Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | S&T BANCORP INC | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 34,329,717 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $61,327 and $82,740 at March 31, 2019 and December 31, 2018 | $ 116,820 | $ 155,489 |
Securities, at fair value | 680,420 | 684,872 |
Loans held for sale | 2,706 | 2,371 |
Portfolio loans, net of unearned income | 5,935,452 | 5,946,648 |
Allowance for loan losses | (61,409) | (60,996) |
Portfolio loans, net | 5,874,043 | 5,885,652 |
Bank owned life insurance | 74,401 | 73,900 |
Premises and equipment, net | 42,199 | 41,730 |
Federal Home Loan Bank and other restricted stock, at cost | 19,959 | 29,435 |
Goodwill | 287,446 | 287,446 |
Other intangible assets, net | 2,418 | 2,601 |
Other assets | 128,850 | 88,725 |
Total Assets | 7,229,262 | 7,252,221 |
Deposits: | ||
Noninterest-bearing demand | 1,423,436 | 1,421,156 |
Interest-bearing demand | 541,053 | 573,693 |
Money market | 1,700,964 | 1,482,065 |
Savings | 767,175 | 784,970 |
Certificates of deposit | 1,400,773 | 1,412,038 |
Total Deposits | 5,833,401 | 5,673,922 |
Securities sold under repurchase agreements | 23,427 | 18,383 |
Short-term borrowings | 235,000 | 470,000 |
Long-term borrowings | 70,418 | 70,314 |
Junior subordinated debt securities | 45,619 | 45,619 |
Other liabilities | 78,241 | 38,222 |
Total Liabilities | 6,286,106 | 6,316,460 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at March 31, 2019 and at December 31, 2018 Outstanding— 34,330,136 shares at March 31, 2019 and 34,683,874 shares at December 31, 2018 | 90,326 | 90,326 |
Additional paid-in capital | 210,949 | 210,345 |
Retained earnings | 716,078 | 701,819 |
Accumulated other comprehensive loss | (16,931) | (23,107) |
Treasury stock (1,800,344 shares at March 31, 2019 and 1,446,606 shares at December 31, 2018, at cost) | (57,266) | (43,622) |
Total Shareholders’ Equity | 943,156 | 935,761 |
Total Liabilities and Shareholders’ Equity | $ 7,229,262 | $ 7,252,221 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $ 61,327 | $ 82,740 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 36,130,480 | 36,130,480 |
Common stock, shares outstanding (in shares) | 34,330,136 | 34,683,874 |
Treasury stock, shares (in shares) | 1,800,344 | 1,446,606 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 73,392 | $ 63,055 |
Investment Securities: | ||
Taxable | 3,790 | 3,429 |
Tax-exempt | 844 | 874 |
Dividends | 564 | 671 |
Total Interest and Dividend Income | 78,590 | 68,029 |
INTEREST EXPENSE | ||
Deposits | 14,981 | 7,846 |
Borrowings and junior subordinated debt securities | 3,253 | 3,251 |
Total Interest Expense | 18,234 | 11,097 |
NET INTEREST INCOME | 60,356 | 56,932 |
Provision for loan losses | 5,649 | 2,472 |
Net Interest Income After Provision for Loan Losses | 54,707 | 54,460 |
NONINTEREST INCOME | ||
Mortgage banking | 494 | 602 |
Gain on sale of a majority interest of insurance business | 0 | 1,873 |
Other | 2,693 | 2,357 |
Total Noninterest Income | 11,362 | 13,792 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 20,910 | 18,815 |
Data processing and information technology | 3,233 | 2,325 |
Net occupancy | 3,036 | 2,873 |
Furniture, equipment and software | 2,230 | 1,957 |
Other taxes | 1,185 | 1,848 |
Professional services and legal | 1,184 | 1,051 |
Marketing | 1,141 | 702 |
FDIC insurance | 516 | 1,108 |
Other | 5,484 | 5,403 |
Total Noninterest Expense | 38,919 | 36,082 |
Income Before Taxes | 27,150 | 32,170 |
Provision for income taxes | 4,222 | 6,007 |
Net Income | $ 22,928 | $ 26,163 |
Earnings per share—basic (in dollars per share) | $ 0.67 | $ 0.75 |
Earnings per share—diluted (in dollars per share) | 0.66 | 0.75 |
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.22 |
Comprehensive Income | $ 29,104 | $ 14,637 |
Service charges on deposit accounts | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 3,153 | 3,241 |
Debit and credit card | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 2,974 | 3,037 |
Wealth management | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | $ 2,048 | $ 2,682 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss)/Income | Reclassifications Related to Funded Status of Pension | Reclassifications Related to Unrealized Gains on Available for Sale Securities | |
Beginning Balance at Dec. 31, 2017 | $ 884,031 | $ 90,326 | $ 216,106 | $ 628,107 | $ (32,081) | $ (18,427) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 26,163 | 26,163 | |||||||
Other comprehensive income (loss), net of tax | (6,973) | (6,973) | |||||||
Reclassification of tax effects from the Tax Act | ASU No. 2018-02 | [1] | 3,691 | (3,691) | $ (3,924) | $ 233 | ||||
Cash dividends declared ($0.22 and $0.27 per share) | (7,669) | (7,669) | |||||||
Treasury stock issued for restricted awards (66,165 shares, net of 37,592 forfeitures) | (657) | (1,229) | 572 | ||||||
Recognition of restricted stock compensation expense | 512 | 512 | |||||||
Ending Balance at Mar. 31, 2018 | 895,407 | 90,326 | 216,618 | 649,925 | (31,509) | (29,953) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Effect of new accounting pronouncement on Consolidated Financial Statements | ASU No. 2016-01 | 862 | (862) | |||||||
Beginning Balance at Dec. 31, 2018 | 935,761 | 90,326 | 210,345 | 701,819 | (43,622) | (23,107) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 22,928 | 22,928 | |||||||
Other comprehensive income (loss), net of tax | 6,176 | 6,176 | |||||||
Cash dividends declared ($0.22 and $0.27 per share) | (9,317) | (9,317) | |||||||
Treasury stock issued for restricted awards (66,165 shares, net of 37,592 forfeitures) | (876) | 481 | (1,357) | ||||||
Repurchase of S&T Stock (313,904 shares) | (12,287) | (12,287) | |||||||
Recognition of restricted stock compensation expense | 604 | 604 | |||||||
Ending Balance at Mar. 31, 2019 | $ 943,156 | $ 90,326 | $ 210,949 | $ 716,078 | $ (57,266) | $ (16,931) | |||
[1] | Reclassification due to the adoption of ASU No. 2018-02, $(3,924) relates to funded status of pension and $233 relates to net unrealized gains on available-for-sale securities. |
CONCOLIDATED STATEMENTS OF CHAN
CONCOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.22 |
Repurchase of S&T Stock (in shares) | 313,904 | |
Retained Earnings | ||
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.22 |
Treasury stock issued for restricted awards, net of forfeitures (in shares) | 66,165 | |
Forfeitures of restricted stock (in shares) | 39,834 | 37,592 |
Treasury Stock | ||
Repurchase of S&T Stock (in shares) | 313,904 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 22,928 | $ 26,163 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 5,649 | 2,472 |
Net increase (decrease) in unfunded loan commitments | 35 | (71) |
Net depreciation, amortization and accretion | 1,420 | 1,017 |
Net amortization of discounts and premiums on securities | 776 | 796 |
Stock-based compensation expense | 604 | 512 |
Mortgage loans originated for sale | (14,506) | (16,827) |
Proceeds from the sale of mortgage loans | 14,464 | 18,326 |
Gain on the sale of mortgage loans, net | (293) | (296) |
Gain on the sale of majority interest of insurance business | 0 | (1,873) |
Net (increase) decrease in interest receivable | (1,963) | 336 |
Net decrease in interest payable | (789) | (720) |
Net (increase) decrease in other assets | (3,466) | 4,120 |
Net increase in other liabilities | 5,600 | 3,836 |
Net Cash Provided by Operating Activities | 30,459 | 37,791 |
INVESTING ACTIVITIES | ||
Purchases of securities | (9,437) | (27,565) |
Proceeds from maturities, prepayments and calls of securities | 20,193 | 22,104 |
Net proceeds from sales (purchases) of Federal Home Loan Bank stock | 9,477 | |
Net proceeds from sales (purchases) of Federal Home Loan Bank stock | (499) | |
Net decrease in loans | 4,760 | 27,717 |
Proceeds from sale of loans not originated for resale | 465 | 2,060 |
Purchases of premises and equipment | (1,757) | (309) |
Proceeds from the sale of premises and equipment | 0 | 109 |
Proceeds from the sale of majority interest of insurance business | 0 | 4,540 |
Net Cash Provided by Investing Activities | 23,701 | 28,157 |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 170,744 | 14,793 |
Net decrease in certificates of deposit | (11,241) | (55,557) |
Net increase (decrease) in securities sold under repurchase agreements | 5,044 | (5,544) |
Net decrease in short-term borrowings | (235,000) | (15,000) |
Proceeds from (repayments of) long-term borrowings | 104 | |
Proceeds from (repayments of) long-term borrowings | (617) | |
Treasury shares issued-net | (876) | (657) |
Cash dividends paid to common shareholders | (9,317) | (7,669) |
Repurchase of common stock | (12,287) | 0 |
Net Cash Used in Financing Activities | (92,829) | (70,251) |
Net decrease in cash and cash equivalents | (38,669) | (4,303) |
Cash and cash equivalents at beginning of period | 155,489 | 117,152 |
Cash and Cash Equivalents at End of Period | 116,820 | 112,849 |
Supplemental Disclosures | ||
Loans transferred to held for sale | 0 | 2,060 |
Leased right-of-use assets and lease liabilities added to the balance sheet | 35,686 | |
Interest paid | 19,023 | 11,817 |
Income taxes paid, net of refunds | 1,432 | 108 |
Transfer net assets to investment in insurance company partnership | 0 | 1,917 |
Transfers of loans to other real estate owned | $ 80 | $ 2,599 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 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 the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the Securities and Exchange Commission, or SEC, on February 21, 2019. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of 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. On January 1, 2018, we sold a 70 percent majority interest in the assets of our wholly-owned subsidiary S&T Evergreen Insurance, LLC. We transferred our remaining 30 percent ownership interest in the net assets of S&T Evergreen Insurance, LLC to a new entity for a 30 percent ownership interest in a new insurance entity (see Note 15: Sale of a Majority Interest of Insurance Business). We use the equity method of accounting to recognize our partial ownership interest in the new entity. Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no 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 or Update Leases - Section A-Amendments to the FASB Accounting Standards Codification, Section B-Conforming Amendments Related to Leases and Section C-Background Information and Basis for Conclusions In February 2016, the Financial Accounting Standards Board, or FASB, established ASC Topic 842, by issuing ASU No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use, or ROU, model that requires a lessee to recognize ROU assets and lease liabilities on the balance sheet. Leases will be classified as finance or operating leases, with classification affecting the pattern and classification of expense recognition in the statement of operations. We adopted the new standard on January 1, 2019 (see Note 7: Right-of-Use Assets and Lease Liabilities). The new standard provides a number of optional practical expedients in transition. We have elected the "package of practical expedients," which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the "use-of-hindsight" practical expedient which allows us to use hindsight in judgments that impact the lease term. We have also elected an accounting policy not to restate comparative periods upon adoption. The most significant effects of adopting the new standard relate to the recognition of ROU assets and lease liabilities on our balance sheet for our real estate leases and providing significant new disclosures about our leasing activities. Upon adoption, we recognized additional finance lease liabilities of approximately $1.2 million and operating lease liabilities, net of deferred rent, of approximately $33.7 million based on the present value of the remaining minimum rental payments under current leasing standards for existing leases. We also recognized corresponding finance ROU assets of $1.2 million and operating ROU assets of approximately $33.4 million . The adoption had no material impact on the Consolidated Statements of Comprehensive Income. The new standard also provides practical expedients for our ongoing lease accounting. We elected the short-term lease recognition exemption for all leases with terms of 12 months or less. This means that we will not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. Beginning in 2019, we made changes to our disclosed lease recognition policies and practices, as well as to other related financial statement disclosures due to the adoption of this standard (See Note 7: Right-of-Use Assets and Lease Liabilities). Leases - Land Easement Practical Expedient for Transition to Topic 842 In January 2018, the FASB issued ASU No. 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842. The amendments in this ASU permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that existed or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. We have one land easement lease that we previously accounted for under Topic 840; as such, this lease has been recognized as an operating lease under Topic 842. We adopted the amendments in this ASU in conjunction with the adoption of the new lease standard, ASU 2016-02. Accounting Standards Issued But Not Yet Adopted Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs ( e.g ., implementation, setup and other upfront costs.) These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update will require us to change our Fair Value disclosures beginning with our Form 10-Q for the period ended March 31, 2020. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner than under the current guidance. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments in this ASU is not expected to have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have created a CECL Committee to govern the implementation of these amendments consisting of key stakeholders from Credit Administration, Finance, Risk Management and Internal Audit. We have engaged a third-party to assist us in developing our CECL methodology. We continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. For the three months ended March 31, 2019, the treasury stock method is more dilutive and was used to determine diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented. Three Months Ended March 31, (in thousands, except share and per share data) 2019 2018 Numerator for Earnings per Share—Basic: Net income $ 22,928 $ 26,163 Less: Income allocated to participating shares 62 80 Net Income Allocated to Shareholders $ 22,866 $ 26,083 Numerator for Earnings per Share—Diluted: Net income $ 22,928 $ 26,163 Net Income Available to Shareholders $ 22,928 $ 26,163 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 34,414,555 34,756,726 Add: Potentially dilutive shares 128,256 242,439 Denominator for Treasury Stock Method—Diluted 34,542,811 34,999,165 Weighted Average Shares Outstanding—Basic 34,414,555 34,756,726 Add: Average participating shares outstanding 92,659 106,722 Denominator for Two-Class Method—Diluted 34,507,214 34,863,448 Earnings per share—basic $ 0.67 $ 0.75 Earnings per share—diluted $ 0.66 $ 0.75 Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 (1) — 400,722 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 68,314 90,298 (1) We repurchased our outstanding warrant on September 11, 2018 for $7.7 million . Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments 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, and other repossessed assets, 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 are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Debt Securities Available-for-Sale 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 services which provide 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, vast descriptive terms and conditions databases, and extensive quality control programs. Equity Securities 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. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Deferred Compensation Plan Assets We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Comprehensive Income. These assets are held in a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Deferred compensation plan assets are reported in other assets in the Consolidated Balance Sheets. 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 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 and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves 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. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a 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 With the adoption of ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement, on January 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio to use the exit price notion as required by the standard. The guidance was applied on a prospective basis resulting in prior periods no longer being comparable. The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate 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 liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or 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; it is presented at carrying value. 