12,953 | 13,647 |
Other Assets [Member] | Interest Rate Swap Contracts-Commercial Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 12,981 | 13,698 |
Notional amount, Derivatives (included in Other Assets) | 245,152 | 261,754 |
Other Assets [Member] | Interest Rate Lock Commitments-Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 235 | 85 |
Notional amount, Derivatives (included in Other Assets) | 8,822 | 3,989 |
Other Assets [Member] | Forward Sale Contracts-Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 0 | 34 |
Notional amount, Derivatives (included in Other Assets) | 0 | 5,250 |
Other Liabilities [Member] | Interest Rate Swap Contracts-Commercial Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 12,953 | 13,647 |
Notional amount, Derivatives (included in Other Liabilities) | 245,152 | 261,754 |
Collateral Already Posted, Aggregate Fair Value | 12,059 | 12,611 |
Other Liabilities [Member] | Forward Sale Contracts-Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 57 | 0 |
Notional amount, Derivatives (included in Other Liabilities) | $7,789 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Not Designated as Hedging Instruments [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Gross amounts recognized | $13,203 | $14,012 |
Gross amounts offset | -222 | -314 |
Net amounts presented in the Consolidated Balance Sheets | 12,981 | 13,698 |
Net Amount | 12,981 | 13,698 |
Gross amounts recognized | 13,175 | 13,961 |
Gross amounts offset | -222 | -314 |
Net amounts presented in the Consolidated Balance Sheets | 12,953 | 13,647 |
Gross amounts not offset | -12,059 | -12,611 |
Net Amount | $894 | $1,036 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Detail) (Not Designated as Hedging Instruments [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative Gain (Loss) | $36 | ($474) | $371 |
Interest Rate Swap Contracts-Commercial Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative Gain (Loss) | -24 | -174 | 101 |
Interest Rate Lock Commitments-Mortgage Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative Gain (Loss) | 150 | -382 | 223 |
Forward Sale Contracts-Mortgage Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative Gain (Loss) | ($90) | $82 | $47 |
Mortgage_Servicing_Rights_Addi
Mortgage Servicing Rights - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans to Federal National Mortgage Association (FNMA) | $42,361,000 | $87,932,000 | $86,886,000 |
Total servicing portfolio | 325,800,000 | 327,400,000 | 329,200,000 |
Federal National Mortgage Association or (FNMA) [Member] | |||
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans to Federal National Mortgage Association (FNMA) | $40,100,000 | $62,900,000 | $82,900,000 |
Mortgage_Servicing_Rights_Sche
Mortgage Servicing Rights - Schedule of Mortgage Servicing Rights and Net Carrying Values (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Servicing Rights [Member] | ||
Mortgage Loan on Real Estate, Write-down or Reserve [Roll Forward] | ||
Beginning balance | $3,208 | $3,206 |
Additions | 431 | 780 |
Amortization | -531 | -778 |
Ending balance | 3,108 | 3,208 |
Valuation Allowance [Member] | ||
Mortgage Loan on Real Estate, Write-down or Reserve [Roll Forward] | ||
Beginning balance | -289 | -1,100 |
Temporary impairment recapture | -2 | 811 |
Ending balance | -291 | -289 |
Net Carrying Value [Member] | ||
Mortgage Loan on Real Estate, Write-down or Reserve [Roll Forward] | ||
Beginning balance | 2,919 | 2,106 |
Additions | 431 | 780 |
Amortization | -531 | -778 |
Temporary impairment recapture | -2 | 811 |
Ending balance | $2,817 | $2,919 |
Deposits_Composition_of_Deposi
Deposits - Composition of Deposits and Interest Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | $3,908,842 | $3,672,308 | $3,638,428 |
Interest Expense | 10,128 | 11,406 | 16,796 |
Noninterest-bearing Demand [Member] | |||
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | 1,083,919 | 992,779 | 960,980 |
Interest-bearing Demand [Member] | |||
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | 335,099 | 312,790 | 316,760 |
Interest Expense | 19 | 75 | 146 |
Money Market [Member] | |||
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | 376,612 | 281,403 | 361,233 |
Interest Expense | 572 | 446 | 528 |
Savings [Member] | |||
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | 1,027,095 | 994,805 | 965,571 |
Interest Expense | 1,607 | 1,735 | 2,356 |
Certificates of Deposit [Member] | |||
Schedule Of Deposits And Borrowings Maturities [Line Items] | |||
Balance | 1,086,117 | 1,090,531 | 1,033,884 |
Interest Expense | $7,930 | $9,150 | $13,766 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Aggregate value of certificate of deposit over $100,000 | $382.20 | $433.80 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
2015 | $628,889 | |
2016 | 143,728 | |
2017 | 230,051 | |
2018 | 45,139 | |
2019 | 30,295 | |
Thereafter | 8,015 | |
