Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | S&T BANCORP INC | |
Entity Central Index Key | 719220 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,796,390 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits of $69,110 and $57,048 at March 31, 2015 and December 31, 2014 | $124,737 | $109,580 | ||
Securities available-for-sale, at fair value | 655,829 | 640,273 | ||
Loans held for sale | 6,126 | 2,970 | ||
Portfolio loans, net of unearned income | 4,683,698 | [1] | 3,868,746 | [1] |
Allowance for loan losses | -48,106 | -47,911 | ||
Portfolio loans, net | 4,635,592 | 3,820,835 | ||
Bank owned life insurance | 78,738 | 62,252 | ||
Premises and equipment, net | 49,660 | 38,166 | ||
Federal Home Loan Bank and other restricted stock, at cost | 19,729 | 15,135 | ||
Goodwill | 290,617 | 175,820 | ||
Other intangible assets, net | 7,996 | 2,631 | ||
Other assets | 102,269 | 97,024 | ||
Total Assets | 5,971,293 | 4,964,686 | ||
LIABILITIES | ||||
Noninterest-bearing demand | 1,177,623 | 1,083,919 | ||
Interest-bearing demand | 686,546 | 335,099 | ||
Money market | 617,609 | 376,612 | ||
Savings | 1,073,755 | 1,027,095 | ||
Certificates of deposit | 1,272,998 | 1,086,117 | ||
Total Deposits | 4,828,531 | 3,908,842 | ||
Securities sold under repurchase agreements | 46,721 | 30,605 | ||
Short-term borrowings | 199,573 | 290,000 | ||
Long-term borrowings | 18,838 | 19,442 | ||
Junior subordinated debt securities | 50,619 | 45,619 | ||
Other liabilities | 64,753 | 61,789 | ||
Total Liabilities | 5,209,035 | 4,356,297 | ||
SHAREHOLDERS' EQUITY | ||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at March 31, 2015 and 31,197,365 at December 31, 2014 Outstanding—34,797,526 shares at March 31, 2015 and 29,796,397 shares at December 31, 2014 | 90,326 | 77,993 | ||
Additional paid-in capital | 209,150 | 78,818 | ||
Retained earnings | 509,575 | 504,060 | ||
Accumulated other comprehensive income (loss) | -10,028 | -13,833 | ||
Treasury stock (1,332,954 shares at March 31, 2015 and 1,400,968 shares at December 31, 2014, at cost) | -36,765 | -38,649 | ||
Total Shareholders’ Equity | 762,258 | 608,389 | ||
Total Liabilities and Shareholders’ Equity | $5,971,293 | $4,964,686 | ||
[1] | (1) Includes acquired loans. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $75,390 | $57,048 |
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 | 36,130,480 | 31,197,365 |
Common stock, shares outstanding | 34,797,526 | 29,796,397 |
Treasury stock, shares | 1,332,954 | 1,400,968 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST INCOME | ||
Loans, including fees | $39,927 | $35,649 |
Investment securities: | ||
Taxable | 2,383 | 1,900 |
Tax-exempt | 1,020 | 929 |
Dividends | 586 | 187 |
Total Interest Income | 43,916 | 38,665 |
INTEREST EXPENSE | ||
Deposits | 3,007 | 2,510 |
Borrowings and junior subordinated debt securities | 650 | 564 |
Total Interest Expense | 3,657 | 3,074 |
NET INTEREST INCOME | 40,259 | 35,591 |
Provision for loan losses | 1,207 | 289 |
Net Interest Income After Provision for Loan Losses | 39,052 | 35,302 |
NONINTEREST INCOME | ||
Securities gains, net | 0 | 1 |
Wealth management fees | 2,923 | 2,955 |
Debit and credit card fees | 2,715 | 2,502 |
Service charges on deposit accounts | 2,583 | 2,509 |
Insurance fees | 1,651 | 1,677 |
Mortgage banking | 525 | 132 |
Other | 1,687 | 1,640 |
Total Noninterest Income | 12,084 | 11,416 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 16,780 | 15,376 |
Net occupancy | 2,588 | 2,230 |
Data processing | 2,320 | 2,095 |
Furniture and equipment | 1,226 | 1,271 |
Other taxes | 842 | 631 |
Marketing | 816 | 618 |
FDIC insurance | 695 | 631 |
Professional services and legal | 523 | 663 |
Merger related expenses | 2,301 | 0 |
Other | 5,530 | 5,399 |
Total Noninterest Expense | 33,621 | 28,914 |
Income Before Taxes | 17,515 | 17,804 |
Provision for income taxes | 4,680 | 3,771 |
Net Income | 12,835 | 14,033 |
Earnings per share—basic (in dollars per share) | $0.41 | $0.47 |
Earnings per share—diluted (in dollars per share) | $0.41 | $0.47 |
Dividends declared per share (in dollars per share) | $0.18 | $0.16 |
Comprehensive Income | $16,640 | $17,079 |
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 | ||||||
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 | 14,033 | 14,033 | ||||
Other comprehensive income (loss), net of tax | 3,046 | 3,046 | ||||
Cash dividends declared | -4,758 | -4,758 | ||||
Treasury stock issued for restricted awards | -161 | 357 | -518 | |||
Recognition of restricted stock compensation expense | 185 | 185 | ||||
Balance at Mar. 31, 2014 | 583,651 | 77,993 | 78,325 | 477,790 | -9,648 | -40,809 |
Balance at Dec. 31, 2014 | 608,389 | 77,993 | 78,818 | 504,060 | -13,833 | -38,649 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -123 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,835 | 12,835 | ||||
Other comprehensive income (loss), net of tax | 3,805 | 3,805 | ||||
Cash dividends declared | -5,357 | -5,357 | ||||
Common stock issued in acquisition | 142,469 | 12,333 | 130,136 | |||
Treasury stock issued for restricted awards | -79 | -1,963 | 1,884 | |||
Recognition of restricted stock compensation expense | 319 | 319 | ||||
Issuance costs | -123 | |||||
Balance at Mar. 31, 2015 | $762,258 | $90,326 | $209,150 | $509,575 | ($10,028) | ($36,765) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dividends declared per share (in dollars per share) | $0.18 | $0.16 |
Common stock issued in acquisition, shares | 4,933,115 | |
Treasury stock issued for restricted awards, net of forfeitures | 71,699 | 0 |
Forfeitures of restricted stock, shares | 3,685 | 19,599 |
Common Stock [Member] | ||
Common stock issued in acquisition, shares | 4,933,115 | |
Additional Paid-in Capital [Member] | ||
Common stock issued in acquisition, shares | 4,933,115 | |
Retained Earnings [Member] | ||
Dividends declared per share (in dollars per share) | $0.18 | $0.16 |
Treasury stock issued for restricted awards, net of forfeitures | 71,699 | 0 |
Forfeitures of restricted stock, shares | 3,685 | 19,599 |
Treasury Stock [Member] | ||
Treasury stock issued for restricted awards, net of forfeitures | 71,699 | 0 |
Forfeitures of restricted stock, shares | 3,685 | 19,599 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net income | $12,835 | $14,033 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,207 | 289 |
Provision for unfunded loan commitments | 198 | -57 |
Depreciation and amortization | 1,460 | 1,115 |
Net amortization of discounts and premiums | 913 | 966 |
Stock-based compensation expense | 240 | 135 |
Securities gains, net | 0 | -1 |
Mortgage loans originated for sale | -21,481 | -4,897 |
Proceeds from the sale of loans | 21,777 | 5,922 |
Gain on the sale of loans, net | -203 | -22 |
Net increase in interest receivable | -2,288 | -543 |
Net decrease in interest payable | -374 | -284 |
Net decrease in other assets | 2,945 | 3,648 |
Net increase in other liabilities | 2,061 | 2,061 |
Net Cash Provided by Operating Activities | 19,290 | 22,365 |
INVESTING ACTIVITIES | ||
Purchases of securities available-for-sale | -6,373 | -60,559 |
Proceeds from maturities, prepayments and calls of securities available-for-sale | 6,389 | 21,598 |
Net proceeds from Federal Home Loan Bank stock | 4,024 | 1,666 |
Net increase in loans | -30,588 | -62,749 |
Purchases of premises and equipment | -849 | -457 |
Proceeds from the sale of premises and equipment | 7 | 64 |
Net cash paid in excess of cash acquired from bank merger | -16,347 | 0 |
Net Cash Used in Investing Activities | -43,737 | -100,437 |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 240,719 | 157,874 |
Net (decrease) increase in certificates of deposit | -43,417 | 38,061 |
Net increase in securities sold under repurchase agreements | 16,116 | 4,587 |
Net decrease in short-term borrowings | -159,150 | -40,000 |
Repayments of long-term borrowings | -605 | -584 |
Repayment of junior subordinated debt | -8,500 | 0 |
Treasury shares issued-net | -79 | -161 |
Issuance costs | -123 | 0 |
Cash dividends paid to common shareholders | -5,357 | -4,758 |
Net Cash Provided by Financing Activities | 39,604 | 155,019 |
Net increase in cash and cash equivalents | 15,157 | 76,947 |
Cash and cash equivalents at beginning of period | 109,580 | 108,356 |
Cash and Cash Equivalents at End of Period | 124,737 | 185,303 |
Supplemental Disclosures | ||
Interest paid | 3,781 | 3,358 |
Income taxes paid, net of refunds | 1,500 | 0 |
Net assets acquired from bank merger, excluding cash and cash equivalents | 44,019 | 0 |
Transfers of loans to other real estate owned | $0 | $186 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Principles of Consolidation |
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or 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. | |
Basis of Presentation | |
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission, or SEC, on February 20, 2015. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. | |
Reclassification | |
Certain amounts in the prior periods’ financial statements and footnotes have been reclassified to conform to the current period’s presentation. The reclassifications had no significant effect on our results of operations or financial condition. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | |
Recently Adopted Accounting Standards Updates, or ASU | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the Financial Accounting Standards Board, or 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 after the effective date of December 15, 2014, and early adoption is permitted. The adoption of this ASU had no 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. The adoption of this ASU had no 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. This ASU did not have a material impact on our results of operations or financial position. We did not adopt the proportional amortization method. Refer to Note 14 for additional disclosure. | |
Recently Issued Accounting Standards Updates not yet Adopted | |
Intangibles – Goodwill and Other – Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | |
In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The main provisions of ASU 2015-05 provide a basis for evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. 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. | |
Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs | |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2016. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |
Consolidation: Amendments to the Consolidation Analysis | |
In April 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, 2) Eliminate the presumption that a general partner should consolidate a limited partnership, 3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and party relationships, 4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2A-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We are currently evaluating the impact that these amendments may have on our consolidated financial statements. | |
Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary. The amendments of this ASU eliminate from GAAP the concept of extraordinary items and eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. We are currently evaluating the impact of the adoption of this pronouncement on our consolidated financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Business Combinations [Abstract] | |||||||
Business Combinations | On March 4, 2015, we completed the acquisition of 100 percent of the voting shares of Integrity Bancshares, Inc., or Integrity, located in Camp Hill, Pennsylvania, in a tax-free reorganization transaction structured as a merger of Integrity with and into S&T, with S&T being the surviving entity. As a result of the Integrity merger, or the merger, Integrity Bank, the wholly owned subsidiary bank of Integrity, became a separate wholly owned subsidiary bank of S&T. | ||||||
Integrity shareholders were entitled to elect to receive for each share of Integrity common stock either $52.50 in cash or 2.0627 shares of S&T common stock subject to allocation and proration procedures in the merger agreement. The total purchase price was approximately $172.0 million which included $29.5 million of cash and 4,933,115 S&T common shares at a fair value of $28.88 per share. The fair value of $28.88 per share of S&T common stock was based on the March 4, 2015 closing price. | |||||||
The merger was accounted for under the acquisition method of accounting and our consolidated financial statements include all Integrity Bank transactions since March 4, 2015. Preliminary estimates of fair value have been recorded for loans, premises and other equipment, deposits, the core deposit intangible and other assets at March 31, 2015. Additional adjustments may be required to finalize the acquisition accounting. | |||||||
Goodwill of $114.8 million was calculated as the excess of the consideration exchanged over the fair value of the identifiable net assets acquired. The goodwill arising from the merger consists largely of the synergies and economies of scale expected from combining the operations of S&T and Integrity. All of the goodwill was assigned to our Community Banking segment. The goodwill recognized will not be deductible for tax purposes. | |||||||
The following table summarizes total consideration, assets acquired and liabilities assumed at March 4, 2015: | |||||||
(dollars in thousands) | |||||||
Consideration Paid | |||||||
Cash | $ | 29,510 | |||||
Common stock | 142,469 | ||||||
Fair Value of Total Consideration | $ | 171,979 | |||||
Fair Value of Assets Acquired | |||||||
Cash and cash equivalents | $ | 13,163 | |||||
Securities and other investments | 11,502 | ||||||
Loans | 788,687 | ||||||
Bank owned life insurance | 15,974 | ||||||
Premises and equipment | 11,685 | ||||||
Core deposit intangible | 5,713 | ||||||
Other assets | 19,050 | ||||||
Total Assets Acquired | 865,774 | ||||||
Fair Value of Liabilities Assumed | |||||||
Deposits | 722,308 | ||||||
Borrowings | 82,286 | ||||||
Other liabilities | 3,998 | ||||||
Total Liabilities Assumed | 808,592 | ||||||
Total Fair Value of Identifiable Net Assets | 57,182 | ||||||
Goodwill | $ | 114,797 | |||||
Loans acquired in the merger were recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Loans acquired with evidence of credit quality deterioration were evaluated and not considered to be significant. The fair value of the loans acquired was $788.7 million net of a $14.8 million discount. The discount will be accreted to interest income over the remaining contractual life of the loans. Acquired loans included $481.4 million of commercial real estate, or CRE, $193.9 million of commercial & industrial, or C&I, $44.8 million of commercial construction $32.7 million of residential mortgage $28.8 million of home equity $5.6 million of installment and other consumer and $1.5 million of consumer construction. | |||||||
Direct costs related to the merger were expensed as incurred. During the first quarter of 2015, we recognized $2.3 million of merger related expenses, including $0.9 million for data processing contract termination and conversion costs, $0.3 million in severance payments and $1.1 million in legal and professional expenses. | |||||||
The consolidated statements of comprehensive income for the three months ended March 31, 2015 include net interest income of $2.2 million and net income of $0.3 million from Integrity Bank since the March 4, 2015 acquisition date. | |||||||
The following table presents unaudited pro forma financial information which combines the historical consolidated statements of income of S&T and Integrity to give effect to the merger as if it had occurred on January 1, 2014, for the periods presented. | |||||||
Unaudited Pro Forma Information | |||||||
Three Months Ended March 31, | |||||||
(dollars in thousands, except per share data) | 2015 | 2014 | |||||
Total revenue | $ | 58,208 | $ | 53,996 | |||
Net income (1) | $ | 14,502 | $ | 16,052 | |||
Earnings per common share: (1) | |||||||
Basic | $ | 0.42 | $ | 0.46 | |||
Diluted | $ | 0.42 | $ | 0.46 | |||
(1)Excludes merger expenses | |||||||
Total pro forma revenue is defined as net interest income plus non-interest income, excluding gains and losses on sales of investment securities available-for-sale. Pro forma adjustments include intangible amortization expense, net amortization or accretion of valuation amounts and income tax expense. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | The following table reconciles the numerators and denominators of basic earnings per share with that of diluted earnings per share for the periods presented: | |||||||
Three Months Ended March 31, | ||||||||
(dollars in thousands, except shares and per share data) | 2015 | 2014 | ||||||
Numerator for Earnings per Share—Basic: | ||||||||
Net income | $ | 12,835 | $ | 14,033 | ||||
Less: Income allocated to participating shares | 46 | 35 | ||||||
Net Income Allocated to Shareholders | $ | 12,789 | $ | 13,998 | ||||
Numerator for Earnings per Share—Diluted: | ||||||||
Net income | 12,835 | 14,033 | ||||||
Net Income Available to Shareholders | $ | 12,835 | $ | 14,033 | ||||
Denominators for Earnings per Share: | ||||||||
Weighted Average Shares Outstanding—Basic | 31,232,075 | 29,660,794 | ||||||
Add: Potentially dilutive shares | 28,873 | 37,253 | ||||||
Denominator for Treasury Stock Method—Diluted | 31,260,948 | 29,698,047 | ||||||
Weighted Average Shares Outstanding—Basic | 31,232,075 | 29,660,794 | ||||||
Add: Average participating shares outstanding | 111,774 | 74,237 | ||||||
Denominator for Two-Class Method—Diluted | 31,343,849 | 29,735,031 | ||||||
Earnings per share—basic | $ | 0.41 | $ | 0.47 | ||||
Earnings per share—diluted | $ | 0.41 | $ | 0.47 | ||||
Warrants considered anti-dilutive excluded from potentially dilutive shares | 517,012 | 517,012 | ||||||
Stock options considered anti-dilutive excluded from potentially dilutive shares | 155,500 | 428,863 | ||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | 82,901 | 36,984 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||
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 estimate 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 debt securities. The market valuation 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 counterparties' 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 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. Appraisals 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. | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
FHLB and Other Restricted Stock | ||||||||||||||||||||||||||
It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks. | ||||||||||||||||||||||||||
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. The fair value of the fixed rate junior subordinated debt securities assumed from the merger also approximates the carrying value due to our ability and intension to pay off the subordinated debt in the near future. | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at March 31, 2015 and December 31, 2014. Due to limited trading volume, we transferred marketable equity securities with a fair value of $0.2 million from Level 1 to Level 2 during the period ended March 31, 2015. There were no other transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. | ||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 15,030 | $ | — | $ | 15,030 | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | — | 271,383 | — | 271,383 | ||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 131,404 | — | 131,404 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 48,165 | — | 48,165 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 40,080 | — | 40,080 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 140,676 | — | 140,676 | ||||||||||||||||||||||
