Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-12508 | |
Entity Registrant Name | S&T BANCORP INC | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1434426 | |
Entity Address, Address Line One | 800 Philadelphia Street | |
Entity Address, City or Town | Indiana | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15701 | |
City Area Code | 800 | |
Local Phone Number | 325-2265 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | STBA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,244,719 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $69,021 and $82,740 at September 30, 2019 and December 31, 2018 | $ 173,609 | $ 155,489 |
Securities, at fair value | 669,226 | 684,872 |
Loans held for sale | 8,371 | 2,371 |
Portfolio loans, net of unearned income | 6,195,765 | 5,946,648 |
Allowance for loan losses | (62,115) | (60,996) |
Portfolio loans, net | 6,133,650 | 5,885,652 |
Bank owned life insurance | 75,386 | 73,900 |
Premises and equipment, net | 41,876 | 41,730 |
Operating lease right-of-use assets | 37,534 | |
Federal Home Loan Bank and other restricted stock, at cost | 25,397 | 29,435 |
Goodwill | 287,446 | 287,446 |
Other intangible assets, net | 2,092 | 2,601 |
Other assets | 117,404 | 88,725 |
Total Assets | 7,571,991 | 7,252,221 |
Deposits: | ||
Noninterest-bearing demand | 1,490,409 | 1,421,156 |
Interest-bearing demand | 751,881 | 573,693 |
Money market | 1,660,569 | 1,482,065 |
Savings | 753,464 | 784,970 |
Certificates of deposit | 1,326,369 | 1,412,038 |
Total Deposits | 5,982,692 | 5,673,922 |
Securities sold under repurchase agreements | 13,925 | 18,383 |
Short-term borrowings | 370,000 | 470,000 |
Long-term borrowings | 69,156 | 70,314 |
Junior subordinated debt securities | 45,619 | 45,619 |
Other liabilities | 108,152 | 38,222 |
Total Liabilities | 6,589,544 | 6,316,460 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at September 30, 2019 and at December 31, 2018 Outstanding— 34,244,719 shares at September 30, 2019 and 34,683,874 shares at December 31, 2018 | 90,326 | 90,326 |
Additional paid-in capital | 212,040 | 210,345 |
Retained earnings | 748,280 | 701,819 |
Accumulated other comprehensive loss | (7,313) | (23,107) |
Treasury stock (1,885,761 shares at September 30, 2019 and 1,446,606 shares at December 31, 2018, at cost) | (60,886) | (43,622) |
Total Shareholders’ Equity | 982,447 | 935,761 |
Total Liabilities and Shareholders’ Equity | $ 7,571,991 | $ 7,252,221 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $ 69,021 | $ 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) | 34,244,719 | 34,683,874 |
Treasury stock, shares (in shares) | 1,885,761 | 1,446,606 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 75,080 | $ 68,631 | $ 223,200 | $ 198,296 |
Investment Securities: | ||||
Taxable | 3,552 | 3,649 | 10,989 | 10,597 |
Tax-exempt | 787 | 857 | 2,466 | 2,603 |
Dividends | 394 | 490 | 1,373 | 1,741 |
Total Interest and Dividend Income | 79,813 | 73,627 | 238,028 | 213,237 |
INTEREST EXPENSE | ||||
Deposits | 16,207 | 10,871 | 47,243 | 27,883 |
Borrowings and junior subordinated debt securities | 2,410 | 3,494 | 8,406 | 10,758 |
Total Interest Expense | 18,617 | 14,365 | 55,649 | 38,641 |
NET INTEREST INCOME | 61,196 | 59,262 | 182,379 | 174,596 |
Provision for loan losses | 4,913 | 462 | 12,767 | 12,279 |
Net Interest Income After Provision for Loan Losses | 56,283 | 58,800 | 169,612 | 162,317 |
NONINTEREST INCOME | ||||
Net gain on sale of securities | 0 | 0 | 0 | 0 |
Mortgage banking | 594 | 700 | 1,726 | 2,133 |
Gain on sale of a majority interest of insurance business | 0 | 0 | 0 | 1,873 |
Other | 3,481 | 2,367 | 9,662 | 7,046 |
Total Noninterest Income | 13,063 | 12,042 | 37,326 | 38,086 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 19,936 | 19,769 | 61,135 | 57,195 |
Data processing and information technology | 3,681 | 2,906 | 10,327 | 7,610 |
Net occupancy | 2,898 | 2,722 | 8,883 | 8,399 |
Furniture, equipment and software | 2,090 | 2,005 | 6,621 | 6,096 |
Other taxes | 1,540 | 1,341 | 4,182 | 4,928 |
Marketing | 1,062 | 1,023 | 3,514 | 2,916 |
Professional services and legal | 1,054 | 1,181 | 3,382 | 3,120 |
Merger related expenses | 552 | 0 | 1,171 | 0 |
FDIC insurance | (675) | 746 | 536 | 2,592 |
Other | 5,529 | 5,392 | 17,187 | 16,174 |
Total Noninterest Expense | 37,667 | 37,085 | 116,938 | 109,030 |
Income Before Taxes | 31,679 | 33,757 | 90,000 | 91,373 |
Provision for income taxes | 4,743 | 2,876 | 14,035 | 12,893 |
Net Income | $ 26,936 | $ 30,881 | $ 75,965 | $ 78,480 |
Earnings per share—basic (in dollars per share) | $ 0.79 | $ 0.89 | $ 2.22 | $ 2.26 |
Earnings per share—diluted (in dollars per share) | 0.79 | 0.88 | 2.21 | 2.24 |
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.81 | $ 0.72 |
Comprehensive Income | $ 29,142 | $ 28,573 | $ 91,759 | $ 67,943 |
Debit and credit card | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 3,475 | 3,141 | 9,951 | 9,487 |
Service charges on deposit accounts | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 3,412 | 3,351 | 9,777 | 9,765 |
Wealth management | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | $ 2,101 | $ 2,483 | $ 6,210 | $ 7,782 |
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 | 78,480 | 78,480 | |||||||
Other comprehensive income (loss), net of tax | (10,537) | (10,537) | |||||||
Reclassification of tax effects from the Tax Act | ASU No. 2018-02 | [1] | 0 | 3,427 | (3,427) | $ (3,660) | $ 233 | |||
Cash dividends declared | (25,115) | (25,115) | |||||||
Treasury stock issued for restricted awards | (657) | (1,400) | 743 | ||||||
Repurchase of warrant | (7,652) | (7,652) | |||||||
Recognition of restricted stock compensation expense | 1,231 | 1,231 | |||||||
Ending Balance at Sep. 30, 2018 | 919,781 | 90,326 | 209,685 | 684,361 | (31,338) | (33,253) | |||
Beginning Balance at Jun. 30, 2018 | 907,133 | 90,326 | 216,885 | 662,112 | (31,245) | (30,945) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 30,881 | 30,881 | |||||||
Other comprehensive income (loss), net of tax | (2,308) | (2,308) | |||||||
Cash dividends declared | (8,724) | (8,724) | |||||||
Treasury stock issued for restricted awards | (1) | 92 | (93) | ||||||
Repurchase of warrant | (7,652) | (7,652) | |||||||
Recognition of restricted stock compensation expense | 452 | 452 | |||||||
Ending Balance at Sep. 30, 2018 | 919,781 | 90,326 | 209,685 | 684,361 | (31,338) | (33,253) | |||
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 | 75,965 | 75,965 | |||||||
Other comprehensive income (loss), net of tax | 15,794 | 15,794 | |||||||
Cash dividends declared | (27,798) | (27,798) | |||||||
Treasury stock issued for restricted awards | (915) | (1,873) | 958 | ||||||
Issuance Cost | (125) | (125) | |||||||
Repurchase of common stock | (18,222) | (18,222) | |||||||
Recognition of restricted stock compensation expense | 1,820 | 1,820 | |||||||
Ending Balance at Sep. 30, 2019 | 982,447 | 90,326 | 212,040 | 748,280 | (60,886) | (7,313) | |||
Beginning Balance at Jun. 30, 2019 | 964,953 | 90,326 | 211,325 | 730,577 | (57,756) | (9,519) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 26,936 | 26,936 | |||||||
Other comprehensive income (loss), net of tax | 2,206 | 2,206 | |||||||
Cash dividends declared | (9,239) | (9,239) | |||||||
Treasury stock issued for restricted awards | (24) | 6 | (30) | ||||||
Issuance Cost | (125) | (125) | |||||||
Repurchase of common stock | (3,100) | (3,100) | |||||||
Recognition of restricted stock compensation expense | 840 | 840 | |||||||
Ending Balance at Sep. 30, 2019 | $ 982,447 | $ 90,326 | $ 212,040 | $ 748,280 | $ (60,886) | $ (7,313) | |||
[1] | Reclassification due to the adoption of ASU No. 2018-02, $(3,660) relates to funded status of pension and $233 relates to net unrealized gains on available-for-sale securities. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.81 | $ 0.72 |
Retained Earnings | ||||
Dividends declared per share (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.81 | $ 0.72 |
Treasury stock issued for restricted awards, net of forfeitures (in shares) | 945 | 0 | 84,010 | 75,608 |
Forfeitures of restricted stock (in shares) | 1,705 | 3,358 | 52,457 | 40,950 |
Treasury Stock | ||||
Repurchase of common stock (in shares) | 84,868 | 470,708 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 75,965 | $ 78,480 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 12,767 | 12,279 |
Provision for (recovery of) unfunded loan commitments | 303 | (39) |
Net depreciation, amortization and accretion | 4,413 | 3,309 |
Net amortization of discounts and premiums on securities | 2,470 | 2,387 |
Stock-based compensation expense | 1,820 | 1,231 |
Gain on the sale of mortgage loans, net | (1,300) | (1,195) |
Gain on the sale of majority interest of insurance business | 0 | (1,873) |
Pension contribution | 0 | (20,420) |
Mortgage loans originated for sale | (72,054) | (68,898) |
Proceeds from the sale of mortgage loans | 67,354 | 70,371 |
Net change in: | ||
Interest receivable | (712) | (1,506) |
Interest payable | (1,399) | 803 |
Other assets | (31,570) | 352 |
Other liabilities | 34,737 | 9,904 |
Net Cash Provided by Operating Activities | 92,794 | 85,185 |
INVESTING ACTIVITIES | ||
Purchases of securities | (37,123) | (79,068) |
Proceeds from maturities, prepayments and calls of securities | 68,906 | 71,433 |
Net proceeds from sales (purchases) of Federal Home Loan Bank stock | 4,038 | |
Net proceeds from sales (purchases) of Federal Home Loan Bank stock | (1,909) | |
Net increase in loans | (263,169) | (64,387) |
Proceeds from sale of loans not originated for resale | 520 | 7,695 |
Purchases of premises and equipment | (4,054) | (2,588) |
Proceeds from the sale of premises and equipment | 44 | 135 |
Proceeds from the sale of majority interest of insurance business | 0 | 4,540 |
Net Cash Used in Investing Activities | (230,838) | (64,149) |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 394,439 | 127,917 |
Net decrease in certificates of deposit | (85,606) | (88,203) |
Net decrease in securities sold under repurchase agreements | (4,458) | (4,961) |
Net decrease in short-term borrowings | (100,000) | (5,000) |
Repayments on long-term borrowings | (1,151) | (1,867) |
Treasury shares issued-net | (915) | (657) |
Common stock issuance costs | (125) | 0 |
Cash dividends paid to common shareholders | (27,798) | (25,115) |
Repurchase of common stock | (18,222) | 0 |
Repurchase of warrant | 0 | (7,652) |
Net Cash Provided by (Used in) Financing Activities | 156,164 | (5,538) |
Net increase in cash and cash equivalents | 18,120 | 15,498 |
Cash and cash equivalents at beginning of period | 155,489 | 117,152 |
Cash and Cash Equivalents at End of Period | 173,609 | 132,650 |