Total | $1,086,117 | $1,090,531 |
ShortTerm_Borrowings_Compositi
Short-Term Borrowings - Composition of Short-Term Borrowings, Interest Expense and Weighted Average Interest Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Balance | $320,605 | $173,847 | $137,582 |
Interest Expense | 514 | 341 | 205 |
Weighted Average Interest Rate | 0.27% | 0.24% | 0.19% |
REPOs [Member] | |||
Short-term Debt [Line Items] | |||
Balance | 30,605 | 33,847 | 62,582 |
Interest Expense | 3 | 62 | 82 |
Weighted Average Interest Rate | 0.01% | 0.01% | 0.20% |
FHLB Advances [Member] | |||
Short-term Debt [Line Items] | |||
Balance | 290,000 | 140,000 | 75,000 |
Interest Expense | $511 | $279 | $123 |
Weighted Average Interest Rate | 0.31% | 0.30% | 0.19% |
LongTerm_Borrowings_and_Subord2
Long-Term Borrowings and Subordinated Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Long-term borrowings | $21,600,000 | $19,300,000 | |
Total loans pledged as collateral | 2,300,000,000 | ||
Percentage of maximum borrowing capacity for any credit exposure | 70.00% | ||
Maximum eligible borrowing based on qualifying collateral | 1,300,000,000 | ||
Maximum borrowing capacity | 1,600,000,000 | ||
Capital lease | 200,000 | ||
Percentage of equity owned | 100.00% | ||
Early repayment of junior subordinated debt | $45,000,000 | $45,000,000 |
LongTerm_Borrowings_and_Subord3
Long-Term Borrowings and Subordinated Debt - Schedule of Long-Term Borrowings, Interest Expense and Weighted Average Interest Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Long-term borrowings | $19,442 | $21,810 | $34,101 |
Weighted average interest rate | 3.00% | 3.01% | 3.17% |
Interest expense | $617 | $746 | $1,107 |
LongTerm_Borrowings_and_Subord4
Long-Term Borrowings and Subordinated Debt - Schedule of Annual Maturities and Average Interest Rate of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
2015, Balance | $2,399 | ||
2016, Balance | 2,330 | ||
2017, Balance | 2,412 | ||
2018, Balance | 2,496 | ||
2019, Balance | 2,514 | ||
Thereafter, Balance | 7,291 | ||
Total Long-term debt | $19,442 | $21,810 | $34,101 |
2015 Average Rate | 3.41% | ||
2016 Average Rate | 3.44% | ||
2017 Average Rate | 3.53% | ||
2018 Average Rate | 3.67% | ||
2019 Average Rate | 3.13% | ||
Thereafter Average Rate | 2.20% | ||
Total Average Interest Rate | 2.97% |
LongTerm_Borrowings_and_Subord5
Long-Term Borrowings and Subordinated Debt - Schedule of Junior Subordinated Debt Securities and Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Junior Subordinated Debentures [Line Items] | |||
Balance | $45,619 | $45,619 | $90,619 |
Interest Expense | 1,222 | 2,070 | 2,915 |
2006 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 25,000 | 25,000 | 25,000 |
Interest Expense | 463 | 475 | 523 |
2008 Junior Subordinated Debt-Trust Preferred Securities [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 20,619 | 20,619 | 20,619 |
Interest Expense | 759 | 770 | 808 |
2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 0 | 0 | 20,000 |
Interest Expense | 0 | 422 | 818 |
2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 0 | 0 | 25,000 |
Interest Expense | $0 | $403 | $766 |
LongTerm_Borrowings_and_Subord6
Long-Term Borrowings and Subordinated Debt - Schedule of Junior Subordinated Debt Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Junior Subordinated Debentures [Line Items] | |||
Junior Subordinated Debt | $45,619 | $45,619 | $90,619 |
Interest Rate at December 31, 2014 | 3.00% | 3.01% | 3.17% |
2006 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Junior Subordinated Debt | 25,000 | 25,000 | 25,000 |
Stated Maturity Date | 15-Dec-36 | ||
Optional redemption date at par | Any time after 9/15/2011 | ||
Regulatory Capital | Tier 2 | ||
Interest Rate at December 31, 2014 | 1.84% | ||
2008 Junior Subordinated Debt-Trust Preferred Securities [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Junior Subordinated Debt | 20,619 | 20,619 | 20,619 |
Trust Preferred Securities | 20,619 | ||
Stated Maturity Date | 15-Mar-38 | ||
Optional redemption date at par | Any time after 3/15/2013 | ||
Regulatory Capital | Tier 1 | ||
Interest Rate at December 31, 2014 | 3.74% | ||
2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Junior Subordinated Debt | 20,000 | ||
Stated Maturity Date | 15-Jun-18 | ||
Optional redemption date at par | Any time after 6/15/2013 | ||
Regulatory Capital | Tier 2 | ||
Interest Rate at December 31, 2014 | 0.00% | ||
2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Junior Subordinated Debt | $25,000 | ||
Stated Maturity Date | 30-May-18 | ||
Optional redemption date at par | Any time after 5/30/2013 | ||
Regulatory Capital | Tier 2 | ||
Interest Rate at December 31, 2014 | 0.00% | ||
3-Month LIBOR [Member] | 2006 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Basis spread on base interest rate | 1.60% | ||