Marketable equity securities | — | 9,091 | — | 9,091 | ||||||||||||||||||||||
Total securities available-for-sale | — | 655,829 | — | 655,829 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,505 | — | — | 3,505 | ||||||||||||||||||||||
Total securities | 3,505 | 655,829 | — | 659,334 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 14,020 | — | 14,020 | ||||||||||||||||||||||
Interest rate lock commitments | — | 371 | — | 371 | ||||||||||||||||||||||
Total Assets | $ | 3,505 | $ | 670,220 | $ | — | $ | 673,725 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 13,979 | $ | — | $ | 13,979 | ||||||||||||||||||
Forward sale contracts | — | 74 | — | 74 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 14,053 | $ | — | $ | 14,053 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||
Forward sale contracts | — | — | — | — | ||||||||||||||||||||||
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 | ||||||||||||||||||
We classify financial instruments as Level 3 when valuation models are used because significant inputs are not observable in the market. We had no assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine the fair value at either March 31, 2015 or March 31, 2014. | ||||||||||||||||||||||||||
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. The following table presents our assets that were measured at fair value on a nonrecurring basis by the fair value hierarchy level at March 31, 2015 and December 31, 2014. There were no liabilities measured at fair value on a nonrecurring basis during these periods. | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
ASSETS(1) | ||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Impaired loans | — | — | 14,940 | 14,940 | — | — | 12,916 | 12,916 | ||||||||||||||||||
Other real estate owned | — | — | 1,294 | 1,294 | — | — | 117 | 117 | ||||||||||||||||||
Mortgage servicing rights | — | — | 2,865 | 2,865 | — | — | 2,934 | 2,934 | ||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 19,099 | $ | 19,099 | $ | — | $ | — | $ | 15,967 | $ | 15,967 | ||||||||||
(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 March 31, 2015 and December 31, 2014 are presented in the following tables: | ||||||||||||||||||||||||||
Carrying | Fair Value Measurements at March 31, 2015 | |||||||||||||||||||||||||
(dollars in thousands) | Value(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 124,737 | $ | 124,737 | $ | 124,737 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 655,829 | 655,829 | — | 655,829 | — | |||||||||||||||||||||
Loans held for sale | 6,126 | 6,160 | — | — | 6,160 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 4,683,698 | 4,673,187 | — | — | 4,673,187 | |||||||||||||||||||||
Bank owned life insurance | 78,738 | 78,738 | — | 78,738 | — | |||||||||||||||||||||
FHLB and other restricted stock | 19,729 | 19,729 | — | — | 19,729 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,505 | 3,505 | 3,505 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,788 | 2,865 | — | — | 2,865 | |||||||||||||||||||||
Interest rate swaps | 14,020 | 14,020 | — | 14,020 | — | |||||||||||||||||||||
Interest rate lock commitments | 371 | 371 | — | 371 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 4,828,531 | $ | 4,834,805 | $ | — | $ | — | $ | 4,834,805 | ||||||||||||||||
Securities sold under repurchase agreements | 46,721 | 46,721 | — | — | 46,721 | |||||||||||||||||||||
Short-term borrowings | 199,573 | 199,573 | — | — | 199,573 | |||||||||||||||||||||
Long-term borrowings | 18,838 | 19,928 | — | — | 19,928 | |||||||||||||||||||||
Junior subordinated debt securities | 50,619 | 50,619 | — | — | 50,619 | |||||||||||||||||||||
Interest rate swaps | 13,979 | 13,979 | — | 13,979 | — | |||||||||||||||||||||
Forward sale contracts | 74 | 74 | — | 74 | — | |||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets | ||||||||||||||||||||||||||
Carrying | Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Value(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
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 |
Securities_AvailableforSale
Securities Available-for-Sale | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||
Securities Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||
U.S. Treasury securities | $ | 14,883 | $ | 147 | $ | — | $ | 15,030 | $ | 14,873 | $ | 7 | $ | — | $ | 14,880 | ||||||||||
Obligations of U.S. government corporations and agencies | 267,686 | 3,900 | (203 | ) | 271,383 | 268,029 | 2,334 | (1,078 | ) | 269,285 | ||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 129,010 | 2,419 | (25 | ) | 131,404 | 116,897 | 1,257 | (148 | ) | 118,006 | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 46,412 | 1,802 | (49 | ) | 48,165 | 45,274 | 1,548 | (154 | ) | 46,668 | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,701 | 517 | (138 | ) | 40,080 | 39,834 | 232 | (393 | ) | 39,673 | ||||||||||||||||
Obligations of states and political subdivisions | 134,765 | 5,953 | (42 | ) | 140,676 | 136,977 | 5,789 | (64 | ) | 142,702 | ||||||||||||||||
Debt Securities | 632,457 | 14,738 | (457 | ) | 646,738 | 621,884 | 11,167 | (1,837 | ) | 631,214 | ||||||||||||||||
Marketable equity securities | 7,579 | 1,512 | — | 9,091 | 7,579 | 1,480 | — | 9,059 | ||||||||||||||||||
Total | $ | 640,036 | $ | 16,250 | $ | (457 | ) | $ | 655,829 | $ | 629,463 | $ | 12,647 | $ | (1,837 | ) | $ | 640,273 | ||||||||
Realized gains and losses on the sale of securities are determined using the specific-identification method. The following table shows the composition of gross and net realized gains and losses for the periods presented: | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||||
Gross realized gains | $ | — | $ | 1 | ||||||||||||||||||||||
Gross realized losses | — | — | ||||||||||||||||||||||||
Net Realized Gains | $ | — | $ | 1 | ||||||||||||||||||||||
The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | |||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 3 | $ | 23,523 | $ | (55 | ) | 4 | $ | 30,157 | $ | (148 | ) | 7 | $ | 53,680 | $ | (203 | ) | ||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 3 | 7,868 | (25 | ) | — | — | — | 3 | 7,868 | (25 | ) | |||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 5 | 11,361 | (49 | ) | — | — | — | 5 | 11,361 | (49 | ) | |||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | — | — | 1 | 9,717 | (138 | ) | 1 | 9,717 | (138 | ) | |||||||||||||||
Obligations of states and political subdivisions | 1 | 5,385 | (42 | ) | — | — | — | 1 | 5,385 | (42 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 12 | $ | 48,137 | $ | (171 | ) | 5 | $ | 39,874 | $ | (286 | ) | 17 | $ | 88,011 | $ | (457 | ) | ||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | |||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
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 | ) | ||||||||
We do not believe any individual unrealized loss as of March 31, 2015 represents an other than temporary impairment, or OTTI. As of March 31, 2015, the unrealized losses on 17 debt securities were 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 as of March 31, 2015. We do not intend to sell and it is not more likely than not that we will be required to sell any of the securities, referenced in the table above, 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-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||
(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 | $ | 16,250 | $ | (457 | ) | $ | 15,793 | $ | 12,647 | $ | (1,837 | ) | $ | 10,810 | ||||||||||||
Income tax expense/(benefit) | 5,688 | (160 | ) | 5,528 | 4,426 | (643 | ) | 3,783 | ||||||||||||||||||
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 10,562 | $ | (297 | ) | $ | 10,265 | $ | 8,221 | $ | (1,194 | ) | $ | 7,027 | ||||||||||||
The amortized cost and fair value of securities available-for-sale at March 31, 2015 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-Mar-15 | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair Value | ||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. government corporations and agencies, and obligations of states and political subdivisions | ||||||||||||||||||||||||||
Due in one year or less | $ | 29,757 | $ | 30,068 | ||||||||||||||||||||||
Due after one year through five years | 206,322 | 208,787 | ||||||||||||||||||||||||
Due after five years through ten years | 80,865 | 83,329 | ||||||||||||||||||||||||
Due after ten years | 100,390 | 104,905 | ||||||||||||||||||||||||
417,334 | 427,089 | |||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 129,010 | 131,404 | ||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 46,412 | 48,165 | ||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,701 | 40,080 | ||||||||||||||||||||||||
Debt Securities | 632,457 | 646,738 | ||||||||||||||||||||||||
Marketable equity securities | 7,579 | 9,091 | ||||||||||||||||||||||||
Total | $ | 640,036 | $ | 655,829 | ||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, securities with carrying values of $334.6 million and $289.1 million were pledged for various regulatory and legal requirements. |
Loans_and_Loans_Held_for_Sale
Loans and Loans Held for Sale | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||
Loans and Loans Held for Sale | Loans are presented net of unearned income of $2.5 million and $2.1 million at March 31, 2015 and December 31, 2014. The following table indicates the composition of the loans as of the dates presented: | |||||||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial real estate | $ | 2,152,413 | $ | 1,682,236 | ||||||||||||||||
Commercial and industrial | 1,211,053 | 994,138 | ||||||||||||||||||
Commercial construction | 286,166 | 216,148 | ||||||||||||||||||
Total Commercial Loans | 3,649,632 | 2,892,522 | ||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential mortgage | 521,506 | 489,586 | ||||||||||||||||||
Home equity | 442,396 | 418,563 | ||||||||||||||||||
Installment and other consumer | 65,754 | 65,567 | ||||||||||||||||||
Consumer construction | 4,410 | 2,508 | ||||||||||||||||||
Total Consumer Loans | 1,034,066 | 976,224 | ||||||||||||||||||
Total Portfolio Loans | 4,683,698 | 3,868,746 | ||||||||||||||||||
Loans held for sale | 6,126 | 2,970 | ||||||||||||||||||
Total Loans | $ | 4,689,824 | $ | 3,871,716 | ||||||||||||||||
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 78 percent of total portfolio loans at March 31, 2015 and 75 percent of total portfolio loans at December 31, 2014. Within our commercial portfolio, CRE and commercial construction portfolios combined comprised $2.4 billion or 67 percent of total commercial loans and 52 percent of total portfolio loans at March 31, 2015 and 66 percent of total commercial loans and 49 percent of total portfolio loans at December 31, 2014. Of the $2.4 billion of CRE and commercial construction loans, $527.9 million were added as a result of the merger. Further segmentation of the CRE and commercial construction portfolios by industry and collateral type reveal no concentration in excess of 9.0 percent of total loans at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
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 had out of market exposure of 6.1 percent of the combined portfolio and 3.2 percent of total loans at March 31, 2015 and 8.0 percent of the combined portfolio and 3.9 percent of total loans at December 31, 2014. | ||||||||||||||||||||
Troubled debt restructurings, or 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 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. | ||||||||||||||||||||
The following table summarizes the restructured loans as of the dates presented: | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||
TDRs | TDRs | TDRs | TDRs | TDRs | TDRs | |||||||||||||||
Commercial real estate | $ | 16,722 | $ | 5,030 | $ | 21,752 | $ | 16,939 | $ | 2,180 | $ | 19,119 | ||||||||
Commercial and industrial | 7,988 | 1,772 | 9,760 | 8,074 | 356 | 8,430 | ||||||||||||||
Commercial construction | 5,724 | 1,973 | 7,697 | 5,736 | 1,869 | 7,605 | ||||||||||||||
Residential mortgage | 2,507 | 625 | 3,132 | 2,839 | 459 | 3,298 | ||||||||||||||
Home equity | 3,438 | 510 | 3,948 | 3,342 | 562 | 3,904 | ||||||||||||||
Installment and other consumer | 44 | 6 | 50 | 53 | 10 | 63 | ||||||||||||||
Total | $ | 36,423 | $ | 9,916 | $ | 46,339 | $ | 36,983 | $ | 5,436 | $ | 42,419 | ||||||||
There were no TDRs returned to accruing status during the three months ended March 31, 2015 or three months ended March 31, 2014. | ||||||||||||||||||||
The following tables present the restructured loans for the three month periods ended March 31, 2015 and March 31, 2014: | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total Difference | ||||||||||||||||
Loans | Outstanding | Outstanding | in Recorded | |||||||||||||||||
Recorded | Recorded | Investment | ||||||||||||||||||
Investment(1) | Investment(1) | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 2 | $ | 2,851 | $ | 2,851 | $ | — | |||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 6 | 661 | 661 | — | ||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | 3 | 1 | (2 | ) | |||||||||||||||
Maturity date extension | 1 | 780 | 765 | (15 | ) | |||||||||||||||
Commercial Construction | ||||||||||||||||||||
Principal deferral | 1 | 104 | 103 | (1 | ) | |||||||||||||||
Home equity | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 8 | 142 | 133 | (9 | ) | |||||||||||||||
Maturity date extension | 1 | 71 | 71 | — | ||||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 9 | 3,616 | 3,615 | (1 | ) | |||||||||||||||
Chapter 7 bankruptcy(2) | 9 | 145 | 134 | (11 | ) | |||||||||||||||
Maturity date extension | 2 | 851 | 836 | (15 | ) | |||||||||||||||
Total | 20 | $ | 4,612 | $ | 4,585 | $ | (27 | ) | ||||||||||||
(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. | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total Difference | ||||||||||||||||
Loans | Outstanding | Outstanding | in Recorded | |||||||||||||||||
Recorded | Recorded | Investment | ||||||||||||||||||
Investment(1) | Investment(1) | |||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | $ | 287 | $ | 286 | $ | (1 | ) | ||||||||||||
Commercial Construction | ||||||||||||||||||||
Principal deferral | 1 | 1,019 | 1,019 | — | ||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 4 | 277 | 276 | (1 | ) | |||||||||||||||
Home equity | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 6 | 225 | 210 | (15 | ) | |||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 1 | 1,019 | 1,019 | — | ||||||||||||||||
Chapter 7 bankruptcy(2) | 11 | 789 | 772 | (17 | ) | |||||||||||||||
Total | 12 | $ | 1,808 | $ | 1,791 | $ | (17 | ) | ||||||||||||
(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. | ||||||||||||||||||||
For the three months ended March 31, 2015, we modified 2 commercial and industrial, or C&I, loans totaling $0.2 million, and 2 CRE loans totaling $0.2 million that were not considered to be TDRs. The modifications represented instances where there was an insignificant delay in payment. As of March 31, 2015 we have no commitments to lend additional funds on any TDRs. | ||||||||||||||||||||
Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. The following tables present a summary of TDRs which defaulted during the periods presented that had been restructured within the last 12 months prior to defaulting: | ||||||||||||||||||||
Defaulted TDRs | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | ||||||||||||||||
Defaults | Investment | Defaults | Investment | |||||||||||||||||
Residential mortgage | 1 | $ | 183 | 1 | $ | 72 | ||||||||||||||
Home equity | 1 | 5 | — | — | ||||||||||||||||
Total | 2 | $ | 188 | 1 | $ | 72 | ||||||||||||||
The following table is a summary of nonperforming assets as of the dates presented: | ||||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
Nonaccrual loans | $ | 8,218 | $ | 7,021 | ||||||||||||||||
Nonaccrual TDRs | 9,916 | 5,436 | ||||||||||||||||||
Total nonaccrual loans | 18,134 | 12,457 | ||||||||||||||||||
OREO | 1,294 | 166 | ||||||||||||||||||
Total Nonperforming Assets | $ | 19,428 | $ | 12,623 | ||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||
Allowance for Loan Losses | We maintain an allowance for loan losses, or 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 loan to value, or 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 ALL methodology for groups of loans collectively evaluated for impairment is comprised of both a quantitative and qualitative analysis. A key assumption in the quantitative component of the reserve is 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. | ||||||||||||||||||||||||||
Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. | ||||||||||||||||||||||||||
Management monitors various credit quality indicators for both the commercial and consumer loan portfolios, including delinquency, nonperforming status and changes in risk ratings on a monthly basis. | ||||||||||||||||||||||||||
The following tables present the age analysis of past due loans segregated by class of loans as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days Past Due(1) | Nonaccrual | Total Past | Total Loans | |||||||||||||||||||
Past Due | Past Due | Due | ||||||||||||||||||||||||
Commercial real estate | $ | 2,138,815 | $ | 2,955 | $ | 522 | $ | 1,735 | $ | 8,386 | $ | 13,598 | $ | 2,152,413 | ||||||||||||
Commercial and industrial | 1,202,897 | 4,089 | 517 | — | 3,550 | 8,156 | 1,211,053 | |||||||||||||||||||
Commercial construction | 281,084 | 969 | — | 2,140 | 1,973 | 5,082 | 286,166 | |||||||||||||||||||
Residential mortgage | 516,515 | 1,548 | 63 | 1,154 | 2,226 | 4,991 | 521,506 | |||||||||||||||||||
Home equity | 438,629 | 1,583 | 198 | — | 1,986 | 3,767 | 442,396 | |||||||||||||||||||
Installment and other consumer | 65,465 | 249 | 27 | — | 13 | 289 | 65,754 | |||||||||||||||||||
Consumer construction | 4,410 | — | — | — | — | — | 4,410 | |||||||||||||||||||
Loans held for sale | 6,126 | — | — | — | — | — | 6,126 | |||||||||||||||||||
Totals | $ | 4,653,941 | $ | 11,393 | $ | 1,327 | $ | 5,029 | $ | 18,134 | $ | 35,883 | $ | 4,689,824 | ||||||||||||
(1)Represents acquired loans that were recorded at fair value at the acquisition date. | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days Past Due | Nonaccrual | Total Past | Total Loans | |||||||||||||||||||
Past Due | Past Due | Due | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Loans held for sale | 2,970 | — | — | — | — | — | 2,970 | |||||||||||||||||||
Totals | $ | 3,850,597 | $ | 6,448 | $ | 2,214 | $ | — | $ | 12,457 | $ | 21,119 | $ | 3,871,716 | ||||||||||||
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 or 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: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 2,073,492 | 96.3 | % | $ | 1,137,101 | 93.9 | % | $ | 247,967 | 86.7 | % | $ | 3,458,560 | 94.8 | % | ||||||||||