Supplemental Disclosures | ||
Loans transferred to held for sale | 520 | 7,695 |
Leased right-of-use operating assets and lease liabilities added to the balance sheet | 38,919 | |
Interest paid | 57,047 | 37,838 |
Income taxes paid, net of refunds | 11,178 | 15,728 |
Transfer net assets to investment in insurance company partnership | 0 | 1,917 |
Transfers of loans to other real estate owned | $ 492 | $ 647 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 June 5, 2019, S&T and DNB Financial Corporation, or DNB, based in Downingtown, Pennsylvania with 14 branches in Chester, Delaware and Philadelphia counties and approximately $1.2 billion in assets as of June 30, 2019, entered into a definitive Agreement and Plan of Merger pursuant to which DNB will merge with and into S&T, with S&T continuing as the surviving entity. Under the terms of the Agreement and Plan of Merger, DNB shareholders will have the right to receive 1.22 shares of common stock, par value $2.50 per share, of S&T for each share of common stock, par value $1.00 per share, of DNB. Immediately following the merger of DNB and S&T, DNB’s wholly owned bank subsidiary, DNB First, National Association, will merge with and into S&T’s wholly owned bank subsidiary, S&T Bank, with S&T Bank as the surviving entity. The Agreement and Plan of Merger was unanimously approved by the Board of Directors of each of S&T and DNB. DNB shareholders approved the merger at a Special Meeting of Shareholders on September 25, 2019. All required bank regulatory approvals have been received for the merger. The transaction is expected to be effective on or about November 30, 2019 and remains subject to the satisfaction or waiver of other customary closing conditions. 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 several optional practical expedients to elect in transition to the new lease guidance. 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. The carrying value of our ROU assets will be tested annually for impairment or more frequently if events or changes in circumstances indicate that an impairment might exist. 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. The amendments in this ASU will not 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 are 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. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. 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 did not adopt this ASU at its early adoption date. Our CECL Committee governs the implementation of these amendments and the Committee consists of key stakeholders from Credit Administration, Finance, Accounting, Risk Management and Audit and Advisory Services. We engaged a third-party consultant to assist us in developing our CECL methodology and we have completed a preliminary CECL model. The Model includes our loan segmentation and the quantitative and qualitative components of the calculation which incorporates a forecasting component of certain economic variables. We are currently working to finalize our documentation around the CECL methodology, designing and updating internal controls and financial statement disclosures. We will run parallel credit loss models for both the third and fourth quarters of 2019 prior to adoption of the CECL standard. The CECL model will be reviewed and validated by an independent consultant during the fourth quarter of 2019 and recommendations will be reviewed and implemented prior to adoption on January 1, 2020. While we anticipate an increase in the allowance for credit losses upon adoption of CECL, we are still in the process of validating the results of our model in order to determine the financial impact. The impact of adopting CECL depends on various factors including, the mix of the loan portfolio, forecasted macroeconomic variables at the time of adoption and the assessment of loans acquired from DNB. We will continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income and expect to disclose such impact in our 2019 Form 10-K . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2019 2018 2019 2018 Numerator for Earnings per Share—Basic: Net income $ 26,936 $ 30,881 $ 75,965 $ 78,480 Less: Income allocated to participating shares 72 87 204 229 Net Income Allocated to Shareholders $ 26,864 $ 30,794 $ 75,761 $ 78,251 Numerator for Earnings per Share—Diluted: Net income $ 26,936 $ 30,881 $ 75,965 $ 78,480 Net Income Available to Shareholders $ 26,936 $ 30,881 $ 75,965 $ 78,480 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 34,090,779 34,799,174 34,221,479 34,783,175 Add: Potentially dilutive shares 79,502 220,118 105,746 228,909 Denominator for Treasury Stock Method—Diluted 34,170,281 35,019,292 34,327,225 35,012,084 Weighted Average Shares Outstanding—Basic 34,090,779 34,799,174 34,221,479 34,783,175 Add: Average participating shares outstanding 186,491 98,579 186,253 101,808 Denominator for Two-Class Method—Diluted 34,277,270 34,897,753 34,407,732 34,884,983 Earnings per share—basic $ 0.79 $ 0.89 $ 2.22 $ 2.26 Earnings per share—diluted $ 0.79 $ 0.88 $ 2.21 $ 2.24 Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 (1) — 285,915 — 351,166 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 254 113,451 360 113,390 (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 | 9 Months Ended |
Sep. 30, 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 are 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. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking 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 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 September 30, 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. September 30, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 10,049 $ — $ 10,049 Obligations of U.S. government corporations and agencies — 130,165 — 130,165 Collateralized mortgage obligations of U.S. government corporations and agencies — 155,010 — 155,010 Residential mortgage-backed securities of U.S. government corporations and agencies — 18,826 — 18,826 Commercial mortgage-backed securities of U.S. government corporations and agencies — 237,951 — 237,951 Obligations of states and political subdivisions — 112,519 — 112,519 Total Debt Securities Available-for-Sale — 664,520 — 664,520 Marketable equity securities — 4,706 — 4,706 Total Securities — 669,226 — 669,226 Securities held in a deferred compensation plan 5,611 — — 5,611 Derivative financial assets: Interest rate swaps — 32,825 — 32,825 Interest rate lock commitments — 455 — 455 Forward sale contracts - mortgage loans — 64 — 64 Total Assets $ 5,611 $ 702,570 $ — $ 708,181 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 32,772 $ — $ 32,772 Total Liabilities $ — $ 32,772 $ — $ 32,772 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 — 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 September 30, 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: September 30, 2019 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS (1) Impaired loans $ — $ — $ 33,473 $ 33,473 $ — $ — $ 21,441 $ 21,441 Other real estate owned — — 1,353 1,353 — — 2,826 2,826 Mortgage servicing rights — — 3,485 3,485 — — 1,197 1,197 Total Assets $ — $ — $ 38,311 $ 38,311 $ — $ — $ 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 September 30, 2019 and December 31, 2018 are presented in the following tables: Carrying Value (1) Fair Value Measurements at September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 173,609 $ 173,609 $ 173,609 $ — $ — Securities 669,226 669,226 — 669,226 — Loans held for sale 8,371 8,371 — — 8,371 Portfolio loans, net 6,133,650 6,022,385 — — 6,022,385 Bank owned life insurance 75,386 75,386 — 75,386 — FHLB and other restricted stock 25,397 25,397 — — 25,397 Securities held in a deferred compensation plan 5,611 5,611 5,611 — — Mortgage servicing rights 4,172 4,189 — — 4,189 Interest rate swaps 32,825 32,825 — 32,825 — Interest rate lock commitments 455 455 — 455 — Forward sale contracts 64 64 — 64 — LIABILITIES Deposits $ 5,982,692 $ 5,981,492 $ 4,656,323 $ 1,325,169 $ — Securities sold under repurchase agreements 13,925 13,925 13,925 — — Short-term borrowings 370,000 370,000 370,000 — — Long-term borrowings 69,156 69,738 39,329 30,409 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 32,772 32,772 — 32,772 — (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 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 | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Debt securities available-for-sale $ 664,520 $ 680,056 Marketable equity securities 4,706 4,816 Total Securities $ 669,226 $ 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: September 30, 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 $ 9,966 $ 83 $ — $ 10,049 $ 9,958 $ — $ (222 ) $ 9,736 Obligations of U.S. government corporations and agencies 128,257 1,908 — 130,165 129,267 68 (1,074 ) 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies 151,759 3,503 (252 ) 155,010 149,849 795 (1,985 ) 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies 18,504 345 (23 ) 18,826 24,564 203 (417 ) 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies 234,076 3,911 (36 ) 237,951 251,660 — (4,876 ) 246,784 Obligations of states and political subdivisions 108,355 4,164 — 112,519 119,872 2,448 (54 ) 122,266 Total Debt Securities Available-for-Sale $ 650,917 $ 13,914 $ (311 ) $ 664,520 $ 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: September 30, 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 — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 2 6,465 (42 ) 6 27,869 (210 ) 8 34,334 (252 ) Residential mortgage-backed securities of U.S. government corporations and agencies 1 3,948 (1 ) 1 2,557 (22 ) 2 6,505 (23 ) Commercial mortgage-backed securities of U.S. government corporations and agencies 2 20,284 (8 ) 2 12,412 (28 ) 4 32,696 (36 ) Obligations of states and political subdivisions — — — — — — — — — Total Temporarily Impaired Debt Securities 5 $ 30,697 $ (51 ) 9 $ 42,838 $ (260 ) 14 $ 73,535 $ (311 ) 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 September 30, 2019 represents an other than temporary impairment, or OTTI. At September 30, 2019 there were 14 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: September 30, 2019 December 31, 2018 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized (Losses)/ Total unrealized gains/(losses) on debt securities available-for-sale $ 13,914 $ (311 ) $ 13,603 $ 3,514 $ (8,628 ) $ (5,114 ) Income tax (expense) benefit (2,967 ) 66 (2,901 ) (746 ) 1,832 1,086 Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 10,947 $ (245 ) $ 10,702 $ 2,768 $ (6,796 ) $ (4,028 ) The amortized cost and fair value of debt securities available-for-sale