3-Month LIBOR [Member] | 2008 Junior Subordinated Debt-Trust Preferred Securities [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Basis spread on base interest rate | 3.50% | ||
3-Month LIBOR [Member] | 2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Basis spread on base interest rate | 3.50% | ||
3-Month LIBOR [Member] | 2008 Junior Subordinated Debt [Member] | |||
Junior Subordinated Debentures [Line Items] | |||
Basis spread on base interest rate | 2.50% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments and Letters of Credit (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitment And Contingencies [Line Items] | ||
Commitments and letters of credit | $1,232,212 | $1,117,168 |
Commitments to Extend Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Commitments and letters of credit | 1,158,628 | 1,038,529 |
Standby Letters of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Commitments and letters of credit | $73,584 | $78,639 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Allowance for unfunded commitments | $2.30 | $2.90 | |
Data processing and communication charges | 9.8 | 9.5 | 10.3 |
Data processing contract termination and conversion cost expenses | $0.80 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Estimated Payments Related to Data Processing and Communication Charges (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $11,326 |
2016 | 10,715 |
2017 | 11,057 |
2018 | 11,411 |
2019 | 11,777 |
Total | $56,286 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current | $15,979 | $16,836 | $6,223 | ||||||||
Deferred | 1,536 | -2,358 | 1,038 | ||||||||
Total | $3,963 | $4,906 | $4,875 | $3,771 | $4,098 | $4,207 | $3,951 | $2,222 | $17,515 | $14,478 | $7,261 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Income Taxes [Line Items] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Deferred tax assets operating loss carry forwards, total | $22,500,000 | ||
Valuation allowance related to gross deferred tax assets | 2,249,000 | 2,199,000 | |
Decrease to eliminate unrecognized tax benefit related to bad debts | 1,673,000 | 0 | 0 |
Tax related interest | 100,000 | 200,000 | |
Adjustments impacting tax expense | 0 | ||
Minimum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets operating loss carry forwards, expiry date | 2020 | ||
Maximum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets operating loss carry forwards, expiry date | 2034 | ||
PENNSYLVANIA | |||
Schedule Of Income Taxes [Line Items] | |||
Valuation allowance related to gross deferred tax assets | $2,200,000 |
Income_Taxes_Schedule_of_Statu
Income Taxes - Schedule of Statutory to Effective Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Low income housing tax credits | -5.80% | -6.80% | -10.50% |
Tax-exempt interest | -4.60% | -4.50% | -6.70% |
Bank owned life insurance | -0.80% | -1.00% | -1.20% |
Other | -0.60% | -0.40% | 0.90% |
Effective Tax Rate | 23.20% | 22.30% | 17.50% |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Components of Temporary Differences with Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Liabilities: | ||
Net unrealized holding gains on securities available-for-sale | ($3,783) | $0 |
Prepaid pension | -3,472 | -3,730 |
Deferred loan income | -2,165 | -1,614 |
Purchase accounting adjustments | -631 | -801 |
Depreciation on premises and equipment | -1,590 | -1,061 |
Other | -812 | -823 |
Total Deferred Tax liabilities | -12,453 | -8,029 |
Deferred Tax Assets: | ||
Net unrealized holding losses on securities available-for-sale | 0 | 361 |
Allowance for loan losses | 17,567 | 18,890 |
Other employee benefits | 2,453 | 2,369 |
Low income housing partnerships | 4,049 | 3,147 |
Net adjustment to funded status of pension | 11,089 | 6,495 |
Impairment of securities | 1,313 | 1,313 |
Delinquent interest on nonaccrual loans | 0 | 1,626 |
State net operating loss carryforwards | 2,249 | 1,828 |
Other | 4,668 | 3,950 |
Gross Deferred Tax Assets | 43,388 | 39,979 |
Less: Valuation allowance | -2,249 | -2,199 |
Total Deferred Tax Assets | 41,139 | 37,780 |
Net Deferred Tax Asset | $28,686 | $29,751 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $1,902 | $978 | $200 |
Increase | 55 | 924 | 0 |
Decrease | -1,673 | 0 | 0 |
Current period tax positions | 0 | 0 | 913 |
Reductions for statute of limitations expirations | 0 | 0 | -135 |
Balance at End of Year | 284 | 1,902 | 978 |
Amount That Would Affect the Effective Tax Rate if Recognized | $184 | $148 | $147 |
Tax_Effects_on_Other_Comprehen2
Tax Effects on Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pre-Tax Amount | |||
Net change in unrealized gains on securities available-for-sale | $11,825 | ($16,928) | $4,097 |
Net available-for-sale securities gains reclassified into earnings | -41 | -5 | -3,016 |
Adjustment to funded status of employee benefit plans | -13,394 | 18,299 | -271 |
Other Comprehensive Income/(Loss) | -1,610 | 1,366 | 810 |
Tax (Expense) Benefit | |||