Special mention | 25,204 | 1.2 | % | 55,529 | 4.6 | % | 20,600 | 7.2 | % | 101,333 | 2.8 | % | ||||||||||||||
Substandard | 53,717 | 2.5 | % | 18,423 | 1.5 | % | 17,599 | 6.1 | % | 89,739 | 2.4 | % | ||||||||||||||
Total | $ | 2,152,413 | 100 | % | $ | 1,211,053 | 100 | % | $ | 286,166 | 100 | % | $ | 3,649,632 | 100 | % | ||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
(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 | % | ||||||||||
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: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | ||||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 519,280 | 99.6 | % | $ | 440,410 | 99.6 | % | $ | 65,741 | 100 | % | $ | 4,410 | 100 | % | $ | 1,029,841 | 99.6 | % | ||||||
Nonperforming | 2,226 | 0.4 | % | 1,986 | 0.4 | % | 13 | — | % | — | — | % | 4,225 | 0.4 | % | |||||||||||
Total | $ | 521,506 | 100 | % | $ | 442,396 | 100 | % | $ | 65,754 | 100 | % | $ | 4,410 | 100 | % | $ | 1,034,066 | 100 | % | ||||||
December 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
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 | % | ||||||
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 tables summarize investments in loans considered to be impaired and the related information on those impaired loans as of the dates presented: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 22,515 | $ | 27,937 | $ | — | $ | 19,890 | $ | 25,262 | $ | — | ||||||||||||||
Commercial and industrial | 10,338 | 11,238 | — | 9,218 | 9,449 | — | ||||||||||||||||||||
Commercial construction | 7,696 | 11,385 | — | 7,605 | 11,293 | — | ||||||||||||||||||||
Consumer real estate | 7,039 | 7,637 | — | 7,159 | 7,733 | — | ||||||||||||||||||||
Other consumer | 31 | 34 | — | 42 | 48 | — | ||||||||||||||||||||
Total without a Related Allowance Recorded | 47,619 | 58,231 | — | 43,914 | 53,785 | — | ||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 811 | 811 | 39 | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||
Consumer real estate | 41 | 41 | 41 | 43 | 43 | 43 | ||||||||||||||||||||
Other consumer | 18 | 18 | 8 | 20 | 20 | 11 | ||||||||||||||||||||
Total with a Related Allowance Recorded | 870 | 870 | 88 | 63 | 63 | 54 | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 23,326 | 28,748 | 39 | 19,890 | 25,262 | — | ||||||||||||||||||||
Commercial and industrial | 10,338 | 11,238 | — | 9,218 | 9,449 | — | ||||||||||||||||||||
Commercial construction | 7,696 | 11,385 | — | 7,605 | 11,293 | — | ||||||||||||||||||||
Consumer real estate | 7,080 | 7,678 | 41 | 7,202 | 7,776 | 43 | ||||||||||||||||||||
Other consumer | 49 | 52 | 8 | 62 | 68 | 11 | ||||||||||||||||||||
Total | $ | 48,489 | $ | 59,101 | $ | 88 | $ | 43,977 | $ | 53,848 | $ | 54 | ||||||||||||||
The following tables summarize investments in loans considered to be impaired and related information on those impaired loans the periods presented: | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 22,627 | $ | 164 | $ | 23,539 | $ | 167 | ||||||||||||||||||
Commercial and industrial | 10,847 | 62 | 9,826 | 55 | ||||||||||||||||||||||
Commercial construction | 7,704 | 53 | 8,324 | 57 | ||||||||||||||||||||||
Consumer real estate | 7,073 | 96 | 8,258 | 103 | ||||||||||||||||||||||
Other consumer | 34 | — | 121 | 1 | ||||||||||||||||||||||
Total without a Related Allowance Recorded | 48,285 | 375 | 50,068 | 383 | ||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 823 | 8 | — | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | ||||||||||||||||||||||
Consumer real estate | 42 | 1 | 51 | 1 | ||||||||||||||||||||||
Other consumer | 19 | — | 32 | 1 | ||||||||||||||||||||||
Total with a Related Allowance Recorded | 884 | 9 | 83 | 2 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 23,450 | 172 | 23,539 | 167 | ||||||||||||||||||||||
Commercial and industrial | 10,847 | 62 | 9,826 | 55 | ||||||||||||||||||||||
Commercial construction | 7,704 | 53 | 8,324 | 57 | ||||||||||||||||||||||
Consumer real estate | 7,115 | 97 | 8,309 | 104 | ||||||||||||||||||||||
Other consumer | 53 | — | 153 | 2 | ||||||||||||||||||||||
Total | $ | 49,169 | $ | 384 | $ | 50,151 | $ | 385 | ||||||||||||||||||
The following tables detail activity in the ALL for the periods presented: | ||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial and | Commercial | Consumer | Other | Total | ||||||||||||||||||||
Real Estate | Industrial | Construction | Real Estate | Consumer | Loans | |||||||||||||||||||||
Balance at beginning of period | $ | 20,164 | $ | 13,668 | $ | 6,093 | $ | 6,333 | $ | 1,653 | $ | 47,911 | ||||||||||||||
Charge-offs | (66 | ) | (707 | ) | — | (375 | ) | (303 | ) | (1,451 | ) | |||||||||||||||
Recoveries | 103 | 114 | 1 | 136 | 85 | 439 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | 37 | (593 | ) | 1 | (239 | ) | (218 | ) | (1,012 | ) | ||||||||||||||||
Provision for loan losses | (1,130 | ) | 636 | 775 | 629 | 297 | 1,207 | |||||||||||||||||||
Balance at End of Period | $ | 19,071 | $ | 13,711 | $ | 6,869 | $ | 6,723 | $ | 1,732 | $ | 48,106 | ||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial and | Commercial | Consumer | Other | Total | ||||||||||||||||||||
Real Estate | Industrial | Construction | Real Estate | Consumer | Loans | |||||||||||||||||||||
Balance at beginning of period | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
Charge-offs | (266 | ) | (290 | ) | (28 | ) | (123 | ) | (267 | ) | (974 | ) | ||||||||||||||
Recoveries | 540 | 314 | 50 | 59 | 83 | 1,046 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | 274 | 24 | 22 | (64 | ) | (184 | ) | 72 | ||||||||||||||||||
Provision for loan losses | 685 | (478 | ) | (213 | ) | 110 | 185 | 289 | ||||||||||||||||||
Balance at End of Period | $ | 19,880 | $ | 13,979 | $ | 5,183 | $ | 6,408 | $ | 1,166 | $ | 46,616 | ||||||||||||||
The following tables present the ALL and recorded investments in loans by category as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total(1) | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | 39 | $ | 19,032 | $ | 19,071 | $ | 23,326 | $ | 2,129,087 | $ | 2,152,413 | ||||||||||||||
Commercial and industrial | — | 13,711 | 13,711 | 10,338 | 1,200,715 | 1,211,053 | ||||||||||||||||||||
Commercial construction | — | 6,869 | 6,869 | 7,696 | 278,470 | 286,166 | ||||||||||||||||||||
Consumer real estate | 41 | 6,682 | 6,723 | 7,080 | 961,232 | 968,312 | ||||||||||||||||||||
Other consumer | 8 | 1,724 | 1,732 | 49 | 65,705 | 65,754 | ||||||||||||||||||||
Total | $ | 88 | $ | 48,018 | $ | 48,106 | $ | 48,489 | $ | 4,635,209 | $ | 4,683,698 | ||||||||||||||
(1)Includes acquired loans. | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total(1) | ||||||||||||||||||||
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 | ||||||||||||||
(1)Includes acquired loans. | ||||||||||||||||||||||||||
Acquired loans are recorded at fair value with no carryover of the ALL. Credit deterioration on any acquired loan incurred subsequent to the acquisition date will be recognized in the ALL through the provision. At March 31, 2015, no additional ALL was recorded for acquired loans. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivative Instruments and Hedging Activities | 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 the 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, including 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 Comprehensive 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 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 may 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 interest 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 Comprehensive Income. | ||||||||||||||
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented: | ||||||||||||||
Derivatives | Derivatives | |||||||||||||
(included in Other Assets) | (included in Other Liabilities) | |||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||
Interest Rate Swap Contracts- Commercial Loans | ||||||||||||||
Fair value | $ | 14,020 | $ | 12,981 | $ | 13,979 | $ | 12,953 | ||||||
Notional amount | 228,800 | 245,152 | 228,800 | 245,152 | ||||||||||
Collateral posted | — | — | 12,498 | 12,059 | ||||||||||
Interest Rate Lock Commitments- Mortgage Loans | ||||||||||||||
Fair value | 371 | 235 | — | — | ||||||||||
Notional amount | 11,923 | 8,822 | — | — | ||||||||||
Forward Sale Contracts- Mortgage Loans | ||||||||||||||
Fair value | — | — | 74 | 57 | ||||||||||
Notional amount | $ | — | $ | — | $ | 10,680 | $ | 7,789 | ||||||
Presenting offsetting derivatives that are subject to legally enforceable netting arrangements with the same party is permitted. For example, we may have a derivative asset as well as a derivative liability with the same counterparty to a swap transaction and are permitted to offset the asset position and the liability position resulting in a net presentation. | ||||||||||||||
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 as of the dates presented: | ||||||||||||||
Derivatives | Derivatives | |||||||||||||
(included in Other Assets) | (included in Other Liabilities) | |||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||
Gross amounts recognized | $ | 14,020 | $ | 13,203 | $ | 13,979 | $ | 13,175 | ||||||
Gross amounts offset | — | (222 | ) | — | (222 | ) | ||||||||
Net amounts presented in the Consolidated Balance Sheets | 14,020 | 12,981 | 13,979 | 12,953 | ||||||||||
Gross amounts not offset(1) | — | — | (12,498 | ) | (12,059 | ) | ||||||||
Net Amount | $ | 14,020 | $ | 12,981 | $ | 1,481 | $ | 894 | ||||||
(1) Amounts represent posted collateral. | ||||||||||||||
The following table indicates the gain or loss recognized in income on derivatives for the periods presented: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(dollars in thousands) | 2015 | 2014 | ||||||||||||
Derivatives not Designated as Hedging Instruments | ||||||||||||||
Interest rate swap contracts—commercial loans | $ | 13 | $ | (8 | ) | |||||||||
Interest rate lock commitments—mortgage loans | 136 | 8 | ||||||||||||
Forward sale contracts—mortgage loans | (17 | ) | (29 | ) | ||||||||||
Total Derivatives Gain (Loss) | $ | 132 | $ | (29 | ) | |||||||||
Borrowings
Borrowings | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Borrowings | Short-term borrowings are for terms under one year and were comprised of retail repurchase agreements, or REPOs, and Federal Home Loan Bank, or 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. | |||||||||||
Long-term borrowings are for original terms greater than one year and were comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances have the same collateral requirements as short-term borrowings. We had total long-term borrowings outstanding of $15.6 million at a fixed rate and $53.7 million at a variable rate at March 31, 2015, excluding our capital lease of $0.2 million. On March 5, 2015, we paid off $8.5 million of the junior subordinated debt assumed in the merger. | ||||||||||||
Information pertaining to borrowings is summarized in the table below as of the dates presented: | ||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
(dollars in thousands) | Balance | Weighted | Balance | Weighted | ||||||||
Average Rate | Average Rate | |||||||||||
Short-term borrowings | ||||||||||||
Securities sold under repurchase agreements | $ | 46,721 | 0.01 | % | $ | 30,605 | 0.01 | % | ||||
Short-term borrowings | 199,573 | 0.33 | % | 290,000 | 0.31 | % | ||||||
Total short-term borrowings | 246,294 | 0.27 | % | 320,605 | 0.27 | % | ||||||
Long-term borrowings | ||||||||||||
Other long-term borrowings | 18,838 | 2.92 | % | 19,442 | 3 | % | ||||||
Junior subordinated debt securities | 50,619 | 2.95 | % | 45,619 | 2.7 | % | ||||||
Total long-term borrowings | 69,457 | 2.94 | % | 65,061 | 2.79 | % | ||||||
Total Borrowings | $ | 315,751 | 0.86 | % | $ | 385,666 | 0.7 | % | ||||
We had total borrowings at March 31, 2015 and December 31, 2014 at the FHLB of Pittsburgh of $218.2 million and $309.3 million. The $218.2 million at March 31, 2015 consisted of $199.6 million in short-term borrowings and $18.7 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.0 billion at March 31, 2015. Our remaining borrowing availability is $1.6 billion. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | 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 a 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. Our allowance for unfunded commitments totaled $2.9 million at March 31, 2015 and $2.3 million at December 31, 2014. 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 and qualitative adjustments to our unfunded commitments. | ||||||||
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. | ||||||||
The following table sets forth the commitments and letters of credit as of the dates presented: | ||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Commitments to extend credit | $ | 1,370,341 | $ | 1,158,628 | ||||
Standby letters of credit | 97,386 | 73,584 | ||||||
Total | $ | 1,467,727 | $ | 1,232,212 | ||||
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. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Other Comprehensive Income | The following table presents the tax effects of the components of other comprehensive income (loss) for the periods presented: | |||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Pre-Tax | Tax | Net of Tax | Pre-Tax | Tax | Net of Tax | ||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | |||||||||||||||
Benefit | Benefit | |||||||||||||||||||
Change in unrealized gains on securities available-for-sale | $ | 4,983 | $ | (1,745 | ) | $ | 3,238 | $ | 4,475 | $ | (1,566 | ) | $ | 2,909 | ||||||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income (1) | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Adjustment to funded status of employee benefit plans | 729 | (162 | ) | 567 | 212 | (74 | ) | 138 | ||||||||||||
Other Comprehensive Income | $ | 5,712 | $ | (1,907 | ) | $ | 3,805 | $ | 4,686 | $ | (1,640 | ) | $ | 3,046 | ||||||
(1) Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income (loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows; the pre-tax amount is included in securities gains-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Employee_Benefits
Employee Benefits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
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 ten 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. At this time, we are not required to make a cash contribution to the Plan in 2015. The expected long-term rate of return on plan assets is 8.00 percent. Effective January 1, 2015, the Plan was amended to provide unmarried participants with the ability to name a beneficiary to receive a lump sum death benefit equal to 80% of the participant’s accrued benefit payable at normal retirement age, in the event the participant dies while employed by S&T. | |||||||
The following table summarizes the components of net periodic pension cost for the periods presented: | ||||||||
Three Months Ended March 31, | ||||||||
(dollars in thousands) | 2015 | 2014 | ||||||
Components of Net Periodic Pension Cost | ||||||||
Service cost—benefits earned during the period | $ | 672 | $ | 631 | ||||
Interest cost on projected benefit obligation | 1,100 | 1,106 | ||||||
Expected return on plan assets | (1,807 | ) | (1,735 | ) | ||||
Amortization of prior service cost (credit) | (35 | ) | (35 | ) | ||||
Recognized net actuarial loss | 468 | 209 | ||||||
Net Periodic Pension Expense | $ | 398 | $ | 176 | ||||
Segments
Segments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
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 the dates presented: | ||||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||
Community Banking | $ | 5,959,651 | $ | 4,954,728 | ||||||||||||
Insurance | 8,098 | 7,468 | ||||||||||||||
Wealth Management | 3,544 | 2,490 | ||||||||||||||
Total Assets | $ | 5,971,293 | $ | 4,964,686 | ||||||||||||
The following tables provide financial information for our three segments for the three month periods ended March 31, 2015 and 2014. 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. | ||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth Management | Eliminations | Consolidated | |||||||||||
Banking | ||||||||||||||||
Interest income | $ | 43,887 | $ | — | $ | 140 | $ | (111 | ) | $ | 43,916 | |||||
Interest expense | 3,889 | — | — | (232 | ) | 3,657 | ||||||||||
Net interest income | 39,998 | — | 140 | 121 | 40,259 | |||||||||||
Provision for loan losses | 1,207 | — | — | — | 1,207 | |||||||||||
Noninterest income | 7,537 | 1,553 | 2,916 | 78 | 12,084 | |||||||||||
Noninterest expense | 28,687 | 1,137 | 2,220 | 199 | 32,243 | |||||||||||
Depreciation expense | 1,011 | 12 | 7 | — | 1,030 | |||||||||||
Amortization of intangible assets | 326 | 13 | 9 | — | 348 | |||||||||||
Provision for income taxes | 4,256 | 137 | 287 | — | 4,680 | |||||||||||
Net Income | $ | 12,048 | $ | 254 | $ | 533 | $ | — | $ | 12,835 | ||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth Management | Eliminations | Consolidated | |||||||||||
Banking | ||||||||||||||||
Interest income | $ | 38,630 | $ | — | $ | 174 | $ | (139 | ) | $ | 38,665 | |||||
Interest expense | 3,482 | — | — | (408 | ) | 3,074 | ||||||||||
Net interest income | 35,148 | — | 174 | 269 | 35,591 | |||||||||||
Provision for loan losses | 289 | — | — | — | 289 | |||||||||||
Noninterest income | 6,854 | 1,521 | 2,935 | 106 | 11,416 | |||||||||||
Noninterest expense | 23,973 | 1,155 | 2,274 | 375 | 27,777 | |||||||||||
Depreciation expense | 803 | 11 | 7 | — | 821 | |||||||||||
Amortization of intangible assets | 292 | 13 | 11 | — | 316 | |||||||||||
Provision for income taxes | 3,365 | 120 | 286 | — | 3,771 | |||||||||||
Net Income | $ | 13,280 | $ | 222 | $ | 531 | $ | — | $ | 14,033 | ||||||
Qualified_Affordable_Housing_P
Qualified Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2015 | |
Qualified Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Projects | We invest in affordable housing projects primarily to satisfy our Community Reinvestment Act requirements. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. Our total investment in qualified affordable housing projects totaled $17.7 million at March 31, 2015 and $18.6 million at December 31, 2014. We had no open commitments to fund current or future investments in qualified affordable housing projects at March 31, 2015 or December 31, 2014. Amortization expense included in noninterest expense was $0.9 million for the three months ended March 31, 2015 and $1.0 million for the three months ended March 31, 2014. The amortization expense was offset by tax credits of $1.0 million for the three months ended March 31, 2015 and $1.1 million for the three months ended March 31, 2014 as a reduction to our federal tax provision. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or 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. | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission, or SEC, on February 20, 2015. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. | |
Reclassification | Reclassification |
Certain amounts in the prior periods’ financial statements and footnotes have been reclassified to conform to the current period’s presentation. The reclassifications had no significant effect on our results of operations or financial condition. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | |
Recently Issued Accounting Standards Updates not yet Adopted | Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2016. | |
Recently Issued Accounting Standards Updates not yet Adopted | |
Intangibles – Goodwill and Other – Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | |
In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The main provisions of ASU 2015-05 provide a basis for evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. 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. | |
Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs | |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2016. We do not expect that this ASU will have a material impact on our results of operations or financial position. | |
Consolidation: Amendments to the Consolidation Analysis | |
In April 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, 2) Eliminate the presumption that a general partner should consolidate a limited partnership, 3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and party relationships, 4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2A-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We are currently evaluating the impact that these amendments may have on our consolidated financial statements. | |
Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary. The amendments of this ASU eliminate from GAAP the concept of extraordinary items and eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. We are currently evaluating the impact of the adoption of this pronouncement on our consolidated financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the Financial Accounting Standards Board, or 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 after the effective date of December 15, 2014, and early adoption is permitted. The adoption of this ASU had no impact on our results of operations or financial position. | |
Intangibles – Goodwill and Other – Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | |
In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The main provisions of ASU 2015-05 provide a basis for evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. 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. | |
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. The adoption of this ASU had no impact on our results of | |
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. This ASU did not have a material impact on our results of operations or financial position. We did not adopt the proportional amortization method. Refer to Note 14 for additional disclosure. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Business Combinations [Abstract] | |||||||
Summary of Consideration, Assets Acquired and Liabilities Assumed | The following table summarizes total consideration, assets acquired and liabilities assumed at March 4, 2015: | ||||||
(dollars in thousands) | |||||||
Consideration Paid | |||||||
Cash | $ | 29,510 | |||||
Common stock | 142,469 | ||||||
Fair Value of Total Consideration | $ | 171,979 | |||||
Fair Value of Assets Acquired | |||||||
Cash and cash equivalents | $ | 13,163 | |||||
Securities and other investments | 11,502 | ||||||
Loans | 788,687 | ||||||
Bank owned life insurance | 15,974 | ||||||
Premises and equipment | 11,685 | ||||||
Core deposit intangible | 5,713 | ||||||
Other assets | 19,050 | ||||||
Total Assets Acquired | 865,774 | ||||||
Fair Value of Liabilities Assumed | |||||||
Deposits | 722,308 | ||||||
Borrowings | 82,286 | ||||||
Other liabilities | 3,998 | ||||||
Total Liabilities Assumed | 808,592 | ||||||
Total Fair Value of Identifiable Net Assets | 57,182 | ||||||
Goodwill | $ | 114,797 | |||||
Schedule of Pro Forma Information | The following table presents unaudited pro forma financial information which combines the historical consolidated statements of income of S&T and Integrity to give effect to the merger as if it had occurred on January 1, 2014, for the periods presented. | ||||||
Unaudited Pro Forma Information | |||||||
Three Months Ended March 31, | |||||||
(dollars in thousands, except per share data) | 2015 | 2014 | |||||
Total revenue | $ | 58,208 | $ | 53,996 | |||
Net income (1) | $ | 14,502 | $ | 16,052 | |||
Earnings per common share: (1) | |||||||
Basic | $ | 0.42 | $ | 0.46 | |||
Diluted | $ | 0.42 | $ | 0.46 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciles Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic earnings per share with that of diluted earnings per share for the periods presented: | |||||||
Three Months Ended March 31, | ||||||||
(dollars in thousands, except shares and per share data) | 2015 | 2014 | ||||||
Numerator for Earnings per Share—Basic: | ||||||||
Net income | $ | 12,835 | $ | 14,033 | ||||
Less: Income allocated to participating shares | 46 | 35 | ||||||
Net Income Allocated to Shareholders | $ | 12,789 | $ | 13,998 | ||||
Numerator for Earnings per Share—Diluted: | ||||||||
Net income | 12,835 | 14,033 | ||||||
Net Income Available to Shareholders | $ | 12,835 | $ | 14,033 | ||||
Denominators for Earnings per Share: | ||||||||
Weighted Average Shares Outstanding—Basic | 31,232,075 | 29,660,794 | ||||||
Add: Potentially dilutive shares | 28,873 | 37,253 | ||||||
Denominator for Treasury Stock Method—Diluted | 31,260,948 | 29,698,047 | ||||||
Weighted Average Shares Outstanding—Basic | 31,232,075 | 29,660,794 | ||||||
Add: Average participating shares outstanding | 111,774 | 74,237 | ||||||
Denominator for Two-Class Method—Diluted | 31,343,849 | 29,735,031 | ||||||
Earnings per share—basic | $ | 0.41 | $ | 0.47 | ||||
Earnings per share—diluted | $ | 0.41 | $ | 0.47 | ||||
Warrants considered anti-dilutive excluded from potentially dilutive shares | 517,012 | 517,012 | ||||||
Stock options considered anti-dilutive excluded from potentially dilutive shares | 155,500 | 428,863 | ||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | 82,901 | 36,984 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. Due to limited trading volume, we transferred marketable equity securities with a fair value of $0.2 million from Level 1 to Level 2 during the period ended March 31, 2015. There were no other transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. | |||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 15,030 | $ | — | $ | 15,030 | ||||||||||||||||||
Obligations of U.S. government corporations and agencies | — | 271,383 | — | 271,383 | ||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 131,404 | — | 131,404 | ||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 48,165 | — | 48,165 | ||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 40,080 | — | 40,080 | ||||||||||||||||||||||
Obligations of states and political subdivisions | — | 140,676 | — | 140,676 | ||||||||||||||||||||||
Marketable equity securities | — | 9,091 | — | 9,091 | ||||||||||||||||||||||
Total securities available-for-sale | — | 655,829 | — | 655,829 | ||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,505 | — | — | 3,505 | ||||||||||||||||||||||
Total securities | 3,505 | 655,829 | — | 659,334 | ||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||||
Interest rate swaps | — | 14,020 | — | 14,020 | ||||||||||||||||||||||
Interest rate lock commitments | — | 371 | — | 371 | ||||||||||||||||||||||
Total Assets | $ | 3,505 | $ | 670,220 | $ | — | $ | 673,725 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 13,979 | $ | — | $ | 13,979 | ||||||||||||||||||
Forward sale contracts | — | 74 | — | 74 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 14,053 | $ | — | $ | 14,053 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||
Forward sale contracts | — | — | — | — | ||||||||||||||||||||||
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 | ||||||||||||||||||
Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy | The following table presents our assets that were measured at fair value on a nonrecurring basis by the fair value hierarchy level at March 31, 2015 and December 31, 2014. There were no liabilities measured at fair value on a nonrecurring basis during these periods. | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
ASSETS(1) | ||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Impaired loans | — | — | 14,940 | 14,940 | — | — | 12,916 | 12,916 | ||||||||||||||||||
Other real estate owned | — | — | 1,294 | 1,294 | — | — | 117 | 117 | ||||||||||||||||||
Mortgage servicing rights | — | — | 2,865 | 2,865 | — | — | 2,934 | 2,934 | ||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 19,099 | $ | 19,099 | $ | — | $ | — | $ | 15,967 | $ | 15,967 | ||||||||||
(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 March 31, 2015 and December 31, 2014 are presented in the following tables: | |||||||||||||||||||||||||
Carrying | Fair Value Measurements at March 31, 2015 | |||||||||||||||||||||||||
(dollars in thousands) | Value(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 124,737 | $ | 124,737 | $ | 124,737 | $ | — | $ | — | ||||||||||||||||
Securities available-for-sale | 655,829 | 655,829 | — | 655,829 | — | |||||||||||||||||||||
Loans held for sale | 6,126 | 6,160 | — | — | 6,160 | |||||||||||||||||||||
Portfolio loans, net of unearned income | 4,683,698 | 4,673,187 | — | — | 4,673,187 | |||||||||||||||||||||
Bank owned life insurance | 78,738 | 78,738 | — | 78,738 | — | |||||||||||||||||||||
FHLB and other restricted stock | 19,729 | 19,729 | — | — | 19,729 | |||||||||||||||||||||
Trading securities held in a Rabbi Trust | 3,505 | 3,505 | 3,505 | — | — | |||||||||||||||||||||
Mortgage servicing rights | 2,788 | 2,865 | — | — | 2,865 | |||||||||||||||||||||
Interest rate swaps | 14,020 | 14,020 | — | 14,020 | — | |||||||||||||||||||||
Interest rate lock commitments | 371 | 371 | — | 371 | — | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Deposits | $ | 4,828,531 | $ | 4,834,805 | $ | — | $ | — | $ | 4,834,805 | ||||||||||||||||
Securities sold under repurchase agreements | 46,721 | 46,721 | — | — | 46,721 | |||||||||||||||||||||
Short-term borrowings | 199,573 | 199,573 | — | — | 199,573 | |||||||||||||||||||||
Long-term borrowings | 18,838 | 19,928 | — | — | 19,928 | |||||||||||||||||||||
Junior subordinated debt securities | 50,619 | 50,619 | — | — | 50,619 | |||||||||||||||||||||
Interest rate swaps | 13,979 | 13,979 | — | 13,979 | — | |||||||||||||||||||||
Forward sale contracts | 74 | 74 | — | 74 | — | |||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets | ||||||||||||||||||||||||||
Carrying | Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Value(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
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 |
Securities_AvailableforSale_Ta
Securities Available-for-Sale (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||
U.S. Treasury securities | $ | 14,883 | $ | 147 | $ | — | $ | 15,030 | $ | 14,873 | $ | 7 | $ | — | $ | 14,880 | ||||||||||
Obligations of U.S. government corporations and agencies | 267,686 | 3,900 | (203 | ) | 271,383 | 268,029 | 2,334 | (1,078 | ) | 269,285 | ||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 129,010 | 2,419 | (25 | ) | 131,404 | 116,897 | 1,257 | (148 | ) | 118,006 | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 46,412 | 1,802 | (49 | ) | 48,165 | 45,274 | 1,548 | (154 | ) | 46,668 | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,701 | 517 | (138 | ) | 40,080 | 39,834 | 232 | (393 | ) | 39,673 | ||||||||||||||||
Obligations of states and political subdivisions | 134,765 | 5,953 | (42 | ) | 140,676 | 136,977 | 5,789 | (64 | ) | 142,702 | ||||||||||||||||
Debt Securities | 632,457 | 14,738 | (457 | ) | 646,738 | 621,884 | 11,167 | (1,837 | ) | 631,214 | ||||||||||||||||
Marketable equity securities | 7,579 | 1,512 | — | 9,091 | 7,579 | 1,480 | — | 9,059 | ||||||||||||||||||
Total | $ | 640,036 | $ | 16,250 | $ | (457 | ) | $ | 655,829 | $ | 629,463 | $ | 12,647 | $ | (1,837 | ) | $ | 640,273 | ||||||||
Schedule of Realized Gain (Loss) | Realized gains and losses on the sale of securities are determined using the specific-identification method. The following table shows the composition of gross and net realized gains and losses for the periods presented: | |||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||||
Gross realized gains | $ | — | $ | 1 | ||||||||||||||||||||||
Gross realized losses | — | — | ||||||||||||||||||||||||
Net Realized Gains | $ | — | $ | 1 | ||||||||||||||||||||||
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: | |||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | |||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 3 | $ | 23,523 | $ | (55 | ) | 4 | $ | 30,157 | $ | (148 | ) | 7 | $ | 53,680 | $ | (203 | ) | ||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 3 | 7,868 | (25 | ) | — | — | — | 3 | 7,868 | (25 | ) | |||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 5 | 11,361 | (49 | ) | — | — | — | 5 | 11,361 | (49 | ) | |||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | — | — | 1 | 9,717 | (138 | ) | 1 | 9,717 | (138 | ) | |||||||||||||||
Obligations of states and political subdivisions | 1 | 5,385 | (42 | ) | — | — | — | 1 | 5,385 | (42 | ) | |||||||||||||||
Total Temporarily Impaired Securities | 12 | $ | 48,137 | $ | (171 | ) | 5 | $ | 39,874 | $ | (286 | ) | 17 | $ | 88,011 | $ | (457 | ) | ||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | Number of Securities | Fair Value | Unrealized | |||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
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 | ) | ||||||||
Unrealized Gains and Losses, Net of Tax on Securities Available for Sale | 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-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||
(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 | $ | 16,250 | $ | (457 | ) | $ | 15,793 | $ | 12,647 | $ | (1,837 | ) | $ | 10,810 | ||||||||||||
Income tax expense/(benefit) | 5,688 | (160 | ) | 5,528 | 4,426 | (643 | ) | 3,783 | ||||||||||||||||||
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 10,562 | $ | (297 | ) | $ | 10,265 | $ | 8,221 | $ | (1,194 | ) | $ | 7,027 | ||||||||||||
Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of securities available-for-sale at March 31, 2015 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-Mar-15 | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair Value | ||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. government corporations and agencies, and obligations of states and political subdivisions | ||||||||||||||||||||||||||
Due in one year or less | $ | 29,757 | $ | 30,068 | ||||||||||||||||||||||
Due after one year through five years | 206,322 | 208,787 | ||||||||||||||||||||||||
Due after five years through ten years | 80,865 | 83,329 | ||||||||||||||||||||||||
Due after ten years | 100,390 | 104,905 | ||||||||||||||||||||||||
417,334 | 427,089 | |||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 129,010 | 131,404 | ||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 46,412 | 48,165 | ||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 39,701 | 40,080 | ||||||||||||||||||||||||
Debt Securities | 632,457 | 646,738 | ||||||||||||||||||||||||
Marketable equity securities | 7,579 | 9,091 | ||||||||||||||||||||||||
Total | $ | 640,036 | $ | 655,829 | ||||||||||||||||||||||
Loans_and_Loans_Held_for_Sale_
Loans and Loans Held for Sale (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||
Composition of Loans | The following table indicates the composition of the loans as of the dates presented: | |||||||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial real estate | $ | 2,152,413 | $ | 1,682,236 | ||||||||||||||||
Commercial and industrial | 1,211,053 | 994,138 | ||||||||||||||||||
Commercial construction | 286,166 | 216,148 | ||||||||||||||||||
Total Commercial Loans | 3,649,632 | 2,892,522 | ||||||||||||||||||
Consumer | ||||||||||||||||||||
Residential mortgage | 521,506 | 489,586 | ||||||||||||||||||
Home equity | 442,396 | 418,563 | ||||||||||||||||||
Installment and other consumer | 65,754 | 65,567 | ||||||||||||||||||
Consumer construction | 4,410 | 2,508 | ||||||||||||||||||
Total Consumer Loans | 1,034,066 | 976,224 | ||||||||||||||||||
Total Portfolio Loans | 4,683,698 | 3,868,746 | ||||||||||||||||||
Loans held for sale | 6,126 | 2,970 | ||||||||||||||||||
Total Loans | $ | 4,689,824 | $ | 3,871,716 | ||||||||||||||||
Restructured Loans for Periods Presented | The following table summarizes the restructured loans as of the dates presented: | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||
TDRs | TDRs | TDRs | TDRs | TDRs | TDRs | |||||||||||||||
Commercial real estate | $ | 16,722 | $ | 5,030 | $ | 21,752 | $ | 16,939 | $ | 2,180 | $ | 19,119 | ||||||||
Commercial and industrial | 7,988 | 1,772 | 9,760 | 8,074 | 356 | 8,430 | ||||||||||||||
Commercial construction | 5,724 | 1,973 | 7,697 | 5,736 | 1,869 | 7,605 | ||||||||||||||
Residential mortgage | 2,507 | 625 | 3,132 | 2,839 | 459 | 3,298 | ||||||||||||||
Home equity | 3,438 | 510 | 3,948 | 3,342 | 562 | 3,904 | ||||||||||||||
Installment and other consumer | 44 | 6 | 50 | 53 | 10 | 63 | ||||||||||||||
Total | $ | 36,423 | $ | 9,916 | $ | 46,339 | $ | 36,983 | $ | 5,436 | $ | 42,419 | ||||||||
Restructured Loans for Periods Stated | The following tables present the restructured loans for the three month periods ended March 31, 2015 and March 31, 2014: | |||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total Difference | ||||||||||||||||
Loans | Outstanding | Outstanding | in Recorded | |||||||||||||||||
Recorded | Recorded | Investment | ||||||||||||||||||
Investment(1) | Investment(1) | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Principal deferral | 2 | $ | 2,851 | $ | 2,851 | $ | — | |||||||||||||
Commercial and industrial | ||||||||||||||||||||
Principal deferral | 6 | 661 | 661 | — | ||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | 3 | 1 | (2 | ) | |||||||||||||||
Maturity date extension | 1 | 780 | 765 | (15 | ) | |||||||||||||||
Commercial Construction | ||||||||||||||||||||
Principal deferral | 1 | 104 | 103 | (1 | ) | |||||||||||||||
Home equity | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 8 | 142 | 133 | (9 | ) | |||||||||||||||
Maturity date extension | 1 | 71 | 71 | — | ||||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 9 | 3,616 | 3,615 | (1 | ) | |||||||||||||||
Chapter 7 bankruptcy(2) | 9 | 145 | 134 | (11 | ) | |||||||||||||||
Maturity date extension | 2 | 851 | 836 | (15 | ) | |||||||||||||||
Total | 20 | $ | 4,612 | $ | 4,585 | $ | (27 | ) | ||||||||||||
(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. | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification | Post-Modification | Total Difference | ||||||||||||||||
Loans | Outstanding | Outstanding | in Recorded | |||||||||||||||||
Recorded | Recorded | Investment | ||||||||||||||||||
Investment(1) | Investment(1) | |||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | $ | 287 | $ | 286 | $ | (1 | ) | ||||||||||||
Commercial Construction | ||||||||||||||||||||
Principal deferral | 1 | 1,019 | 1,019 | — | ||||||||||||||||
Residential mortgage | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 4 | 277 | 276 | (1 | ) | |||||||||||||||
Home equity | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 6 | 225 | 210 | (15 | ) | |||||||||||||||
Total by Concession Type | ||||||||||||||||||||