at September 30, 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. September 30, 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 $ 73,193 $ 73,425 Due after one year through five years 103,058 105,407 Due after five years through ten years 55,237 58,034 Due after ten years 15,090 15,867 Debt Securities Available-for-Sale With Maturities 246,578 252,733 Collateralized mortgage obligations of U.S. government corporations and agencies 151,759 155,010 Residential mortgage-backed securities of U.S. government corporations and agencies 18,504 18,826 Commercial mortgage-backed securities of U.S. government corporations and agencies 234,076 237,951 Total Debt Securities Available-for-Sale $ 650,917 $ 664,520 Debt securities with carrying values of $222.3 million at September 30, 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 September 30, Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Marketable Equity Securities Net market gains/(losses) recognized $ 156 $ (111 ) $ (110 ) $ 171 Less: Net gains recognized for equity securities sold — — — — Unrealized Gains/(Losses) on Equity Securities Still Held $ 156 $ (111 ) $ (110 ) $ 171 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 | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $4.6 million at September 30, 2019 and $5.3 million at December 31, 2018 . The following table indicates the composition of loans as of the dates presented: (dollars in thousands) September 30, 2019 December 31, 2018 Commercial Commercial real estate $ 2,922,197 $ 2,921,832 Commercial and industrial 1,626,854 1,493,416 Commercial construction 314,813 257,197 Total Commercial Loans 4,863,864 4,672,445 Consumer Residential mortgage 770,882 726,679 Home equity 475,024 471,562 Installment and other consumer 74,460 67,546 Consumer construction 11,535 8,416 Total Consumer Loans 1,331,901 1,274,203 Total Portfolio Loans 6,195,765 5,946,648 Loans held for sale 8,371 2,371 Total Loans $ 6,204,136 $ 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 78.5 percent of total portfolio loans at September 30, 2019 and 78.6 percent at December 31, 2018 . Within our commercial portfolio, the Commercial Real Estate, or CRE, and Commercial Construction portfolios combined comprised $3.2 billion or 66.6 percent of total commercial loans at September 30, 2019 and $3.2 billion or 68.0 percent of total commercial loans at December 31, 2018 and 52.2 percent of total portfolio loans at September 30, 2019 and 53.5 percent at December 31, 2018 . Further segmentation of the CRE and Commercial Construction portfolios by collateral type reveals no concentration in excess of 13.3 percent of both total CRE and Commercial Construction loans at September 30, 2019 and 13.7 percent at December 31, 2018 . We lend primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia 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. We also use subscription services for additional geographic and industry specific information. Our CRE and Commercial Construction portfolios have exposure outside of this geography of 6.4 percent of the combined portfolios and 3.4 percent of total portfolio loans at September 30, 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: September 30, 2019 December 31, 2018 (dollars in thousands) Performing TDRs Nonperforming TDRs Total TDRs Performing TDRs Nonperforming TDRs Total TDRs Commercial real estate $ 21,448 $ 10,880 $ 32,328 $ 2,054 $ 1,139 $ 3,193 Commercial and industrial 9,065 787 9,852 7,026 6,646 13,672 Commercial construction 1,913 406 2,319 1,912 406 2,318 Residential mortgage 1,922 1,195 3,117 2,214 1,543 3,757 Home equity 4,076 1,226 5,302 3,568 1,349 4,917 Installment and other consumer 10 2 12 12 5 17 Total $ 38,434 $ 14,496 $ 52,930 $ 16,786 $ 11,088 $ 27,874 The significant increase in performing TDRs primarily related to a $19.9 million CRE relationship that was modified during the third quarter of 2019. The modification granted a concession to the borrower that reduced their monthly payments resulting in the TDR. The loan remains in performing status based on the strong historical repayment performance of the borrower prior to the restructure as well as recent changes occurring in the business which demonstrate the borrower’s ability to pay under the revised contractual terms. Guarantor support and sufficient collateral value further support the performing status of the loan. There were three TDRs totaling $0.2 million that returned to accruing status during the three months ended September 30, 2019 and five TDRs totaling $0.2 million that returned to accruing status during the nine months ended September 30, 2019. There were no TDRs that returned to accruing status during the three and nine months ended September 30, 2018 . The following tables present the restructured loans by loan segment and by type of concession for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 Three Months Ended September 30, 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 Real Estate Maturity date extension — $ — $ — $ — 1 $ 256 $ 250 $ (6 ) Principal deferral 3 23,517 23,236 (281 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total Commercial Real Estate 5 24,086 23,784 (302 ) 1 256 250 (6 ) Commercial and Industrial Principal deferral 1 1,250 1,250 — — — — — Principal deferral and maturity date extension 1 292 277 (15 ) — — — — Total Commercial and Industrial 2 1,542 1,527 (15 ) — — — — Residential Mortgage Consumer bankruptcy (2) — — — — 2 188 186 (2 ) Total Residential Mortgage — — — — 2 188 186 (2 ) Home equity Consumer bankruptcy (2) 14 504 485 (19 ) 6 193 191 (2 ) Total Home Equity 14 504 485 (19 ) 6 193 191 (2 ) Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 1 12 6 (6 ) Total Installment and Other Consumer 1 $ 4 $ 4 $ — 1 $ 12 $ 6 $ (6 ) Totals by Concession Type Consumer bankruptcy (2) 15 508 489 (19 ) 9 393 383 $ (10 ) Maturity date extension — — — — 1 256 250 $ (6 ) Principal deferral 4 24,767 24,486 (281 ) — — — $ — Principal deferral and maturity date extension 1 292 277 (15 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total 22 $ 26,136 $ 25,800 $ (336 ) 10 $ 649 $ 633 $ (16 ) (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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Number of Pre-Modification (1) Post-Modification (1) Totals by Loan Segment Commercial real estate Maturity date extension 1 $ 1,322 $ 1,298 $ (24 ) 1 $ 256 $ 250 $ (6 ) Maturity date extension and interest rate reduction 1 151 147 (4 ) — — — — Principal deferral 3 23,517 23,236 (281 ) — — — — Principal forgiveness 1 4,690 4,518 (172 ) — — — — Non Market Rate Loan 2 569 548 (21 ) — — — — Total Commercial Real Estate 8 30,249 29,747 (502 ) 1 256 250 (6 ) Commercial and Industrial Maturity date extension — — — — 2 768 657 (111 ) Maturity date extension and interest rate reduction 1 4,751 4,333 (418 ) — — — — Principal deferral 1 1,250 1,250 — 3 4,815 4,466 (349 ) Principal deferral and Maturity date extension 1 292 277 (15 ) 6 5,355 5,225 (130 ) Total Commercial and Industrial 3 6,293 5,860 (433 ) 11 10,938 10,348 (590 ) Residential Mortgage Consumer bankruptcy (2) 3 165 160 (5 ) 5 387 380 (7 ) Total Residential Mortgage 3 165 160 (5 ) 5 387 380 (7 ) Home equity Consumer bankruptcy (2) 27 801 746 (55 ) 17 798 668 (130 ) Interest rate reduction 2 190 189 (1 ) — — — — Maturity date extension and interest rate reduction — — — — 2 47 47 — Total Home Equity 29 991 934 (56 ) 19 845 715 (130 ) Installment and Other Consumer Consumer bankruptcy (2) 3 13 10 (3 ) 1 12 6 (6 ) Total Installment and Other Consumer 3 $ 13 $ 10 $ (3 ) 1 $ 12 $ 6 $ (6 ) Totals by Concession Type Chapter 7 bankruptcy(2) 33 979 916 (63 ) 23 1,197 1,054 (143 ) Interest rate reduction 2 190 189 (1 ) — — — — Maturity date extension 1 1,322 1,298 (24 ) 3 1,024 907 (117 ) Maturity date extension and interest rate reduction 2 4,902 4,480 (422 ) 2 47 47 — Principal deferral 4 24,767 24,486 (281 ) 3 4,815 4,466 (349 ) Principal deferral and maturity date extension 1 292 277 (15 ) 6 5,355 5,225 (130 ) Principal forgiveness 1 4,690 4,518 (172 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total 46 $ 37,711 $ 36,712 $ (999 ) 37 $ 12,438 $ 11,699 $ (739 ) (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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. As of September 30, 2019 , we had 13 commitments to lend an additional $10.5 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 and nine months ended September 30, 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) September 30, 2019 December 31, 2018 Nonperforming Assets Nonaccrual loans $ 35,487 $ 34,985 Nonaccrual TDRs 14,496 11,088 Total Nonaccrual Loans 49,983 46,073 OREO 1,724 3,092 Total Nonperforming Assets $ 51,707 $ 49,165 |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 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) Commercial Real Estate, or 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 of credit. 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: September 30, 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 $ 2,886,051 $ 1,845 $ 561 $ 33,740 $ 36,146 $ 2,922,197 Commercial and industrial 1,620,286 2,049 313 4,206 6,568 1,626,854 Commercial construction 313,190 480 — 1,143 1,623 314,813 Residential mortgage 760,601 1,566 1,331 7,384 10,281 770,882 Home equity 469,805 1,370 357 3,492 5,219 475,024 Installment and other consumer 74,233 132 77 18 227 74,460 Consumer construction 11,535 — — — — 11,535 Loans held for sale 8,371 — — — — 8,371 Total $ 6,144,072 $ 7,442 $ 2,639 $ 49,983 $ 60,064 $ 6,204,136 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: September 30, 2019 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,767,646 94.7 % $ 1,547,375 95.0 % $ 304,135 96.6 % $ 4,618,155 94.9 % Special mention 60,096 2.1 % 43,482 2.7 % 7,112 2.3 % 110,690 2.3 % Substandard 94,455 3.2 % 36,997 2.3 % 3,566 1.1 % 135,019 2.8 % Total $ 2,922,197 100.0 % $ 1,626,854 100.0 % $ 314,813 100.0 % $ 4,863,864 100.0 % 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 $46.2 million to $135.0 million at September 30, 2019 compared to $181.2 million at December 31, 2018 mainly due to loan pay-offs and upgrades of risk ratings. Special mention loans increased $23.4 million to $110.7 million at September 30, 2019 compared to $87.3 million at December 31, 2018 due to downgrades as a result of updated financial information. 