Net change in unrealized gains on securities available-for-sale, Tax (Expense) Benefit | -4,139 | 5,925 | -1,434 |
Net available-for-sale securities gains reclassified into earnings, Tax (Expense) Benefit | 15 | 2 | 1,055 |
Adjustment to funded status of employee benefit plans, Tax (Expense) Benefit | 4,595 | -6,405 | 95 |
Other Comprehensive (Loss) Income, Tax (Expense) Benefit | 471 | -478 | -284 |
Net of Tax Amount | |||
Net change in unrealized gains on securities available-for-sale, Net of Tax Amount | 7,686 | -11,003 | 2,663 |
Net available-for-sale securities gains reclassified into earnings, Net of Tax Amount | -26 | -3 | -1,961 |
Adjustment to funded status of employee benefit plans, Net of Tax Amount | -8,799 | 11,894 | -176 |
Other Comprehensive Income (Loss), After Tax | ($1,139) | $888 | $526 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of consecutive years of employee's compensation | 5 years | |||
Number of total years of employee's compensation | 10 years | |||
Accumulated benefit obligation | $104,300,000 | $88,300,000 | ||
Projected benefit obligation | 113,124,000 | 95,969,000 | 102,454,000 | |
Net periodic benefit cost | 736,000 | 2,832,000 | 3,919,000 | |
Fair value of asset transfer from Level 1 to Level 2 on recurring basis | 0 | |||
Purchases, transfers or sales of level 3 plan assets | 0 | |||
Pension Contributions | 0 | |||
Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 3,500,000 | 2,800,000 | ||
Net periodic benefit cost | 400,000 | 400,000 | 500,000 | |
Defined benefit plan in accumulated other comprehensive gain/loss before tax | 2,100,000 | 1,500,000 | ||
Thrift Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to the Thrift Plan | 3.50% | |||
Compensation expense | 1,300,000 | 1,400,000 | 1,300,000 | |
Marketable Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Targeted asset allocation minimum | 50.00% | |||
Targeted asset allocation maximum | 70.00% | |||
Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Targeted asset allocation minimum | 30.00% | |||
Targeted asset allocation maximum | 50.00% | |||
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss included in accumulated other comprehensive income (loss) | -1,900,000 | |||
Prior service credit expected recognized Amount | $100,000 |
Employee_Benefits_Benefit_Obli
Employee Benefits - Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $95,969 | $102,454 | |
Service cost | 2,369 | 2,767 | 2,788 |
Interest cost | 4,470 | 3,985 | 4,358 |
Actuarial loss (gain) | -16,020 | 7,167 | |
Benefits paid | -5,704 | -6,070 | |
Projected Benefit Obligation at End of Year | 113,124 | 95,969 | 102,454 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 89,556 | 81,088 | |
Actual return on plan assets | 9,634 | 14,538 | |
Benefits paid | -5,704 | -6,070 | |
Fair Value of Plan Assets at End of Year | 93,486 | 89,556 | 81,088 |
Funded Status | ($19,638) | ($6,413) |
Employee_Benefits_Accumulated_
Employee Benefits - Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Prior service credit | ($1,167) | ($1,304) |
Net actuarial loss | 30,726 | 18,373 |
Total (Before Tax Effects) | $29,559 | $17,069 |
Employee_Benefits_Actuarial_We
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 4.00% | 4.75% |
Rate of compensation increase | 3.00% | 3.00% |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Net Periodic Pension Cost | |||
Service cost-benefits earned during the period | $2,369 | $2,767 | $2,788 |
Interest cost on projected benefit obligation | 4,470 | 3,985 | 4,358 |
Expected return on plan assets | -6,907 | -6,207 | -5,564 |
Amortization of prior service cost (credit) | -137 | -138 | -137 |
Recognized net actuarial loss | 941 | 2,425 | 2,474 |
Net Periodic Pension Expense | 736 | 2,832 | 3,919 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||
Net actuarial loss (gain) | 13,294 | -15,499 | 2,477 |
Recognized net actuarial loss | -941 | -2,425 | -2,474 |
Recognized prior service credit | 137 | 138 | 137 |
Total (Before Tax Effects) | 12,490 | -17,786 | 140 |
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Loss) (Before Tax Effects) | $13,226 | ($14,954) | $4,059 |
Employee_Benefits_Actuarial_We1
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 4.75% | 4.00% | 4.75% |
Rate of compensation increase | 3.00% | 3.00% | 4.00% |
Expected return on assets | 8.00% | 8.00% | 8.00% |
Employee_Benefits_Estimated_Fu
Employee Benefits - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $6,440 |
2016 | 6,437 |
2017 | 6,268 |
2018 | 6,719 |
2019 | 6,637 |
2020-2024 | $38,984 |
Employee_Benefits_Pension_Plan
Employee Benefits - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) (Fair Value Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | $93,486 | $89,556 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5,073 | 2,946 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 26,726 | 26,448 |
Equity Index Mutual Funds-Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 1,558 | |