Principal deferral | 1 | 1,019 | 1,019 | — | ||||||||||||||||
Chapter 7 bankruptcy(2) | 11 | 789 | 772 | (17 | ) | |||||||||||||||
Total | 12 | $ | 1,808 | $ | 1,791 | $ | (17 | ) | ||||||||||||
(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. | ||||||||||||||||||||
Summary of Nonperforming Assets of Defaulted TDRs | The following tables present a summary of TDRs which defaulted during the periods presented that had been restructured within the last 12 months prior to defaulting: | |||||||||||||||||||
Defaulted TDRs | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | ||||||||||||||||
Defaults | Investment | Defaults | Investment | |||||||||||||||||
Residential mortgage | 1 | $ | 183 | 1 | $ | 72 | ||||||||||||||
Home equity | 1 | 5 | — | — | ||||||||||||||||
Total | 2 | $ | 188 | 1 | $ | 72 | ||||||||||||||
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: | |||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Nonperforming Assets | ||||||||||||||||||||
Nonaccrual loans | $ | 8,218 | $ | 7,021 | ||||||||||||||||
Nonaccrual TDRs | 9,916 | 5,436 | ||||||||||||||||||
Total nonaccrual loans | 18,134 | 12,457 | ||||||||||||||||||
OREO | 1,294 | 166 | ||||||||||||||||||
Total Nonperforming Assets | $ | 19,428 | $ | 12,623 | ||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days Past Due(1) | Nonaccrual | Total Past | Total Loans | |||||||||||||||||||
Past Due | Past Due | Due | ||||||||||||||||||||||||
Commercial real estate | $ | 2,138,815 | $ | 2,955 | $ | 522 | $ | 1,735 | $ | 8,386 | $ | 13,598 | $ | 2,152,413 | ||||||||||||
Commercial and industrial | 1,202,897 | 4,089 | 517 | — | 3,550 | 8,156 | 1,211,053 | |||||||||||||||||||
Commercial construction | 281,084 | 969 | — | 2,140 | 1,973 | 5,082 | 286,166 | |||||||||||||||||||
Residential mortgage | 516,515 | 1,548 | 63 | 1,154 | 2,226 | 4,991 | 521,506 | |||||||||||||||||||
Home equity | 438,629 | 1,583 | 198 | — | 1,986 | 3,767 | 442,396 | |||||||||||||||||||
Installment and other consumer | 65,465 | 249 | 27 | — | 13 | 289 | 65,754 | |||||||||||||||||||
Consumer construction | 4,410 | — | — | — | — | — | 4,410 | |||||||||||||||||||
Loans held for sale | 6,126 | — | — | — | — | — | 6,126 | |||||||||||||||||||
Totals | $ | 4,653,941 | $ | 11,393 | $ | 1,327 | $ | 5,029 | $ | 18,134 | $ | 35,883 | $ | 4,689,824 | ||||||||||||
(1)Represents acquired loans that were recorded at fair value at the acquisition date. | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90 Days Past Due | Nonaccrual | Total Past | Total Loans | |||||||||||||||||||
Past Due | Past Due | Due | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Loans held for sale | 2,970 | — | — | — | — | — | 2,970 | |||||||||||||||||||
Totals | $ | 3,850,597 | $ | 6,448 | $ | 2,214 | $ | — | $ | 12,457 | $ | 21,119 | $ | 3,871,716 | ||||||||||||
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: | |||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | % of | Commercial | % of | Commercial | % of | Total | % of | ||||||||||||||||||
Real Estate | Total | and Industrial | Total | Construction | Total | Total | ||||||||||||||||||||
Pass | $ | 2,073,492 | 96.3 | % | $ | 1,137,101 | 93.9 | % | $ | 247,967 | 86.7 | % | $ | 3,458,560 | 94.8 | % | ||||||||||
Special mention | 25,204 | 1.2 | % | 55,529 | 4.6 | % | 20,600 | 7.2 | % | 101,333 | 2.8 | % | ||||||||||||||
Substandard | 53,717 | 2.5 | % | 18,423 | 1.5 | % | 17,599 | 6.1 | % | 89,739 | 2.4 | % | ||||||||||||||
Total | $ | 2,152,413 | 100 | % | $ | 1,211,053 | 100 | % | $ | 286,166 | 100 | % | $ | 3,649,632 | 100 | % | ||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
(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 | % | ||||||||||
W | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
Mortgage | Total | Equity | Total | and other | Total | Construction | Total | Total | ||||||||||||||||||
consumer | ||||||||||||||||||||||||||
Performing | $ | 519,280 | 99.6 | % | $ | 440,410 | 99.6 | % | $ | 65,741 | 100 | % | $ | 4,410 | 100 | % | $ | 1,029,841 | 99.6 | % | ||||||
Nonperforming | 2,226 | 0.4 | % | 1,986 | 0.4 | % | 13 | — | % | — | — | % | 4,225 | 0.4 | % | |||||||||||
Total | $ | 521,506 | 100 | % | $ | 442,396 | 100 | % | $ | 65,754 | 100 | % | $ | 4,410 | 100 | % | $ | 1,034,066 | 100 | % | ||||||
December 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Residential | % of | Home | % of | Installment | % of | Consumer | % of | Total | % of | ||||||||||||||||
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 | % | ||||||
Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following tables summarize investments in loans considered to be impaired and the related information on those impaired loans as of the dates presented: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 22,515 | $ | 27,937 | $ | — | $ | 19,890 | $ | 25,262 | $ | — | ||||||||||||||
Commercial and industrial | 10,338 | 11,238 | — | 9,218 | 9,449 | — | ||||||||||||||||||||
Commercial construction | 7,696 | 11,385 | — | 7,605 | 11,293 | — | ||||||||||||||||||||
Consumer real estate | 7,039 | 7,637 | — | 7,159 | 7,733 | — | ||||||||||||||||||||
Other consumer | 31 | 34 | — | 42 | 48 | — | ||||||||||||||||||||
Total without a Related Allowance Recorded | 47,619 | 58,231 | — | 43,914 | 53,785 | — | ||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 811 | 811 | 39 | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | ||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||
Consumer real estate | 41 | 41 | 41 | 43 | 43 | 43 | ||||||||||||||||||||
Other consumer | 18 | 18 | 8 | 20 | 20 | 11 | ||||||||||||||||||||
Total with a Related Allowance Recorded | 870 | 870 | 88 | 63 | 63 | 54 | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 23,326 | 28,748 | 39 | 19,890 | 25,262 | — | ||||||||||||||||||||
Commercial and industrial | 10,338 | 11,238 | — | 9,218 | 9,449 | — | ||||||||||||||||||||
Commercial construction | 7,696 | 11,385 | — | 7,605 | 11,293 | — | ||||||||||||||||||||
Consumer real estate | 7,080 | 7,678 | 41 | 7,202 | 7,776 | 43 | ||||||||||||||||||||
Other consumer | 49 | 52 | 8 | 62 | 68 | 11 | ||||||||||||||||||||
Total | $ | 48,489 | $ | 59,101 | $ | 88 | $ | 43,977 | $ | 53,848 | $ | 54 | ||||||||||||||
The following tables summarize investments in loans considered to be impaired and related information on those impaired loans the periods presented: | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 22,627 | $ | 164 | $ | 23,539 | $ | 167 | ||||||||||||||||||
Commercial and industrial | 10,847 | 62 | 9,826 | 55 | ||||||||||||||||||||||
Commercial construction | 7,704 | 53 | 8,324 | 57 | ||||||||||||||||||||||
Consumer real estate | 7,073 | 96 | 8,258 | 103 | ||||||||||||||||||||||
Other consumer | 34 | — | 121 | 1 | ||||||||||||||||||||||
Total without a Related Allowance Recorded | 48,285 | 375 | 50,068 | 383 | ||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 823 | 8 | — | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | ||||||||||||||||||||||
Consumer real estate | 42 | 1 | 51 | 1 | ||||||||||||||||||||||
Other consumer | 19 | — | 32 | 1 | ||||||||||||||||||||||
Total with a Related Allowance Recorded | 884 | 9 | 83 | 2 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Commercial real estate | 23,450 | 172 | 23,539 | 167 | ||||||||||||||||||||||
Commercial and industrial | 10,847 | 62 | 9,826 | 55 | ||||||||||||||||||||||
Commercial construction | 7,704 | 53 | 8,324 | 57 | ||||||||||||||||||||||
Consumer real estate | 7,115 | 97 | 8,309 | 104 | ||||||||||||||||||||||
Other consumer | 53 | — | 153 | 2 | ||||||||||||||||||||||
Total | $ | 49,169 | $ | 384 | $ | 50,151 | $ | 385 | ||||||||||||||||||
Summary of Allowance for Loan Losses | The following tables detail activity in the ALL for the periods presented: | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial and | Commercial | Consumer | Other | Total | ||||||||||||||||||||
Real Estate | Industrial | Construction | Real Estate | Consumer | Loans | |||||||||||||||||||||
Balance at beginning of period | $ | 20,164 | $ | 13,668 | $ | 6,093 | $ | 6,333 | $ | 1,653 | $ | 47,911 | ||||||||||||||
Charge-offs | (66 | ) | (707 | ) | — | (375 | ) | (303 | ) | (1,451 | ) | |||||||||||||||
Recoveries | 103 | 114 | 1 | 136 | 85 | 439 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | 37 | (593 | ) | 1 | (239 | ) | (218 | ) | (1,012 | ) | ||||||||||||||||
Provision for loan losses | (1,130 | ) | 636 | 775 | 629 | 297 | 1,207 | |||||||||||||||||||
Balance at End of Period | $ | 19,071 | $ | 13,711 | $ | 6,869 | $ | 6,723 | $ | 1,732 | $ | 48,106 | ||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial and | Commercial | Consumer | Other | Total | ||||||||||||||||||||
Real Estate | Industrial | Construction | Real Estate | Consumer | Loans | |||||||||||||||||||||
Balance at beginning of period | $ | 18,921 | $ | 14,433 | $ | 5,374 | $ | 6,362 | $ | 1,165 | $ | 46,255 | ||||||||||||||
Charge-offs | (266 | ) | (290 | ) | (28 | ) | (123 | ) | (267 | ) | (974 | ) | ||||||||||||||
Recoveries | 540 | 314 | 50 | 59 | 83 | 1,046 | ||||||||||||||||||||
Net (Charge-offs)/ Recoveries | 274 | 24 | 22 | (64 | ) | (184 | ) | 72 | ||||||||||||||||||
Provision for loan losses | 685 | (478 | ) | (213 | ) | 110 | 185 | 289 | ||||||||||||||||||
Balance at End of Period | $ | 19,880 | $ | 13,979 | $ | 5,183 | $ | 6,408 | $ | 1,166 | $ | 46,616 | ||||||||||||||
Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the ALL and recorded investments in loans by category as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total(1) | ||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||
Commercial real estate | $ | 39 | $ | 19,032 | $ | 19,071 | $ | 23,326 | $ | 2,129,087 | $ | 2,152,413 | ||||||||||||||
Commercial and industrial | — | 13,711 | 13,711 | 10,338 | 1,200,715 | 1,211,053 | ||||||||||||||||||||
Commercial construction | — | 6,869 | 6,869 | 7,696 | 278,470 | 286,166 | ||||||||||||||||||||
Consumer real estate | 41 | 6,682 | 6,723 | 7,080 | 961,232 | 968,312 | ||||||||||||||||||||
Other consumer | 8 | 1,724 | 1,732 | 49 | 65,705 | 65,754 | ||||||||||||||||||||
Total | $ | 88 | $ | 48,018 | $ | 48,106 | $ | 48,489 | $ | 4,635,209 | $ | 4,683,698 | ||||||||||||||
(1)Includes acquired loans. | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | |||||||||||||||||||||||||
(dollars in thousands) | Individually | Collectively | Total | Individually | Collectively | Total(1) | ||||||||||||||||||||
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 | ||||||||||||||
(1)Includes acquired loans. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented: | |||||||||||||
Derivatives | Derivatives | |||||||||||||
(included in Other Assets) | (included in Other Liabilities) | |||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||
Interest Rate Swap Contracts- Commercial Loans | ||||||||||||||
Fair value | $ | 14,020 | $ | 12,981 | $ | 13,979 | $ | 12,953 | ||||||
Notional amount | 228,800 | 245,152 | 228,800 | 245,152 | ||||||||||
Collateral posted | — | — | 12,498 | 12,059 | ||||||||||
Interest Rate Lock Commitments- Mortgage Loans | ||||||||||||||
Fair value | 371 | 235 | — | — | ||||||||||
Notional amount | 11,923 | 8,822 | — | — | ||||||||||
Forward Sale Contracts- Mortgage Loans | ||||||||||||||
Fair value | — | — | 74 | 57 | ||||||||||
Notional amount | $ | — | $ | — | $ | 10,680 | $ | 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 as of the dates presented: | |||||||||||||
Derivatives | Derivatives | |||||||||||||
(included in Other Assets) | (included in Other Liabilities) | |||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||
Gross amounts recognized | $ | 14,020 | $ | 13,203 | $ | 13,979 | $ | 13,175 | ||||||
Gross amounts offset | — | (222 | ) | — | (222 | ) | ||||||||
Net amounts presented in the Consolidated Balance Sheets | 14,020 | 12,981 | 13,979 | 12,953 | ||||||||||
Gross amounts not offset(1) | — | — | (12,498 | ) | (12,059 | ) | ||||||||
Net Amount | $ | 14,020 | $ | 12,981 | $ | 1,481 | $ | 894 | ||||||
(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 periods presented: | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
(dollars in thousands) | 2015 | 2014 | ||||||||||||
Derivatives not Designated as Hedging Instruments | ||||||||||||||
Interest rate swap contracts—commercial loans | $ | 13 | $ | (8 | ) | |||||||||
Interest rate lock commitments—mortgage loans | 136 | 8 | ||||||||||||
Forward sale contracts—mortgage loans | (17 | ) | (29 | ) | ||||||||||
Total Derivatives Gain (Loss) | $ | 132 | $ | (29 | ) | |||||||||
Borrowings_Tables
Borrowings (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of Information Pertaining to Borrowings | Information pertaining to borrowings is summarized in the table below as of the dates presented: | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
(dollars in thousands) | Balance | Weighted | Balance | Weighted | ||||||||
Average Rate | Average Rate | |||||||||||
Short-term borrowings | ||||||||||||
Securities sold under repurchase agreements | $ | 46,721 | 0.01 | % | $ | 30,605 | 0.01 | % | ||||
Short-term borrowings | 199,573 | 0.33 | % | 290,000 | 0.31 | % | ||||||
Total short-term borrowings | 246,294 | 0.27 | % | 320,605 | 0.27 | % | ||||||
Long-term borrowings | ||||||||||||
Other long-term borrowings | 18,838 | 2.92 | % | 19,442 | 3 | % | ||||||
Junior subordinated debt securities | 50,619 | 2.95 | % | 45,619 | 2.7 | % | ||||||
Total long-term borrowings | 69,457 | 2.94 | % | 65,061 | 2.79 | % | ||||||
Total Borrowings | $ | 315,751 | 0.86 | % | $ | 385,666 | 0.7 | % | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Letters of Credit | The following table sets forth the commitments and letters of credit as of the dates presented: | |||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Commitments to extend credit | $ | 1,370,341 | $ | 1,158,628 | ||||
Standby letters of credit | 97,386 | 73,584 | ||||||
Total | $ | 1,467,727 | $ | 1,232,212 | ||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Other Comprehensive Income | The following table presents the tax effects of the components of other comprehensive income (loss) for the periods presented: | |||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||
(dollars in thousands) | Pre-Tax | Tax | Net of Tax | Pre-Tax | Tax | Net of Tax | ||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | |||||||||||||||
Benefit | Benefit | |||||||||||||||||||
Change in unrealized gains on securities available-for-sale | $ | 4,983 | $ | (1,745 | ) | $ | 3,238 | $ | 4,475 | $ | (1,566 | ) | $ | 2,909 | ||||||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income (1) | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Adjustment to funded status of employee benefit plans | 729 | (162 | ) | 567 | 212 | (74 | ) | 138 | ||||||||||||
Other Comprehensive Income | $ | 5,712 | $ | (1,907 | ) | $ | 3,805 | $ | 4,686 | $ | (1,640 | ) | $ | 3,046 | ||||||
(1) Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income (loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows; the pre-tax amount is included in securities gains-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit | The following table summarizes the components of net periodic pension cost for the periods presented: | |||||||
Three Months Ended March 31, | ||||||||
(dollars in thousands) | 2015 | 2014 | ||||||
Components of Net Periodic Pension Cost | ||||||||
Service cost—benefits earned during the period | $ | 672 | $ | 631 | ||||
Interest cost on projected benefit obligation | 1,100 | 1,106 | ||||||
Expected return on plan assets | (1,807 | ) | (1,735 | ) | ||||
Amortization of prior service cost (credit) | (35 | ) | (35 | ) | ||||
Recognized net actuarial loss | 468 | 209 | ||||||
Net Periodic Pension Expense | $ | 398 | $ | 176 | ||||
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Total Assets by Reportable Operating Segment | The following represents total assets by reportable operating segment as of the dates presented: | |||||||||||||||
(dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||
Community Banking | $ | 5,959,651 | $ | 4,954,728 | ||||||||||||
Insurance | 8,098 | 7,468 | ||||||||||||||
Wealth Management | 3,544 | 2,490 | ||||||||||||||
Total Assets | $ | 5,971,293 | $ | 4,964,686 | ||||||||||||
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. | |||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth Management | Eliminations | Consolidated | |||||||||||
Banking | ||||||||||||||||
Interest income | $ | 43,887 | $ | — | $ | 140 | $ | (111 | ) | $ | 43,916 | |||||
Interest expense | 3,889 | — | — | (232 | ) | 3,657 | ||||||||||
Net interest income | 39,998 | — | 140 | 121 | 40,259 | |||||||||||
Provision for loan losses | 1,207 | — | — | — | 1,207 | |||||||||||
Noninterest income | 7,537 | 1,553 | 2,916 | 78 | 12,084 | |||||||||||
Noninterest expense | 28,687 | 1,137 | 2,220 | 199 | 32,243 | |||||||||||
Depreciation expense | 1,011 | 12 | 7 | — | 1,030 | |||||||||||
Amortization of intangible assets | 326 | 13 | 9 | — | 348 | |||||||||||
Provision for income taxes | 4,256 | 137 | 287 | — | 4,680 | |||||||||||
Net Income | $ | 12,048 | $ | 254 | $ | 533 | $ | — | $ | 12,835 | ||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
(dollars in thousands) | Community | Insurance | Wealth Management | Eliminations | Consolidated | |||||||||||
Banking | ||||||||||||||||
Interest income | $ | 38,630 | $ | — | $ | 174 | $ | (139 | ) | $ | 38,665 | |||||
Interest expense | 3,482 | — | — | (408 | ) | 3,074 | ||||||||||
Net interest income | 35,148 | — | 174 | 269 | 35,591 | |||||||||||
Provision for loan losses | 289 | — | — | — | 289 | |||||||||||
Noninterest income | 6,854 | 1,521 | 2,935 | 106 | 11,416 | |||||||||||
Noninterest expense | 23,973 | 1,155 | 2,274 | 375 | 27,777 | |||||||||||
Depreciation expense | 803 | 11 | 7 | — | 821 | |||||||||||
Amortization of intangible assets | 292 | 13 | 11 | — | 316 | |||||||||||
Provision for income taxes | 3,365 | 120 | 286 | — | 3,771 | |||||||||||
Net Income | $ | 13,280 | $ | 222 | $ | 531 | $ | — | $ | 14,033 | ||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Mar. 31, 2015 |
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% |
Business_Combinations_Addition
Business Combinations - Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 04, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||
Goodwill | $290,617,000 | $175,820,000 | ||
Carryover of allowance for loan losses | 0 | |||
Merger related expenses | 2,301,000 | 0 | ||
Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||
Business acquisition, cash per share offered in exchange of share | $52.50 | |||
Shares of S&T offered for each share of Integrity (shares) | 2.0627 | |||
Fair value of total consideration | 171,979,000 | |||
Cash | 29,510,000 | |||
S&T common shares issued (shares) | 4,933,115 | |||
S&T common shares issued, fair value (in USD per share) | $28.88 | |||
Goodwill | 114,797,000 | |||
Carryover of allowance for loan losses | 0 | |||
Fair value of loans acquired | 788,687,000 | |||
Discount on loans acquired | 14,800,000 | |||
Merger related expenses | 2,300,000 | |||
Data processing, contract termination and conversion cost expenses | 900,000 | |||
Severance payments | 300,000 | |||
Legal And professional expenses | 1,100,000 | |||
Commercial Real Estate [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 481,400,000 | |||