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, or REPOs, 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 interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. Assets and Liabilities Recorded at Fair Value on a 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, 2019 and December 31, 2018 . There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. March 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 9,837 $ — $ 9,837 Obligations of U.S. government corporations and agencies — 129,369 — 129,369 Collateralized mortgage obligations of U.S. government corporations and agencies — 154,159 — 154,159 Residential mortgage-backed securities of U.S. government corporations and agencies — 22,514 — 22,514 Commercial mortgage-backed securities of U.S. government corporations and agencies — 237,554 — 237,554 Obligations of states and political subdivisions — 122,489 — 122,489 Total Debt Securities Available-for-Sale — 675,922 — 675,922 Marketable equity securities — 4,498 — 4,498 Total Securities — 680,420 — 680,420 Securities held in a deferred compensation plan 5,343 — — 5,343 Derivative financial assets: Interest rate swaps — 10,645 — 10,645 Interest rate lock commitments — 339 — 339 Forward sale contracts - mortgage loans — 88 — 88 Total Assets $ 5,343 $ 691,492 $ — $ 696,835 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 10,602 $ — $ 10,602 Total Liabilities $ — $ 10,602 $ — $ 10,602 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 9,736 $ — $ 9,736 Obligations of U.S. government corporations and agencies — 128,261 — 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies — 148,659 — 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies — 24,350 — 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies — 246,784 — 246,784 Obligations of states and political subdivisions — 122,266 — 122,266 Total Debt Securities Available-for-Sale — 680,056 — 680,056 Marketable equity securities — 4,816 — 4,816 Total Securities — 684,872 — 684,872 Securities held in a deferred compensation plan 4,725 — — 4,725 Derivative financial assets: Interest rate swaps — 5,504 — 5,504 Interest rate lock commitments — 251 — 251 Forward sale contracts - Mortgage Loans — 55 — 55 Total Assets $ 4,725 $ 690,682 $ — $ 695,407 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 5,340 $ — $ 5,340 Total Liabilities $ — $ 5,340 $ — $ 5,340 Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2019 or December 31, 2018 . The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented: March 31, 2019 December 31, 2018 (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 — — 30,601 30,601 — — 21,441 21,441 Other real estate owned — — 2,613 2,613 — — 2,826 2,826 Mortgage servicing rights — — 1,089 1,089 — — 1,197 1,197 Total Assets $ — $ — $ 34,303 $ 34,303 $ — $ — $ 25,464 $ 25,464 (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, 2019 and December 31, 2018 are presented in the following tables: Carrying Value (1) Fair Value Measurements at March 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 116,820 $ 116,820 $ 116,820 $ — $ — Securities 680,420 680,420 — 680,420 — Loans held for sale 2,706 2,706 — — 2,706 Portfolio loans, net 5,874,043 5,729,524 — — 5,729,524 Bank owned life insurance 74,401 74,401 — 74,401 — FHLB and other restricted stock 19,959 19,959 — — 19,959 Securities held in a deferred compensation plan 5,343 5,343 5,343 — — Mortgage servicing rights 4,313 4,728 — — 4,728 Interest rate swaps 10,645 10,645 — 10,645 — Interest rate lock commitments 339 339 — 339 — Forward sale contracts - mortgage loans 88 88 — 88 — LIABILITIES Deposits $ 5,833,401 $ 5,825,873 $ 4,432,629 $ 1,393,244 $ — Securities sold under repurchase agreements 23,427 23,427 23,427 — — Short-term borrowings 235,000 235,000 235,000 — — Long-term borrowings 70,418 70,801 39,335 31,467 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 10,602 10,602 — 10,602 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 155,489 $ 155,489 $ 155,489 $ — $ — Securities 684,872 684,872 — 684,872 — Loans held for sale 2,371 2,469 — — 2,469 Portfolio loans, net 5,885,652 5,728,843 — — 5,728,843 Bank owned life insurance 73,900 73,900 — 73,900 — FHLB and other restricted stock 29,435 29,435 — — 29,435 Securities held in a Deferred Compensation Plan 4,725 4,725 4,725 — — Mortgage servicing rights 4,464 5,181 — — 5,181 Interest rate swaps 5,504 5,504 — 5,504 — Interest rate lock commitments 251 251 — 251 — Forward sale contracts - mortgage loans 55 55 — 55 — LIABILITIES Deposits $ 5,673,922 $ 5,662,193 $ 4,261,884 $ 1,400,309 $ — Securities sold under repurchase agreements 18,383 18,383 18,383 — — Short-term borrowings 470,000 470,000 470,000 — — Long-term borrowings 70,314 70,578 38,610 31,968 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 5,340 5,340 — 5,340 — (1) As reported in the Consolidated Balance Sheets |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2019 December 31, 2018 Debt securities available-for-sale $ 675,922 $ 680,056 Marketable equity securities 4,498 4,816 Total Securities $ 680,420 $ 684,872 Debt Securities Available-for-Sale The following tables present the amortized cost and fair value of debt securities available-for-sale as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 9,961 $ — $ (124 ) $ 9,837 $ 9,958 $ — $ (222 ) $ 9,736 Obligations of U.S. government corporations and agencies 129,263 373 (267 ) 129,369 129,267 68 (1,074 ) 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies 153,717 1,608 (1,166 ) 154,159 149,849 795 (1,985 ) 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies 22,481 229 (196 ) 22,514 24,564 203 (417 ) 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies 239,196 272 (1,914 ) 237,554 251,660 — (4,876 ) 246,784 Obligations of states and political subdivisions 119,020 3,480 (11 ) 122,489 119,872 2,448 (54 ) 122,266 Total Debt Securities Available-for-Sale $ 673,638 $ 5,962 $ (3,678 ) $ 675,922 $ 685,170 $ 3,514 $ (8,628 ) $ 680,056 The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented: March 31, 2019 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 U.S. Treasury securities — $ — $ — 1 $ 9,837 $ (124 ) 1 $ 9,837 $ (124 ) Obligations of U.S. government corporations and agencies — — — 8 65,828 (267 ) 8 65,828 (267 ) Collateralized mortgage obligations of U.S. government corporations and agencies 1 2,367 (5 ) 14 72,936 (1,161 ) 15 75,303 (1,166 ) Residential mortgage-backed securities of U.S. government corporations and agencies — — — 5 11,297 (196 ) 5 11,297 (196 ) Commercial mortgage-backed securities of U.S. government corporations and agencies — — — 24 215,320 (1,914 ) 24 215,320 (1,914 ) Obligations of states and political subdivisions — — — 1 5,225 (11 ) 1 5,225 (11 ) Total Temporarily Impaired Debt Securities 1 $ 2,367 $ (5 ) 53 $ 380,443 $ (3,673 ) 54 $ 382,810 $ (3,678 ) December 31, 2018 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 U.S. Treasury securities — $ — $ — 1 $ 9,736 $ (222 ) 1 $ 9,736 $ (222 ) Obligations of U.S. government corporations and agencies 7 67,649 (613 ) 6 35,760 (461 ) 13 103,409 (1,074 ) Collateralized mortgage obligations of U.S. government corporations and agencies 2 12,495 (44 ) 14 76,179 (1,941 ) 16 88,674 (1,985 ) Residential mortgage-backed securities of U.S. government corporations and agencies 2 2,327 (45 ) 3 9,241 (372 ) 5 11,568 (417 ) Commercial mortgage-backed securities of U.S. government corporations and agencies 8 75,466 (1,032 ) 19 171,318 (3,844 ) 27 246,784 (4,876 ) Obligations of states and political subdivisions 2 9,902 (23 ) 1 5,247 (31 ) 3 15,149 (54 ) Total Temporarily Impaired Debt Securities 21 $ 167,839 $ (1,757 ) 44 $ 307,481 $ (6,871 ) 65 $ 475,320 $ (8,628 ) We do not believe any individual unrealized loss as of March 31, 2019 represents an other than temporary impairment, or OTTI. At March 31, 2019 there were 54 debt securities in an unrealized loss position and at December 31, 2018, there were 65 debt securities in an unrealized loss position. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented: March 31, 2019 December 31, 2018 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized (Losses)/Gains Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on debt securities available-for-sale $ 5,962 $ (3,678 ) $ 2,284 $ 3,514 $ (8,628 ) $ (5,114 ) Income tax (expense) benefit (1,271 ) 784 (487 ) (746 ) 1,832 1,086 Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 4,691 $ (2,894 ) $ 1,797 $ 2,768 $ (6,796 ) $ (4,028 ) The amortized cost and fair value of debt securities available-for-sale at March 31, 2019 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. March 31, 2019 (dollars in thousands) Amortized Cost Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 30,673 $ 30,661 Due after one year through five years 137,885 138,709 Due after five years through ten years 66,445 68,060 Due after ten years 23,241 24,265 Debt Securities Available-for-Sale With Maturities 258,244 261,695 Collateralized mortgage obligations of U.S. government corporations and agencies 153,717 154,159 Residential mortgage-backed securities of U.S. government corporations and agencies 22,481 22,514 Commercial mortgage-backed securities of U.S. government corporations and agencies 239,196 237,554 Total Debt Securities Available-for-Sale $ 673,638 $ 675,922 Debt securities with carrying values of $214.1 million at March 31, 2019 and $236.0 million at December 31, 2018 were pledged for various regulatory and legal requirements. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended (dollars in thousands) 2019 2018 Marketable Equity Securities Net market (losses)/gains recognized $ (318 ) $ 52 Less: Net gains recognized for equity securities sold — — Unrealized (Losses)/Gains on Equity Securities Still Held $ (318 ) $ 52 Prior to January 1, 2018, net unrealized gains and losses, net of tax, on marketable equity securities were included in AOCI for the periods presented. Net unrealized gains and losses, net of tax, on marketable equity securities of $0.9 million were reclassified from AOCI to retained earnings at January 1, 2018. As of January 1, 2018, gains and losses on marketable equity securities are included in other noninterest income on the Consolidated Statements of Comprehensive Income. |
Loans and Loans Held for Sale
Loans and Loans Held for Sale | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $4.7 million and $5.3 million at March 31, 2019 and December 31, 2018 . The following table indicates the composition of loans as of the dates presented: (dollars in thousands) March 31, 2019 December 31, 2018 Commercial Commercial real estate $ 2,901,625 $ 2,921,832 Commercial and industrial 1,513,007 1,493,416 Commercial construction 245,658 257,197 Total Commercial Loans 4,660,290 4,672,445 Consumer Residential mortgage 729,914 726,679 Home equity 463,566 471,562 Installment and other consumer 70,960 67,546 Consumer construction 10,722 8,416 Total Consumer Loans 1,275,162 1,274,203 Total Portfolio Loans 5,935,452 5,946,648 Loans held for sale 2,706 2,371 Total Loans $ 5,938,158 $ 5,949,019 We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 79 percent of total portfolio loans at both March 31, 2019 and December 31, 2018 . Within our commercial portfolio, the Commercial Real Estate, or CRE, and Commercial Construction portfolios combined comprised $3.1 billion or 68 percent of total commercial loans at March 31, 2019 and $3.2 billion or 68 percent of total commercial loans at December 31, 2018 and 53 percent of total portfolio loans at both March 31, 2019 and December 31, 2018 . Further segmentation of the CRE and Commercial Construction portfolios by collateral type reveals no concentration in excess of 13.2 percent of both total CRE and Commercial Construction loans at March 31, 2019 and 14.0 percent at December 31, 2018 . We lend primarily in 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 geography, resulting in a 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 and information supplied by our customers. Our CRE and Commercial Construction portfolios have exposure outside of this geography of 5.7 percent of the combined portfolios and 3.0 percent of total portfolio loans at March 31, 2019 . This compares to 5.4 percent of the combined portfolios and 2.9 percent of total portfolio loans at December 31, 2018 . We individually evaluate all substandard commercial loans that have experienced a forbearance or change in terms agreement, and 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 troubled debt restructurings, or 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 restructured loans as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Performing TDRs Nonperforming TDRs Total TDRs Performing TDRs Nonperforming TDRs Total TDRs Commercial real estate $ 2,019 $ 1,074 $ 3,093 $ 2,054 $ 1,139 $ 3,193 Commercial and industrial 13,447 3,463 16,910 7,026 6,646 13,672 Commercial construction 1,913 406 2,319 1,912 406 2,318 Residential mortgage 2,025 1,520 3,545 2,214 1,543 3,757 Home equity 3,590 1,406 4,996 3,568 1,349 4,917 Installment and other consumer 8 4 12 12 5 17 Total $ 23,002 $ 7,873 $ 30,875 $ 16,786 $ 11,088 $ 27,874 There were three TDRs totaling $1.7 million that returned to accruing status during the three months ended March 31, 2019 and no TDRs that returned to accruing status during the three months ended March 31, 2018 . The following tables present the restructured loans by loan segment and by type of concession for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Pre-Modification ( 1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial and Industrial Maturity date extension — $ — $ — $ — 2 $ 768 $ 708 $ (60 ) Maturity date extension and interest rate reduction 1 5,201 5,201 — — — — — Principal deferral — — — — 6 5,355 5,333 (22 ) Total Commercial and Industrial 1 5,201 5,201 — 8 6,123 6,041 (82 ) Commercial Construction . Chapter 7 bankruptcy (2) — — — — 2 158 157 (1 ) Total Commercial Construction — — — — 2 158 157 (1 ) Residential Mortgage Chapter 7 bankruptcy (2) 1 49 49 — — — — — Total Residential Mortgage 1 49 49 — — — — — Home equity Chapter 7 bankruptcy (2) 7 191 168 (23 ) 9 578 555 (23 ) Interest rate reduction 1 81 81 — — — — — Total Home Equity 8 272 249 (23 ) 9 578 555 (23 ) Installment and Other Consumer Chapter 7 bankruptcy (2) — — — — 2 17 17 — Total Installment and Other Consumer — $ — $ — $ — 2 $ 17 $ 17 $ — Totals by Concession Type Maturity date extension — $ — $ — $ — 2 $ 768 $ 708 $ (60 ) Maturity date extension and interest rate reduction 1 5,201 5,201 — — — — — Principal deferral — — — — 6 5,355 5,333 (22 ) Chapter 7 bankruptcy(2) 8 240 217 (23 ) 13 753 729 (24 ) Interest rate reduction 1 81 81 — — — — — Total 10 $ 5,522 $ 5,499 $ (23 ) 21 $ 6,876 $ 6,770 $ (106 ) (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. As of March 31, 2019 , we had 14 commitments to lend an additional $13.0 million on TDRs. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. There were no TDRs that defaulted during the three months ended March 31, 2019 and 2018 that were restructured within the last 12 months prior to defaulting. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2019 December 31, 2018 Nonperforming Assets Nonaccrual loans $ 40,077 $ 34,985 Nonaccrual TDRs 7,873 11,088 Total Nonaccrual Loans 47,950 46,073 OREO 2,828 3,092 Total Nonperforming Assets $ 50,778 $ 49,165 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 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 within 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) Commercial and Industrial, or 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 and 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 and 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 does 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 completed, 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 residential mortgages, 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, 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. Another key assumption is the look-back period 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 the dates presented: March 31, 2019 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Non - performing Total Past Due Loans Total Loans Commercial real estate $ 2,868,403 $ 1,876 $ 2,237 $ 29,109 $ 33,222 $ 2,901,625 Commercial and industrial 1,504,824 785 588 6,810 8,183 1,513,007 Commercial construction 244,432 — — 1,226 1,226 245,658 Residential mortgage 719,422 3,695 167 6,630 10,492 729,914 Home equity 457,452 1,714 254 4,146 6,114 463,566 Installment and other consumer 70,645 227 59 29 315 70,960 Consumer construction 10,500 222 — — 222 10,722 Loans held for sale 2,706 — — — — 2,706 Total $ 5,878,384 $ 8,519 $ 3,305 $ 47,950 $ 59,774 $ 5,938,158 December 31, 2018 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Non - performing Total Past Total Loans Commercial real estate $ 2,903,997 $ 3,638 $ 2,145 $ 12,052 $ 17,835 $ 2,921,832 Commercial and industrial 1,482,473 1,000 983 8,960 10,943 1,493,416 Commercial construction 243,004 — — 14,193 14,193 257,197 Residential mortgage 717,447 1,584 520 7,128 9,232 726,679 Home equity 465,152 2,103 609 3,698 6,410 471,562 Installment and other consumer 67,281 148 75 42 265 67,546 Consumer construction 8,416 — — — — 8,416 Loans held for sale 2,371 — — — — 2,371 Total $ 5,890,141 $ 8,473 $ 4,332 $ 46,073 $ 58,878 $ 5,949,019 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, 2019 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,745,156 94.6 % $ 1,427,120 94.3 % $ 234,717 95.5 % $ 4,406,993 94.6 % Special mention 56,829 2.0 % 23,945 1.6 % 7,263 3.0 % 88,037 1.9 % Substandard 99,640 3.4 % 61,942 4.1 % 3,678 1.5 % 165,260 3.5 % Total $ 2,901,625 100.0 % $ 1,513,007 100.0 % $ 245,658 100.0 % $ 4,660,290 100.0 % December 31, 2018 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,776,292 95.0 % $ 1,394,427 93.4 % $ 233,190 90.7 % $ 4,403,909 94.3 % Special mention 54,627 1.9 % 25,368 1.7 % 7,349 2.8 % 87,344 1.8 % Substandard 90,913 3.1 % 73,621 4.9 % 16,658 6.5 % 181,192 3.9 % Total $ 2,921,832 100.0 % $ 1,493,416 100.0 % $ 257,197 100.0 % $ 4,672,445 100.0 % Substandard loans decreased $15.9 million to $165.3 million at March 31, 2019 compared to $181.2 million at December 31, 2018 mainly due to loan pay-offs and upgrades of risk ratings. 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, 2019 (dollars in thousands) Residential Mortgage % of Total Home Equity % of Total Installment and Other Consumer % of Total Consumer Construction % of Total Total % of Total Performing $ 723,284 99.1 % $ 459,420 99.1 % $ 70,931 100.0 % $ 10,722 100.0 % $ 1,264,357 99.2 % Nonperforming 6,630 0.9 % 4,146 0.9 % 29 — % — — % 10,805 0.8 % Total $ 729,914 100.0 % $ 463,566 100.0 % $ 70,960 100.0 % $ 10,722 100.0 % $ 1,275,162 100.0 % December 31, 2018 (dollars in thousands) Residential Mortgage % of Total Home Equity % of Total Installment and Other Consumer % of Total Consumer Construction % of Total Total % of Total Performing $ 719,551 99.0 % $ 467,864 99.2 % $ 67,504 99.9 % $ 8,416 100.0 % $ 1,263,335 99.1 % Nonperforming 7,128 1.0 % 3,698 0.8 % 42 0.1 % — — % 10,868 0.9 % Total $ 726,679 100.0 % $ 471,562 100.0 % $ 67,546 100.0 % $ 8,416 100.0 % $ 1,274,203 100.0 % 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. A TDR 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 each TDR or other impaired loan, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. The following table summarizes investments in loans considered to be impaired and related information on those impaired loans as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With a related allowance recorded: Commercial real estate $ 12,965 $ 12,965 $ 2,046 $ 7,733 $ 7,733 $ 1,295 Commercial and industrial 976 984 873 884 893 360 Commercial construction 489 490 87 489 489 87 Consumer real estate 14 14 9 15 14 10 Other consumer 8 8 8 11 12 11 Total with a Related Allowance Recorded 14,452 14,461 3,023 9,132 9,141 1,763 Without a related allowance recorded: Commercial real estate 15,068 17,895 — 3,636 4,046 — Commercial and industrial 15,934 22,551 — 12,788 14,452 — Commercial construction 2,319 3,828 — 15,286 19,198 — Consumer real estate 8,527 9,507 — 8,659 9,635 — Other consumer 4 10 — 5 18 — Total without a Related Allowance Recorded 41,852 53,792 — 40,374 47,349 — Total: Commercial real estate 28,033 30,860 2,046 11,369 11,779 1,295 Commercial and industrial 16,910 23,535 873 13,672 15,345 360 Commercial construction 2,808 4,318 87 15,775 19,687 87 Consumer real estate 8,541 9,521 9 8,674 9,649 10 Other consumer 12 18 8 16 30 11 Total $ 56,304 $ 68,252 $ 3,023 $ 49,506 $ 56,490 $ 1,763 The following tables summarize average recorded investment in and interest income recognized on loans considered to be impaired for the periods presented: Three Months Ended March 31, 2019 March 31, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 12,983 $ 400 $ — $ — Commercial and industrial 980 35 586 11 Commercial construction 489 — — — Consumer real estate 14 1 — — Other consumer 10 1 42 1 Total with a Related Allowance Recorded 14,476 437 628 12 Without a related allowance recorded: Commercial real estate 15,107 144 3,817 43 Commercial and industrial 12,780 209 6,688 110 Commercial construction 2,319 140 3,446 36 Consumer real estate 8,846 417 10,816 138 Other consumer 4 — 12 — Total without a Related Allowance Recorded 39,056 910 24,779 327 Total: Commercial real estate 28,090 544 3,817 43 Commercial and industrial 13,760 244 7,274 121 Commercial construction 2,808 140 3,446 36 Consumer real estate 8,860 418 10,816 138 Other consumer 14 1 54 1 Total $ 53,532 $ 1,347 $ 25,407 $ 339 The following tables detail activity in the ALL for the periods presented: Three Months Ended March 31, 2019 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 33,707 $ 11,596 $ 7,983 $ 6,187 $ 1,523 $ 60,996 Charge-offs (1 ) (5,477 ) — (162 ) (383 ) (6,023 ) Recoveries 122 417 — 148 100 787 Net Recoveries/(Charge-offs) 121 (5,060 ) — (14 ) (283 ) (5,236 ) Provision for loan losses 1,075 5,460 (1,226 ) 5 335 5,649 Balance at End of Period $ 34,903 $ 11,996 $ 6,757 $ 6,178 $ 1,575 $ 61,409 Three Months Ended March 31, 2018 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 27,235 $ 8,966 $ 13,167 $ 5,479 $ 1,543 $ 56,390 Charge-offs — (829 ) — (161 ) (460 ) (1,450 ) Recoveries 49 117 1,129 238 101 1,634 Net Recoveries/(Charge-offs) 49 (712 ) 1,129 77 (359 ) 184 Provision for loan losses 3,679 2,218 (3,575 ) (138 ) 288 2,472 Balance at End of Period $ 30,963 $ 10,472 $ 10,721 $ 5,418 $ 1,472 $ 59,046 Net loan charge-offs were significantly impacted by two commercial and industrial borrowers that resulted in charge-offs of $5.1 million during the first quarter of 2019. The following tables present the ALL and recorded investments in loans by category as of the periods presented: March 31, 2019 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial real estate $ 2,046 $ 32,857 $ 34,903 $ 28,033 $ 2,873,592 $ 2,901,625 Commercial and industrial 873 11,123 11,996 16,910 1,496,097 1,513,007 Commercial construction 87 6,670 6,757 2,808 242,850 245,658 Consumer real estate 9 6,169 6,178 8,541 1,195,661 1,204,202 Other consumer 8 1,567 1,575 12 70,948 70,960 Total $ 3,023 $ 58,386 $ 61,409 $ 56,304 $ 5,879,148 $ 5,935,452 December 31, 2018 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial real estate $ 1,295 $ 32,412 $ 33,707 $ 11,369 $ 2,910,463 $ 2,921,832 Commercial and industrial 360 11,236 11,596 13,672 1,479,744 1,493,416 Commercial construction 87 7,896 7,983 15,775 241,422 257,197 Consumer real estate 10 6,177 6,187 8,674 1,197,983 1,206,657 Other consumer 11 1,512 1,523 16 67,530 67,546 Total $ 1,763 $ 59,233 $ 60,996 $ 49,506 $ 5,897,142 $ 5,946,648 |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilties | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as ROU assets and related lease liabilities. Finance ROU assets are included in property and equipment and related finance lease liabilities are included in long-term borrowings. Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities. We estimate lease liabilities and ROU assets using our estimated incremental borrowing rate with similar terms at commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest and amortization expenses are recognized for finance leases over the lease term. We have 44 lease contracts that we have recognized under the new lease standard, ASC Topic 842. These leases are for our branch, loan production and support services facilities. We have recognized 42 operating leases and two finance leases under the new lease accounting standard. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term in Net Occupancy on our Consolidated Statements of Comprehensive Income. The following tables present our ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for finance and operating leases at March 31, 2019: (in thousands, except weighted-averages) March 31, 2019 Operating Lease Expense $ 1,031 Amortization of ROU Assets - Finance Leases 23 Interest on Lease Liabilities - Finance Leases 18 Total Lease Expense $ 1,072 Operating Leases ROU Assets $ 35,686 Operating Cash Flows $ 302 Finance Leases ROU Assets $ 1,213 Operating Cash Flows $ 18 Financing Cash Flows $ 11 Weighted Average Lease Term Operating Leases 20.4 Finance Leases 15.5 Weighted Average Discount Rate Operating Leases 5.98 % Finance Leases 6.15 % (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 105 $ 2,796 $ 2,901 2020 125 3,615 3,740 2021 126 3,599 3,725 2022 128 3,682 3,810 2023 129 3,697 3,826 Thereafter 1,375 59,336 60,711 Total $ 1,988 $ 76,725 $ 78,713 Less: Present value discount (753 ) (36,500 ) (37,253 ) Lease Liabilities $ 1,235 $ 40,225 $ 41,460 |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as ROU assets and related lease liabilities. Finance ROU assets are included in property and equipment and related finance lease liabilities are included in long-term borrowings. Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities. We estimate lease liabilities and ROU assets using our estimated incremental borrowing rate with similar terms at commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest and amortization expenses are recognized for finance leases over the lease term. We have 44 lease contracts that we have recognized under the new lease standard, ASC Topic 842. These leases are for our branch, loan production and support services facilities. We have recognized 42 operating leases and two finance leases under the new lease accounting standard. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term in Net Occupancy on our Consolidated Statements of Comprehensive Income. The following tables present our ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for finance and operating leases at March 31, 2019: (in thousands, except weighted-averages) March 31, 2019 Operating Lease Expense $ 1,031 Amortization of ROU Assets - Finance Leases 23 Interest on Lease Liabilities - Finance Leases 18 Total Lease Expense $ 1,072 Operating Leases ROU Assets $ 35,686 Operating Cash Flows $ 302 Finance Leases ROU Assets $ 1,213 Operating Cash Flows $ 18 Financing Cash Flows $ 11 Weighted Average Lease Term Operating Leases 20.4 Finance Leases 15.5 Weighted Average Discount Rate Operating Leases 5.98 % Finance Leases 6.15 % (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 105 $ 2,796 $ 2,901 2020 125 3,615 3,740 2021 126 3,599 3,725 2022 128 3,682 3,810 2023 129 3,697 3,826 Thereafter 1,375 59,336 60,711 Total $ 1,988 $ 76,725 $ 78,713 Less: Present value discount (753 ) (36,500 ) (37,253 ) Lease Liabilities $ 1,235 $ 40,225 $ 41,460 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 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, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of 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 a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We 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 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 (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 10,645 $ 5,504 $ 10,602 $ 5,340 Notional amount 367,258 325,750 367,258 325,750 Collateral received/posted — 160 10,053 — Interest Rate Lock Commitments - Mortgage Loans Fair value 339 251 — — Notional amount 10,554 6,054 — — Forward Sale Contracts - Mortgage Loans Fair value 88 55 — — Notional amount $ 9,375 $ 6,000 $ — $ — 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 and 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 (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 12,236 $ 8,733 $ 12,193 $ 8,569 Gross amounts offset (1,591 ) (3,229 ) (1,591 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 10,645 5,504 10,602 5,340 Gross amounts not offset (1) — (160 ) (10,053 ) — Net Amount $ 10,645 $ 5,344 $ 549 $ 5,340 (1) Amounts represent collateral received/posted for the periods presented. 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) 2019 2018 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (122 ) $ 145 Interest rate lock commitments—mortgage loans 88 25 Forward sale contracts—mortgage loans 33 60 Total Derivatives (Loss)/Gain $ (1 ) $ 230 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs and FHLB advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and, therefore, the REPOs are accounted for as secured borrowings. Mortgage-backed securities with amortized cost of $28.4 million and carrying value of $28.2 million at March 31, 2019 and amortized cost of $24.2 million and carrying value of $23.9 million at December 31, 2018 , were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are 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 are comprised of FHLB advances, two capital leases and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $6.1 million at a fixed rate and $63.1 million at a variable rate at March 31, 2019 , excluding our capital leases. Information pertaining to borrowings is summarized in the table below as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 23,427 0.55 % $ 18,383 0.46 % Short-term borrowings 235,000 2.71 % 470,000 2.65 % Total Short-term Borrowings 258,427 2.51 % 488,383 2.57 % Long-term Borrowings Long-term borrowings 70,418 2.78 % 70,314 2.84 % Junior subordinated debt securities 45,619 5.07 % 45,619 5.25 % Total Long-term Borrowings 116,037 3.68 % 115,933 3.79 % Total Borrowings $ 374,464 2.87 % $ 604,316 2.80 % We had total borrowings at the FHLB of Pittsburgh of $304.2 million at March 31, 2019 and $540.3 million at December 31, 2018 . The $304.2 million at March 31, 2019 consisted of $235.0 million in short-term borrowings and $69.2 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.6 billion at March 31, 2019 . We utilized $466.0 million of our borrowing capacity at March 31, 2019 consisting of $304.2 million for borrowings and $161.8 million for letters of credit to collateralize public funds. Our remaining borrowing availability at March 31, 2019 is $2.1 billion . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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 the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. 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 our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2019 December 31, 2018 Commitments to extend credit $ 1,463,108 $ 1,464,892 Standby letters of credit 74,572 77,134 Total $ 1,537,680 $ 1,542,026 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. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their services agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized at a point in time or over time when the services are provided. Other fees are earned based on specific transactions or customer activity within the customers' deposit accounts. These are earned at the time the transaction or customer activity occurs. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time, fee revenue is recognized when the services are provided or the transaction is settled. The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other generally accepted accounting principles are excluded. (dollars in thousands) Three Months Ended March 31, Revenue Streams Point of Revenue Recognition 2019 2018 Service charges on deposit accounts Over a period of time $ 457 $ 533 At a point in time 2,696 2,708 $ 3,153 $ 3,241 Debit and credit card Over a period time $ 185 $ 188 At a point in time 2,789 2,849 $ 2,974 $ 3,037 Wealth management Over a period of time $ 1,635 $ 1,879 At a point in time 413 803 $ 2,048 $ 2,682 Other fee revenue At a point in time $ 919 $ 921 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME/(LOSS) The following tables present the change in components of other comprehensive income/(loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (dollars in thousands) Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Change in net unrealized gains/(losses) on debt securities available-for-sale $ 7,398 $ (1,578 ) $ 5,820 $ (9,474 ) $ 2,012 $ (7,462 ) Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income — — — — — — Adjustment to funded status of employee benefit plans 453 (97 ) 356 621 (132 ) 489 Other Comprehensive Income/(Loss) $ 7,851 $ (1,675 ) $ 6,176 $ (8,853 ) $ 1,880 $ (6,973 ) |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS Our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plans in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plans, as well as income from expected investment returns on pension assets. Since the plans have been frozen, no service costs are included in net periodic pension expense. At the end of the third quarter of 2018, we made a $20.4 million contribution to our qualified defined benefit plan. The investment policy for the Plan now is 85 percent to 95 percent fixed income and 5 percent to 15 percent equity and cash, which is a shift from 50 percent to 70 percent in equities and 30 percent to 50 percent fixed income and cash in 2018. The expected long-term rate of return on plan assets is 4.80 percent compared to 7.50 percent in prior periods. The pension contribution was deducted on our 2017 Consolidated Federal Income Tax Return and we recognized a return to provision discrete tax benefit of $2.9 million due to the decrease in the federal statutory rate of 35 percent to 21 percent resulting from tax legislation in December 2017. The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended March 31, (dollars in thousands) 2019 2018 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 989 $ 967 Expected return on plan assets (1,180 ) (1,567 ) Net amortization 394 544 Net Periodic Pension Expense $ 203 $ (56 ) The components of net periodic pension expense are included in salaries and employee benefits on the Consolidated Statements of Comprehensive Income. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2019 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING PROJECTS | 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 was $5.6 million at March 31, 2019 and $6.3 million at December 31, 2018 . Amortization expense, included in other noninterest expense in the Consolidated Statements of Comprehensive Income, was $0.7 million for the three months ended March 31, 2019 and March 31, 2018. The amortization expense was offset by tax credits of $0.7 million for the three months ended March 31, 2019 and $0.8 million for the three months ended March 31, 2018 as a reduction to our federal tax provision. |
Sale of a Majority Interest of
Sale of a Majority Interest of Insurance Business | 3 Months Ended |
Mar. 31, 2019 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS | SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS On November 9, 2017, we entered into an asset purchase agreement to sell a 70 percent ownership interest in the assets of our subsidiary, S&T Evergreen Insurance, LLC. The partial sale was accounted for as the sale of a business. At the date of the sale, January 1, 2018, we ceased to have a controlling financial interest, deconsolidated the subsidiary and recognized a gain of $1.9 million . We transferred our remaining 30 percent share of net assets from S&T Evergreen Insurance, LLC to a new entity for a 30 percent partnership interest in a new insurance entity. We use the equity method of accounting to recognize changes in the value of our investment in the new insurance entity for our proportional share of income and losses of the new insurance entity. |
Share Repurchase Plan
Share Repurchase Plan | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLAN On March 19, 2018, our Board of Directors authorized a $50 million share repurchase plan. This repurchase authorization, which is effective through August 31, 2019, permits us to repurchase from time to time up to $50 million in aggregate value of shares of our common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at our discretion and will depend on a variety of factors, including general market conditions, the trading price of the common stock, legal and contractual requirements and our financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. For the three months ended March 31, 2019, we repurchased 313,904 common shares under this plan at a total cost of $12.3 million , or an average of $39.14 per share. Up to an additional $25.5 million of our common stock may be repurchased under this plan through August 31, 2019. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
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 the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the Securities and Exchange Commission, or SEC, on February 21, 2019. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of 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 | A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no 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 or Update | In February 2016, the Financial Accounting Standards Board, or FASB, established ASC Topic 842, by issuing ASU No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use, or ROU, model that requires a lessee to recognize ROU assets and lease liabilities on the balance sheet. Leases will be classified as finance or operating leases, with classification affecting the pattern and classification of expense recognition in the statement of operations. We adopted the new standard on January 1, 2019 (see Note 7: Right-of-Use Assets and Lease Liabilities). The new standard provides a number of optional practical expedients in transition. We have elected the "package of practical expedients," which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the "use-of-hindsight" practical expedient which allows us to use hindsight in judgments that impact the lease term. We have also elected an accounting policy not to restate comparative periods upon adoption. The most significant effects of adopting the new standard relate to the recognition of ROU assets and lease liabilities on our balance sheet for our real estate leases and providing significant new disclosures about our leasing activities. Upon adoption, we recognized additional finance lease liabilities of approximately $1.2 million and operating lease liabilities, net of deferred rent, of approximately $33.7 million based on the present value of the remaining minimum rental payments under current leasing standards for existing leases. We also recognized corresponding finance ROU assets of $1.2 million and operating ROU assets of approximately $33.4 million . The adoption had no material impact on the Consolidated Statements of Comprehensive Income. The new standard also provides practical expedients for our ongoing lease accounting. We elected the short-term lease recognition exemption for all leases with terms of 12 months or less. This means that we will not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. Beginning in 2019, we made changes to our disclosed lease recognition policies and practices, as well as to other related financial statement disclosures due to the adoption of this standard (See Note 7: Right-of-Use Assets and Lease Liabilities). Leases - Land Easement Practical Expedient for Transition to Topic 842 In January 2018, the FASB issued ASU No. 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842. The amendments in this ASU permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that existed or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. We have one land easement lease that we previously accounted for under Topic 840; as such, this lease has been recognized as an operating lease under Topic 842. We adopted the amendments in this ASU in conjunction with the adoption of the new lease standard, ASU 2016-02. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs ( e.g ., implementation, setup and other upfront costs.) These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update will require us to change our Fair Value disclosures beginning with our Form 10-Q for the period ended March 31, 2020. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner than under the current guidance. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments in this ASU is not expected to have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have created a CECL Committee to govern the implementation of these amendments consisting of key stakeholders from Credit Administration, Finance, Risk Management and Internal Audit. We have engaged a third-party to assist us in developing our CECL methodology. We continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income. |