Equity Index Mutual Funds-International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 3,728 | 2,497 |
Domestic Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 57,085 | 55,206 |
International Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 874 | 901 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 88,413 | 86,610 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 1 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 26,726 | 26,448 |
Level 1 [Member] | Equity Index Mutual Funds-Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 1,558 | |
Level 1 [Member] | Equity Index Mutual Funds-International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 3,728 | 2,497 |
Level 1 [Member] | Domestic Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 57,085 | 55,206 |
Level 1 [Member] | International Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 874 | 901 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5,073 | 2,946 |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5,073 | 2,946 |
Level 2 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 2 [Member] | Equity Index Mutual Funds-Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | |
Level 2 [Member] | Equity Index Mutual Funds-International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 2 [Member] | Domestic Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 2 [Member] | International Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 3 [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 3 [Member] | Equity Index Mutual Funds-Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | |
Level 3 [Member] | Equity Index Mutual Funds-International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 3 [Member] | Domestic Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 0 | 0 |
Level 3 [Member] | International Individual Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | $0 | $0 |
Incentive_and_Restricted_Stock2
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2002 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonstatutory stock options, outstanding | 155,500 | 428,900 | 675,500 | 757,050 | |
Aggregate intrinsic value of options outstanding | $0 | $0 | $0 | ||
Aggregate intrinsic value of options exercisable | 0 | 0 | 0 | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 0 | 0 | 0 | ||
Restricted shares granted | 3,247 | 9,897 | |||
Compensation expense | 900,000 | 600,000 | 900,000 | ||
Tax benefit realized on compensation expense | 300,000 | 200,000 | 300,000 | ||
Unrecognized compensation expense to be recognized | $1,500,000 | ||||
Weighted average compensation expense recognize period | 1 year 11 months 19 days | ||||
Time-Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock Award vesting after year two, percent | 50.00% | 50.00% | |||
Restricted Stock Award vesting after year three, percent | 50.00% | 50.00% | |||
Performance Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
First Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock Award vesting after year two, percent | 100.00% | 100.00% | |||
Senior Management [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares granted | 66,631 | 3,247 | 48,008 | ||
Outside Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Restricted shares granted | 13,824 | 18,942 | 19,362 | ||
1992 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of common stock authorized | 3,200,000 | ||||
Stock plan expiration period | 10 years | ||||
Nonstatutory stock options and restricted stock granted | 3,180,822 | ||||
Stock plan expiration date | 31-Dec-12 | ||||
2003 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of common stock authorized | 1,500,000 | ||||
Stock plan expiration period | 10 years | ||||
Nonstatutory stock options and restricted stock granted | 155,500 | ||||
Vesting period | 10 years | ||||
Restricted shares granted | 259,673 | ||||
2014 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of common stock authorized | 750,000 | ||||
Stock plan expiration period | 10 years | ||||
Restricted shares granted | 80,455 | ||||
2014 LTIP [Member] | Long Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares granted | 66,631 | ||||
2012 LTIP [Member] | Long Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares granted | 0 | 38,111 |
Incentive_and_Restricted_Stock3
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Summary of Nonstatutory Stock Options Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nonstatutory Stock Option Activity (shares) [Roll Forward] | |||
Outstanding, Beginning of year | 428,900 | 675,500 | 757,050 |
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | 0 |
Forfeited | -273,400 | -246,600 | -81,550 |
Outstanding, End of year | 155,500 | 428,900 | 675,500 |
Number of Shares Exercisable, End of year | 155,500 | 428,900 | 675,500 |
Nonstatutory Stock Options, Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||