Commercial and Industrial [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 193,900,000 | |||
Commercial Construction [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 44,800,000 | |||
Residential Mortgage [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 32,700,000 | |||
Home Equity [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 28,800,000 | |||
Installment and Other Consumer [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | 5,600,000 | |||
Consumer Construction [Member] | Integrity Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of loans acquired | $1,500,000 |
Business_Combinations_Consider
Business Combinations - Consideration, Assets Acquired and Liabilities Assumed (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 04, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value of Liabilities Assumed | |||
Goodwill | $290,617 | $175,820 | |
Integrity Bancshares, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 29,510 | ||
Common stock | 142,469 | ||
Fair value of total consideration | 171,979 | ||
Fair Value of Assets Acquired | |||
Cash and cash equivalents | 13,163 | ||
Securities and other investments | 11,502 | ||
Loans | 788,687 | ||
Bank owned life insurance | 15,974 | ||
Premises and equipment | 11,685 | ||
Core deposit intangible | 5,713 | ||
Other assets | 19,050 | ||
Total Assets Acquired | 865,774 | ||
Fair Value of Liabilities Assumed | |||
Deposits | 722,308 | ||
Borrowings | 82,286 | ||
Other liabilities | 3,998 | ||
Total Liabilities Assumed | 808,592 | ||
Total Fair Value of Identifiable Net Assets | 57,182 | ||
Goodwill | $114,797 |
Business_Combinations_Pro_Form
Business Combinations - Pro Forma Information (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ||
Net interest income | $40,259 | $35,591 |
Net income | 12,835 | 14,033 |
Integrity Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Net interest income | 2,200 | |
Net income | 300 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Total revenue | 58,208 | 53,996 |
Net income (1) | $14,502 | $16,052 |
Earnings per common share: (1) | ||
Basic (in USD per share) | $0.42 | $0.46 |
Diluted (in USD per share) | $0.42 | $0.46 |
Earnings_Per_Share_Reconciles_
Earnings Per Share - Reconciles Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator for Earnings per Share-Basic: | ||
Net income | $12,835 | $14,033 |
Less: Income allocated to participating shares | 46 | 35 |
Net Income Allocated to Shareholders | 12,789 | 13,998 |
Numerator for Earnings per Share-Diluted: | ||
Net income | 12,835 | 14,033 |
Net Income Available to Shareholders | $12,835 | $14,033 |
Denominators: | ||
Weighted Average Shares Outstanding-Basic | 31,232,075 | 29,660,794 |
Add: Potentially dilutive shares | 28,873 | 37,253 |
Denominator for Treasury Stock Method-Diluted | 31,260,948 | 29,698,047 |
Weighted Average Shares Outstanding-Basic | 31,232,075 | 29,660,794 |
Add: Average participating shares outstanding | 111,774 | 74,237 |
Denominator for Two-Class Method-Diluted | 31,343,849 | 29,735,031 |
Earnings per share—basic (in dollars per share) | $0.41 | $0.47 |
Earnings per share—diluted (in dollars per share) | $0.41 | $0.47 |
Warrants [Member] | ||
Denominators: | ||
Anti-dilutive excluded from potentially dilutive shares | 517,012 | 517,012 |
Stock Options [Member] | ||
Denominators: | ||
Anti-dilutive excluded from potentially dilutive shares | 155,500 | 428,863 |
Restricted Stock [Member] | ||
Denominators: | ||
Anti-dilutive excluded from potentially dilutive shares | 82,901 | 36,984 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset transfer from Level 1 to Level 2 on recurring basis | $200,000 | $0 | |
Fair value of asset transfer from Level 2 to Level 1 on recurring basis | 0 | 0 | |
Fair value of liabilities transfer from Level 1 to Level 2 on recurring basis | 0 | 0 | |
Fair value of liabilities transfer from Level 2 to Level 1 recurring basis | 0 | 0 | |
Liabilities measured at estimated fair value on nonrecurring basis | 0 | 0 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at estimated fair value on nonrecurring basis | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Total securities available-for-sale | $655,829 | $640,273 |
US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 15,030 | 14,880 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 271,383 | 269,285 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 131,404 | 118,006 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 48,165 | 46,668 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 40,080 | 39,673 |
Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 140,676 | 142,702 |
Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 9,091 | 9,059 |
Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 655,829 | 640,273 |
Trading securities held in a Rabbi Trust | 3,505 | 3,456 |
Total securities | 659,334 | 643,729 |
Total Assets | 673,725 | 656,945 |
LIABILITIES | ||
Total Liabilities | 14,053 | 13,010 |
Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 15,030 | 14,880 |
Fair Value Measurements, Recurring [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 271,383 | 269,285 |
Fair Value Measurements, Recurring [Member] | Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 131,404 | 118,006 |
Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 48,165 | 46,668 |
Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
ASSETS | ||
Total securities available-for-sale | 40,080 | 39,673 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 140,676 | 142,702 |
Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 9,091 | 9,059 |
Fair Value Measurements, Recurring [Member] | Interest Rate Swaps [Member] | ||
ASSETS | ||
Derivative financial assets | 14,020 | 12,981 |
LIABILITIES | ||
Derivative financial liabilities | 13,979 | 12,953 |
Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 371 | 235 |
Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 74 | 57 |
Level 1 [Member] | Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 178 |
Trading securities held in a Rabbi Trust | 3,505 | 3,456 |
Total securities | 3,505 | 3,634 |
Total Assets | 3,505 | 3,634 |
LIABILITIES | ||
Total Liabilities | 0 | |
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] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 0 | 178 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | ||
ASSETS | ||
Total securities available-for-sale | 655,829 | 640,095 |
Total securities | 655,829 | 640,095 |
Total Assets | 670,220 | 653,311 |
LIABILITIES | ||
Total Liabilities | 14,053 | 13,010 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 15,030 | 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 | 271,383 | 269,285 |
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 | 131,404 | 118,006 |
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 | 48,165 | 46,668 |
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 | 40,080 | 39,673 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
ASSETS | ||
Total securities available-for-sale | 140,676 | 142,702 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | 9,091 | 8,881 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Swaps [Member] | ||
ASSETS | ||
Derivative financial assets | 14,020 | 12,981 |
LIABILITIES | ||
Derivative financial liabilities | 13,979 | 12,953 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
ASSETS | ||
Derivative financial assets | 371 | 235 |
Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Forward Sale Contracts [Member] | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 74 | 57 |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | ||
LIABILITIES | ||
Total Liabilities | 0 | |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
ASSETS | ||
Total securities available-for-sale | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Impaired loans | $14,940 | $12,916 |
Other Assets, Fair Value Disclosure | 1,294 | 117 |
Mortgage servicing rights | 2,865 | 2,934 |
Total Assets | 19,099 | 15,967 |
Level 3 [Member] | ||
ASSETS | ||
Impaired loans | 14,940 | 12,916 |
Other Assets, Fair Value Disclosure | 1,294 | 117 |
Mortgage servicing rights | 2,865 | 2,934 |
Total Assets | $19,099 | $15,967 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Securities available-for-sale | $655,829 | $640,273 | ||
FHLB and other restricted stock | 19,729 | 15,135 | ||
LIABILITIES | ||||
Junior subordinated debt securities | 50,619 | 45,619 | ||
Carrying Value [Member] | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 124,737 | [1] | 109,580 | [1] |
Securities available-for-sale | 655,829 | [1] | 640,273 | [1] |
Loans held for sale | 6,126 | [1] | 2,970 | [1] |
Portfolio loans, net of unearned income | 4,683,698 | [1] | 3,868,746 | [1] |
Bank owned life insurance | 78,738 | [1] | 62,252 | [1] |
FHLB and other restricted stock | 19,729 | [1] | 15,135 | [1] |
Trading securities held in a Rabbi Trust | 3,505 | [1] | 3,456 | [1] |
Mortgage servicing rights | 2,788 | [1] | 2,817 | [1] |
LIABILITIES | ||||
Deposits | 4,828,531 | [1] | 3,908,842 | [1] |
Securities sold under repurchase agreements | 46,721 | [1] | 30,605 | [1] |
Short-term borrowings | 199,573 | [1] | 290,000 | [1] |
Long-term borrowings | 18,838 | [1] | 19,442 | [1] |
Junior subordinated debt securities | 50,619 | [1] | 45,619 | [1] |
Carrying Value [Member] | Interest Rate Swaps [Member] | ||||
ASSETS | ||||
Derivative financial assets | 14,020 | [1] | 12,981 | [1] |
LIABILITIES | ||||
Derivative financial liabilities | 13,979 | [1] | 12,953 | [1] |
Carrying Value [Member] | Interest Rate Lock Commitments [Member] | ||||
ASSETS | ||||
Derivative financial assets | 371 | [1] | 235 | [1] |
Carrying Value [Member] | Forward Sale Contracts [Member] | ||||
LIABILITIES | ||||
Derivative financial liabilities | 74 | [1] | 57 | [1] |
Fair Value Measurements [Member] | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 124,737 | 109,580 | ||
Securities available-for-sale | 655,829 | 640,273 | ||
Loans held for sale | 6,160 | 2,991 | ||
Portfolio loans, net of unearned income | 4,673,187 | 3,827,634 | ||
Bank owned life insurance | 78,738 | 62,252 | ||
FHLB and other restricted stock | 19,729 | 15,135 | ||
Trading securities held in a Rabbi Trust | 3,505 | 3,456 | ||
Mortgage servicing rights | 2,865 | 2,934 | ||
LIABILITIES | ||||
Deposits | 4,834,805 | 3,910,342 | ||
Securities sold under repurchase agreements | 46,721 | 30,605 | ||
Short-term borrowings | 199,573 | 290,000 | ||
Long-term borrowings | 19,928 | 20,462 | ||
Junior subordinated debt securities | 50,619 | 45,619 | ||
Fair Value Measurements [Member] | Level 1 [Member] | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 124,737 | 109,580 | ||
Securities available-for-sale | 178 | |||
Trading securities held in a Rabbi Trust | 3,505 | 3,456 | ||
Fair Value Measurements [Member] | Level 2 [Member] | ||||
ASSETS | ||||
Securities available-for-sale | 655,829 | 640,095 | ||
Bank owned life insurance | 78,738 | 62,252 | ||
Fair Value Measurements [Member] | Level 3 [Member] | ||||
ASSETS | ||||
Loans held for sale | 6,160 | 2,991 | ||
Portfolio loans, net of unearned income | 4,673,187 | 3,827,634 | ||
FHLB and other restricted stock | 19,729 | 15,135 | ||
Mortgage servicing rights | 2,865 | 2,934 | ||
LIABILITIES | ||||
Deposits | 4,834,805 | 3,910,342 | ||
Securities sold under repurchase agreements | 46,721 | 30,605 | ||
Short-term borrowings | 199,573 | 290,000 | ||
Long-term borrowings | 19,928 | 20,462 | ||
Junior subordinated debt securities | 50,619 | 45,619 | ||
Fair Value Measurements [Member] | Interest Rate Swaps [Member] | ||||
ASSETS | ||||
Derivative financial assets | 14,020 | 12,981 | ||
LIABILITIES | ||||
Derivative financial liabilities | 13,979 | 12,953 | ||
Fair Value Measurements [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||||
ASSETS | ||||
Derivative financial assets | 14,020 | 12,981 | ||
LIABILITIES | ||||
Derivative financial liabilities | 13,979 | 12,953 | ||
Fair Value Measurements [Member] | Interest Rate Lock Commitments [Member] | ||||
ASSETS | ||||
Derivative financial assets | 371 | 235 | ||
Fair Value Measurements [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member] | ||||
ASSETS | ||||
Derivative financial assets | 371 | 235 | ||
Fair Value Measurements [Member] | Forward Sale Contracts [Member] | ||||
LIABILITIES | ||||
Derivative financial liabilities | 74 | 57 | ||
Fair Value Measurements [Member] | Forward Sale Contracts [Member] | Level 2 [Member] | ||||
LIABILITIES | ||||
Derivative financial liabilities | $74 | $57 | ||
[1] | As reported in the Consolidated Balance Sheets. |
Securities_AvailableforSale_Co
Securities Available-for-Sale - Composition of Securities Available-for-Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $640,036 | $629,463 |
Gross Unrealized Gains | 16,250 | 12,647 |
Gross Unrealized Losses | -457 | -1,837 |
Fair Value | 655,829 | 640,273 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,883 | 14,873 |
Gross Unrealized Gains | 147 | 7 |
Fair Value | 15,030 | 14,880 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 267,686 | 268,029 |
Gross Unrealized Gains | 3,900 | 2,334 |
Gross Unrealized Losses | -203 | -1,078 |
Fair Value | 271,383 | 269,285 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 129,010 | 116,897 |
Gross Unrealized Gains | 2,419 | 1,257 |
Gross Unrealized Losses | -25 | -148 |
Fair Value | 131,404 | 118,006 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,412 | 45,274 |
Gross Unrealized Gains | 1,802 | 1,548 |
Gross Unrealized Losses | -49 | -154 |
Fair Value | 48,165 | 46,668 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,701 | 39,834 |
Gross Unrealized Gains | 517 | 232 |
Gross Unrealized Losses | -138 | -393 |
Fair Value | 40,080 | 39,673 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 134,765 | 136,977 |
Gross Unrealized Gains | 5,953 | 5,789 |
Gross Unrealized Losses | -42 | -64 |
Fair Value | 140,676 | 142,702 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 632,457 | 621,884 |
Gross Unrealized Gains | 14,738 | 11,167 |
Gross Unrealized Losses | -457 | -1,837 |
Fair Value | 646,738 | 631,214 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Gross Unrealized Gains | 1,512 | 1,480 |
Fair Value | $9,091 | $9,059 |
Securities_AvailableforSale_Sc
Securities Available-for-Sale - Schedule of Gross and Net Realized Gains and Losses on Sale of Securities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $0 | $1 |
Gross realized losses | 0 | 0 |
Net Realized Gains | $0 | $1 |
Securities_AvailableforSale_Fa
Securities Available-for-Sale - Fair Value and Age of Gross Unrealized Losses by Investment Category (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | security | security |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 12 | 7 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $48,137 | $59,329 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -171 | -381 |
Available-for-sale, Securities, 12 Months or More, Number of Positions | 5 | 13 |
Available-for-sale Securities, 12 Months or More, Fair Value | 39,874 | 103,527 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -286 | -1,456 |
Number of debt securities on which unrealized losses were primarily attributable to changes in interest | 17 | 20 |
Available-for-sale Securities, Fair Value, Total | 88,011 | 162,856 |
Available-for-sale Securities, Unrealized Losses, Total | -457 | -1,837 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 3 | 4 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 23,523 | 39,745 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -55 | -207 |
Available-for-sale, Securities, 12 Months or More, Number of Positions | 4 | 8 |
Available-for-sale Securities, 12 Months or More, Fair Value | 30,157 | 63,149 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -148 | -871 |
Available-for-sale, Securities, Number of Positions | 7 | 12 |
Available-for-sale Securities, Fair Value, Total | 53,680 | 102,894 |
Available-for-sale Securities, Unrealized Losses, Total | -203 | -1,078 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 3 | 1 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 7,868 | 9,323 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -25 | -148 |
Available-for-sale, Securities, Number of Positions | 3 | 1 |
Available-for-sale Securities, Fair Value, Total | 7,868 | 9,323 |
Available-for-sale Securities, Unrealized Losses, Total | -25 | -148 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 5 | |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 11,361 | |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -49 | |
Available-for-sale, Securities, 12 Months or More, Number of Positions | 1 | |
Available-for-sale Securities, 12 Months or More, Fair Value | 8,982 | |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -154 | |
Available-for-sale, Securities, Number of Positions | 5 | 1 |
Available-for-sale Securities, Fair Value, Total | 11,361 | 8,982 |
Available-for-sale Securities, Unrealized Losses, Total | -49 | -154 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 1 | |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 9,998 | |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -25 | |
Available-for-sale, Securities, 12 Months or More, Number of Positions | 1 | 2 |
Available-for-sale Securities, 12 Months or More, Fair Value | 9,717 | 20,640 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -138 | -368 |
Available-for-sale, Securities, Number of Positions | 1 | 3 |
Available-for-sale Securities, Fair Value, Total | 9,717 | 30,638 |
Available-for-sale Securities, Unrealized Losses, Total | -138 | -393 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | 1 | 1 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | 5,385 | 263 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | -42 | -1 |
Available-for-sale, Securities, 12 Months or More, Number of Positions | 2 | |
Available-for-sale Securities, 12 Months or More, Fair Value | 10,756 | |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | -63 | |
Available-for-sale, Securities, Number of Positions | 1 | 3 |
Available-for-sale Securities, Fair Value, Total | 5,385 | 11,019 |
Available-for-sale Securities, Unrealized Losses, Total | ($42) | ($64) |
Securities_AvailableforSale_Ad
Securities Available-for-Sale - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
security | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of debt securities on which unrealized losses were primarily attributable to changes in interest | 17 | 20 |
Carrying values of securities | $334,600,000 | $289,100,000 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized losses reclassified out of accumulated other comprehensive income into earnings | $0 |
Securities_Availableforsale_Un
Securities Available-for-sale - Unrealized Gains (Losses) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Gains | $16,250 | $12,647 |
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Losses | -457 | -1,837 |
Total unrealized gains/(losses) on securities available for sale, Net Unrealized Gains/(Losses) | 15,793 | 10,810 |
Income Tax expense/(benefit), Gross Unrealized Gains | 5,688 | 4,426 |
Income Tax expense/(benefit), Gross Unrealized Losses | -160 | -643 |
Income Tax expense/(benefit), Net Unrealized Gains/ (Losses) | 5,528 | 3,783 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Gains | 10,562 | 8,221 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Losses | -297 | -1,194 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Net Unrealized Gains/ (Losses) | $10,265 | $7,027 |