Accounting Standards Issued But Not Yet Adopted | In February 2016, the Financial Accounting Standards Board, or FASB, established ASC Topic 842, by issuing ASU No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use, or ROU, model that requires a lessee to recognize ROU assets and lease liabilities on the balance sheet. Leases will be classified as finance or operating leases, with classification affecting the pattern and classification of expense recognition in the statement of operations. We adopted the new standard on January 1, 2019 (see Note 7: Right-of-Use Assets and Lease Liabilities). The new standard provides a number of optional practical expedients in transition. We have elected the "package of practical expedients," which permit us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the "use-of-hindsight" practical expedient which allows us to use hindsight in judgments that impact the lease term. We have also elected an accounting policy not to restate comparative periods upon adoption. The most significant effects of adopting the new standard relate to the recognition of ROU assets and lease liabilities on our balance sheet for our real estate leases and providing significant new disclosures about our leasing activities. Upon adoption, we recognized additional finance lease liabilities of approximately $1.2 million and operating lease liabilities, net of deferred rent, of approximately $33.7 million based on the present value of the remaining minimum rental payments under current leasing standards for existing leases. We also recognized corresponding finance ROU assets of $1.2 million and operating ROU assets of approximately $33.4 million . The adoption had no material impact on the Consolidated Statements of Comprehensive Income. The new standard also provides practical expedients for our ongoing lease accounting. We elected the short-term lease recognition exemption for all leases with terms of 12 months or less. This means that we will not recognize ROU assets or lease liabilities for existing short-term leases of those assets in transition. Beginning in 2019, we made changes to our disclosed lease recognition policies and practices, as well as to other related financial statement disclosures due to the adoption of this standard (See Note 7: Right-of-Use Assets and Lease Liabilities). Leases - Land Easement Practical Expedient for Transition to Topic 842 In January 2018, the FASB issued ASU No. 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842. The amendments in this ASU permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that existed or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. We have one land easement lease that we previously accounted for under Topic 840; as such, this lease has been recognized as an operating lease under Topic 842. We adopted the amendments in this ASU in conjunction with the adoption of the new lease standard, ASU 2016-02. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs ( e.g ., implementation, setup and other upfront costs.) These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update will require us to change our Fair Value disclosures beginning with our Form 10-Q for the period ended March 31, 2020. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner than under the current guidance. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments in this ASU is not expected to have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have created a CECL Committee to govern the implementation of these amendments consisting of key stakeholders from Credit Administration, Finance, Risk Management and Internal Audit. We have engaged a third-party to assist us in developing our CECL methodology. We continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments 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, and other repossessed assets, 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 are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Debt Securities Available-for-Sale 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 services which provide 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, vast descriptive terms and conditions databases, and extensive quality control programs. Equity Securities 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. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Deferred Compensation Plan Assets We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Comprehensive Income. These assets are held in a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Deferred compensation plan assets are reported in other assets in the Consolidated Balance Sheets. 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 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 and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves 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. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a 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 With the adoption of ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement, on January 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio to use the exit price notion as required by the standard. The guidance was applied on a prospective basis resulting in prior periods no longer being comparable. The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate 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 liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or 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; it is presented at carrying value. 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, or REPOs, 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 interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. |
Allowance for Loans Losses | We maintain an allowance for loan losses, or ALL, at a level determined to be adequate to absorb estimated probable credit losses inherent within 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) Commercial and Industrial, or 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 and 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 and 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 does 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 completed, 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 residential mortgages, 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, 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. Another key assumption is the look-back period 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. |
Loans Credit Risk Rating | 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. |
Right-of-Use Assets and Lease Liabilities | We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as ROU assets and related lease liabilities. Finance ROU assets are included in property and equipment and related finance lease liabilities are included in long-term borrowings. Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities. We estimate lease liabilities and ROU assets using our estimated incremental borrowing rate with similar terms at commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest and amortization expenses are recognized for finance leases over the lease term. |
Derivative Financial Instruments | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on 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, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of 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 a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We 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 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. |
Revenue From Contracts with Customer | We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their services agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized at a point in time or over time when the services are provided. Other fees are earned based on specific transactions or customer activity within the customers' deposit accounts. These are earned at the time the transaction or customer activity occurs. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time, fee revenue is recognized when the services are provided or the transaction is settled. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented. Three Months Ended March 31, (in thousands, except share and per share data) 2019 2018 Numerator for Earnings per Share—Basic: Net income $ 22,928 $ 26,163 Less: Income allocated to participating shares 62 80 Net Income Allocated to Shareholders $ 22,866 $ 26,083 Numerator for Earnings per Share—Diluted: Net income $ 22,928 $ 26,163 Net Income Available to Shareholders $ 22,928 $ 26,163 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 34,414,555 34,756,726 Add: Potentially dilutive shares 128,256 242,439 Denominator for Treasury Stock Method—Diluted 34,542,811 34,999,165 Weighted Average Shares Outstanding—Basic 34,414,555 34,756,726 Add: Average participating shares outstanding 92,659 106,722 Denominator for Two-Class Method—Diluted 34,507,214 34,863,448 Earnings per share—basic $ 0.67 $ 0.75 Earnings per share—diluted $ 0.66 $ 0.75 Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 (1) — 400,722 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 68,314 90,298 (1) We repurchased our outstanding warrant on September 11, 2018 for $7.7 million . Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2019 and December 31, 2018 . There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. March 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 9,837 $ — $ 9,837 Obligations of U.S. government corporations and agencies — 129,369 — 129,369 Collateralized mortgage obligations of U.S. government corporations and agencies — 154,159 — 154,159 Residential mortgage-backed securities of U.S. government corporations and agencies — 22,514 — 22,514 Commercial mortgage-backed securities of U.S. government corporations and agencies — 237,554 — 237,554 Obligations of states and political subdivisions — 122,489 — 122,489 Total Debt Securities Available-for-Sale — 675,922 — 675,922 Marketable equity securities — 4,498 — 4,498 Total Securities — 680,420 — 680,420 Securities held in a deferred compensation plan 5,343 — — 5,343 Derivative financial assets: Interest rate swaps — 10,645 — 10,645 Interest rate lock commitments — 339 — 339 Forward sale contracts - mortgage loans — 88 — 88 Total Assets $ 5,343 $ 691,492 $ — $ 696,835 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 10,602 $ — $ 10,602 Total Liabilities $ — $ 10,602 $ — $ 10,602 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 9,736 $ — $ 9,736 Obligations of U.S. government corporations and agencies — 128,261 — 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies — 148,659 — 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies — 24,350 — 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies — 246,784 — 246,784 Obligations of states and political subdivisions — 122,266 — 122,266 Total Debt Securities Available-for-Sale — 680,056 — 680,056 Marketable equity securities — 4,816 — 4,816 Total Securities — 684,872 — 684,872 Securities held in a deferred compensation plan 4,725 — — 4,725 Derivative financial assets: Interest rate swaps — 5,504 — 5,504 Interest rate lock commitments — 251 — 251 Forward sale contracts - Mortgage Loans — 55 — 55 Total Assets $ 4,725 $ 690,682 $ — $ 695,407 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 5,340 $ — $ 5,340 Total Liabilities $ — $ 5,340 $ — $ 5,340 |
Schedule of Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy | The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented: March 31, 2019 December 31, 2018 (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 — — 30,601 30,601 — — 21,441 21,441 Other real estate owned — — 2,613 2,613 — — 2,826 2,826 Mortgage servicing rights — — 1,089 1,089 — — 1,197 1,197 Total Assets $ — $ — $ 34,303 $ 34,303 $ — $ — $ 25,464 $ 25,464 (1) This table presents only the nonrecurring items that are recorded at fair value in our financial statements. |
Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at March 31, 2019 and December 31, 2018 are presented in the following tables: Carrying Value (1) Fair Value Measurements at March 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 116,820 $ 116,820 $ 116,820 $ — $ — Securities 680,420 680,420 — 680,420 — Loans held for sale 2,706 2,706 — — 2,706 Portfolio loans, net 5,874,043 5,729,524 — — 5,729,524 Bank owned life insurance 74,401 74,401 — 74,401 — FHLB and other restricted stock 19,959 19,959 — — 19,959 Securities held in a deferred compensation plan 5,343 5,343 5,343 — — Mortgage servicing rights 4,313 4,728 — — 4,728 Interest rate swaps 10,645 10,645 — 10,645 — Interest rate lock commitments 339 339 — 339 — Forward sale contracts - mortgage loans 88 88 — 88 — LIABILITIES Deposits $ 5,833,401 $ 5,825,873 $ 4,432,629 $ 1,393,244 $ — Securities sold under repurchase agreements 23,427 23,427 23,427 — — Short-term borrowings 235,000 235,000 235,000 — — Long-term borrowings 70,418 70,801 39,335 31,467 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 10,602 10,602 — 10,602 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 155,489 $ 155,489 $ 155,489 $ — $ — Securities 684,872 684,872 — 684,872 — Loans held for sale 2,371 2,469 — — 2,469 Portfolio loans, net 5,885,652 5,728,843 — — 5,728,843 Bank owned life insurance 73,900 73,900 — 73,900 — FHLB and other restricted stock 29,435 29,435 — — 29,435 Securities held in a Deferred Compensation Plan 4,725 4,725 4,725 — — Mortgage servicing rights 4,464 5,181 — — 5,181 Interest rate swaps 5,504 5,504 — 5,504 — Interest rate lock commitments 251 251 — 251 — Forward sale contracts - mortgage loans 55 55 — 55 — LIABILITIES Deposits $ 5,673,922 $ 5,662,193 $ 4,261,884 $ 1,400,309 $ — Securities sold under repurchase agreements 18,383 18,383 18,383 — — Short-term borrowings 470,000 470,000 470,000 — — Long-term borrowings 70,314 70,578 38,610 31,968 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 5,340 5,340 — 5,340 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2019 December 31, 2018 Debt securities available-for-sale $ 675,922 $ 680,056 Marketable equity securities 4,498 4,816 Total Securities $ 680,420 $ 684,872 |
Schedule of Debt Securities, Available-for-Sale | The following tables present the amortized cost and fair value of debt securities available-for-sale as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 9,961 $ — $ (124 ) $ 9,837 $ 9,958 $ — $ (222 ) $ 9,736 Obligations of U.S. government corporations and agencies 129,263 373 (267 ) 129,369 129,267 68 (1,074 ) 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies 153,717 1,608 (1,166 ) 154,159 149,849 795 (1,985 ) 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies 22,481 229 (196 ) 22,514 24,564 203 (417 ) 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies 239,196 272 (1,914 ) 237,554 251,660 — (4,876 ) 246,784 Obligations of states and political subdivisions 119,020 3,480 (11 ) 122,489 119,872 2,448 (54 ) 122,266 Total Debt Securities Available-for-Sale $ 673,638 $ 5,962 $ (3,678 ) $ 675,922 $ 685,170 $ 3,514 $ (8,628 ) $ 680,056 |
Schedule of Temporally Impaired Debt Securities | The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented: March 31, 2019 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 U.S. Treasury securities — $ — $ — 1 $ 9,837 $ (124 ) 1 $ 9,837 $ (124 ) Obligations of U.S. government corporations and agencies — — — 8 65,828 (267 ) 8 65,828 (267 ) Collateralized mortgage obligations of U.S. government corporations and agencies 1 2,367 (5 ) 14 72,936 (1,161 ) 15 75,303 (1,166 ) Residential mortgage-backed securities of U.S. government corporations and agencies — — — 5 11,297 (196 ) 5 11,297 (196 ) Commercial mortgage-backed securities of U.S. government corporations and agencies — — — 24 215,320 (1,914 ) 24 215,320 (1,914 ) Obligations of states and political subdivisions — — — 1 5,225 (11 ) 1 5,225 (11 ) Total Temporarily Impaired Debt Securities 1 $ 2,367 $ (5 ) 53 $ 380,443 $ (3,673 ) 54 $ 382,810 $ (3,678 ) December 31, 2018 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 U.S. Treasury securities — $ — $ — 1 $ 9,736 $ (222 ) 1 $ 9,736 $ (222 ) Obligations of U.S. government corporations and agencies 7 67,649 (613 ) 6 35,760 (461 ) 13 103,409 (1,074 ) Collateralized mortgage obligations of U.S. government corporations and agencies 2 12,495 (44 ) 14 76,179 (1,941 ) 16 88,674 (1,985 ) Residential mortgage-backed securities of U.S. government corporations and agencies 2 2,327 (45 ) 3 9,241 (372 ) 5 11,568 (417 ) Commercial mortgage-backed securities of U.S. government corporations and agencies 8 75,466 (1,032 ) 19 171,318 (3,844 ) 27 246,784 (4,876 ) Obligations of states and political subdivisions 2 9,902 (23 ) 1 5,247 (31 ) 3 15,149 (54 ) Total Temporarily Impaired Debt Securities 21 $ 167,839 $ (1,757 ) 44 $ 307,481 $ (6,871 ) 65 $ 475,320 $ (8,628 ) |
Schedule of Unrealized Gains and Losses, Net of Tax, of Debt Securities Available-for-Sale | The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented: March 31, 2019 December 31, 2018 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized (Losses)/Gains Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on debt securities available-for-sale $ 5,962 $ (3,678 ) $ 2,284 $ 3,514 $ (8,628 ) $ (5,114 ) Income tax (expense) benefit (1,271 ) 784 (487 ) (746 ) 1,832 1,086 Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 4,691 $ (2,894 ) $ 1,797 $ 2,768 $ (6,796 ) $ (4,028 ) |
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities | The amortized cost and fair value of debt securities available-for-sale at March 31, 2019 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. March 31, 2019 (dollars in thousands) Amortized Cost Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 30,673 $ 30,661 Due after one year through five years 137,885 138,709 Due after five years through ten years 66,445 68,060 Due after ten years 23,241 24,265 Debt Securities Available-for-Sale With Maturities 258,244 261,695 Collateralized mortgage obligations of U.S. government corporations and agencies 153,717 154,159 Residential mortgage-backed securities of U.S. government corporations and agencies 22,481 22,514 Commercial mortgage-backed securities of U.S. government corporations and agencies 239,196 237,554 Total Debt Securities Available-for-Sale $ 673,638 $ 675,922 |
Schedule of Unrealized Gains and Losses on Marketable Equity Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended (dollars in thousands) 2019 2018 Marketable Equity Securities Net market (losses)/gains recognized $ (318 ) $ 52 Less: Net gains recognized for equity securities sold — — Unrealized (Losses)/Gains on Equity Securities Still Held $ (318 ) $ 52 |
Loans and Loans Held for Sale (