Beginning of year | $37.36 | $35.18 | $34.33 |
Granted | $0 | $0 | $0 |
Exercised | $0 | $0 | $0 |
Forfeited | $37.08 | $31.39 | $27.29 |
End of year | $37.86 | $37.36 | $35.18 |
Exercisable at End of Year | $37.86 | $37.36 | $35.18 |
Weighted Average Remaining Contractual Term, Outstanding | 1 year | 1 year 4 months 24 days | 2 years |
Weighted Average Remaining Contractual Term, Exercisable | 1 year | 1 year 4 months 24 days | 2 years |
Incentive_and_Restricted_Stock4
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Summary of Non-Vested Restricted Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Nonvested, Number of Shares (shares) [Roll Forward] | |||
Granted | 3,247 | 9,897 | |
2003 Stock Plan [Member] | |||
Nonvested, Number of Shares (shares) [Roll Forward] | |||
Granted | 259,673 | ||
2003 Stock Plan [Member] | Restricted Stock [Member] | |||
Nonvested, Number of Shares (shares) [Roll Forward] | |||
Beginning of period | 115,019 | 79,415 | |
Granted | 22,189 | 0 | |
Vested | 45,864 | 41,740 | |
Forfeited | 11,929 | 14,530 | |
End of period | 79,415 | 23,145 | |
Beginning of period | 22.39 | 21.5 | |
Granted | 19.18 | 0 | |
Vested | 19.68 | 20.7 | |
Forfeited | 21.3 | 20.97 | |
End of period | 21.5 | 23.28 | |
2014 Stock Plan [Member] | |||
Nonvested, Number of Shares (shares) [Roll Forward] | |||
Granted | 80,455 | ||
2014 Stock Plan [Member] | Restricted Stock [Member] | |||
Nonvested, Number of Shares (shares) [Roll Forward] | |||
Beginning of period | 0 | ||
Granted | 80,455 | ||
Vested | 158 | ||
Forfeited | 473 | ||
End of period | 79,824 | ||
Beginning of period | 0 | ||
Granted | 23.24 | ||
Vested | 23.19 | ||
Forfeited | 23.19 | ||
End of period | 23.24 |
Parent_Company_Condensed_Finan2
Parent Company Condensed Financial Information - Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Information [Line Items] | ||||
Cash | $109,580 | $108,356 | $337,711 | $270,526 |
Other assets | 97,024 | 103,026 | ||
Total Assets | 4,964,686 | 4,533,190 | ||
Other liabilities | 61,789 | 48,300 | ||
Total Liabilities | 4,356,297 | 3,961,884 | ||
Total Shareholders' Equity | 608,389 | 571,306 | 537,422 | 490,526 |
Total Liabilities and Shareholders' Equity | 4,964,686 | 4,533,190 | ||
Parent Company [Member] | ||||
Condensed Financial Information [Line Items] | ||||
Cash | 38,028 | 14,852 | 12,202 | 13,684 |
Bank subsidiary | 565,927 | 553,825 | ||
Nonbank subsidiaries | 20,569 | 19,561 | ||
Other assets | 5,567 | 4,441 | ||
Total Assets | 630,091 | 592,679 | ||
Long-term debt | 20,619 | 20,619 | ||
Other liabilities | 1,083 | 754 | ||
Total Liabilities | 21,702 | 21,373 | ||
Total Shareholders' Equity | 608,389 | 571,306 | ||
Total Liabilities and Shareholders' Equity | $630,091 | $592,679 |
Parent_Company_Condensed_Finan3
Parent Company Condensed Financial Information - Statements of Net Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Information [Line Items] | |||
Interest expense on long-term debt | $617 | $746 | $1,107 |
Other expenses | 11,224 | 10,661 | 12,815 |
Net Income | 57,910 | 50,539 | 34,200 |
Parent Company [Member] | |||
Condensed Financial Information [Line Items] | |||
Proceeds from Dividends Received | 46,414 | 24,087 | 35,603 |
Investment income | 19 | 15 | 17 |
Interest expense on long-term debt | 759 | 769 | 808 |
Other expenses | 2,014 | 2,579 | 1,800 |
Income before Equity in Undistributed Net Income of Subsidiaries | 43,660 | 20,754 | 33,012 |
Bank subsidiary | 13,351 | 29,926 | 1,371 |
Nonbank subsidiaries | 899 | -141 | -183 |
Net Income | $57,910 | $50,539 | $34,200 |
Parent_Company_Condensed_Finan4
Parent Company Condensed Financial Information - Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Information [Line Items] | |||
Net Income | $57,910 | $50,539 | $34,200 |
Tax (benefit) expense from stock-based compensation | 300 | 200 | 300 |
Net Cash Provided by Operating Activities | 78,103 | 86,076 | 83,890 |
Net Cash Used in Investing Activities | -437,048 | -309,683 | -8,323 |
(Purchase) Sale of treasury shares, net | 1,047 | ||
Cash dividends paid to common shareholders | -20,203 | -18,137 | -17,357 |
Tax benefit (expense) from stock-based compensation | 16 | 96 | -30 |
Net Cash Provided by (Used in) Financing Activities | 360,169 | -5,748 | -8,382 |
Net increase (decrease) in cash | 1,224 | -229,355 | 67,185 |
Cash and cash equivalents at beginning of year | 108,356 | 337,711 | 270,526 |
Cash and Cash Equivalents at End of Year | 109,580 | 108,356 | 337,711 |
Parent Company [Member] | |||
Condensed Financial Information [Line Items] | |||
Net Income | 57,910 | 50,539 | 34,200 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | -14,250 | -29,785 | -1,188 |
Tax (benefit) expense from stock-based compensation | -16 | -96 | 30 |
Other | -106 | 121 | 1,023 |
Net Cash Provided by Operating Activities | 43,538 | 20,779 | 34,065 |
Net investments in subsidiaries | 0 | 0 | -5,035 |
Acquisitions | 0 | 0 | -14,123 |