Securities_AvailableforSale_Am
Securities Available-for-Sale - Amortized Cost and Fair Value of Available-for-Sale Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $640,036 | $629,463 |
Fair Value | 655,829 | 640,273 |
Obligations of the U.S. Treasury and 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 | 29,757 | |
Due after one year through five years, Amortized Cost | 206,322 | |
Due after five years through ten years, Amortized Cost | 80,865 | |
Due after ten years, Amortized Cost | 100,390 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost | 417,334 | |
Due in one year or less, Fair Value | 30,068 | |
Due after one year through five years, Fair Value | 208,787 | |
Due after five years through ten years, Fair Value | 83,329 | |
Due after ten years, Fair Value | 104,905 | |
Fair Value, Debt securities | 427,089 | |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 129,010 | 116,897 |
Fair Value | 131,404 | 118,006 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,412 | 45,274 |
Fair Value | 48,165 | 46,668 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,701 | 39,834 |
Fair Value | 40,080 | 39,673 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 632,457 | 621,884 |
Fair Value | 646,738 | 631,214 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Fair Value | $9,091 | $9,059 |
Loans_and_Loans_Held_for_Sale_1
Loans and Loans Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income on loans | $2,500,000 | $2,100,000 |
Percentage of commercial loans in total portfolio loans | 78.00% | 75.00% |
Commercial Loans | 3,649,632,000 | 2,892,522,000 |
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 9.00% | 9.00% |
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | |
Commercial Real Estate and Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 2,400,000,000 | |
Combined percentage of commercial real estate and commercial construction in total commercial loans | 67.00% | 66.00% |
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 52.00% | 49.00% |
Out Of State Exposure Of Combined Portfolio | 6.10% | 8.00% |
Percentage of total loans out-of-state excluding contiguous states | 3.20% | 3.90% |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 1,211,053,000 | 994,138,000 |
Number Of Loans Modified Not Considered To Be Troubled Debt Restructuring | 2 | |
Loans modified not considered to be troubled debt restructuring | 200,000 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | 2,152,413,000 | 1,682,236,000 |
Number Of Loans Modified Not Considered To Be Troubled Debt Restructuring | 2 | |
Loans modified not considered to be troubled debt restructuring | 200,000 | |
Integrity Bancshares, Inc. [Member] | Commercial Real Estate and Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial Loans | $527,900,000 |
Loans_and_Loans_Held_for_Sale_2
Loans and Loans Held for Sale - Composition of Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Composition of the loans | ||||
Commercial Loans | $3,649,632 | $2,892,522 | ||
Consumer Loans | 1,034,066 | 976,224 | ||
Total Portfolio Loans | 4,683,698 | [1] | 3,868,746 | [1] |
Loans held for sale | 6,126 | 2,970 | ||
Total Loans | 4,689,824 | 3,871,716 | ||
Commercial Real Estate [Member] | ||||
Composition of the loans | ||||
Commercial Loans | 2,152,413 | 1,682,236 | ||
Total Portfolio Loans | 2,152,413 | [1] | 1,682,236 | [1] |
Total Loans | 2,152,413 | 1,682,236 | ||
Commercial and Industrial [Member] | ||||
Composition of the loans | ||||
Commercial Loans | 1,211,053 | 994,138 | ||
Total Portfolio Loans | 1,211,053 | [1] | 994,138 | [1] |
Total Loans | 1,211,053 | 994,138 | ||
Commercial Construction [Member] | ||||
Composition of the loans | ||||
Commercial Loans | 286,166 | 216,148 | ||
Total Portfolio Loans | 286,166 | [1] | 216,148 | [1] |
Total Loans | 286,166 | 216,148 | ||
Residential Mortgage [Member] | ||||
Composition of the loans | ||||
Consumer Loans | 521,506 | 489,586 | ||
Total Loans | 521,506 | 489,586 | ||
Home Equity [Member] | ||||
Composition of the loans | ||||
Consumer Loans | 442,396 | 418,563 | ||
Total Loans | 442,396 | 418,563 | ||
Installment and Other Consumer [Member] | ||||
Composition of the loans | ||||
Consumer Loans | 65,754 | 65,567 | ||
Total Loans | 65,754 | 65,567 | ||
Consumer Construction [Member] | ||||
Composition of the loans | ||||
Consumer Loans | 4,410 | 2,508 | ||
Total Loans | $4,410 | $2,508 | ||
[1] | (1) Includes acquired loans. |
Loans_and_Loans_Held_for_Sale_3
Loans and Loans Held for Sale - Restructured Loans for Periods Presented (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | $4,585 | [1] | $1,791 | [1] | |
Performing TDRs [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 36,423 | 36,983 | |||
Performing TDRs [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 16,722 | 16,939 | |||
Performing TDRs [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 7,988 | 8,074 | |||
Performing TDRs [Member] | Commercial Construction [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 5,724 | 5,736 | |||
Performing TDRs [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 2,507 | 2,839 | |||
Performing TDRs [Member] | Home Equity [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 3,438 | 3,342 | |||
Performing TDRs [Member] | Installment and Other Consumer [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 44 | 53 | |||
Nonperforming TDRs [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 9,916 | 5,436 | |||
Nonperforming TDRs [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 5,030 | 2,180 | |||
Nonperforming TDRs [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 1,772 | 356 | |||
Nonperforming TDRs [Member] | Commercial Construction [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 1,973 | 1,869 | |||
Nonperforming TDRs [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 625 | 459 | |||
Nonperforming TDRs [Member] | Home Equity [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 510 | 562 | |||
Nonperforming TDRs [Member] | Installment and Other Consumer [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 6 | 10 | |||
Total TDRs [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 46,339 | 42,419 | |||
Total TDRs [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 21,752 | 19,119 | |||
Total TDRs [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 9,760 | 8,430 | |||
Total TDRs [Member] | Commercial Construction [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 7,697 | 7,605 | |||
Total TDRs [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 3,132 | 3,298 | |||
Total TDRs [Member] | Home Equity [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | 3,948 | 3,904 | |||
Total TDRs [Member] | Installment and Other Consumer [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Restructured loans | $50 | $63 | |||
[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. |
Loans_and_Loans_Held_for_Sale_4
Loans and Loans Held for Sale - Restructured Loans for Periods Stated (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
SecurityLoan | SecurityLoan | |||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 20 | 12 | ||
Pre-Modification Outstanding Recorded Investment | $4,612 | [1] | $1,808 | [1] |
Post-Modification Outstanding Recorded Investment | 4,585 | [1] | 1,791 | [1] |
Total Difference in Recorded Investment | -27 | -17 | ||
Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 9 | 1 | ||
Pre-Modification Outstanding Recorded Investment | 3,616 | [1] | 1,019 | [1] |
Post-Modification Outstanding Recorded Investment | 3,615 | [1] | 1,019 | [1] |
Total Difference in Recorded Investment | -1 | 0 | ||
Chapter 7 Bankruptcy [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 9 | [2] | 11 | [2] |
Pre-Modification Outstanding Recorded Investment | 145 | [1],[2] | 789 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 134 | [1],[2] | 772 | [1],[2] |
Total Difference in Recorded Investment | -11 | [2] | -17 | [2] |
Maturity Date Extension [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 2 | |||
Pre-Modification Outstanding Recorded Investment | 851 | [1] | ||
Post-Modification Outstanding Recorded Investment | 836 | [1] | ||
Total Difference in Recorded Investment | -15 | |||
Commercial Real Estate [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 2 | |||
Pre-Modification Outstanding Recorded Investment | 2,851 | [1] | ||
Post-Modification Outstanding Recorded Investment | 2,851 | [1] | ||
Total Difference in Recorded Investment | 0 | |||
Commercial and Industrial [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 6 | |||
Pre-Modification Outstanding Recorded Investment | 661 | [1] | ||
Post-Modification Outstanding Recorded Investment | 661 | [1] | ||
Total Difference in Recorded Investment | 0 | |||
Commercial and Industrial [Member] | Chapter 7 Bankruptcy [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 1 | [2] | 1 | [2] |
Pre-Modification Outstanding Recorded Investment | 3 | [1],[2] | 287 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 1 | [1],[2] | 286 | [1],[2] |
Total Difference in Recorded Investment | -2 | [2] | -1 | [2] |
Commercial and Industrial [Member] | Maturity Date Extension [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 1 | |||
Pre-Modification Outstanding Recorded Investment | 780 | [1] | ||
Post-Modification Outstanding Recorded Investment | 765 | [1] | ||
Total Difference in Recorded Investment | -15 | |||
Commercial Construction [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | 104 | [1] | 1,019 | [1] |
Post-Modification Outstanding Recorded Investment | 103 | [1] | 1,019 | [1] |
Total Difference in Recorded Investment | -1 | 0 | ||
Residential Mortgage [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 4 | [2] | ||
Pre-Modification Outstanding Recorded Investment | 277 | [1],[2] | ||
Post-Modification Outstanding Recorded Investment | 276 | [1],[2] | ||
Total Difference in Recorded Investment | -1 | [2] | ||
Home Equity [Member] | Chapter 7 Bankruptcy [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 8 | [2] | 6 | [2] |
Pre-Modification Outstanding Recorded Investment | 142 | [1],[2] | 225 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 133 | [1] | 210 | [1],[2] |
Total Difference in Recorded Investment | -9 | [2] | -15 | [2] |
Home Equity [Member] | Maturity Date Extension [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 1 | |||
Pre-Modification Outstanding Recorded Investment | 71 | [1] | ||
Post-Modification Outstanding Recorded Investment | 71 | [1] | ||
Total Difference in Recorded Investment | $0 | |||
[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. |
Loans_and_Loans_Held_for_Sale_5
Loans and Loans Held for Sale - Summary of Nonperforming Assets of Defaulted TDRs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 2 | 1 |
Recorded Investment | $188 | $72 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 1 |
Recorded Investment | 183 | 72 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | 1 | 0 |
Recorded Investment | $5 | $0 |
Loans_and_Loans_Held_for_Sale_6
Loans and Loans Held for Sale - Summary of Nonperforming Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Nonperforming Assets | ||
Nonaccrual loans | $8,218 | $7,021 |
Nonaccrual TDRs | 9,916 | 5,436 |
Total nonaccrual loans | 18,134 | 12,457 |
OREO | 1,294 | 166 |
Total Nonperforming Assets | $19,428 | $12,623 |
Allowance_for_Loan_Losses_Age_
Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | $4,653,941 | $3,850,597 |
Loans, 30 to 59 Days Past Due | 11,393 | 6,448 |
Loans, 60 to 89 Days Past Due | 1,327 | 2,214 |
Loans, 90 Days Past Due | 5,029 | 0 |
Total nonaccrual loans | 18,134 | 12,457 |
Loans, Past Due, Total | 35,883 | 21,119 |
Total Loans | 4,689,824 | 3,871,716 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 2,138,815 | 1,674,930 |
Loans, 30 to 59 Days Past Due | 2,955 | 2,548 |
Loans, 60 to 89 Days Past Due | 522 | 323 |
Loans, 90 Days Past Due | 1,735 | |
Total nonaccrual loans | 8,386 | 4,435 |
Loans, Past Due, Total | 13,598 | 7,306 |
Total Loans | 2,152,413 | 1,682,236 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 1,202,897 | 991,136 |
Loans, 30 to 59 Days Past Due | 4,089 | 1,227 |
Loans, 60 to 89 Days Past Due | 517 | 153 |
Loans, 90 Days Past Due | 0 | 0 |
Total nonaccrual loans | 3,550 | 1,622 |
Loans, Past Due, Total | 8,156 | 3,002 |
Total Loans | 1,211,053 | 994,138 |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 281,084 | 214,174 |
Loans, 30 to 59 Days Past Due | 969 | |
Loans, 90 Days Past Due | 2,140 | |
Total nonaccrual loans | 1,973 | 1,974 |
Loans, Past Due, Total | 5,082 | 1,974 |
Total Loans | 286,166 | 216,148 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 516,515 | 485,465 |
Loans, 30 to 59 Days Past Due | 1,548 | 565 |
Loans, 60 to 89 Days Past Due | 63 | 1,220 |
Loans, 90 Days Past Due | 1,154 | |
Total nonaccrual loans | 2,226 | 2,336 |
Loans, Past Due, Total | 4,991 | 4,121 |
Total Loans | 521,506 | 489,586 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 438,629 | 414,303 |
Loans, 30 to 59 Days Past Due | 1,583 | 1,756 |
Loans, 60 to 89 Days Past Due | 198 | 445 |
Total nonaccrual loans | 1,986 | 2,059 |
Loans, Past Due, Total | 3,767 | 4,260 |
Total Loans | 442,396 | 418,563 |
Installment and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 65,465 | 65,111 |
Loans, 30 to 59 Days Past Due | 249 | 352 |
Loans, 60 to 89 Days Past Due | 27 | 73 |
Total nonaccrual loans | 13 | 31 |
Loans, Past Due, Total | 289 | 456 |
Total Loans | 65,754 | 65,567 |
Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 4,410 | 2,508 |
Total Loans | 4,410 | 2,508 |
Loans Held for Sale [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 6,126 | 2,970 |
Total Loans | $6,126 | $2,970 |
Allowance_for_Loan_Losses_Reco
Allowance for Loan Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | $3,649,632 | $2,892,522 |
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 | 3,458,560 | 2,780,315 |
Total percentage of recorded investment in commercial loan | 94.80% | 96.10% |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 101,333 | 65,968 |
Total percentage of recorded investment in commercial loan | 2.80% | 2.30% |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 89,739 | 46,239 |
Total percentage of recorded investment in commercial loan | 2.40% | 1.60% |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 2,152,413 | 1,682,236 |
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 | 2,073,492 | 1,635,132 |
Total percentage of recorded investment in commercial loan | 96.30% | 97.20% |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 25,204 | 23,597 |
Total percentage of recorded investment in commercial loan | 1.20% | 1.40% |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 53,717 | 23,507 |
Total percentage of recorded investment in commercial loan | 2.50% | 1.40% |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 1,211,053 | 994,138 |
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 | 1,137,101 | 948,663 |
Total percentage of recorded investment in commercial loan | 93.90% | 95.40% |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 55,529 | 30,357 |
Total percentage of recorded investment in commercial loan | 4.60% | 3.10% |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 18,423 | 15,118 |
Total percentage of recorded investment in commercial loan | 1.50% | 1.50% |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 286,166 | 216,148 |
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 | 247,967 | 196,520 |
Total percentage of recorded investment in commercial loan | 86.70% | 90.90% |
Commercial Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | 20,600 | 12,014 |
Total percentage of recorded investment in commercial loan | 7.20% | 5.60% |
Commercial Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total recorded investment in commercial loan | $17,599 | $7,614 |
Total percentage of recorded investment in commercial loan | 6.10% | 3.50% |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |
Evaluation for impairment of substandard and nonaccrual commercial loans | 500,000 |
Minimum [Member] | |
Financing Receivable, Impaired [Line Items] | |
Loans considered nonperforming (in days) | 90 days |
Allowance_for_Loan_Losses_Reco1
Allowance for Loan Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | $1,034,066 | $976,224 |
% of Total | 100.00% | 100.00% |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 1,029,841 | 971,798 |
% of Total | 99.60% | 99.50% |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 4,225 | 4,426 |
% of Total | 0.40% | 0.50% |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 521,506 | 489,586 |
% of Total | 100.00% | 100.00% |
Residential Mortgage [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 519,280 | 487,250 |
% of Total | 99.60% | 99.50% |
Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 2,226 | 2,336 |
% of Total | 0.40% | 0.50% |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 442,396 | 418,563 |
% of Total | 100.00% | 100.00% |
Home Equity [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 440,410 | 416,504 |
% of Total | 99.60% | 99.50% |
Home Equity [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 1,986 | 2,059 |
% of Total | 0.40% | 0.50% |
Installment and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 65,754 | 65,567 |
% of Total | 100.00% | 100.00% |
Installment and Other Consumer [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 65,741 | 65,536 |
% of Total | 100.00% | 99.90% |
Installment and Other Consumer [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 13 | 31 |
% of Total | 0.00% | 0.10% |
Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 4,410 | 2,508 |
% of Total | 100.00% | 100.00% |
Consumer Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded investment in consumer loan | 4,410 | 2,508 |
% of Total | 100.00% | 100.00% |
Consumer Construction [Member] | Nonperforming Financing Receivable [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 $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | $47,619 | $43,914 | |
Without a related allowance, Unpaid Principal Balance | 58,231 | 53,785 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
With a related allowance recorded, Recorded Investment | 870 | 63 | |
With a related allowance recorded, Unpaid Principal Balance | 870 | 63 | |
With a related allowance recorded, Related Allowance | 88 | 54 | |
Impaired Financing Receivable, Recorded Investment, Total | 48,489 | 43,977 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 59,101 | 53,848 | |
Impaired Financing Receivable, Related Allowance | 88 | 54 | |
Without a related allowance recorded, Average Recorded Investment | 48,285 | 50,068 | |
Without a related allowance recorded, Interest Income Recognized | 375 | 383 | |
With a related allowance recorded, Average Recorded Investment | 884 | 83 | |
With a related allowance recorded, Interest Income Recognized | 9 | 2 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 49,169 | 50,151 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 384 | 385 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | 22,515 | 19,890 | |
Without a related allowance, Unpaid Principal Balance | 27,937 | 25,262 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