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: September 30, 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 $ 763,498 99.0 % $ 471,532 99.3 % $ 74,442 100.0 % $ 11,535 100.0 % $ 1,321,007 99.2 % Nonperforming 7,384 1.0 % 3,492 0.7 % 18 — % — — % 10,894 0.8 % Total $ 770,882 100.0 % $ 475,024 100.0 % $ 74,460 100.0 % $ 11,535 100.0 % $ 1,331,901 100.0 % 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: September 30, 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 $ 13,081 $ 14,322 $ 2,006 $ 7,733 $ 7,733 $ 1,295 Commercial and industrial — — — 884 893 360 Commercial construction 490 490 128 489 489 87 Consumer real estate — — — 15 14 10 Other consumer 11 10 10 11 12 11 Total with a Related Allowance Recorded 13,582 14,822 2,144 9,132 9,141 1,763 Without a related allowance recorded: Commercial real estate 38,368 42,784 — 3,636 4,046 — Commercial and industrial 9,852 12,582 — 12,788 14,452 — Commercial construction 2,318 3,828 — 15,286 19,198 — Consumer real estate 8,418 9,309 — 8,659 9,635 — Other consumer 2 9 — 5 18 — Total without a Related Allowance Recorded 58,958 68,512 — 40,374 47,349 — Total: Commercial real estate 51,449 57,106 2,006 11,369 11,779 1,295 Commercial and industrial 9,852 12,582 — 13,672 15,345 360 Commercial construction 2,808 4,318 128 15,775 19,687 87 Consumer real estate 8,418 9,309 — 8,674 9,649 10 Other consumer 13 19 10 16 30 11 Total $ 72,540 $ 83,334 $ 2,144 $ 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 September 30, 2019 September 30, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 14,255 $ — $ — $ — Commercial and industrial — — — — Commercial construction 490 — 496 — Consumer real estate — — 15 — Other consumer 11 — 17 1 Total with a Related Allowance Recorded 14,756 — 528 1 Without a related allowance recorded: Commercial real estate 39,179 231 3,744 41 Commercial and industrial 8,008 116 14,412 73 Commercial construction 2,318 34 2,809 61 Consumer real estate 8,830 97 9,320 112 Other consumer 3 — 13 — Total without a Related Allowance Recorded 58,338 478 30,298 287 Total: Commercial real estate 53,434 231 3,744 41 Commercial and industrial 8,008 116 14,412 73 Commercial construction 2,808 34 3,305 61 Consumer real estate 8,830 97 9,335 112 Other consumer 14 — 30 1 Total $ 73,094 $ 478 $ 30,826 $ 288 Nine months ended September 30, 2019 September 30, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 14,348 $ — $ — $ — Commercial and industrial — — — — Commercial construction 490 — 585 — Consumer real estate — — 16 1 Other consumer 13 1 21 1 Total with a Related Allowance Recorded 14,851 1 622 2 Without a related allowance recorded: Commercial real estate 39,788 712 3,895 126 Commercial and industrial 6,644 308 11,567 232 Commercial construction 2,318 117 2,813 134 Consumer real estate 8,993 297 10,031 370 Other consumer 4 — 15 — Total without a Related Allowance Recorded 57,747 1,434 28,321 862 Total: Commercial real estate 54,136 712 3,895 126 Commercial and industrial 6,644 308 11,567 232 Commercial construction 2,808 117 3,398 134 Consumer real estate 8,993 297 10,047 371 Other consumer 17 1 36 1 Total $ 72,598 $ 1,435 $ 28,943 $ 864 The following tables detail activity in the ALL for the periods presented: Three Months Ended September 30, 2019 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 32,836 $ 13,227 $ 7,254 $ 6,571 $ 1,591 $ 61,479 Charge-offs (2,304 ) (1,467 ) — (404 ) (525 ) (4,700 ) Recoveries 6 210 1 102 104 423 Net (Charge-offs)/Recoveries (2,298 ) (1,257 ) 1 (302 ) (421 ) (4,277 ) Provision for loan losses 1,292 2,397 620 65 539 4,913 Balance at End of Period $ 31,831 $ 14,366 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Three Months Ended September 30, 2018 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 31,232 $ 10,874 $ 11,676 $ 5,241 $ 1,494 $ 60,517 Charge-offs (141 ) (181 ) — (487 ) (425 ) (1,234 ) Recoveries 64 504 4 70 169 811 Net (Charge-offs)/Recoveries (77 ) 323 4 (417 ) (256 ) (423 ) Provision for loan losses 1,735 (971 ) (765 ) 214 249 462 Balance at End of Period $ 32,890 $ 10,226 $ 10,915 $ 5,038 $ 1,487 $ 60,556 Nine Months Ended September 30, 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 (2,833 ) (8,379 ) — (815 ) (1,364 ) (13,391 ) Recoveries 134 718 4 595 292 1,743 Net (Charge-offs)/Recoveries (2,699 ) (7,661 ) 4 (220 ) (1,072 ) (11,648 ) Provision for loan losses 823 10,431 (112 ) 367 1,258 12,767 Balance at End of Period $ 31,831 $ 14,366 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Nine Months Ended September 30, 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 (373 ) (8,403 ) (321 ) (916 ) (1,298 ) (11,311 ) Recoveries 293 985 1,134 393 393 3,198 Net (Charge-offs)/Recoveries (80 ) (7,418 ) 813 (523 ) (905 ) (8,113 ) Provision for loan losses 5,735 8,678 (3,065 ) 82 849 12,279 Balance at End of Period $ 32,890 $ 10,226 $ 10,915 $ 5,038 $ 1,487 $ 60,556 The following tables present the ALL and recorded investments in loans by category as of the periods presented: September 30, 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 $ 2,006 $ 29,825 $ 31,831 $ 51,449 $ 2,870,748 $ 2,922,197 Commercial and industrial — 14,366 14,366 9,852 1,617,002 1,626,854 Commercial construction 128 7,747 7,875 2,808 312,005 314,813 Consumer real estate — 6,334 6,334 8,418 1,249,023 1,257,441 Other consumer 10 1,699 1,709 13 74,447 74,460 Total $ 2,144 $ 59,971 $ 62,115 $ 72,540 $ 6,123,225 $ 6,195,765 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 Liabilities | 9 Months Ended |
Sep. 30, 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 45 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 43 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 as of September 30, 2019 and for the periods presented: September 30, 2019 (in thousands, except weighted-averages) Three Months Ended Nine Months Ended Operating lease expense $ 995 $ 3,061 Amortization of ROU assets - finance leases 23 68 Interest on lease liabilities - finance leases (1) 18 54 Total Lease Expense $ 1,036 $ 3,183 Operating Leases ROU assets $ 37,534 Operating cash flows $ 931 Finance Leases ROU assets $ 1,168 Operating cash flows $ 55 Financing cash flows $ 34 Weighted Average Lease Term - Years Operating leases 19.94 Finance leases 15.16 Weighted Average Discount Rate Operating leases 6.13 % Finance leases 5.98 % (1) Included in borrowings interest expense in our Consolidated Statements of Comprehensive Income. All other lease costs in this table are included in net occupancy expense. (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 125 $ 3,726 $ 3,851 2020 126 3,681 3,807 2021 127 3,759 3,886 2022 128 3,836 3,964 2023 130 3,872 4,002 Thereafter 1,309 59,170 60,479 Total $ 1,945 $ 78,044 $ 79,989 Less: Present value discount (716 ) (35,800 ) (36,516 ) Lease Liabilities $ 1,229 $ 42,244 $ 43,473 |
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 45 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 43 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 as of September 30, 2019 and for the periods presented: September 30, 2019 (in thousands, except weighted-averages) Three Months Ended Nine Months Ended Operating lease expense $ 995 $ 3,061 Amortization of ROU assets - finance leases 23 68 Interest on lease liabilities - finance leases (1) 18 54 Total Lease Expense $ 1,036 $ 3,183 Operating Leases ROU assets $ 37,534 Operating cash flows $ 931 Finance Leases ROU assets $ 1,168 Operating cash flows $ 55 Financing cash flows $ 34 Weighted Average Lease Term - Years Operating leases 19.94 Finance leases 15.16 Weighted Average Discount Rate Operating leases 6.13 % Finance leases 5.98 % (1) Included in borrowings interest expense in our Consolidated Statements of Comprehensive Income. All other lease costs in this table are included in net occupancy expense. (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 125 $ 3,726 $ 3,851 2020 126 3,681 3,807 2021 127 3,759 3,886 2022 128 3,836 3,964 2023 130 3,872 4,002 Thereafter 1,309 59,170 60,479 Total $ 1,945 $ 78,044 $ 79,989 Less: Present value discount (716 ) (35,800 ) (36,516 ) Lease Liabilities $ 1,229 $ 42,244 $ 43,473 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 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 Derivatives (included in Other Liabilities) (dollars in thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 32,825 $ 5,504 $ 32,772 $ 5,340 Notional amount 547,151 325,750 547,151 325,750 Collateral received/posted — 160 32,208 — Interest Rate Lock Commitments - Mortgage Loans Fair value 455 251 — — Notional amount 16,788 6,054 — — Forward Sale Contracts - Mortgage Loans Fair value 64 55 — — Notional amount $ 24,750 $ 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 we 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 32,827 $ 8,733 $ 32,774 $ 8,569 Gross amounts offset (2 ) (3,229 ) (2 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 32,825 5,504 32,772 5,340 Gross amounts not offset (1) — (160 ) (32,208 ) — Net Amount $ 32,825 $ 5,344 $ 564 $ 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 September 30, Nine Months Ended September 30, (dollars in thousands) 2019 2018 2019 2018 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (16 ) $ 31 $ (112 ) $ (55 ) Interest rate lock commitments—mortgage loans (194 ) (169 ) 204 3 Forward sale contracts—mortgage loans 169 99 9 66 Total Derivatives Gain/(Loss) $ (41 ) $ (39 ) $ 101 $ 14 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 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 $14.6 million and carrying value of $15.0 million at September 30, 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 finance 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 $4.8 million at a fixed rate and $63.1 million at a variable rate at September 30, 2019 , excluding our finance leases. Information pertaining to borrowings is summarized in the table below as of the dates presented: September 30, 2019 December 31, 2018 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 13,925 0.74 % $ 18,383 0.46 % Short-term borrowings 370,000 2.18 % 470,000 2.65 % Total Short-term Borrowings 383,925 2.13 % 488,383 2.57 % Long-term Borrowings Long-term borrowings 69,156 2.53 % 70,314 2.84 % Junior subordinated debt securities 45,619 4.58 % 45,619 5.25 % Total Long-term Borrowings 114,775 3.34 % 115,933 3.79 % Total Borrowings $ 498,700 2.41 % $ 604,316 2.80 % We had total borrowings at the FHLB of Pittsburgh of $437.9 million at September 30, 2019 and $540.3 million at December 31, 2018 . The $437.9 million at September 30, 2019 consisted of $370.0 million in short-term borrowings and $67.9 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.6 billion at September 30, 2019 . We utilized $621.9 million of our borrowing capacity at September 30, 2019 consisting of $437.9 million for borrowings and $184.0 million for letters of credit to collateralize public funds. Our remaining borrowing availability at September 30, 2019 is $2.0 billion . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Commitments to extend credit $ 1,653,465 $ 1,464,892 Standby letters of credit 75,054 77,134 Total $ 1,728,519 $ 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 | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, Revenue Streams Point of Revenue Recognition 2019 2018 2019 2018 Service charges on deposit accounts Over a period of time $ 473 $ 312 $ 1,381 $ 1,244 At a point in time 2,939 3,039 8,396 8,520 $ 3,412 $ 3,351 $ 9,777 $ 9,765 Debit and credit card Over a period of time $ 180 $ 158 $ 542 $ 496 At a point in time 3,295 2,983 9,409 8,991 $ 3,475 $ 3,141 $ 9,951 $ 9,487 Wealth management Over a period of time $ 1,703 $ 1,815 $ 4,991 $ 5,517 At a point in time 398 669 1,219 2,265 $ 2,101 $ 2,483 $ 6,210 $ 7,782 Other fee revenue At a point in time $ 864 $ 1,000 $ 2,928 $ 2,862 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 Three Months Ended September 30, 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 $ 2,350 $ (501 ) $ 1,849 $ (3,521 ) $ 748 $ (2,773 ) Adjustment to funded status of employee benefit plans 454 (97 ) 357 590 (125 ) 465 Other Comprehensive Income/(Loss) $ 2,804 $ (598 ) $ 2,206 $ (2,931 ) $ 623 $ (2,308 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (dollars in thousands) Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Change in net unrealized gains/(losses) on debt securities available-for-sale (1) $ 18,716 $ (3,991 ) $ 14,725 $ (15,291 ) $ 3,247 $ (12,044 ) Adjustment to funded status of employee benefit plans 1,359 (290 ) 1,069 1,913 (406 ) 1,507 Other Comprehensive Income/(Loss) $ 20,075 $ (4,281 ) $ 15,794 $ (13,378 ) $ 2,841 $ (10,537 ) (1) Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, (dollars in thousands) 2019 2018 2019 2018 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 989 $ 978 $ 2,967 $ 2,912 Expected return on plan assets (1,181 ) (1,566 ) (3,541 ) (4,700 ) Net amortization 395 512 1,184 1,601 Net Periodic Pension Expense $ 203 $ (76 ) $ 610 $ (187 ) The components of net periodic pension expense are included in salaries and employee benefits on the Consolidated Statements of Comprehensive Income. |
Qualified Affordable Housing An
Qualified Affordable Housing And Historic Rehabilitation Projects | 9 Months Ended |
Sep. 30, 2019 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING AND HISTORIC REHABILITATION PROJECTS | QUALIFIED AFFORDABLE HOUSING AND HISTORIC REHABILITATION PROJECTS As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in Low Income Housing and Historic Rehabilitation projects. 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 $5.0 million at September 30, 2019 and $6.0 million at December 31, 2018 . Amortization expense, included in other noninterest expense in the Consolidated Statements of Comprehensive Income, was $0.7 million and $2.0 million for the three and nine months ended September 30, 2019 and September 30, 2018 . The amortization expense was offset by tax credits of $0.7 million and $2.2 million for the three and nine months ended September 30, 2019 and $0.8 million and $2.3 million for the three and nine months ended September 30, 2018 as a reduction to our federal tax provision. Our total investment in historic rehabilitation was $1.1 million at September 30, 2019 and $0.3 million at December 31, 2018. Federal tax credits of $0.3 million and $0.9 million were recognized as a reduction to our federal tax provision for the three and nine months ended September 30, 2019. No federal historic rehabilitation tax credits were earned in 2018. |
Sale of a Majority Interest of
Sale of a Majority Interest of Insurance Business | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 was effective through August 31, 2019, permitted 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. During the three months ended September 30, 2019, we repurchased 84,868 common shares at a total cost of $3.1 million , or an average of $36.52 per share. For the nine months ended September 30, 2019, we repurchased 470,708 common shares under this plan at a total cost of $18.2 million , or an average of $38.71 per share. Under the March 19, 2018 plan, we repurchased 792,439 common shares at a total cost of $30.5 million , or an average of $38.46 per share. On September 16, 2019, our Board of Directors authorized a new $50 million share repurchase plan. This new repurchase authorization, which is effective through March 31, 2021, permits S&T to repurchase from time to time up to $50 million in aggregate value of shares of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's 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. Since its approval, no common shares have been repurchased under the new share repurchase plan. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with 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 | 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 | 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 | 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. The amendments in this ASU will not 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 are 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. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. 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 did not adopt this ASU at its early adoption date. Our CECL Committee governs the implementation of these amendments and the Committee consists of key stakeholders from Credit Administration, Finance, Accounting, Risk Management and Audit and Advisory Services. We engaged a third-party consultant to assist us in developing our CECL methodology and we have completed a preliminary CECL model. The Model includes our loan segmentation and the quantitative and qualitative components of the calculation which incorporates a forecasting component of certain economic variables. We are currently working to finalize our documentation around the CECL methodology, designing and updating internal controls and financial statement disclosures. We will run parallel credit loss models for both the third and fourth quarters of 2019 prior to adoption of the CECL standard. The CECL model will be reviewed and validated by an independent consultant during the fourth quarter of 2019 and recommendations will be reviewed and implemented prior to adoption on January 1, 2020. While we anticipate an increase in the allowance for credit losses upon adoption of CECL, we are still in the process of validating the results of our model in order to determine the financial impact. The impact of adopting CECL depends on various factors including, the mix of the loan portfolio, forecasted macroeconomic variables at the time of adoption and the assessment of loans acquired from DNB. We will continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income and expect to disclose such impact in our 2019 Form 10-K . 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 several optional practical expedients to elect in transition to the new lease guidance. 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. The carrying value of our ROU assets will be tested annually for impairment or more frequently if events or changes in circumstances indicate that an impairment might exist. 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 | 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. The amendments in this ASU will not 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 are 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. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. 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 did not adopt this ASU at its early adoption date. Our CECL Committee governs the implementation of these amendments and the Committee consists of key stakeholders from Credit Administration, Finance, Accounting, Risk Management and Audit and Advisory Services. We engaged a third-party consultant to assist us in developing our CECL methodology and we have completed a preliminary CECL model. The Model includes our loan segmentation and the quantitative and qualitative components of the calculation which incorporates a forecasting component of certain economic variables. We are currently working to finalize our documentation around the CECL methodology, designing and updating internal controls and financial statement disclosures. We will run parallel credit loss models for both the third and fourth quarters of 2019 prior to adoption of the CECL standard. The CECL model will be reviewed and validated by an independent consultant during the fourth quarter of 2019 and recommendations will be reviewed and implemented prior to adoption on January 1, 2020. While we anticipate an increase in the allowance for credit losses upon adoption of CECL, we are still in the process of validating the results of our model in order to determine the financial impact. The impact of adopting CECL depends on various factors including, the mix of the loan portfolio, forecasted macroeconomic variables at the time of adoption and the assessment of loans acquired from DNB. We will continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income and expect to disclose such impact in our 2019 Form 10-K . 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 several optional practical expedients to elect in transition to the new lease guidance. 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. The carrying value of our ROU assets will be tested annually for impairment or more frequently if events or changes in circumstances indicate that an impairment might exist. 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. |
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 are 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. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking 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 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) Commercial Real Estate, or 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 of credit. 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) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2019 2018 2019 2018 Numerator for Earnings per Share—Basic: Net income $ 26,936 $ 30,881 $ 75,965 $ 78,480 Less: Income allocated to participating shares 72 87 204 229 Net Income Allocated to Shareholders $ 26,864 $ 30,794 $ 75,761 $ 78,251 Numerator for Earnings per Share—Diluted: Net income $ 26,936 $ 30,881 $ 75,965 $ 78,480 Net Income Available to Shareholders $ 26,936 $ 30,881 $ 75,965 $ 78,480 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 34,090,779 34,799,174 34,221,479 34,783,175 Add: Potentially dilutive shares 79,502 220,118 105,746 228,909 Denominator for Treasury Stock Method—Diluted 34,170,281 35,019,292 34,327,225 35,012,084 Weighted Average Shares Outstanding—Basic 34,090,779 34,799,174 34,221,479 34,783,175 Add: Average participating shares outstanding 186,491 98,579 186,253 101,808 Denominator for Two-Class Method—Diluted 34,277,270 34,897,753 34,407,732 34,884,983 Earnings per share—basic $ 0.79 $ 0.89 $ 2.22 $ 2.26 Earnings per share—diluted $ 0.79 $ 0.88 $ 2.21 $ 2.24 Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 (1) — 285,915 — 351,166 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 254 113,451 360 113,390 (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) | 9 Months Ended |