Loans and Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | Loans are presented net of unearned income of $4.7 million and $5.3 million at March 31, 2019 and December 31, 2018 . The following ta |
Schedule of Restructured Loans for Periods Presented | The following table summarizes restructured loans as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Performing TDRs Nonperforming TDRs Total TDRs Performing TDRs Nonperforming TDRs Total TDRs Commercial real estate $ 2,019 $ 1,074 $ 3,093 $ 2,054 $ 1,139 $ 3,193 Commercial and industrial 13,447 3,463 16,910 7,026 6,646 13,672 Commercial construction 1,913 406 2,319 1,912 406 2,318 Residential mortgage 2,025 1,520 3,545 2,214 1,543 3,757 Home equity 3,590 1,406 4,996 3,568 1,349 4,917 Installment and other consumer 8 4 12 12 5 17 Total $ 23,002 $ 7,873 $ 30,875 $ 16,786 $ 11,088 $ 27,874 The following tables present the restructured loans by loan segment and by type of concession for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Pre-Modification ( 1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial and Industrial Maturity date extension — $ — $ — $ — 2 $ 768 $ 708 $ (60 ) Maturity date extension and interest rate reduction 1 5,201 5,201 — — — — — Principal deferral — — — — 6 5,355 5,333 (22 ) Total Commercial and Industrial 1 5,201 5,201 — 8 6,123 6,041 (82 ) Commercial Construction . Chapter 7 bankruptcy (2) — — — — 2 158 157 (1 ) Total Commercial Construction — — — — 2 158 157 (1 ) Residential Mortgage Chapter 7 bankruptcy (2) 1 49 49 — — — — — Total Residential Mortgage 1 49 49 — — — — — Home equity Chapter 7 bankruptcy (2) 7 191 168 (23 ) 9 578 555 (23 ) Interest rate reduction 1 81 81 — — — — — Total Home Equity 8 272 249 (23 ) 9 578 555 (23 ) Installment and Other Consumer Chapter 7 bankruptcy (2) — — — — 2 17 17 — Total Installment and Other Consumer — $ — $ — $ — 2 $ 17 $ 17 $ — Totals by Concession Type Maturity date extension — $ — $ — $ — 2 $ 768 $ 708 $ (60 ) Maturity date extension and interest rate reduction 1 5,201 5,201 — — — — — Principal deferral — — — — 6 5,355 5,333 (22 ) Chapter 7 bankruptcy(2) 8 240 217 (23 ) 13 753 729 (24 ) Interest rate reduction 1 81 81 — — — — — Total 10 $ 5,522 $ 5,499 $ (23 ) 21 $ 6,876 $ 6,770 $ (106 ) (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. |
Schedule of 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, 2019 December 31, 2018 Nonperforming Assets Nonaccrual loans $ 40,077 $ 34,985 Nonaccrual TDRs 7,873 11,088 Total Nonaccrual Loans 47,950 46,073 OREO 2,828 3,092 Total Nonperforming Assets $ 50,778 $ 49,165 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2019 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Non - performing Total Past Due Loans Total Loans Commercial real estate $ 2,868,403 $ 1,876 $ 2,237 $ 29,109 $ 33,222 $ 2,901,625 Commercial and industrial 1,504,824 785 588 6,810 8,183 1,513,007 Commercial construction 244,432 — — 1,226 1,226 245,658 Residential mortgage 719,422 3,695 167 6,630 10,492 729,914 Home equity 457,452 1,714 254 4,146 6,114 463,566 Installment and other consumer 70,645 227 59 29 315 70,960 Consumer construction 10,500 222 — — 222 10,722 Loans held for sale 2,706 — — — — 2,706 Total $ 5,878,384 $ 8,519 $ 3,305 $ 47,950 $ 59,774 $ 5,938,158 December 31, 2018 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Non - performing Total Past Total Loans Commercial real estate $ 2,903,997 $ 3,638 $ 2,145 $ 12,052 $ 17,835 $ 2,921,832 Commercial and industrial 1,482,473 1,000 983 8,960 10,943 1,493,416 Commercial construction 243,004 — — 14,193 14,193 257,197 Residential mortgage 717,447 1,584 520 7,128 9,232 726,679 Home equity 465,152 2,103 609 3,698 6,410 471,562 Installment and other consumer 67,281 148 75 42 265 67,546 Consumer construction 8,416 — — — — 8,416 Loans held for sale 2,371 — — — — 2,371 Total $ 5,890,141 $ 8,473 $ 4,332 $ 46,073 $ 58,878 $ 5,949,019 |
Schedule of 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, 2019 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,745,156 94.6 % $ 1,427,120 94.3 % $ 234,717 95.5 % $ 4,406,993 94.6 % Special mention 56,829 2.0 % 23,945 1.6 % 7,263 3.0 % 88,037 1.9 % Substandard 99,640 3.4 % 61,942 4.1 % 3,678 1.5 % 165,260 3.5 % Total $ 2,901,625 100.0 % $ 1,513,007 100.0 % $ 245,658 100.0 % $ 4,660,290 100.0 % December 31, 2018 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,776,292 95.0 % $ 1,394,427 93.4 % $ 233,190 90.7 % $ 4,403,909 94.3 % Special mention 54,627 1.9 % 25,368 1.7 % 7,349 2.8 % 87,344 1.8 % Substandard 90,913 3.1 % 73,621 4.9 % 16,658 6.5 % 181,192 3.9 % Total $ 2,921,832 100.0 % $ 1,493,416 100.0 % $ 257,197 100.0 % $ 4,672,445 100.0 % |
Schedule of 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, 2019 (dollars in thousands) Residential Mortgage % of Total Home Equity % of Total Installment and Other Consumer % of Total Consumer Construction % of Total Total % of Total Performing $ 723,284 99.1 % $ 459,420 99.1 % $ 70,931 100.0 % $ 10,722 100.0 % $ 1,264,357 99.2 % Nonperforming 6,630 0.9 % 4,146 0.9 % 29 — % — — % 10,805 0.8 % Total $ 729,914 100.0 % $ 463,566 100.0 % $ 70,960 100.0 % $ 10,722 100.0 % $ 1,275,162 100.0 % December 31, 2018 (dollars in thousands) Residential Mortgage % of Total Home Equity % of Total Installment and Other Consumer % of Total Consumer Construction % of Total Total % of Total Performing $ 719,551 99.0 % $ 467,864 99.2 % $ 67,504 99.9 % $ 8,416 100.0 % $ 1,263,335 99.1 % Nonperforming 7,128 1.0 % 3,698 0.8 % 42 0.1 % — — % 10,868 0.9 % Total $ 726,679 100.0 % $ 471,562 100.0 % $ 67,546 100.0 % $ 8,416 100.0 % $ 1,274,203 100.0 % |
Schedule of Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following tables summarize average recorded investment in and interest income recognized on loans considered to be impaired for the periods presented: Three Months Ended March 31, 2019 March 31, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 12,983 $ 400 $ — $ — Commercial and industrial 980 35 586 11 Commercial construction 489 — — — Consumer real estate 14 1 — — Other consumer 10 1 42 1 Total with a Related Allowance Recorded 14,476 437 628 12 Without a related allowance recorded: Commercial real estate 15,107 144 3,817 43 Commercial and industrial 12,780 209 6,688 110 Commercial construction 2,319 140 3,446 36 Consumer real estate 8,846 417 10,816 138 Other consumer 4 — 12 — Total without a Related Allowance Recorded 39,056 910 24,779 327 Total: Commercial real estate 28,090 544 3,817 43 Commercial and industrial 13,760 244 7,274 121 Commercial construction 2,808 140 3,446 36 Consumer real estate 8,860 418 10,816 138 Other consumer 14 1 54 1 Total $ 53,532 $ 1,347 $ 25,407 $ 339 The following table summarizes investments in loans considered to be impaired and related information on those impaired loans as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With a related allowance recorded: Commercial real estate $ 12,965 $ 12,965 $ 2,046 $ 7,733 $ 7,733 $ 1,295 Commercial and industrial 976 984 873 884 893 360 Commercial construction 489 490 87 489 489 87 Consumer real estate 14 14 9 15 14 10 Other consumer 8 8 8 11 12 11 Total with a Related Allowance Recorded 14,452 14,461 3,023 9,132 9,141 1,763 Without a related allowance recorded: Commercial real estate 15,068 17,895 — 3,636 4,046 — Commercial and industrial 15,934 22,551 — 12,788 14,452 — Commercial construction 2,319 3,828 — 15,286 19,198 — Consumer real estate 8,527 9,507 — 8,659 9,635 — Other consumer 4 10 — 5 18 — Total without a Related Allowance Recorded 41,852 53,792 — 40,374 47,349 — Total: Commercial real estate 28,033 30,860 2,046 11,369 11,779 1,295 Commercial and industrial 16,910 23,535 873 13,672 15,345 360 Commercial construction 2,808 4,318 87 15,775 19,687 87 Consumer real estate 8,541 9,521 9 8,674 9,649 10 Other consumer 12 18 8 16 30 11 Total $ 56,304 $ 68,252 $ 3,023 $ 49,506 $ 56,490 $ 1,763 |
Schedule of Summary of Allowance for Loan Losses | The following tables detail activity in the ALL for the periods presented: Three Months Ended March 31, 2019 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 33,707 $ 11,596 $ 7,983 $ 6,187 $ 1,523 $ 60,996 Charge-offs (1 ) (5,477 ) — (162 ) (383 ) (6,023 ) Recoveries 122 417 — 148 100 787 Net Recoveries/(Charge-offs) 121 (5,060 ) — (14 ) (283 ) (5,236 ) Provision for loan losses 1,075 5,460 (1,226 ) 5 335 5,649 Balance at End of Period $ 34,903 $ 11,996 $ 6,757 $ 6,178 $ 1,575 $ 61,409 Three Months Ended March 31, 2018 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 27,235 $ 8,966 $ 13,167 $ 5,479 $ 1,543 $ 56,390 Charge-offs — (829 ) — (161 ) (460 ) (1,450 ) Recoveries 49 117 1,129 238 101 1,634 Net Recoveries/(Charge-offs) 49 (712 ) 1,129 77 (359 ) 184 Provision for loan losses 3,679 2,218 (3,575 ) (138 ) 288 2,472 Balance at End of Period $ 30,963 $ 10,472 $ 10,721 $ 5,418 $ 1,472 $ 59,046 |
Schedule of Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the ALL and recorded investments in loans by category as of the periods presented: March 31, 2019 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial real estate $ 2,046 $ 32,857 $ 34,903 $ 28,033 $ 2,873,592 $ 2,901,625 Commercial and industrial 873 11,123 11,996 16,910 1,496,097 1,513,007 Commercial construction 87 6,670 6,757 2,808 242,850 245,658 Consumer real estate 9 6,169 6,178 8,541 1,195,661 1,204,202 Other consumer 8 1,567 1,575 12 70,948 70,960 Total $ 3,023 $ 58,386 $ 61,409 $ 56,304 $ 5,879,148 $ 5,935,452 December 31, 2018 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial real estate $ 1,295 $ 32,412 $ 33,707 $ 11,369 $ 2,910,463 $ 2,921,832 Commercial and industrial 360 11,236 11,596 13,672 1,479,744 1,493,416 Commercial construction 87 7,896 7,983 15,775 241,422 257,197 Consumer real estate 10 6,177 6,187 8,674 1,197,983 1,206,657 Other consumer 11 1,512 1,523 16 67,530 67,546 Total $ 1,763 $ 59,233 $ 60,996 $ 49,506 $ 5,897,142 $ 5,946,648 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilties (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Finance and Operating Lease Details | The following tables present our ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for finance and operating leases at March 31, 2019: (in thousands, except weighted-averages) March 31, 2019 Operating Lease Expense $ 1,031 Amortization of ROU Assets - Finance Leases 23 Interest on Lease Liabilities - Finance Leases 18 Total Lease Expense $ 1,072 Operating Leases ROU Assets $ 35,686 Operating Cash Flows $ 302 Finance Leases ROU Assets $ 1,213 Operating Cash Flows $ 18 Financing Cash Flows $ 11 Weighted Average Lease Term Operating Leases 20.4 Finance Leases 15.5 Weighted Average Discount Rate Operating Leases 5.98 % Finance Leases 6.15 % |
Finance and Operating Lease Details | The following tables present our ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for finance and operating leases at March 31, 2019: (in thousands, except weighted-averages) March 31, 2019 Operating Lease Expense $ 1,031 Amortization of ROU Assets - Finance Leases 23 Interest on Lease Liabilities - Finance Leases 18 Total Lease Expense $ 1,072 Operating Leases ROU Assets $ 35,686 Operating Cash Flows $ 302 Finance Leases ROU Assets $ 1,213 Operating Cash Flows $ 18 Financing Cash Flows $ 11 Weighted Average Lease Term Operating Leases 20.4 Finance Leases 15.5 Weighted Average Discount Rate Operating Leases 5.98 % Finance Leases 6.15 % |
Maturity Analysis of Lease Liabilities for Operating Leases | (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 105 $ 2,796 $ 2,901 2020 125 3,615 3,740 2021 126 3,599 3,725 2022 128 3,682 3,810 2023 129 3,697 3,826 Thereafter 1,375 59,336 60,711 Total $ 1,988 $ 76,725 $ 78,713 Less: Present value discount (753 ) (36,500 ) (37,253 ) Lease Liabilities $ 1,235 $ 40,225 $ 41,460 |
Maturity Analysis of Lease Liabilities for Finance Leases | (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 105 $ 2,796 $ 2,901 2020 125 3,615 3,740 2021 126 3,599 3,725 2022 128 3,682 3,810 2023 129 3,697 3,826 Thereafter 1,375 59,336 60,711 Total $ 1,988 $ 76,725 $ 78,713 Less: Present value discount (753 ) (36,500 ) (37,253 ) Lease Liabilities $ 1,235 $ 40,225 $ 41,460 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of 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 (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 10,645 $ 5,504 $ 10,602 $ 5,340 Notional amount 367,258 325,750 367,258 325,750 Collateral received/posted — 160 10,053 — Interest Rate Lock Commitments - Mortgage Loans Fair value 339 251 — — Notional amount 10,554 6,054 — — Forward Sale Contracts - Mortgage Loans Fair value 88 55 — — Notional amount $ 9,375 $ 6,000 $ — $ — |
Schedule of Offsetting Derivative Assets | 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 (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 12,236 $ 8,733 $ 12,193 $ 8,569 Gross amounts offset (1,591 ) (3,229 ) (1,591 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 10,645 5,504 10,602 5,340 Gross amounts not offset (1) — (160 ) (10,053 ) — Net Amount $ 10,645 $ 5,344 $ 549 $ 5,340 (1) Amounts represent collateral received/posted for the periods presented. |
Schedule of Offsetting 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 (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 12,236 $ 8,733 $ 12,193 $ 8,569 Gross amounts offset (1,591 ) (3,229 ) (1,591 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 10,645 5,504 10,602 5,340 Gross amounts not offset (1) — (160 ) (10,053 ) — Net Amount $ 10,645 $ 5,344 $ 549 $ 5,340 (1) Amounts represent collateral received/posted for the periods presented. |
Schedule of 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) 2019 2018 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (122 ) $ 145 Interest rate lock commitments—mortgage loans 88 25 Forward sale contracts—mortgage loans 33 60 Total Derivatives (Loss)/Gain $ (1 ) $ 230 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Information Pertaining to Borrowings | Information pertaining to borrowings is summarized in the table below as of the dates presented: March 31, 2019 December 31, 2018 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 23,427 0.55 % $ 18,383 0.46 % Short-term borrowings 235,000 2.71 % 470,000 2.65 % Total Short-term Borrowings 258,427 2.51 % 488,383 2.57 % Long-term Borrowings Long-term borrowings 70,418 2.78 % 70,314 2.84 % Junior subordinated debt securities 45,619 5.07 % 45,619 5.25 % Total Long-term Borrowings 116,037 3.68 % 115,933 3.79 % Total Borrowings $ 374,464 2.87 % $ 604,316 2.80 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2019 December 31, 2018 Commitments to extend credit $ 1,463,108 $ 1,464,892 Standby letters of credit 74,572 77,134 Total $ 1,537,680 $ 1,542,026 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | (dollars in thousands) Three Months Ended March 31, Revenue Streams Point of Revenue Recognition 2019 2018 Service charges on deposit accounts Over a period of time $ 457 $ 533 At a point in time 2,696 2,708 $ 3,153 $ 3,241 Debit and credit card Over a period time $ 185 $ 188 At a point in time 2,789 2,849 $ 2,974 $ 3,037 Wealth management Over a period of time $ 1,635 $ 1,879 At a point in time 413 803 $ 2,048 $ 2,682 Other fee revenue At a point in time $ 919 $ 921 |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive Loss | OTHER COMPREHENSIVE INCOME/(LOSS) The following tables present the change in components of other comprehensive income/(loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (dollars in thousands) Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Change in net unrealized gains/(losses) on debt securities available-for-sale $ 7,398 $ (1,578 ) $ 5,820 $ (9,474 ) $ 2,012 $ (7,462 ) Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income — — — — — — Adjustment to funded status of employee benefit plans 453 (97 ) 356 621 (132 ) 489 Other Comprehensive Income/(Loss) $ 7,851 $ (1,675 ) $ 6,176 $ (8,853 ) $ 1,880 $ (6,973 ) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of 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) 2019 2018 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 989 $ 967 Expected return on plan assets (1,180 ) (1,567 ) Net amortization 394 544 Net Periodic Pension Expense $ 203 $ (56 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | Mar. 31, 2019USD ($)lease | Jan. 01, 2019USD ($)lease | Jan. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Lease Liabilities | $ 1,235 | ||
Operating lease, liabilities | 40,225 | ||
Financing lease, right-of-use assets | 1,213 | ||
Operating lease, right-of-use assets | $ 35,686 | ||
Number of operating lease agreements | lease | 42 | ||
ASU No. 2016-02 | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease Liabilities | $ 1,200 | ||
Operating lease, liabilities | 33,700 | ||
Financing lease, right-of-use assets | 1,200 | ||
Operating lease, right-of-use assets | $ 33,400 | ||
Number of operating lease agreements | lease | 1 | ||
New Partnership | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
S&T Evergreen Insurance LLC | Subsidiaries | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership in subsidiary sold | 70.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 11, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 10, 2018 | |
Numerator for Earnings per Share Basic and Diluted: | |||||
Net income | $ 22,928 | $ 26,163 | |||
Less: Income allocated to participating shares | 62 | 80 | |||
Net Income Allocated to Shareholders | 22,866 | 26,083 | |||
Net Income Available to Shareholders | $ 22,928 | $ 26,163 | |||
Denominators for Earnings per Share: | |||||
Weighted Average Shares Outstanding—Basic (in shares) | 34,414,555 | 34,756,726 | |||
Add: Potentially dilutive shares (in shares) | 128,256 | 242,439 | |||
Denominator for Treasury Stock Method—Diluted (in shares) | 34,542,811 | 34,999,165 | |||
Weighted Average Shares Outstanding—Basic (in shares) | 34,414,555 | 34,756,726 | |||
Add: Average participating shares outstanding (in shares) | 92,659 | 106,722 | |||
Denominator for Two-Class Method—Diluted (in shares) | 34,507,214 | 34,863,448 | |||
Earnings per share—basic (in dollars per share) | $ 0.67 | $ 0.75 | |||
Earnings per share—diluted (in dollars per share) | 0.66 | 0.75 | |||
Repurchase of warrant | $ 7,700 | ||||
Number of shares of common stock that holder of warrants have right to purchase (in shares) | 517,012 | ||||
Anti-dilutive warrants—exercise price (in dollars per share) | $ 31.53 | $ 31.53 | $ 31.53 | ||
Warrants | |||||
Denominators for Earnings per Share: | |||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | 0 | 400,722 | [1] | ||
Restricted Stock | |||||
Denominators for Earnings per Share: | |||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | 68,314 | 90,298 | |||
[1] | We repurchased our outstanding warrant on September 11, 2018 for $7.7 million. Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise. |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between Level 1 to Level 2 | $ 0 | $ 0 |
ASSETS | ||
Debt securities available-for-sale | 675,922,000 | 680,056,000 |
Marketable equity securities | 4,498,000 | 4,816,000 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 9,837,000 | 9,736,000 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 129,369,000 | 128,261,000 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 154,159,000 | 148,659,000 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 22,514,000 | 24,350,000 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 237,554,000 | 246,784,000 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 122,489,000 | 122,266,000 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities available-for-sale | 675,922,000 | 680,056,000 |