Net Cash Used in Investing Activities | 0 | 0 | -19,158 |
(Purchase) Sale of treasury shares, net | -163 | -88 | 998 |
Cash dividends paid to common shareholders | -20,215 | -18,137 | -17,357 |
Tax benefit (expense) from stock-based compensation | 16 | 96 | -30 |
Net Cash Provided by (Used in) Financing Activities | -20,362 | -18,129 | -16,389 |
Net increase (decrease) in cash | 23,176 | 2,650 | -1,482 |
Cash and cash equivalents at beginning of year | 14,852 | 12,202 | 13,684 |
Cash and Cash Equivalents at End of Year | $38,028 | $14,852 | $12,202 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Banking and Thrift [Abstract] | |
Total trust preferred securities | $20 |
Junior subordinated debt, included in Tier 2 capital | $25 |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Risk-Based Capital Amounts and Ratios for S&T and S&T Bank (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum requirement for most highly-rated financial institutions | 3.00% | |
S&T [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $537,935 | $494,986 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 14.27% | 14.36% |
Total Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Amount | 301,548 | 275,684 |
Total Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), To be Well Capitalized Amount | 376,936 | 344,606 |
Total Capital (to Risk-Weighted Assets), To be Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 465,114 | 426,234 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio | 12.34% | 12.37% |
Tier 1 Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Amount | 150,774 | 137,842 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk-Weighted Assets), To be Well Capitalized Amount | 226,161 | 206,763 |
Tier 1 Capital (to Risk-Weighted Assets), To be Well Capitalized Ratio | 6.00% | 6.00% |
Leverage Ratio, Actual Amount | 465,114 | 426,234 |
Leverage Ratio, Actual Ratio | 9.80% | 9.75% |
Leverage Ratio, Minimum Regulatory Capital Requirements Amount | 189,895 | 174,824 |
Leverage Ratio, Minimum Regulatory Capital Requirements Ratio | 4.00% | 4.00% |
Leverage Ratio, To be Well Capitalized Amount | 237,369 | 218,530 |
Leverage Ratio, To be Well Capitalized Ratio | 5.00% | 5.00% |
S&T Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | 475,538 | 457,540 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 12.68% | 13.35% |
Total Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Amount | 300,095 | 274,257 |
Total Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), To be Well Capitalized Amount | 375,119 | 342,821 |
Total Capital (to Risk-Weighted Assets), To be Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 403,593 | 389,584 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio | 10.76% | 11.36% |
Tier 1 Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Amount | 150,048 | 137,128 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum Regulatory Capital Requirements Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk-Weighted Assets), To be Well Capitalized Amount | 225,071 | 205,693 |
Tier 1 Capital (to Risk-Weighted Assets), To be Well Capitalized Ratio | 6.00% | 6.00% |
Leverage Ratio, Actual Amount | 403,593 | 389,584 |
Leverage Ratio, Actual Ratio | 8.53% | 8.95% |
Leverage Ratio, Minimum Regulatory Capital Requirements Amount | 189,182 | 174,081 |
Leverage Ratio, Minimum Regulatory Capital Requirements Ratio | 4.00% | 4.00% |
Leverage Ratio, To be Well Capitalized Amount | $236,477 | $217,601 |
Leverage Ratio, To be Well Capitalized Ratio | 5.00% | 5.00% |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 3 |
Segments_Total_Assets_by_Repor
Segments - Total Assets by Reportable Operating Segment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $4,964,686 | $4,533,190 |
Community Banking [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 4,954,728 | 4,524,939 |
Insurance [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 7,468 | 6,926 |
Wealth Management [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $2,490 | $1,325 |
Segments_Financial_Information
Segments - Financial Information of Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Interest income | $41,381 | $40,605 | $39,872 | $38,665 | $38,779 | $38,581 | $38,553 | $37,843 | $160,523 | $153,756 | $156,251 |
Interest expense | 3,315 | 3,076 | 3,017 | 3,074 | 3,125 | 3,307 | 3,957 | 4,174 | 12,481 | 14,563 | 21,024 |
Net interest income | 148,042 | 139,193 | 135,227 | ||||||||
Provision for loan losses | 1,106 | 1,454 | -1,134 | 289 | 1,562 | 3,419 | 1,023 | 2,307 | 1,715 | 8,311 | 22,815 |
Noninterest income | 11,220 | 11,931 | 11,731 | 11,415 | 11,312 | 12,539 | 12,867 | 14,804 | 46,338 | 51,527 | 51,912 |
Noninterest expense | 112,646 | 112,294 | 117,242 | ||||||||
Depreciation expense | 3,465 | 3,507 | 3,912 | ||||||||
Amortization of intangible assets | 1,129 | 1,591 | 1,709 | ||||||||