Sep. 30, 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 September 30, 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. September 30, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Debt securities available-for-sale: U.S. Treasury securities $ — $ 10,049 $ — $ 10,049 Obligations of U.S. government corporations and agencies — 130,165 — 130,165 Collateralized mortgage obligations of U.S. government corporations and agencies — 155,010 — 155,010 Residential mortgage-backed securities of U.S. government corporations and agencies — 18,826 — 18,826 Commercial mortgage-backed securities of U.S. government corporations and agencies — 237,951 — 237,951 Obligations of states and political subdivisions — 112,519 — 112,519 Total Debt Securities Available-for-Sale — 664,520 — 664,520 Marketable equity securities — 4,706 — 4,706 Total Securities — 669,226 — 669,226 Securities held in a deferred compensation plan 5,611 — — 5,611 Derivative financial assets: Interest rate swaps — 32,825 — 32,825 Interest rate lock commitments — 455 — 455 Forward sale contracts - mortgage loans — 64 — 64 Total Assets $ 5,611 $ 702,570 $ — $ 708,181 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 32,772 $ — $ 32,772 Total Liabilities $ — $ 32,772 $ — $ 32,772 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 — 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: September 30, 2019 December 31, 2018 (dollars in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS (1) Impaired loans $ — $ — $ 33,473 $ 33,473 $ — $ — $ 21,441 $ 21,441 Other real estate owned — — 1,353 1,353 — — 2,826 2,826 Mortgage servicing rights — — 3,485 3,485 — — 1,197 1,197 Total Assets $ — $ — $ 38,311 $ 38,311 $ — $ — $ 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 September 30, 2019 and December 31, 2018 are presented in the following tables: Carrying Value (1) Fair Value Measurements at September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 173,609 $ 173,609 $ 173,609 $ — $ — Securities 669,226 669,226 — 669,226 — Loans held for sale 8,371 8,371 — — 8,371 Portfolio loans, net 6,133,650 6,022,385 — — 6,022,385 Bank owned life insurance 75,386 75,386 — 75,386 — FHLB and other restricted stock 25,397 25,397 — — 25,397 Securities held in a deferred compensation plan 5,611 5,611 5,611 — — Mortgage servicing rights 4,172 4,189 — — 4,189 Interest rate swaps 32,825 32,825 — 32,825 — Interest rate lock commitments 455 455 — 455 — Forward sale contracts 64 64 — 64 — LIABILITIES Deposits $ 5,982,692 $ 5,981,492 $ 4,656,323 $ 1,325,169 $ — Securities sold under repurchase agreements 13,925 13,925 13,925 — — Short-term borrowings 370,000 370,000 370,000 — — Long-term borrowings 69,156 69,738 39,329 30,409 — Junior subordinated debt securities 45,619 45,619 45,619 — — Interest rate swaps 32,772 32,772 — 32,772 — (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 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) | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Debt securities available-for-sale $ 664,520 $ 680,056 Marketable equity securities 4,706 4,816 Total Securities $ 669,226 $ 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: September 30, 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 $ 9,966 $ 83 $ — $ 10,049 $ 9,958 $ — $ (222 ) $ 9,736 Obligations of U.S. government corporations and agencies 128,257 1,908 — 130,165 129,267 68 (1,074 ) 128,261 Collateralized mortgage obligations of U.S. government corporations and agencies 151,759 3,503 (252 ) 155,010 149,849 795 (1,985 ) 148,659 Residential mortgage-backed securities of U.S. government corporations and agencies 18,504 345 (23 ) 18,826 24,564 203 (417 ) 24,350 Commercial mortgage-backed securities of U.S. government corporations and agencies 234,076 3,911 (36 ) 237,951 251,660 — (4,876 ) 246,784 Obligations of states and political subdivisions 108,355 4,164 — 112,519 119,872 2,448 (54 ) 122,266 Total Debt Securities Available-for-Sale $ 650,917 $ 13,914 $ (311 ) $ 664,520 $ 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: September 30, 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 — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 2 6,465 (42 ) 6 27,869 (210 ) 8 34,334 (252 ) Residential mortgage-backed securities of U.S. government corporations and agencies 1 3,948 (1 ) 1 2,557 (22 ) 2 6,505 (23 ) Commercial mortgage-backed securities of U.S. government corporations and agencies 2 20,284 (8 ) 2 12,412 (28 ) 4 32,696 (36 ) Obligations of states and political subdivisions — — — — — — — — — Total Temporarily Impaired Debt Securities 5 $ 30,697 $ (51 ) 9 $ 42,838 $ (260 ) 14 $ 73,535 $ (311 ) 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: September 30, 2019 December 31, 2018 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized (Losses)/ Total unrealized gains/(losses) on debt securities available-for-sale $ 13,914 $ (311 ) $ 13,603 $ 3,514 $ (8,628 ) $ (5,114 ) Income tax (expense) benefit (2,967 ) 66 (2,901 ) (746 ) 1,832 1,086 Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 10,947 $ (245 ) $ 10,702 $ 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 September 30, 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. September 30, 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 $ 73,193 $ 73,425 Due after one year through five years 103,058 105,407 Due after five years through ten years 55,237 58,034 Due after ten years 15,090 15,867 Debt Securities Available-for-Sale With Maturities 246,578 252,733 Collateralized mortgage obligations of U.S. government corporations and agencies 151,759 155,010 Residential mortgage-backed securities of U.S. government corporations and agencies 18,504 18,826 Commercial mortgage-backed securities of U.S. government corporations and agencies 234,076 237,951 Total Debt Securities Available-for-Sale $ 650,917 $ 664,520 |
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 September 30, Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Marketable Equity Securities Net market gains/(losses) recognized $ 156 $ (111 ) $ (110 ) $ 171 Less: Net gains recognized for equity securities sold — — — — Unrealized Gains/(Losses) on Equity Securities Still Held $ 156 $ (111 ) $ (110 ) $ 171 |
Loans and Loans Held for Sale (
Loans and Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table indicates the composition of loans as of the dates presented: (dollars in thousands) September 30, 2019 December 31, 2018 Commercial Commercial real estate $ 2,922,197 $ 2,921,832 Commercial and industrial 1,626,854 1,493,416 Commercial construction 314,813 257,197 Total Commercial Loans 4,863,864 4,672,445 Consumer Residential mortgage 770,882 726,679 Home equity 475,024 471,562 Installment and other consumer 74,460 67,546 Consumer construction 11,535 8,416 Total Consumer Loans 1,331,901 1,274,203 Total Portfolio Loans 6,195,765 5,946,648 Loans held for sale 8,371 2,371 Total Loans $ 6,204,136 $ 5,949,019 |
Schedule of Restructured Loans for Periods Presented | The following tables present the restructured loans by loan segment and by type of concession for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 Three Months Ended September 30, 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 Real Estate Maturity date extension — $ — $ — $ — 1 $ 256 $ 250 $ (6 ) Principal deferral 3 23,517 23,236 (281 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total Commercial Real Estate 5 24,086 23,784 (302 ) 1 256 250 (6 ) Commercial and Industrial Principal deferral 1 1,250 1,250 — — — — — Principal deferral and maturity date extension 1 292 277 (15 ) — — — — Total Commercial and Industrial 2 1,542 1,527 (15 ) — — — — Residential Mortgage Consumer bankruptcy (2) — — — — 2 188 186 (2 ) Total Residential Mortgage — — — — 2 188 186 (2 ) Home equity Consumer bankruptcy (2) 14 504 485 (19 ) 6 193 191 (2 ) Total Home Equity 14 504 485 (19 ) 6 193 191 (2 ) Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 1 12 6 (6 ) Total Installment and Other Consumer 1 $ 4 $ 4 $ — 1 $ 12 $ 6 $ (6 ) Totals by Concession Type Consumer bankruptcy (2) 15 508 489 (19 ) 9 393 383 $ (10 ) Maturity date extension — — — — 1 256 250 $ (6 ) Principal deferral 4 24,767 24,486 (281 ) — — — $ — Principal deferral and maturity date extension 1 292 277 (15 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total 22 $ 26,136 $ 25,800 $ (336 ) 10 $ 649 $ 633 $ (16 ) (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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Number of Pre-Modification (1) Post-Modification (1) Totals by Loan Segment Commercial real estate Maturity date extension 1 $ 1,322 $ 1,298 $ (24 ) 1 $ 256 $ 250 $ (6 ) Maturity date extension and interest rate reduction 1 151 147 (4 ) — — — — Principal deferral 3 23,517 23,236 (281 ) — — — — Principal forgiveness 1 4,690 4,518 (172 ) — — — — Non Market Rate Loan 2 569 548 (21 ) — — — — Total Commercial Real Estate 8 30,249 29,747 (502 ) 1 256 250 (6 ) Commercial and Industrial Maturity date extension — — — — 2 768 657 (111 ) Maturity date extension and interest rate reduction 1 4,751 4,333 (418 ) — — — — Principal deferral 1 1,250 1,250 — 3 4,815 4,466 (349 ) Principal deferral and Maturity date extension 1 292 277 (15 ) 6 5,355 5,225 (130 ) Total Commercial and Industrial 3 6,293 5,860 (433 ) 11 10,938 10,348 (590 ) Residential Mortgage Consumer bankruptcy (2) 3 165 160 (5 ) 5 387 380 (7 ) Total Residential Mortgage 3 165 160 (5 ) 5 387 380 (7 ) Home equity Consumer bankruptcy (2) 27 801 746 (55 ) 17 798 668 (130 ) Interest rate reduction 2 190 189 (1 ) — — — — Maturity date extension and interest rate reduction — — — — 2 47 47 — Total Home Equity 29 991 934 (56 ) 19 845 715 (130 ) Installment and Other Consumer Consumer bankruptcy (2) 3 13 10 (3 ) 1 12 6 (6 ) Total Installment and Other Consumer 3 $ 13 $ 10 $ (3 ) 1 $ 12 $ 6 $ (6 ) Totals by Concession Type Chapter 7 bankruptcy(2) 33 979 916 (63 ) 23 1,197 1,054 (143 ) Interest rate reduction 2 190 189 (1 ) — — — — Maturity date extension 1 1,322 1,298 (24 ) 3 1,024 907 (117 ) Maturity date extension and interest rate reduction 2 4,902 4,480 (422 ) 2 47 47 — Principal deferral 4 24,767 24,486 (281 ) 3 4,815 4,466 (349 ) Principal deferral and maturity date extension 1 292 277 (15 ) 6 5,355 5,225 (130 ) Principal forgiveness 1 4,690 4,518 (172 ) — — — — Below market interest rate 2 569 548 (21 ) — — — — Total 46 $ 37,711 $ 36,712 $ (999 ) 37 $ 12,438 $ 11,699 $ (739 ) (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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. The following table summarizes restructured loans as of the dates presented: September 30, 2019 December 31, 2018 (dollars in thousands) Performing TDRs Nonperforming TDRs Total TDRs Performing TDRs Nonperforming TDRs Total TDRs Commercial real estate $ 21,448 $ 10,880 $ 32,328 $ 2,054 $ 1,139 $ 3,193 Commercial and industrial 9,065 787 9,852 7,026 6,646 13,672 Commercial construction 1,913 406 2,319 1,912 406 2,318 Residential mortgage 1,922 1,195 3,117 2,214 1,543 3,757 Home equity 4,076 1,226 5,302 3,568 1,349 4,917 Installment and other consumer 10 2 12 12 5 17 Total $ 38,434 $ 14,496 $ 52,930 $ 16,786 $ 11,088 $ 27,874 |