Marketable equity securities | 4,498,000 | 4,816,000 |
Total securities | 680,420,000 | 684,872,000 |
Securities held in a deferred compensation plan | 5,343,000 | 4,725,000 |
Total Assets | 696,835,000 | 695,407,000 |
LIABILITIES | ||
Total Liabilities | 10,602,000 | 5,340,000 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 9,837,000 | 9,736,000 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 129,369,000 | 128,261,000 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 154,159,000 | 148,659,000 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 22,514,000 | 24,350,000 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 237,554,000 | 246,784,000 |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 122,489,000 | 122,266,000 |
Fair Value Measurements, Recurring | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 10,645,000 | 5,504,000 |
LIABILITIES | ||
Interest rate swaps | 10,602,000 | 5,340,000 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 339,000 | 251,000 |
Fair Value Measurements, Recurring | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 88,000 | 55,000 |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total securities | 0 | 0 |
Securities held in a deferred compensation plan | 5,343,000 | 4,725,000 |
Total Assets | 5,343,000 | 4,725,000 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities available-for-sale | 675,922,000 | 680,056,000 |
Marketable equity securities | 4,498,000 | 4,816,000 |
Total securities | 680,420,000 | 684,872,000 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 691,492,000 | 690,682,000 |
LIABILITIES | ||
Total Liabilities | 10,602,000 | 5,340,000 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 9,837,000 | 9,736,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 129,369,000 | 128,261,000 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 154,159,000 | 148,659,000 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 22,514,000 | 24,350,000 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 237,554,000 | 246,784,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 122,489,000 | 122,266,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 10,645,000 | 5,504,000 |
LIABILITIES | ||
Interest rate swaps | 10,602,000 | 5,340,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 251,000 | |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 55,000 | |
Fair Value Measurements, Recurring | Level 3 | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total securities | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 0 | 0 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy (Details) - Fair Value, Measurements, Nonrecurring - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |
ASSETS | |||
Loans held for sale | [1] | 0 | 0 |
Impaired loans | [1] | 30,601,000 | 21,441,000 |
Other real estate owned | [1] | 2,613,000 | 2,826,000 |
Mortgage servicing rights | [1] | 1,089,000 | 1,197,000 |
Total Assets | [1] | 34,303,000 | 25,464,000 |
Level 1 | |||
ASSETS | |||
Loans held for sale | [1] | 0 | 0 |
Impaired loans | [1] | 0 | 0 |
Other real estate owned | [1] | 0 | 0 |
Mortgage servicing rights | [1] | 0 | 0 |
Total Assets | [1] | 0 | 0 |
Level 2 | |||
ASSETS | |||
Loans held for sale | [1] | 0 | 0 |
Impaired loans | [1] | 0 | 0 |
Other real estate owned | [1] | 0 | 0 |
Mortgage servicing rights | [1] | 0 | 0 |
Total Assets | [1] | 0 | 0 |
Level 3 | |||
ASSETS | |||
Loans held for sale | [1] | 0 | 0 |
Impaired loans | [1] | 30,601,000 | 21,441,000 |
Other real estate owned | [1] | 2,613,000 | 2,826,000 |
Mortgage servicing rights | [1] | 1,089,000 | 1,197,000 |
Total Assets | [1] | $ 34,303,000 | $ 25,464,000 |
[1] | This table represents only the nonrecurring items that are recorded at fair value in our financial statements. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
ASSETS | ||||
Securities, at fair value | $ 680,420 | $ 684,872 | ||
Portfolio loans, net | 5,874,043 | 5,885,652 | ||
FHLB and other restricted stock | 19,959 | 29,435 | ||
LIABILITIES | ||||
Junior subordinated debt securities | 45,619 | 45,619 | ||
Carrying Value | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | [1] | 116,820 | 155,489 | |
Securities, at fair value | [1] | 680,420 | 684,872 | |
Loans held for sale | [1] | 2,706 | 2,371 | |
Portfolio loans, net | [1] | 5,874,043 | 5,885,652 | |
Bank owned life insurance | [1] | 74,401 | 73,900 | |
FHLB and other restricted stock | [1] | 19,959 | 29,435 | |
Securities held in a deferred compensation plan | [1] | 5,343 | 4,725 | |
Mortgage servicing rights | [1] | 4,313 | 4,464 | |
LIABILITIES | ||||
Deposits | [1] | 5,833,401 | 5,673,922 | |
Securities sold under repurchase agreements | [1] | 23,427 | 18,383 | |
Short-term borrowings | [1] | 235,000 | 470,000 | |
Long-term borrowings | [1] | 70,418 | 70,314 | |
Junior subordinated debt securities | [1] | 45,619 | 45,619 | |
Carrying Value | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 10,645 | 5,504 | [1] | |
LIABILITIES | ||||
Interest rate swaps | [1] | 10,602 | 5,340 | |
Carrying Value | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | [1] | 339 | 251 | |
Carrying Value | Forward sale contracts—mortgage loans | ||||
ASSETS | ||||
Derivative financial assets | [1] | 88 | 55 | |
Fair Value Measurements | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 116,820 | 155,489 | ||
Securities, at fair value | 680,420 | 684,872 | ||
Loans held for sale | 2,706 | 2,469 | ||
Portfolio loans, net | 5,729,524 | 5,728,843 | ||
Bank owned life insurance | 74,401 | 73,900 | ||
FHLB and other restricted stock | 19,959 | 29,435 | ||
Securities held in a deferred compensation plan | 5,343 | 4,725 | ||
Mortgage servicing rights | 4,728 | 5,181 | ||
LIABILITIES | ||||
Deposits | 5,825,873 | 5,662,193 | ||
Securities sold under repurchase agreements | 23,427 | 18,383 | ||
Short-term borrowings | 235,000 | 470,000 | ||
Long-term borrowings | 70,801 | 70,578 | ||
Junior subordinated debt securities | 45,619 | 45,619 | ||
Fair Value Measurements | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 10,645 | 5,504 | ||
LIABILITIES | ||||
Interest rate swaps | 10,602 | 5,340 | ||
Fair Value Measurements | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 339 | 251 | ||
Fair Value Measurements | Forward sale contracts—mortgage loans | ||||
ASSETS | ||||
Derivative financial assets | 88 | 55 | ||
Fair Value Measurements | Level 1 | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 116,820 | 155,489 | ||
Securities, at fair value | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Portfolio loans, net | 0 | 0 | ||
Bank owned life insurance | 0 | 0 | ||
FHLB and other restricted stock | 0 | 0 | ||
Securities held in a deferred compensation plan | 5,343 | 4,725 | ||
Mortgage servicing rights | 0 | 0 | ||
LIABILITIES | ||||
Deposits | 4,432,629 | 4,261,884 | ||
Securities sold under repurchase agreements | 23,427 | 18,383 | ||
Short-term borrowings | 235,000 | 470,000 | ||
Long-term borrowings | 39,335 | 38,610 | ||
Junior subordinated debt securities | 45,619 | 45,619 | ||
Fair Value Measurements | Level 1 | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 0 | 0 | ||
LIABILITIES | ||||
Interest rate swaps | 0 | 0 | ||
Fair Value Measurements | Level 1 | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 0 | 0 | ||
Fair Value Measurements | Level 1 | Forward sale contracts—mortgage loans | ||||
ASSETS | ||||
Derivative financial assets | 0 | 0 | ||
Fair Value Measurements | Level 2 | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | ||
Securities, at fair value | 680,420 | 684,872 | ||
Loans held for sale | 0 | 0 | ||
Portfolio loans, net | 0 | 0 | ||
Bank owned life insurance | 74,401 | 73,900 | ||
FHLB and other restricted stock | 0 | 0 | ||
Securities held in a deferred compensation plan | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
LIABILITIES | ||||
Deposits | 1,393,244 | 1,400,309 | ||
Securities sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 31,467 | 31,968 | ||
Junior subordinated debt securities | 0 | 0 | ||
Fair Value Measurements | Level 2 | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 10,645 | 5,504 | ||
LIABILITIES | ||||
Interest rate swaps | 10,602 | 5,340 | ||
Fair Value Measurements | Level 2 | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 339 | 251 | ||
Fair Value Measurements | Level 2 | Forward sale contracts—mortgage loans | ||||
ASSETS | ||||
Derivative financial assets | 88 | 55 | ||
Fair Value Measurements | Level 3 | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | ||
Securities, at fair value | 0 | 0 | ||
Loans held for sale | 2,706 | 2,469 | ||
Portfolio loans, net | 5,729,524 | 5,728,843 | ||
Bank owned life insurance | 0 | 0 | ||
FHLB and other restricted stock | 19,959 | 29,435 | ||
Securities held in a deferred compensation plan | 0 | 0 | ||
Mortgage servicing rights | 4,728 | 5,181 | ||
LIABILITIES | ||||
Deposits | 0 | 0 | ||
Securities sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Junior subordinated debt securities | 0 | 0 | ||
Fair Value Measurements | Level 3 | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 0 | 0 | ||
LIABILITIES | ||||
Interest rate swaps | 0 | 0 | ||
Fair Value Measurements | Level 3 | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 0 | 0 | ||
Fair Value Measurements | Level 3 | Forward sale contracts—mortgage loans | ||||
ASSETS | ||||
Derivative financial assets | $ 0 | $ 0 | ||
[1] | As reported in the Consolidated Balance Sheets |
Securities - Fair Values and Am
Securities - Fair Values and Amortized Costs Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 673,638 | $ 685,170 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 5,962 | 3,514 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (3,678) | (8,628) |
Debt Securities, Available-for-Sale, Fair Value | 675,922 | 680,056 |
Marketable equity securities | 4,498 | 4,816 |
Total Securities | 680,420 | 684,872 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 9,961 | 9,958 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (124) | (222) |
Debt Securities, Available-for-Sale, Fair Value | 9,837 | 9,736 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 129,263 | 129,267 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 373 | 68 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (267) | (1,074) |
Debt Securities, Available-for-Sale, Fair Value | 129,369 | 128,261 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 153,717 | 149,849 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 1,608 | 795 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (1,166) | (1,985) |
Debt Securities, Available-for-Sale, Fair Value | 154,159 | 148,659 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 22,481 | 24,564 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 229 | 203 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (196) | (417) |
Debt Securities, Available-for-Sale, Fair Value | 22,514 | 24,350 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 239,196 | 251,660 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 272 | 0 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (1,914) | (4,876) |
Debt Securities, Available-for-Sale, Fair Value | 237,554 | 246,784 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 119,020 | 119,872 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 3,480 | 2,448 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (11) | (54) |
Debt Securities, Available-for-Sale, Fair Value | $ 122,489 | $ 122,266 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Mar. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 1 | 21 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 2,367 | $ 167,839 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (5) | $ (1,757) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 53 | 44 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 380,443 | $ 307,481 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (3,673) | $ (6,871) |
Temporarily Impaired Debt Securities, Number of Securities | security | 54 | 65 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 382,810 | $ 475,320 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,678) | $ (8,628) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 9,837 | $ 9,736 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (124) | $ (222) |
Temporarily Impaired Debt Securities, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 9,837 | $ 9,736 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (124) | $ (222) |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 7 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 67,649 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (613) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 8 | 6 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 65,828 | $ 35,760 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (267) | $ (461) |
Temporarily Impaired Debt Securities, Number of Securities | security | 8 | 13 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 65,828 | $ 103,409 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (267) | $ (1,074) |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 1 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 2,367 | $ 12,495 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (5) | $ (44) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 14 | 14 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 72,936 | $ 76,179 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (1,161) | $ (1,941) |
Temporarily Impaired Debt Securities, Number of Securities | security | 15 | 16 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 75,303 | $ 88,674 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,166) | $ (1,985) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 2,327 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (45) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 5 | 3 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 11,297 | $ 9,241 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (196) | $ (372) |
Temporarily Impaired Debt Securities, Number of Securities | security | 5 | 5 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 11,297 | $ 11,568 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (196) | $ (417) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 8 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 75,466 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (1,032) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 24 | 19 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 215,320 | $ 171,318 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (1,914) | $ (3,844) |
Temporarily Impaired Debt Securities, Number of Securities | security | 24 | 27 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 215,320 | $ 246,784 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,914) | $ (4,876) |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 9,902 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (23) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 5,225 | $ 5,247 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (11) | $ (31) |
Temporarily Impaired Debt Securities, Number of Securities | security | 1 | 3 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 5,225 | $ 15,149 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (11) | $ (54) |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Mar. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security | Mar. 31, 2018USD ($) | Jan. 01, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||||
Number of debt securities in unrealized loss position | security | 54 | 65 | ||
Securities pledged for regulatory and legal requirements | $ 214,100 | $ 236,000 | ||
ASU No. 2016-01 | Retained Earnings | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reclassification of net unrealized gains on equity securities | $ 862 | $ 900 | ||
ASU No. 2016-01 | AOCI Attributable to Parent | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reclassification of net unrealized gains on equity securities | $ (862) | $ (900) |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 5,962 | $ 3,514 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (3,678) | (8,628) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized (Losses)/Gains | 2,284 | (5,114) |
Income tax (expense) benefit, Gross Unrealized Gains | (1,271) | (746) |
Income tax (expense) benefit, Gross Unrealized Losses | 784 | 1,832 |
Income tax (expense) benefit, Net Unrealized (Losses)/Gains | (487) | 1,086 |
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Gains | 4,691 | 2,768 |
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Losses | (2,894) | (6,796) |
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Net Unrealized (Losses)/Gains | $ 1,797 | $ (4,028) |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 30,673 | |
Due after one year through five years | 137,885 | |
Due after five years through ten years | 66,445 | |
Due after ten years | 23,241 | |
Debt Securities Available-for-sale, Maturity, Amortized Cost | 258,244 | |
Debt Securities, Available-for-Sale, Amortized Cost | 673,638 | $ 685,170 |
Fair Value | ||
Due in one year or less | 30,661 | |
Due after one year through five years | 138,709 | |
Due after five years through ten years | 68,060 | |
Due after ten years | 24,265 | |
Debt Securities Available-for-sale, Maturity, Fair Value | 261,695 | |
Debt Securities, Available-for-Sale, Fair Value | 675,922 | 680,056 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 239,196 | |
Debt Securities, Available-for-Sale, Amortized Cost | 239,196 | 251,660 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 237,554 | |
Debt Securities, Available-for-Sale, Fair Value | 237,554 | 246,784 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 22,481 | |
Debt Securities, Available-for-Sale, Amortized Cost | 22,481 | 24,564 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 22,514 | |
Debt Securities, Available-for-Sale, Fair Value | 22,514 | 24,350 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 153,717 | |
Debt Securities, Available-for-Sale, Amortized Cost | 153,717 | 149,849 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 154,159 | |
Debt Securities, Available-for-Sale, Fair Value | $ 154,159 | $ 148,659 |
Securities - Unrealized Gains_2
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net market (losses)/gains recognized | $ (318) | $ 52 |
Less: Net gains recognized for equity securities sold | 0 | 0 |
Unrealized (Losses)/Gains on Equity Securities Still Held | $ (318) | $ 52 |
Loans and Loans Held for Sale -
Loans and Loans Held for Sale - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)loan | Mar. 31, 2018loan | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of unearned income | $ 4,700 | $ 5,300 | |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | ||
Number of troubled debt restructuring loans returned to accruing status | loan | 3 | 0 | |
Amount of trouble debt restructuring loans returned to accruing status | $ 1,700 | ||
Number of commitments to lend additional funds on TDRs | loan | 14 | ||
Commitments to lend additional funds on TDRs | $ 13,000 | ||