Provision (benefit) for income taxes | 3,963 | 4,906 | 4,875 | 3,771 | 4,098 | 4,207 | 3,951 | 2,222 | 17,515 | 14,478 | 7,261 |
Net Income | 57,910 | 50,539 | 34,200 | ||||||||
Operating Segments [Member] | Community Banking [Member] | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Interest income | 160,403 | 153,450 | 155,865 | ||||||||
Interest expense | 13,989 | 16,508 | 22,135 | ||||||||
Net interest income | 146,414 | 136,942 | 133,730 | ||||||||
Provision for loan losses | 1,715 | 8,311 | 22,815 | ||||||||
Noninterest income | 29,443 | 34,649 | 36,422 | ||||||||
Noninterest expense | 97,733 | 94,769 | 100,474 | ||||||||
Depreciation expense | 3,387 | 3,430 | 3,833 | ||||||||
Amortization of intangible assets | 1,039 | 1,492 | 1,600 | ||||||||
Provision (benefit) for income taxes | 16,311 | 14,180 | 7,420 | ||||||||
Net Income | 55,672 | 49,409 | 34,010 | ||||||||
Operating Segments [Member] | Insurance [Member] | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Interest income | 2 | 2 | 1 | ||||||||
Interest expense | 0 | ||||||||||
Net interest income | 2 | 2 | 1 | ||||||||
Noninterest income | 5,279 | 5,483 | 5,262 | ||||||||
Noninterest expense | 4,313 | 5,210 | 5,569 | ||||||||
Depreciation expense | 51 | 47 | 48 | ||||||||
Amortization of intangible assets | 51 | 51 | 52 | ||||||||
Provision (benefit) for income taxes | 303 | -47 | -242 | ||||||||
Net Income | 563 | 224 | -164 | ||||||||
Operating Segments [Member] | Wealth Management [Member] | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Interest income | 518 | 517 | 454 | ||||||||
Net interest income | 518 | 517 | 454 | ||||||||
Noninterest income | 11,297 | 10,662 | 9,788 | ||||||||
Noninterest expense | 9,173 | 9,850 | 9,717 | ||||||||
Depreciation expense | 27 | 30 | 31 | ||||||||
Amortization of intangible assets | 39 | 48 | 57 | ||||||||
Provision (benefit) for income taxes | 901 | 345 | 83 | ||||||||
Net Income | 1,675 | 906 | 354 | ||||||||
Eliminations [Member] | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Interest income | -400 | -213 | -69 | ||||||||
Interest expense | -1,508 | -1,945 | -1,111 | ||||||||
Net interest income | 1,108 | 1,732 | 1,042 | ||||||||
Noninterest income | 319 | 733 | 440 | ||||||||
Noninterest expense | 1,427 | 2,465 | 1,482 | ||||||||
Provision (benefit) for income taxes | $0 | $0 | $0 |
Other_Noninterest_Expense_Summ
Other Noninterest Expense - Summary of Other Noninterest Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other noninterest expenses: | |||
Joint venture amortization | $4,054 | $4,095 | $4,199 |
Loan related expenses | 2,579 | 2,432 | 2,538 |
Communication | 2,220 | 1,691 | 1,415 |
Amortization of intangibles | 1,129 | 1,591 | 1,709 |
Other real estate owned | 264 | 445 | 2,166 |
Other | 11,224 | 10,661 | 12,815 |
Total Other Noninterest Expenses | $21,470 | $20,915 | $24,842 |
Selected_Financial_Data_Summar
Selected Financial Data - Summary of Selected Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $41,381 | $40,605 | $39,872 | $38,665 | $38,779 | $38,581 | $38,553 | $37,843 | $160,523 | $153,756 | $156,251 |
Interest expense | 3,315 | 3,076 | 3,017 | 3,074 | 3,125 | 3,307 | 3,957 | 4,174 | 12,481 | 14,563 | 21,024 |
Provision for loan losses | 1,106 | 1,454 | -1,134 | 289 | 1,562 | 3,419 | 1,023 | 2,307 | 1,715 | 8,311 | 22,815 |
Net Interest Income After Provision for Loan Losses | 36,960 | 36,075 | 37,989 | 35,302 | 34,092 | 31,855 | 33,573 | 31,362 | 146,327 | 130,882 | 112,412 |
Security gains, net | 0 | 0 | 40 | 1 | 0 | 3 | 0 | 2 | |||
Noninterest income | 11,220 | 11,931 | 11,731 | 11,415 | 11,312 | 12,539 | 12,867 | 14,804 | 46,338 | 51,527 | 51,912 |
Noninterest expense | 29,720 | 28,440 | 30,165 | 28,914 | 29,447 | 27,943 | 28,386 | 31,616 | 117,240 | 117,392 | 122,863 |
Income before taxes | 18,460 | 19,566 | 19,595 | 17,804 | 15,957 | 16,454 | 18,054 | 14,552 | |||
Provision for income taxes | 3,963 | 4,906 | 4,875 | 3,771 | 4,098 | 4,207 | 3,951 | 2,222 | 17,515 | 14,478 | 7,261 |
Net Income Available to Common Shareholders | $14,497 | $14,660 | $14,720 | $14,033 | $11,859 | $12,247 | $14,103 | $12,330 | $57,745 | $50,392 | $34,074 |
Common earnings per share-diluted (shares) | $0.49 | $0.49 | $0.49 | $0.47 | $0.40 | $0.41 | $0.47 | $0.41 | $1.95 | $1.70 | $1.18 |
Dividends declared per common share (dollars per share) | $0.18 | $0.17 | $0.17 | $0.16 | $0.16 | $0.15 | $0.15 | $0.15 | $0.68 | $0.61 | $0.60 |
Common book value (dollars per share) | $20.42 | $20.33 | $20.04 | $19.64 | $19.21 | $18.68 | $18.39 | $18.32 |
Sale_of_Merchant_Card_Servicin1
Sale of Merchant Card Servicing Business - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $4,750,000 | |||
Gain on sale of business | 0 | 3,093,000 | 0 | |
Merchant Card Servicing Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | 4,800,000 | |||
Termination fee | 1,700,000 | |||
Gain on sale of business | $3,100,000 | |||
Initial term of agreement | 10 years |