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) September 30, 2019 December 31, 2018 Nonperforming Assets Nonaccrual loans $ 35,487 $ 34,985 Nonaccrual TDRs 14,496 11,088 Total Nonaccrual Loans 49,983 46,073 OREO 1,724 3,092 Total Nonperforming Assets $ 51,707 $ 49,165 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ 2,886,051 $ 1,845 $ 561 $ 33,740 $ 36,146 $ 2,922,197 Commercial and industrial 1,620,286 2,049 313 4,206 6,568 1,626,854 Commercial construction 313,190 480 — 1,143 1,623 314,813 Residential mortgage 760,601 1,566 1,331 7,384 10,281 770,882 Home equity 469,805 1,370 357 3,492 5,219 475,024 Installment and other consumer 74,233 132 77 18 227 74,460 Consumer construction 11,535 — — — — 11,535 Loans held for sale 8,371 — — — — 8,371 Total $ 6,144,072 $ 7,442 $ 2,639 $ 49,983 $ 60,064 $ 6,204,136 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: September 30, 2019 (dollars in thousands) Commercial Real Estate % of Total Commercial and Industrial % of Total Commercial Construction % of Total Total % of Total Pass $ 2,767,646 94.7 % $ 1,547,375 95.0 % $ 304,135 96.6 % $ 4,618,155 94.9 % Special mention 60,096 2.1 % 43,482 2.7 % 7,112 2.3 % 110,690 2.3 % Substandard 94,455 3.2 % 36,997 2.3 % 3,566 1.1 % 135,019 2.8 % Total $ 2,922,197 100.0 % $ 1,626,854 100.0 % $ 314,813 100.0 % $ 4,863,864 100.0 % 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: September 30, 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 $ 763,498 99.0 % $ 471,532 99.3 % $ 74,442 100.0 % $ 11,535 100.0 % $ 1,321,007 99.2 % Nonperforming 7,384 1.0 % 3,492 0.7 % 18 — % — — % 10,894 0.8 % Total $ 770,882 100.0 % $ 475,024 100.0 % $ 74,460 100.0 % $ 11,535 100.0 % $ 1,331,901 100.0 % 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 table summarizes investments in loans considered to be impaired and related information on those impaired loans as of the dates presented: September 30, 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 $ 13,081 $ 14,322 $ 2,006 $ 7,733 $ 7,733 $ 1,295 Commercial and industrial — — — 884 893 360 Commercial construction 490 490 128 489 489 87 Consumer real estate — — — 15 14 10 Other consumer 11 10 10 11 12 11 Total with a Related Allowance Recorded 13,582 14,822 2,144 9,132 9,141 1,763 Without a related allowance recorded: Commercial real estate 38,368 42,784 — 3,636 4,046 — Commercial and industrial 9,852 12,582 — 12,788 14,452 — Commercial construction 2,318 3,828 — 15,286 19,198 — Consumer real estate 8,418 9,309 — 8,659 9,635 — Other consumer 2 9 — 5 18 — Total without a Related Allowance Recorded 58,958 68,512 — 40,374 47,349 — Total: Commercial real estate 51,449 57,106 2,006 11,369 11,779 1,295 Commercial and industrial 9,852 12,582 — 13,672 15,345 360 Commercial construction 2,808 4,318 128 15,775 19,687 87 Consumer real estate 8,418 9,309 — 8,674 9,649 10 Other consumer 13 19 10 16 30 11 Total $ 72,540 $ 83,334 $ 2,144 $ 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 September 30, 2019 September 30, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 14,255 $ — $ — $ — Commercial and industrial — — — — Commercial construction 490 — 496 — Consumer real estate — — 15 — Other consumer 11 — 17 1 Total with a Related Allowance Recorded 14,756 — 528 1 Without a related allowance recorded: Commercial real estate 39,179 231 3,744 41 Commercial and industrial 8,008 116 14,412 73 Commercial construction 2,318 34 2,809 61 Consumer real estate 8,830 97 9,320 112 Other consumer 3 — 13 — Total without a Related Allowance Recorded 58,338 478 30,298 287 Total: Commercial real estate 53,434 231 3,744 41 Commercial and industrial 8,008 116 14,412 73 Commercial construction 2,808 34 3,305 61 Consumer real estate 8,830 97 9,335 112 Other consumer 14 — 30 1 Total $ 73,094 $ 478 $ 30,826 $ 288 Nine months ended September 30, 2019 September 30, 2018 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial real estate $ 14,348 $ — $ — $ — Commercial and industrial — — — — Commercial construction 490 — 585 — Consumer real estate — — 16 1 Other consumer 13 1 21 1 Total with a Related Allowance Recorded 14,851 1 622 2 Without a related allowance recorded: Commercial real estate 39,788 712 3,895 126 Commercial and industrial 6,644 308 11,567 232 Commercial construction 2,318 117 2,813 134 Consumer real estate 8,993 297 10,031 370 Other consumer 4 — 15 — Total without a Related Allowance Recorded 57,747 1,434 28,321 862 Total: Commercial real estate 54,136 712 3,895 126 Commercial and industrial 6,644 308 11,567 232 Commercial construction 2,808 117 3,398 134 Consumer real estate 8,993 297 10,047 371 Other consumer 17 1 36 1 Total $ 72,598 $ 1,435 $ 28,943 $ 864 |
Schedule of Summary of Allowance for Loan Losses | The following tables detail activity in the ALL for the periods presented: Three Months Ended September 30, 2019 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 32,836 $ 13,227 $ 7,254 $ 6,571 $ 1,591 $ 61,479 Charge-offs (2,304 ) (1,467 ) — (404 ) (525 ) (4,700 ) Recoveries 6 210 1 102 104 423 Net (Charge-offs)/Recoveries (2,298 ) (1,257 ) 1 (302 ) (421 ) (4,277 ) Provision for loan losses 1,292 2,397 620 65 539 4,913 Balance at End of Period $ 31,831 $ 14,366 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Three Months Ended September 30, 2018 (dollars in thousands) Commercial Real Estate Commercial and Industrial Commercial Construction Consumer Real Estate Other Consumer Total Loans Balance at beginning of period $ 31,232 $ 10,874 $ 11,676 $ 5,241 $ 1,494 $ 60,517 Charge-offs (141 ) (181 ) — (487 ) (425 ) (1,234 ) Recoveries 64 504 4 70 169 811 Net (Charge-offs)/Recoveries (77 ) 323 4 (417 ) (256 ) (423 ) Provision for loan losses 1,735 (971 ) (765 ) 214 249 462 Balance at End of Period $ 32,890 $ 10,226 $ 10,915 $ 5,038 $ 1,487 $ 60,556 Nine Months Ended September 30, 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 (2,833 ) (8,379 ) — (815 ) (1,364 ) (13,391 ) Recoveries 134 718 4 595 292 1,743 Net (Charge-offs)/Recoveries (2,699 ) (7,661 ) 4 (220 ) (1,072 ) (11,648 ) Provision for loan losses 823 10,431 (112 ) 367 1,258 12,767 Balance at End of Period $ 31,831 $ 14,366 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Nine Months Ended September 30, 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 (373 ) (8,403 ) (321 ) (916 ) (1,298 ) (11,311 ) Recoveries 293 985 1,134 393 393 3,198 Net (Charge-offs)/Recoveries (80 ) (7,418 ) 813 (523 ) (905 ) (8,113 ) Provision for loan losses 5,735 8,678 (3,065 ) 82 849 12,279 Balance at End of Period $ 32,890 $ 10,226 $ 10,915 $ 5,038 $ 1,487 $ 60,556 |
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: September 30, 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 $ 2,006 $ 29,825 $ 31,831 $ 51,449 $ 2,870,748 $ 2,922,197 Commercial and industrial — 14,366 14,366 9,852 1,617,002 1,626,854 Commercial construction 128 7,747 7,875 2,808 312,005 314,813 Consumer real estate — 6,334 6,334 8,418 1,249,023 1,257,441 Other consumer 10 1,699 1,709 13 74,447 74,460 Total $ 2,144 $ 59,971 $ 62,115 $ 72,540 $ 6,123,225 $ 6,195,765 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 Liabilities (Tables) | 9 Months Ended |
Sep. 30, 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 as of September 30, 2019 and for the periods presented: September 30, 2019 (in thousands, except weighted-averages) Three Months Ended Nine Months Ended Operating lease expense $ 995 $ 3,061 Amortization of ROU assets - finance leases 23 68 Interest on lease liabilities - finance leases (1) 18 54 Total Lease Expense $ 1,036 $ 3,183 Operating Leases ROU assets $ 37,534 Operating cash flows $ 931 Finance Leases ROU assets $ 1,168 Operating cash flows $ 55 Financing cash flows $ 34 Weighted Average Lease Term - Years Operating leases 19.94 Finance leases 15.16 Weighted Average Discount Rate Operating leases 6.13 % Finance leases 5.98 % |
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 as of September 30, 2019 and for the periods presented: September 30, 2019 (in thousands, except weighted-averages) Three Months Ended Nine Months Ended Operating lease expense $ 995 $ 3,061 Amortization of ROU assets - finance leases 23 68 Interest on lease liabilities - finance leases (1) 18 54 Total Lease Expense $ 1,036 $ 3,183 Operating Leases ROU assets $ 37,534 Operating cash flows $ 931 Finance Leases ROU assets $ 1,168 Operating cash flows $ 55 Financing cash flows $ 34 Weighted Average Lease Term - Years Operating leases 19.94 Finance leases 15.16 Weighted Average Discount Rate Operating leases 6.13 % Finance leases 5.98 % |
Maturity Analysis of Lease Liabilities for Operating Leases | (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 125 $ 3,726 $ 3,851 2020 126 3,681 3,807 2021 127 3,759 3,886 2022 128 3,836 3,964 2023 130 3,872 4,002 Thereafter 1,309 59,170 60,479 Total $ 1,945 $ 78,044 $ 79,989 Less: Present value discount (716 ) (35,800 ) (36,516 ) Lease Liabilities $ 1,229 $ 42,244 $ 43,473 |
Maturity Analysis of Lease Liabilities for Finance Leases | (dollars in thousands) Maturity Analysis Finance Operating Total 2019 $ 125 $ 3,726 $ 3,851 2020 126 3,681 3,807 2021 127 3,759 3,886 2022 128 3,836 3,964 2023 130 3,872 4,002 Thereafter 1,309 59,170 60,479 Total $ 1,945 $ 78,044 $ 79,989 Less: Present value discount (716 ) (35,800 ) (36,516 ) Lease Liabilities $ 1,229 $ 42,244 $ 43,473 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 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 Derivatives (included in Other Liabilities) (dollars in thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 32,825 $ 5,504 $ 32,772 $ 5,340 Notional amount 547,151 325,750 547,151 325,750 Collateral received/posted — 160 32,208 — Interest Rate Lock Commitments - Mortgage Loans Fair value 455 251 — — Notional amount 16,788 6,054 — — Forward Sale Contracts - Mortgage Loans Fair value 64 55 — — Notional amount $ 24,750 $ 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 32,827 $ 8,733 $ 32,774 $ 8,569 Gross amounts offset (2 ) (3,229 ) (2 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 32,825 5,504 32,772 5,340 Gross amounts not offset (1) — (160 ) (32,208 ) — Net Amount $ 32,825 $ 5,344 $ 564 $ 5,340 (1) Amounts represent collateral received/posted for the periods presented. |