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | ||
Number of defaulted TDRs that were restructured within the last twelve months prior to defaulting | loan | 0 | 0 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of commercial loans in total portfolio loans | 79.00% | 79.00% | |
Commercial loans | $ 4,660,290 | $ 4,672,445 | |
Commercial real estate and commercial construction | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial loans | $ 3,100,000 | $ 3,200,000 | |
Combined percentage of commercial real estate and commercial construction in total commercial loans | 68.00% | 68.00% | |
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 53.00% | 53.00% | |
Concentration risk percentage of commercial real estate and commercial construction | 0.00% | 0.00% | |
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 13.20% | 14.00% | |
Out of market exposure of combined portfolio (percent) | 5.70% | 5.40% | |
Percentage of total loans out-of-state excluding contiguous states | 3.00% | 2.90% |
Loans and Loans Held for Sale_2
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 5,935,452 | $ 5,946,648 |
Loans held for sale | 2,706 | 2,371 |
Total Loans | 5,938,158 | 5,949,019 |
Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,901,625 | 2,921,832 |
Total Loans | 2,901,625 | 2,921,832 |
Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,513,007 | 1,493,416 |
Total Loans | 1,513,007 | 1,493,416 |
Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 245,658 | 257,197 |
Total Loans | 245,658 | 257,197 |
Residential mortgage | ||
Composition of the loans | ||
Total Loans | 729,914 | 726,679 |
Home equity | ||
Composition of the loans | ||
Total Loans | 463,566 | 471,562 |
Installment and other consumer | ||
Composition of the loans | ||
Total Loans | 70,960 | 67,546 |
Consumer construction | ||
Composition of the loans | ||
Total Loans | 10,722 | 8,416 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 4,660,290 | 4,672,445 |
Commercial | Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,901,625 | 2,921,832 |
Commercial | Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,513,007 | 1,493,416 |
Commercial | Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 245,658 | 257,197 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,275,162 | 1,274,203 |
Consumer | Residential mortgage | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 729,914 | 726,679 |
Consumer | Home equity | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 463,566 | 471,562 |
Consumer | Installment and other consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 70,960 | 67,546 |
Consumer | Consumer construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 10,722 | $ 8,416 |
Loans and Loans Held for Sale_3
Loans and Loans Held for Sale - Summary of Restructured Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | $ 5,499 | $ 6,770 | |
Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | 5,201 | 6,041 | |
Commercial construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | 0 | 157 | |
Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | 49 | 0 | |
Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | 249 | 555 | |
Installment and other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | [1] | 0 | $ 17 | |
Performing TDRs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 23,002 | $ 16,786 | ||
Performing TDRs | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 2,019 | 2,054 | ||
Performing TDRs | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 13,447 | 7,026 | ||
Performing TDRs | Commercial construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 1,913 | 1,912 | ||
Performing TDRs | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 2,025 | 2,214 | ||
Performing TDRs | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 3,590 | 3,568 | ||
Performing TDRs | Installment and other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 8 | 12 | ||
Nonperforming TDRs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 7,873 | 11,088 | ||
Nonperforming TDRs | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 1,074 | 1,139 | ||
Nonperforming TDRs | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 3,463 | 6,646 | ||
Nonperforming TDRs | Commercial construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 406 | 406 | ||
Nonperforming TDRs | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 1,520 | 1,543 | ||
Nonperforming TDRs | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 1,406 | 1,349 | ||
Nonperforming TDRs | Installment and other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 4 | 5 | ||
Total TDRs | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 30,875 | 27,874 | ||
Total TDRs | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 3,093 | 3,193 | ||
Total TDRs | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 16,910 | 13,672 | ||
Total TDRs | Commercial construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 2,319 | 2,318 | ||
Total TDRs | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 3,545 | 3,757 | ||
Total TDRs | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | 4,996 | 4,917 | ||
Total TDRs | Installment and other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Restructured loans | $ 12 | $ 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. |
Loans and Loans Held for Sale_4
Loans and Loans Held for Sale - Restructured Loans By Segment and Type of Concession (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)loan | Mar. 31, 2018USD ($)loan | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 10 | 21 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,522 | $ 6,876 |
Post-Modification Outstanding Recorded Investment | [1] | 5,499 | 6,770 |
Total Difference in Recorded Investment | $ (23) | $ (106) | |
Maturity date extension | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 768 |
Post-Modification Outstanding Recorded Investment | [1] | 0 | 708 |
Total Difference in Recorded Investment | $ 0 | $ (60) | |
Maturity date extension and interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,201 | |
Post-Modification Outstanding Recorded Investment | [1] | 5,201 | |
Total Difference in Recorded Investment | $ 0 | ||
Principal deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 6 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 5,355 |
Post-Modification Outstanding Recorded Investment | [1] | 0 | 5,333 |
Total Difference in Recorded Investment | $ 0 | $ (22) | |
Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 8 | 13 |
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 240 | $ 753 |
Post-Modification Outstanding Recorded Investment | [1],[2] | 217 | 729 |
Total Difference in Recorded Investment | [2] | $ (23) | $ (24) |
Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | [1] | $ 81 | |
Post-Modification Outstanding Recorded Investment | [1] | 81 | |
Total Difference in Recorded Investment | $ 0 | ||
Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 8 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,201 | $ 6,123 |
Post-Modification Outstanding Recorded Investment | [1] | 5,201 | 6,041 |
Total Difference in Recorded Investment | $ 0 | $ (82) | |
Commercial and industrial | Maturity date extension | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 768 |
Post-Modification Outstanding Recorded Investment | [1] | 0 | 708 |
Total Difference in Recorded Investment | $ 0 | $ (60) | |
Commercial and industrial | Maturity date extension and interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,201 | $ 0 |
Post-Modification Outstanding Recorded Investment | [1] | 5,201 | 0 |
Total Difference in Recorded Investment | 0 | $ 0 | |
Commercial and industrial | Principal deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 6 | ||
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,355 | |
Post-Modification Outstanding Recorded Investment | [1] | 5,333 | |
Total Difference in Recorded Investment | $ 0 | $ (22) | |
Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 158 |
Post-Modification Outstanding Recorded Investment | [1] | 0 | 157 |
Total Difference in Recorded Investment | $ 0 | $ (1) | |
Commercial construction | Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 0 | $ 158 |
Post-Modification Outstanding Recorded Investment | [1],[2] | 0 | 157 |
Total Difference in Recorded Investment | [2] | $ 0 | $ (1) |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 49 | $ 0 |
Post-Modification Outstanding Recorded Investment | [1] | 49 | 0 |
Total Difference in Recorded Investment | $ 0 | $ 0 | |
Residential mortgage | Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 49 | $ 0 |
Post-Modification Outstanding Recorded Investment | [1],[2] | 49 | 0 |
Total Difference in Recorded Investment | [2] | $ 0 | $ 0 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 8 | 9 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 272 | $ 578 |
Post-Modification Outstanding Recorded Investment | [1] | 249 | 555 |
Total Difference in Recorded Investment | $ (23) | $ (23) | |
Home equity | Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 7 | 9 |
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 191 | $ 578 |
Post-Modification Outstanding Recorded Investment | [1],[2] | 168 | 555 |
Total Difference in Recorded Investment | [2] | $ (23) | $ (23) |
Home equity | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 81 | $ 0 |
Post-Modification Outstanding Recorded Investment | [1] | 81 | 0 |
Total Difference in Recorded Investment | $ 0 | $ 0 | |
Installment and other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 17 |
Post-Modification Outstanding Recorded Investment | [1] | 0 | 17 |
Total Difference in Recorded Investment | $ 0 | $ 0 | |
Installment and other consumer | Chapter 7 bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 0 | $ 17 |
Post-Modification Outstanding Recorded Investment | [1],[2] | 0 | 17 |
Total Difference in Recorded Investment | [2] | $ 0 | $ 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 - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Nonperforming Assets | ||
Nonaccrual loans | $ 40,077 | $ 34,985 |
Nonaccrual TDRs | 7,873 | 11,088 |
Total Nonaccrual Loans | 47,950 | 46,073 |
OREO | 2,828 | 3,092 |
Total Nonperforming Assets | $ 50,778 | $ 49,165 |
Allowance for Loan Losses - Age
Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 5,878,384 | $ 5,890,141 |
Past due | 59,774 | 58,878 |
Non - performing | 47,950 | 46,073 |
Total Loans | 5,938,158 | 5,949,019 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,868,403 | 2,903,997 |
Past due | 33,222 | 17,835 |
Non - performing | 29,109 | 12,052 |
Total Loans | 2,901,625 | 2,921,832 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,504,824 | 1,482,473 |
Past due | 8,183 | 10,943 |
Non - performing | 6,810 | 8,960 |
Total Loans | 1,513,007 | 1,493,416 |
Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 244,432 | 243,004 |
Past due | 1,226 | 14,193 |
Non - performing | 1,226 | 14,193 |
Total Loans | 245,658 | 257,197 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 719,422 | 717,447 |
Past due | 10,492 | 9,232 |
Non - performing | 6,630 | 7,128 |
Total Loans | 729,914 | 726,679 |
Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 457,452 | 465,152 |
Past due | 6,114 | 6,410 |
Non - performing | 4,146 | 3,698 |
Total Loans | 463,566 | 471,562 |
Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70,645 | 67,281 |
Past due | 315 | 265 |
Non - performing | 29 | 42 |
Total Loans | 70,960 | 67,546 |
Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,500 | 8,416 |
Past due | 222 | 0 |
Non - performing | 0 | 0 |
Total Loans | 10,722 | 8,416 |
Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,706 | 2,371 |
Past due | 0 | 0 |
Non - performing | 0 | 0 |
Total Loans | 2,706 | 2,371 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 8,519 | 8,473 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,876 | 3,638 |
30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 785 | 1,000 |
30 to 59 Days Past Due | Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | |
30 to 59 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,695 | 1,584 |
30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,714 | 2,103 |
30 to 59 Days Past Due | Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 227 | 148 |
30 to 59 Days Past Due | Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 222 | 0 |
30 to 59 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,305 | 4,332 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,237 | 2,145 |
60 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 588 | 983 |
60 to 89 Days Past Due | Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 167 | 520 |
60 to 89 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 254 | 609 |
60 to 89 Days Past Due | Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 59 | 75 |
60 to 89 Days Past Due | Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 0 | $ 0 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Details) - Commercial - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,660,290 | $ 4,672,445 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,406,993 | $ 4,403,909 |
Total percentage of recorded investment in commercial loan | 94.60% | 94.30% |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 88,037 | $ 87,344 |
Total percentage of recorded investment in commercial loan | 1.90% | 1.80% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 165,260 | $ 181,192 |
Total percentage of recorded investment in commercial loan | 3.50% | 3.90% |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,901,625 | $ 2,921,832 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,745,156 | $ 2,776,292 |
Total percentage of recorded investment in commercial loan | 94.60% | 95.00% |
Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 56,829 | $ 54,627 |
Total percentage of recorded investment in commercial loan | 2.00% | 1.90% |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 99,640 | $ 90,913 |
Total percentage of recorded investment in commercial loan | 3.40% | 3.10% |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,513,007 | $ 1,493,416 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial and industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,427,120 | $ 1,394,427 |
Total percentage of recorded investment in commercial loan | 94.30% | 93.40% |
Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 23,945 | $ 25,368 |
Total percentage of recorded investment in commercial loan | 1.60% | 1.70% |
Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 61,942 | $ 73,621 |
Total percentage of recorded investment in commercial loan | 4.10% | 4.90% |
Commercial construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 245,658 | $ 257,197 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 234,717 | $ 233,190 |
Total percentage of recorded investment in commercial loan | 95.50% | 90.70% |
Commercial construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 7,263 | $ 7,349 |
Total percentage of recorded investment in commercial loan | 3.00% | 2.80% |
Commercial construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 3,678 | $ 16,658 |
Total percentage of recorded investment in commercial loan | 1.50% | 6.50% |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans considered nonperforming (in days) | 90 days | ||
Threshold for evaluation for impairment of substandard and nonaccrual commercial loans | $ 500 | ||
Change-off arising from participation loan agreement | 5,236 | $ (184) | |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Change-off arising from participation loan agreement | 5,060 | $ 712 | |
Commercial | Substandard | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Decrease in substandard loans resulted in loans downgraded | 15,900 | ||
Substandard loans | $ 165,300 | $ 181,200 |
Allowance for Loan Losses - R_2
Allowance for Loan Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Details) - Consumer - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,275,162 | $ 1,274,203 |
Percentage of Total | 100.00% | 100.00% |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,264,357 | $ 1,263,335 |
Percentage of Total | 99.20% | 99.10% |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 10,805 | $ 10,868 |
Percentage of Total | 0.80% | 0.90% |
Residential mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 729,914 | $ 726,679 |
Percentage of Total | 100.00% | 100.00% |
Residential mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 723,284 | $ 719,551 |
Percentage of Total | 99.10% | 99.00% |
Residential mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 6,630 | $ 7,128 |
Percentage of Total | 0.90% | 1.00% |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 463,566 | $ 471,562 |
Percentage of Total | 100.00% | 100.00% |
Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 459,420 | $ 467,864 |
Percentage of Total | 99.10% | 99.20% |
Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,146 | $ 3,698 |
Percentage of Total | 0.90% | 0.80% |
Installment and other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 70,960 | $ 67,546 |
Percentage of Total | 100.00% | 100.00% |
Installment and other consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 70,931 | $ 67,504 |
Percentage of Total | 100.00% | 99.90% |
Installment and other consumer | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 29 | $ 42 |
Percentage of Total | 0.00% | 0.10% |
Consumer construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 10,722 | $ 8,416 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 10,722 | $ 8,416 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 0 | $ 0 |
Percentage of Total | 0.00% | 0.00% |
Allowance for Loan Losses - Inv
Allowance for Loan Losses - Investments in Loans Considered to be Impaired and Related Information on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | $ 14,452 | $ 9,132 | |
With a related allowance recorded, Unpaid Principal Balance | 14,461 | 9,141 | |
Impaired financing receivable, Related Allowance | 3,023 | 1,763 | |
Without a related allowance recorded, Recorded Investment | 41,852 | 40,374 | |
Without a related allowance, Unpaid Principal Balance | 53,792 | 47,349 | |
Impaired Financing Receivable, Recorded Investment, Total | 56,304 | 49,506 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 68,252 | 56,490 | |
With a related allowance recorded, Average Recorded Investment | 14,476 | $ 628 | |
With a related allowance recorded, Interest Income Recognized | 437 | 12 | |
Without a related allowance recorded, Average Recorded Investment | 39,056 | 24,779 | |
Without a related allowance recorded, Interest Income Recognized | 910 | 327 | |
Impaired financing receivable, Average Recorded Investment, Total | 53,532 | 25,407 | |
Impaired financing Receivable, Interest Income Recognized, Total | 1,347 | 339 | |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 12,965 | 7,733 | |
With a related allowance recorded, Unpaid Principal Balance | 12,965 | 7,733 | |
Impaired financing receivable, Related Allowance | 2,046 | 1,295 | |
Without a related allowance recorded, Recorded Investment | 15,068 | 3,636 | |
Without a related allowance, Unpaid Principal Balance | 17,895 | 4,046 | |
Impaired Financing Receivable, Recorded Investment, Total | 28,033 | 11,369 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 30,860 | 11,779 | |