With a related allowance recorded, Recorded Investment | 811 | 0 | |
With a related allowance recorded, Unpaid Principal Balance | 811 | 0 | |
With a related allowance recorded, Related Allowance | 39 | 0 | |
Impaired Financing Receivable, Recorded Investment, Total | 23,326 | 19,890 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 28,748 | 25,262 | |
Impaired Financing Receivable, Related Allowance | 39 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 22,627 | 23,539 | |
Without a related allowance recorded, Interest Income Recognized | 164 | 167 | |
With a related allowance recorded, Average Recorded Investment | 823 | 0 | |
With a related allowance recorded, Interest Income Recognized | 8 | 0 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 23,450 | 23,539 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 172 | 167 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | 10,338 | 9,218 | |
Without a related allowance, Unpaid Principal Balance | 11,238 | 9,449 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
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 | |
Impaired Financing Receivable, Recorded Investment, Total | 10,338 | 9,218 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 11,238 | 9,449 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 10,847 | 9,826 | |
Without a related allowance recorded, Interest Income Recognized | 62 | 55 | |
With a related allowance recorded, Average Recorded Investment | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 10,847 | 9,826 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 62 | 55 | |
Commercial Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | 7,696 | 7,605 | |
Without a related allowance, Unpaid Principal Balance | 11,385 | 11,293 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
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 | |
Impaired Financing Receivable, Recorded Investment, Total | 7,696 | 7,605 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 11,385 | 11,293 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 7,704 | 8,324 | |
Without a related allowance recorded, Interest Income Recognized | 53 | 57 | |
With a related allowance recorded, Average Recorded Investment | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 7,704 | 8,324 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 53 | 57 | |
Consumer Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | 7,039 | 7,159 | |
Without a related allowance, Unpaid Principal Balance | 7,637 | 7,733 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
With a related allowance recorded, Recorded Investment | 41 | 43 | |
With a related allowance recorded, Unpaid Principal Balance | 41 | 43 | |
With a related allowance recorded, Related Allowance | 41 | 43 | |
Impaired Financing Receivable, Recorded Investment, Total | 7,080 | 7,202 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 7,678 | 7,776 | |
Impaired Financing Receivable, Related Allowance | 41 | 43 | |
Without a related allowance recorded, Average Recorded Investment | 7,073 | 8,258 | |
Without a related allowance recorded, Interest Income Recognized | 96 | 103 | |
With a related allowance recorded, Average Recorded Investment | 42 | 51 | |
With a related allowance recorded, Interest Income Recognized | 1 | 1 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 7,115 | 8,309 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 97 | 104 | |
Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance recorded, Recorded Investment | 31 | 42 | |
Without a related allowance, Unpaid Principal Balance | 34 | 48 | |
Without a related allowance recorded, Related Allowance | 0 | 0 | |
With a related allowance recorded, Recorded Investment | 18 | 20 | |
With a related allowance recorded, Unpaid Principal Balance | 18 | 20 | |
With a related allowance recorded, Related Allowance | 8 | 11 | |
Impaired Financing Receivable, Recorded Investment, Total | 49 | 62 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 52 | 68 | |
Impaired Financing Receivable, Related Allowance | 8 | 11 | |
Without a related allowance recorded, Average Recorded Investment | 34 | 121 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 1 | |
With a related allowance recorded, Average Recorded Investment | 19 | 32 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 53 | 153 | |
Impaired Financing Receivable, Interest Income Recognized, Total | $0 | $2 |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $47,911 | $46,255 |
Charge-offs | -1,451 | -974 |
Recoveries | 439 | 1,046 |
Net (Charge-offs)/ Recoveries | -1,012 | 72 |
Provision for loan losses | 1,207 | 289 |
Balance at End of Period | 48,106 | 46,616 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 20,164 | 18,921 |
Charge-offs | -66 | -266 |
Recoveries | 103 | 540 |
Net (Charge-offs)/ Recoveries | 37 | 274 |
Provision for loan losses | -1,130 | 685 |
Balance at End of Period | 19,071 | 19,880 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 13,668 | 14,433 |
Charge-offs | -707 | -290 |
Recoveries | 114 | 314 |
Net (Charge-offs)/ Recoveries | -593 | 24 |
Provision for loan losses | 636 | -478 |
Balance at End of Period | 13,711 | 13,979 |
Commercial Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 6,093 | 5,374 |
Charge-offs | 0 | -28 |
Recoveries | 1 | 50 |
Net (Charge-offs)/ Recoveries | 1 | 22 |
Provision for loan losses | 775 | -213 |
Balance at End of Period | 6,869 | 5,183 |
Consumer Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 6,333 | 6,362 |
Charge-offs | -375 | -123 |
Recoveries | 136 | 59 |
Net (Charge-offs)/ Recoveries | -239 | -64 |
Provision for loan losses | 629 | 110 |
Balance at End of Period | 6,723 | 6,408 |
Other Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 1,653 | 1,165 |
Charge-offs | -303 | -267 |
Recoveries | 85 | 83 |
Net (Charge-offs)/ Recoveries | -218 | -184 |
Provision for loan losses | 297 | 185 |
Balance at End of Period | $1,732 | $1,166 |
Allowance_for_Loan_Losses_Summ1
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $88,000 | $54,000 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 48,018,000 | 47,857,000 | ||||
Total Allowance for Loan Losses | 48,106,000 | 47,911,000 | 46,616,000 | 46,255,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 48,489,000 | 43,977,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 4,635,209,000 | 3,824,769,000 | ||||
Total Portfolio Loans | 4,683,698,000 | [1] | 3,868,746,000 | [1] | ||
Allowance for loan losses on acquired loans | 0 | |||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 39,000 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 19,032,000 | 20,164,000 | ||||
Total Allowance for Loan Losses | 19,071,000 | 20,164,000 | 19,880,000 | 18,921,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 23,326,000 | 19,890,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 2,129,087,000 | 1,662,346,000 | ||||
Total Portfolio Loans | 2,152,413,000 | [1] | 1,682,236,000 | [1] | ||
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 | 13,711,000 | 13,668,000 | ||||
Total Allowance for Loan Losses | 13,711,000 | 13,668,000 | 13,979,000 | 14,433,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 10,338,000 | 9,218,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,200,715,000 | 984,920,000 | ||||
Total Portfolio Loans | 1,211,053,000 | [1] | 994,138,000 | [1] | ||
Commercial Construction [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 | 6,869,000 | 6,093,000 | ||||
Total Allowance for Loan Losses | 6,869,000 | 6,093,000 | 5,183,000 | 5,374,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 7,696,000 | 7,605,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 278,470,000 | 208,543,000 | ||||
Total Portfolio Loans | 286,166,000 | [1] | 216,148,000 | [1] | ||
Consumer Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 41,000 | 43,000 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,682,000 | 6,290,000 | ||||
Total Allowance for Loan Losses | 6,723,000 | 6,333,000 | 6,408,000 | 6,362,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 7,080,000 | 7,202,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 961,232,000 | 903,455,000 | ||||
Total Portfolio Loans | 968,312,000 | [1] | 910,657,000 | [1] | ||
Other Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8,000 | 11,000 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,724,000 | 1,642,000 | ||||
Total Allowance for Loan Losses | 1,732,000 | 1,653,000 | 1,166,000 | 1,165,000 | ||
Portfolio Loans, Individually Evaluated for Impairment | 49,000 | 62,000 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 65,705,000 | 65,505,000 | ||||
Total Portfolio Loans | 65,754,000 | [1] | 65,567,000 | [1] | ||
Fair Value Measurements [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses on acquired loans | $0 | |||||
[1] | (1) Includes acquired loans. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments | 60 days |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | $14,020 | $12,981 |
Fair value, Derivatives (included in Other Liabilities) | 13,979 | 12,953 |
Other Assets [Member] | Interest Rate Swap Contracts-Commercial Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 14,020 | 12,981 |
Notional amount, Derivatives (included in Other Assets) | 228,800 | 245,152 |
Collateral posted | 0 | 0 |
Other Assets [Member] | Interest Rate Lock Commitments - Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 371 | 235 |
Notional amount, Derivatives (included in Other Assets) | 11,923 | 8,822 |
Other Assets [Member] | Forward Sale Contracts-Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 0 | 0 |
Notional amount, Derivatives (included in Other Assets) | 0 | 0 |
Other Liabilities [Member] | Interest Rate Swap Contracts-Commercial Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Collateral posted | 12,498 | 12,059 |
Fair value, Derivatives (included in Other Liabilities) | 13,979 | 12,953 |
Notional amount, Derivatives (included in Other Liabilities) | 228,800 | 245,152 |
Other Liabilities [Member] | Interest Rate Lock Commitments - Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 0 | 0 |
Notional amount, Derivatives (included in Other Liabilities) | 0 | 0 |
Other Liabilities [Member] | Forward Sale Contracts-Mortgage Loans [Member] | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 74 | 57 |
Notional amount, Derivatives (included in Other Liabilities) | $10,680 | $7,789 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Not Designated as Hedging Instruments [Member] | ||||
Derivative Asset [Abstract] | ||||
Gross amounts recognized | $14,020 | $13,203 | ||
Gross amounts offset | 0 | -222 | ||
Net amounts presented in the Consolidated Balance Sheets | 14,020 | 12,981 | ||
Gross amounts not offset | 0 | [1] | 0 | [1] |
Net Amount | 14,020 | 12,981 | ||
Derivative Liability [Abstract] | ||||
Gross amounts recognized | 13,979 | 13,175 | ||
Gross amounts offset | 0 | -222 | ||
Net amounts presented in the Consolidated Balance Sheets | 13,979 | 12,953 | ||
Gross amounts not offset | -12,498 | [1] | -12,059 | [1] |
Net Amount | $1,481 | $894 | ||
[1] | Amounts represent posted collateral. |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Detail) (Not Designated as Hedging Instruments [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain (Loss) | $132 | ($29) |
Interest Rate Swap Contracts-Commercial Loans [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain (Loss) | 13 | -8 |
Interest Rate Lock Commitments - Mortgage Loans [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain (Loss) | 136 | 8 |
Forward Sale Contracts-Mortgage Loans [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain (Loss) | ($17) | ($29) |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 05, 2015 | Dec. 31, 2014 | |
Long Term And Short Term Debt [Line Items] | ||||
Total long-term debt outstanding at a fixed rate | $15,600,000 | |||
Total long-term debt outstanding at a variable rate | 53,700,000 | |||
Capital lease | 200,000 | |||
Repayment of junior subordinated debt | 8,500,000 | 0 | ||
Total borrowings | 218,200,000 | 309,300,000 | ||
Short-term borrowings | 199,600,000 | |||
Long-term borrowings | 18,700,000 | |||
Federal Home Loan Bank Advances [Member] | ||||
Long Term And Short Term Debt [Line Items] | ||||
Maximum borrowing capacity | 2,000,000,000 | |||
Remaining borrowing capacity | 1,600,000,000 | |||
Junior Subordinated Debt [Member] | ||||
Long Term And Short Term Debt [Line Items] | ||||
Repayment of junior subordinated debt | $8,500,000 |
Borrowings_Summary_of_Informat
Borrowings - Summary of Information Pertaining to Borrowings (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | $246,294 | $320,605 |
Long-term borrowings | 69,457 | 65,061 |
Total Borrowings | 315,751 | 385,666 |
Short-term borrowings, Weighted Average Rate | 0.27% | 0.27% |
Long-term borrowings, Weighted Average Rate | 2.94% | 2.79% |
Total Borrowings, Weighted Average Rate | 0.86% | 0.70% |
Securities Sold under Repurchase Agreements [Member] | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | 46,721 | 30,605 |
Short-term borrowings, Weighted Average Rate | 0.01% | 0.01% |
Short-Term Borrowings [Member] | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | 199,573 | 290,000 |
Short-term borrowings, Weighted Average Rate | 0.33% | 0.31% |
Other Long-Term Borrowings [Member] | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings | 18,838 | 19,442 |
Long-term borrowings, Weighted Average Rate | 2.92% | 3.00% |
Junior Subordinated Debt Securities [Member] | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings | $50,619 | $45,619 |
Long-term borrowings, Weighted Average Rate | 2.95% | 2.70% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Valuation Allowances and Reserves, Balance | $2.90 | $2.30 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Commitments and Letters of Credit (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $1,467,727 | $1,232,212 |
Commitments to Extend Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 1,370,341 | 1,158,628 |
Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $97,386 | $73,584 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Pre-Tax Amount | ||||
Change in unrealized gains/losses on securities available-for-sale | $4,983 | $4,475 | ||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | 0 | [1] | -1 | [1] |
Adjustment to funded status of employee benefit plans | 729 | 212 | ||
Other Comprehensive Income (Loss) | 5,712 | 4,686 | ||
Tax (Expense) Benefit | ||||
Change in unrealized gains/losses on securities available-for-sale | -1,745 | -1,566 | ||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | 0 | [1] | 0 | [1] |
Adjustment to funded status of employee benefit plans | -162 | -74 | ||
Other Comprehensive Income (Loss) | -1,907 | -1,640 | ||
Net of Tax Amount | ||||
Change in unrealized gains/losses on securities available-for-sale | 3,238 | 2,909 | ||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | 0 | [1] | -1 | [1] |
Adjustment to funded status of employee benefit plans | 567 | 138 | ||
Other Comprehensive Income (Loss) | $3,805 | $3,046 | ||
[1] | Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income (loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows; the pre-tax amount is included in securities gains-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) | 0 Months Ended | 3 Months Ended |
Jan. 01, 2015 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Number of consecutive years of employee's compensation | 5 years | |
Number of total years of employee's compensation | 10 years | |
Expected long-term rate of return on plan assets | 8.00% | |
Lump sum death benefit to unmarried beneficiary as percent of accrued benefit payable (percent) | 80.00% |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Components of Net Periodic Pension Cost | ||
Service cost—benefits earned during the period | $672 | $631 |
Interest cost on projected benefit obligation | 1,100 | 1,106 |
Expected return on plan assets | -1,807 | -1,735 |
Amortization of prior service cost (credit) | -35 | -35 |
Recognized net actuarial loss | 468 | 209 |
Net Periodic Pension Expense | $398 | $176 |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segments_Total_Assets_by_Repor
Segments - Total Assets by Reportable Operating Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Number of Reportable Segments | 3 | |
Total Assets | $5,971,293 | $4,964,686 |
Community Banking [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 5,959,651 | 4,954,728 |
Insurance [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 8,098 | 7,468 |
Wealth Management [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $3,544 | $2,490 |
Segments_Financial_Information
Segments - Financial Information of Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Interest income | $43,916 | $38,665 |
Interest expense | 3,657 | 3,074 |
NET INTEREST INCOME | 40,259 | 35,591 |
Provision for loan losses | 1,207 | 289 |
Noninterest income | 12,084 | 11,416 |
Noninterest expense | 32,243 | 27,777 |
Depreciation expense | 1,030 | 821 |
Amortization of intangible assets | 348 | 316 |
Provision for income taxes | 4,680 | 3,771 |
Net Income | 12,835 | 14,033 |
Operating Segments [Member] | Community Banking [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Interest income | 43,887 | 38,630 |
Interest expense | 3,889 | 3,482 |
NET INTEREST INCOME | 39,998 | 35,148 |
Provision for loan losses | 1,207 | 289 |
Noninterest income | 7,537 | 6,854 |
Noninterest expense | 28,687 | 23,973 |
Depreciation expense | 1,011 | 803 |
Amortization of intangible assets | 326 | 292 |
Provision for income taxes | 4,256 | 3,365 |
Net Income | 12,048 | 13,280 |
Operating Segments [Member] | Insurance [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Interest income | 0 | 0 |
Interest expense | 0 | 0 |
NET INTEREST INCOME | 0 | 0 |
Provision for loan losses | 0 | 0 |
Noninterest income | 1,553 | 1,521 |
Noninterest expense | 1,137 | 1,155 |
Depreciation expense | 12 | 11 |
Amortization of intangible assets | 13 | 13 |
Provision for income taxes | 137 | 120 |
Net Income | 254 | 222 |
Operating Segments [Member] | Wealth Management [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Interest income | 140 | 174 |
Interest expense | 0 | 0 |
NET INTEREST INCOME | 140 | 174 |
Provision for loan losses | 0 | 0 |
Noninterest income | 2,916 | 2,935 |
Noninterest expense | 2,220 | 2,274 |
Depreciation expense | 7 | 7 |
Amortization of intangible assets | 9 | 11 |
Provision for income taxes | 287 | 286 |
Net Income | 533 | 531 |
Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Interest income | -111 | -139 |
Interest expense | -232 | -408 |
NET INTEREST INCOME | 121 | 269 |
Provision for loan losses | 0 | 0 |
Noninterest income | 78 | 106 |
Noninterest expense | 199 | 375 |
Depreciation expense | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Provision for income taxes | 0 | 0 |
Net Income | $0 | $0 |
Qualified_Affordable_Housing_P1
Qualified Affordable Housing Projects (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Qualified Affordable Housing Projects [Abstract] | |||
Investment in qualified affordable housing projects | $17,700,000 | $18,600,000 | |
Open commitments | 0 | 0 | |
Amortization expense included in noninterest expense | 900,000 | 1,000,000 | |
Tax credits | $1,000,000 | $1,100,000 |