With a related allowance recorded, Average Recorded Investment | 12,983 | 0 | |
With a related allowance recorded, Interest Income Recognized | 400 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 15,107 | 3,817 | |
Without a related allowance recorded, Interest Income Recognized | 144 | 43 | |
Impaired financing receivable, Average Recorded Investment, Total | 28,090 | 3,817 | |
Impaired financing Receivable, Interest Income Recognized, Total | 544 | 43 | |
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 976 | 884 | |
With a related allowance recorded, Unpaid Principal Balance | 984 | 893 | |
Impaired financing receivable, Related Allowance | 873 | 360 | |
Without a related allowance recorded, Recorded Investment | 15,934 | 12,788 | |
Without a related allowance, Unpaid Principal Balance | 22,551 | 14,452 | |
Impaired Financing Receivable, Recorded Investment, Total | 16,910 | 13,672 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 23,535 | 15,345 | |
With a related allowance recorded, Average Recorded Investment | 980 | 586 | |
With a related allowance recorded, Interest Income Recognized | 35 | 11 | |
Without a related allowance recorded, Average Recorded Investment | 12,780 | 6,688 | |
Without a related allowance recorded, Interest Income Recognized | 209 | 110 | |
Impaired financing receivable, Average Recorded Investment, Total | 13,760 | 7,274 | |
Impaired financing Receivable, Interest Income Recognized, Total | 244 | 121 | |
Commercial construction | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 489 | 489 | |
With a related allowance recorded, Unpaid Principal Balance | 490 | 489 | |
Impaired financing receivable, Related Allowance | 87 | 87 | |
Without a related allowance recorded, Recorded Investment | 2,319 | 15,286 | |
Without a related allowance, Unpaid Principal Balance | 3,828 | 19,198 | |
Impaired Financing Receivable, Recorded Investment, Total | 2,808 | 15,775 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 4,318 | 19,687 | |
With a related allowance recorded, Average Recorded Investment | 489 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 2,319 | 3,446 | |
Without a related allowance recorded, Interest Income Recognized | 140 | 36 | |
Impaired financing receivable, Average Recorded Investment, Total | 2,808 | 3,446 | |
Impaired financing Receivable, Interest Income Recognized, Total | 140 | 36 | |
Consumer real estate | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 14 | 15 | |
With a related allowance recorded, Unpaid Principal Balance | 14 | 14 | |
Impaired financing receivable, Related Allowance | 9 | 10 | |
Without a related allowance recorded, Recorded Investment | 8,527 | 8,659 | |
Without a related allowance, Unpaid Principal Balance | 9,507 | 9,635 | |
Impaired Financing Receivable, Recorded Investment, Total | 8,541 | 8,674 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 9,521 | 9,649 | |
With a related allowance recorded, Average Recorded Investment | 14 | 0 | |
With a related allowance recorded, Interest Income Recognized | 1 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 8,846 | 10,816 | |
Without a related allowance recorded, Interest Income Recognized | 417 | 138 | |
Impaired financing receivable, Average Recorded Investment, Total | 8,860 | 10,816 | |
Impaired financing Receivable, Interest Income Recognized, Total | 418 | 138 | |
Other consumer | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 8 | 11 | |
With a related allowance recorded, Unpaid Principal Balance | 8 | 12 | |
Impaired financing receivable, Related Allowance | 8 | 11 | |
Without a related allowance recorded, Recorded Investment | 4 | 5 | |
Without a related allowance, Unpaid Principal Balance | 10 | 18 | |
Impaired Financing Receivable, Recorded Investment, Total | 12 | 16 | |
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 18 | $ 30 | |
With a related allowance recorded, Average Recorded Investment | 10 | 42 | |
With a related allowance recorded, Interest Income Recognized | 1 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 4 | 12 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired financing receivable, Average Recorded Investment, Total | 14 | 54 | |
Impaired financing Receivable, Interest Income Recognized, Total | $ 1 | $ 1 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 60,996 | $ 56,390 |
Charge-offs | (6,023) | (1,450) |
Recoveries | 787 | 1,634 |
Net Recoveries/(Charge-offs) | (5,236) | 184 |
Provision for loan losses | 5,649 | 2,472 |
Balance at End of Period | 61,409 | 59,046 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 33,707 | 27,235 |
Charge-offs | (1) | 0 |
Recoveries | 122 | 49 |
Net Recoveries/(Charge-offs) | 121 | 49 |
Provision for loan losses | 1,075 | 3,679 |
Balance at End of Period | 34,903 | 30,963 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 11,596 | 8,966 |
Charge-offs | (5,477) | (829) |
Recoveries | 417 | 117 |
Net Recoveries/(Charge-offs) | (5,060) | (712) |
Provision for loan losses | 5,460 | 2,218 |
Balance at End of Period | 11,996 | 10,472 |
Commercial construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 7,983 | 13,167 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 1,129 |
Net Recoveries/(Charge-offs) | 0 | 1,129 |
Provision for loan losses | (1,226) | (3,575) |
Balance at End of Period | 6,757 | 10,721 |
Consumer real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 6,187 | 5,479 |
Charge-offs | (162) | (161) |
Recoveries | 148 | 238 |
Net Recoveries/(Charge-offs) | (14) | 77 |
Provision for loan losses | 5 | (138) |
Balance at End of Period | 6,178 | 5,418 |
Other consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 1,523 | 1,543 |
Charge-offs | (383) | (460) |
Recoveries | 100 | 101 |
Net Recoveries/(Charge-offs) | (283) | (359) |
Provision for loan losses | 335 | 288 |
Balance at End of Period | $ 1,575 | $ 1,472 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 3,023 | $ 1,763 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 58,386 | 59,233 | ||
Total Allowance for Loan Losses | 61,409 | 60,996 | $ 59,046 | $ 56,390 |
Portfolio Loans, Individually Evaluated for Impairment | 56,304 | 49,506 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 5,879,148 | 5,897,142 | ||
Total Portfolio Loans | 5,935,452 | 5,946,648 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,046 | 1,295 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 32,857 | 32,412 | ||
Total Allowance for Loan Losses | 34,903 | 33,707 | 30,963 | 27,235 |
Portfolio Loans, Individually Evaluated for Impairment | 28,033 | 11,369 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 2,873,592 | 2,910,463 | ||
Total Portfolio Loans | 2,901,625 | 2,921,832 | ||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 873 | 360 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 11,123 | 11,236 | ||
Total Allowance for Loan Losses | 11,996 | 11,596 | 10,472 | 8,966 |
Portfolio Loans, Individually Evaluated for Impairment | 16,910 | 13,672 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 1,496,097 | 1,479,744 | ||
Total Portfolio Loans | 1,513,007 | 1,493,416 | ||
Commercial construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 87 | 87 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,670 | 7,896 | ||
Total Allowance for Loan Losses | 6,757 | 7,983 | 10,721 | 13,167 |
Portfolio Loans, Individually Evaluated for Impairment | 2,808 | 15,775 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 242,850 | 241,422 | ||
Total Portfolio Loans | 245,658 | 257,197 | ||
Consumer real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 9 | 10 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,169 | 6,177 | ||
Total Allowance for Loan Losses | 6,178 | 6,187 | 5,418 | 5,479 |
Portfolio Loans, Individually Evaluated for Impairment | 8,541 | 8,674 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 1,195,661 | 1,197,983 | ||
Total Portfolio Loans | 1,204,202 | 1,206,657 | ||
Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8 | 11 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,567 | 1,512 | ||
Total Allowance for Loan Losses | 1,575 | 1,523 | $ 1,472 | $ 1,543 |
Portfolio Loans, Individually Evaluated for Impairment | 12 | 16 | ||
Portfolio Loans, Collectively Evaluated for Impairment | 70,948 | 67,530 | ||
Total Portfolio Loans | $ 70,960 | $ 67,546 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities - Narrative (Details) | Mar. 31, 2019lease |
Leases [Abstract] | |
Number of lease contracts | 44 |
Number of operating leases | 42 |
Number of financing leases | 2 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities - Operating Leases and Finance Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease Expense | $ 1,031 |
Amortization of ROU Assets - Finance Leases | 23 |
Interest on Lease Liabilities - Finance Leases | 18 |
Total Lease Expense | 1,072 |
Operating Leases | |
ROU Assets | 35,686 |
Operating Cash Flows | 302 |
Finance Leases | |
ROU Assets | 1,213 |
Operating Cash Flows | 18 |
Financing Cash Flows | $ 11 |
Weighted Average Lease Term | |
Operating Leases | 20 years 4 months 24 days |
Finance Leases | 15 years 6 months |
Weighted Average Discount Rate | |
Operating Leases | 5.98% |
Finance Leases | 6.15% |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities - Maturity Analysis of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Finance Lease Liabilities, Payments, Due [Abstract] | |
2019 | $ 105 |
2020 | 125 |
2021 | 126 |
2022 | 128 |
2023 | 129 |
Thereafter | 1,375 |
Total | 1,988 |
Less: Present value discount | (753) |
Lease Liabilities | 1,235 |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | 2,796 |
2020 | 3,615 |
2021 | 3,599 |
2022 | 3,682 |
2023 | 3,697 |
Thereafter | 59,336 |
Total | 76,725 |
Less: Present value discount | (36,500) |
Lease Liabilities | 40,225 |
Operating And Finance Lease Liabilities, Payments Due [Abstract] | |
2019 | 2,901 |
2020 | 3,740 |
2021 | 3,725 |
2022 | 3,810 |
2023 | 3,826 |
Thereafter | 60,711 |
Total | 78,713 |
Less: Present value discount | (37,253) |
Lease Liabilities | $ 41,460 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments | 60 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | $ 10,645,000 | $ 5,504,000 |
Other Assets | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 10,645,000 | 5,504,000 |
Notional amount, Derivatives (included in Other Assets) | 367,258,000 | 325,750,000 |
Collateral received/posted, Derivatives (included in Other Assets) | 0 | 160,000 |
Other Assets | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 339,000 | 251,000 |
Notional amount, Derivatives (included in Other Assets) | 10,554,000 | 6,054,000 |
Other Assets | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 88,000 | 55,000 |
Notional amount, Derivatives (included in Other Assets) | 9,375,000 | 6,000,000 |
Other Liabilities | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 10,602,000 | 5,340,000 |
Other Liabilities | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 10,602,000 | 5,340,000 |
Notional amount, Derivatives (included in Other Liabilities) | 367,258,000 | 325,750,000 |
Collateral received/posted, Derivatives (included in Other Liabilities) | 10,053,000 | 0 |
Other Liabilities | Interest rate lock commitments—mortgage loans | ||
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 | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 0 | 0 |
Notional amount, Derivatives (included in Other Liabilities) | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Other Assets | |||
Derivatives (included in Other Assets) | |||
Gross amounts recognized | $ 12,236 | $ 8,733 | |
Gross amounts offset | (1,591) | (3,229) | |
Net Amounts Presented in the Consolidated Balance Sheets | 10,645 | 5,504 | |
Gross amounts not offset | [1] | 0 | (160) |
Net Amount | 10,645 | 5,344 | |
Other Liabilities | |||
Derivatives (included in Other Liabilities) | |||
Gross amounts recognized | 12,193 | 8,569 | |
Gross amounts offset | (1,591) | (3,229) | |
Net Amounts Presented in the Consolidated Balance Sheets | 10,602 | 5,340 | |
Gross amounts not offset | [1] | (10,053) | 0 |
Net Amount | $ 549 | $ 5,340 | |
[1] | Amounts represent collateral received/posted for the periods presented. |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (Loss)/Gain | $ (1) | $ 230 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (Loss)/Gain | (122) | 145 |
Interest rate lock commitments—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (Loss)/Gain | 88 | 25 |
Forward sale contracts—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives (Loss)/Gain | $ 33 | $ 60 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Mar. 31, 2019USD ($)lease | Dec. 31, 2018USD ($) |
Long Term And Short Term Debt [Line Items] | ||
Number of capital leases | lease | 2 | |
Total long-term debt outstanding at a fixed rate | $ 6,100,000 | |
Total long-term debt outstanding at a variable rate | 63,100,000 | |
Federal Home Loan Bank Advance | ||
Long Term And Short Term Debt [Line Items] | ||
Total borrowings | 304,200,000 | $ 540,300,000 |
Short-term borrowings | 235,000,000 | |
Long-term borrowings | 69,200,000 | |
Maximum borrowing capacity | 2,600,000,000 | |
Borrowing capacity utilized | 466,000,000 | |
Letter of credit to collateralize public funds | 161,800,000 | |
Remaining borrowing capacity | 2,100,000,000 | |
Mortgage Backed Securities | ||
Long Term And Short Term Debt [Line Items] | ||
Amortized cost of securities pledged as collateral | 28,400,000 | 24,200,000 |
Carrying value of securities pledged as collateral | $ 28,200,000 | $ 23,900,000 |
Borrowings - Summary of Informa
Borrowings - Summary of Information Pertaining to Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 258,427 | $ 488,383 |
Long-term borrowings, Balance | 116,037 | 115,933 |
Total Borrowings, Balance | $ 374,464 | $ 604,316 |
Short-term borrowings, Weighted Average Rate | 2.51% | 2.57% |
Long-term borrowings, Weighted Average Rate | 3.68% | 3.79% |
Total Borrowings, Weighted Average Rate | 2.87% | 2.80% |
Securities sold under repurchase agreements | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 23,427 | $ 18,383 |
Short-term borrowings, Weighted Average Rate | 0.55% | 0.46% |
Short-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 235,000 | $ 470,000 |
Short-term borrowings, Weighted Average Rate | 2.71% | 2.65% |
Long-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 70,418 | $ 70,314 |
Long-term borrowings, Weighted Average Rate | 2.78% | 2.84% |
Junior subordinated debt securities | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 45,619 | $ 45,619 |
Long-term borrowings, Weighted Average Rate | 5.07% | 5.25% |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 1,537,680 | $ 1,542,026 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 1,463,108 | 1,464,892 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 74,572 | $ 77,134 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | $ 3,153 | $ 3,241 |
Service charges on deposit accounts | Over a period of time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 457 | 533 |
Service charges on deposit accounts | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 2,696 | 2,708 |
Debit and credit card | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 2,974 | 3,037 |
Debit and credit card | Over a period of time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 185 | 188 |
Debit and credit card | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 2,789 | 2,849 |
Wealth management | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 2,048 | 2,682 |
Wealth management | Over a period of time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 1,635 | 1,879 |
Wealth management | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | 413 | 803 |
Other fee revenue | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contract with customers | $ 919 | $ 921 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pre-Tax Amount | ||
Other Comprehensive Income/(Loss), Pre-Tax Amount | $ 7,851 | $ (8,853) |
Tax (Expense) Benefit | ||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (1,675) | 1,880 |
Net of Tax Amount | ||
Other Comprehensive Income/(Loss), Net of Tax Amount | 6,176 | (6,973) |
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||
Pre-Tax Amount | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 7,398 | (9,474) |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 |
Tax (Expense) Benefit | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (1,578) | 2,012 |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 |
Net of Tax Amount | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 5,820 | (7,462) |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||
Pre-Tax Amount | ||
Other Comprehensive Income/(Loss), Pre-Tax Amount | 453 | 621 |
Tax (Expense) Benefit | ||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (97) | (132) |
Net of Tax Amount | ||
Other Comprehensive Income/(Loss), Net of Tax Amount | $ 356 | $ 489 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs included in net periodic pension expense | $ 0 | |||
Pension contribution | $ 20,400,000 | |||
Expected long-term rate of return on plan assets | 4.80% | 7.50% | ||
Return to provision discrete tax benefit due to decrease in federal statutory tax rate | $ 2,900,000 | |||
Fixed Income Funds | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percentage) | 85.00% | 30.00% | ||
Fixed Income Funds | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percentage) | 95.00% | 50.00% | ||
Equity Securities | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percentage) | 5.00% | 50.00% | ||
Equity Securities | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percentage) | 15.00% | 70.00% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Components of Net Periodic Pension Cost | ||
Interest cost on projected benefit obligation | $ 989 | $ 967 |
Expected return on plan assets | (1,180) | (1,567) |
Net amortization | 394 | 544 |
Net Periodic Pension Expense | $ 203 | $ (56) |
Qualified Affordable Housing _2
Qualified Affordable Housing Projects (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investment in qualified affordable housing projects | $ 5.6 | $ 6.3 | |
Amortization expense included in noninterest expense | 0.7 | ||
Tax credits | $ 0.7 | $ 0.8 |
Sale of a Majority Interest o_2
Sale of a Majority Interest of Insurance Business (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on sale of a majority interest of insurance business | $ 0 | $ 1,873 | |
New Partnership | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
S&T Evergreen Insurance LLC | Subsidiaries | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percentage of ownership in subsidiary sold | 70.00% | ||
Gain on sale of a majority interest of insurance business | $ 1,900 |
Share Repurchase Plan (Details)
Share Repurchase Plan (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 19, 2018 | |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 50,000,000 | |
Repurchased common shares (in shares) | 313,904 | |
Cost to repurchase common shares | $ 12,287,000 | |
Cost to repurchase common shares (in dollars per share) | $ 39.14 | |
Stock repurchase program, remaining authorized repurchase amount | $ 25,500,000 |
Uncategorized Items - stba-2019
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 167,000 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 167,000 |