Schedule of Offsetting Derivative Liabilities | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented: Derivatives (included in Other Assets) Derivatives (included in Other Liabilities) (dollars in thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 32,827 $ 8,733 $ 32,774 $ 8,569 Gross amounts offset (2 ) (3,229 ) (2 ) (3,229 ) Net Amounts Presented in the Consolidated Balance Sheets 32,825 5,504 32,772 5,340 Gross amounts not offset (1) — (160 ) (32,208 ) — Net Amount $ 32,825 $ 5,344 $ 564 $ 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 September 30, Nine Months Ended September 30, (dollars in thousands) 2019 2018 2019 2018 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (16 ) $ 31 $ (112 ) $ (55 ) Interest rate lock commitments—mortgage loans (194 ) (169 ) 204 3 Forward sale contracts—mortgage loans 169 99 9 66 Total Derivatives Gain/(Loss) $ (41 ) $ (39 ) $ 101 $ 14 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2019 December 31, 2018 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 13,925 0.74 % $ 18,383 0.46 % Short-term borrowings 370,000 2.18 % 470,000 2.65 % Total Short-term Borrowings 383,925 2.13 % 488,383 2.57 % Long-term Borrowings Long-term borrowings 69,156 2.53 % 70,314 2.84 % Junior subordinated debt securities 45,619 4.58 % 45,619 5.25 % Total Long-term Borrowings 114,775 3.34 % 115,933 3.79 % Total Borrowings $ 498,700 2.41 % $ 604,316 2.80 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Commitments to extend credit $ 1,653,465 $ 1,464,892 Standby letters of credit 75,054 77,134 Total $ 1,728,519 $ 1,542,026 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | 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 September 30, Nine Months Ended September 30, Revenue Streams Point of Revenue Recognition 2019 2018 2019 2018 Service charges on deposit accounts Over a period of time $ 473 $ 312 $ 1,381 $ 1,244 At a point in time 2,939 3,039 8,396 8,520 $ 3,412 $ 3,351 $ 9,777 $ 9,765 Debit and credit card Over a period of time $ 180 $ 158 $ 542 $ 496 At a point in time 3,295 2,983 9,409 8,991 $ 3,475 $ 3,141 $ 9,951 $ 9,487 Wealth management Over a period of time $ 1,703 $ 1,815 $ 4,991 $ 5,517 At a point in time 398 669 1,219 2,265 $ 2,101 $ 2,483 $ 6,210 $ 7,782 Other fee revenue At a point in time $ 864 $ 1,000 $ 2,928 $ 2,862 |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive 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 September 30, 2019 Three Months Ended September 30, 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 $ 2,350 $ (501 ) $ 1,849 $ (3,521 ) $ 748 $ (2,773 ) Adjustment to funded status of employee benefit plans 454 (97 ) 357 590 (125 ) 465 Other Comprehensive Income/(Loss) $ 2,804 $ (598 ) $ 2,206 $ (2,931 ) $ 623 $ (2,308 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (dollars in thousands) Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net of Tax Amount Change in net unrealized gains/(losses) on debt securities available-for-sale (1) $ 18,716 $ (3,991 ) $ 14,725 $ (15,291 ) $ 3,247 $ (12,044 ) Adjustment to funded status of employee benefit plans 1,359 (290 ) 1,069 1,913 (406 ) 1,507 Other Comprehensive Income/(Loss) $ 20,075 $ (4,281 ) $ 15,794 $ (13,378 ) $ 2,841 $ (10,537 ) (1) Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, (dollars in thousands) 2019 2018 2019 2018 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 989 $ 978 $ 2,967 $ 2,912 Expected return on plan assets (1,181 ) (1,566 ) (3,541 ) (4,700 ) Net amortization 395 512 1,184 1,601 Net Periodic Pension Expense $ 203 $ (76 ) $ 610 $ (187 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) $ / shares in Units, $ in Thousands | Jun. 05, 2019branch$ / sharesshares | Sep. 30, 2019USD ($)lease$ / shares | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($)lease | Dec. 31, 2018$ / shares | Jan. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 2.50 | $ 2.50 | ||||
Lease Liabilities | $ 1,229 | |||||
Operating lease, liabilities | 42,244 | |||||
Financing lease, right-of-use assets | 1,168 | |||||
Operating lease right-of-use assets | $ 37,534 | |||||
Number of operating lease agreements | lease | 43 | |||||
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% | |||||
DNB | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of branches | branch | 14 | |||||
Total assets of DNB | $ 1,200,000 | |||||
Shares of S&T offered for each share of DNB (shares) | shares | 1.22 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 2.50 | |||||
DNB | DNB | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 11, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 10, 2018 | |
Numerator for Earnings per Share Basic and Diluted: | |||||||
Net income | $ 26,936 | $ 30,881 | $ 75,965 | $ 78,480 | |||
Less: Income allocated to participating shares | 72 | 87 | 204 | 229 | |||
Net Income Allocated to Shareholders | 26,864 | 30,794 | 75,761 | 78,251 | |||
Net Income Available to Shareholders | $ 26,936 | $ 30,881 | $ 75,965 | $ 78,480 | |||
Denominators for Earnings per Share: | |||||||
Weighted Average Shares Outstanding—Basic (in shares) | 34,090,779 | 34,799,174 | 34,221,479 | 34,783,175 | |||
Add: Potentially dilutive shares (in shares) | 79,502 | 220,118 | 105,746 | 228,909 | |||
Denominator for Treasury Stock Method—Diluted (in shares) | 34,170,281 | 35,019,292 | 34,327,225 | 35,012,084 | |||
Weighted Average Shares Outstanding—Basic (in shares) | 34,090,779 | 34,799,174 | 34,221,479 | 34,783,175 | |||
Add: Average participating shares outstanding (in shares) | 186,491 | 98,579 | 186,253 | 101,808 | |||
Denominator for Two-Class Method—Diluted (in shares) | 34,277,270 | 34,897,753 | 34,407,732 | 34,884,983 | |||
Earnings per share—basic (in dollars per share) | $ 0.79 | $ 0.89 | $ 2.22 | $ 2.26 | |||
Earnings per share—diluted (in dollars per share) | $ 0.79 | 0.88 | $ 2.21 | $ 2.24 | |||
Repurchase of warrant | $ 7,700 | $ 0 | $ 7,652 | ||||
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) | [1] | 0 | 285,915 | 0 | 351,166 | ||
Restricted Stock | |||||||
Denominators for Earnings per Share: | |||||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | 254 | 113,451 | 360 | 113,390 | |||
[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 $31.53 per share via cashless exercise. |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 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 | 664,520,000 | 680,056,000 |
Marketable equity securities | 4,706,000 | 4,816,000 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,049,000 | 9,736,000 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 130,165,000 | 128,261,000 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 155,010,000 | 148,659,000 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 18,826,000 | 24,350,000 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 237,951,000 | 246,784,000 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 112,519,000 | 122,266,000 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities available-for-sale | 664,520,000 | 680,056,000 |
Marketable equity securities | 4,706,000 | 4,816,000 |
Total securities | 669,226,000 | 684,872,000 |
Securities held in a deferred compensation plan | 5,611,000 | 4,725,000 |
Total Assets | 708,181,000 | 695,407,000 |
LIABILITIES | ||
Total Liabilities | 32,772,000 | 5,340,000 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,049,000 | 9,736,000 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 130,165,000 | 128,261,000 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 155,010,000 | 148,659,000 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 18,826,000 | 24,350,000 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 237,951,000 | 246,784,000 |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 112,519,000 | 122,266,000 |
Fair Value Measurements, Recurring | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 32,825,000 | 5,504,000 |
LIABILITIES | ||
Derivative financial liabilities | 32,772,000 | 5,340,000 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 455,000 | 251,000 |
Fair Value Measurements, Recurring | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 64,000 | 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 | 5,611,000 | 4,725,000 |
Total Assets | 5,611,000 | 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 | ||
Derivative financial liabilities | 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 | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities available-for-sale | 664,520,000 | 680,056,000 |
Marketable equity securities | 4,706,000 | 4,816,000 |
Total securities | 669,226,000 | 684,872,000 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 702,570,000 | 690,682,000 |
LIABILITIES | ||
Total Liabilities | 32,772,000 | 5,340,000 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,049,000 | 9,736,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 130,165,000 | 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 | 155,010,000 | 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 | 18,826,000 | 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 | 237,951,000 | 246,784,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 112,519,000 | 122,266,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 32,825,000 | 5,504,000 |
LIABILITIES | ||
Derivative financial liabilities | 32,772,000 | 5,340,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 455,000 | 251,000 |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 64,000 | 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 | ||
Derivative financial liabilities | 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 | ||
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 ($) | Sep. 30, 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 | ||||
Impaired loans | [1] | 33,473,000 | 21,441,000 | |
Other real estate owned | [1] | 1,353,000 | 2,826,000 | |
Mortgage servicing rights | [1] | 3,485,000 | 1,197,000 | |
Total Assets | [1] | 38,311,000 | 25,464,000 | |
Level 1 | ||||
ASSETS | ||||
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 | ||||
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 | ||||
Impaired loans | 33,473,000 | 21,441,000 | [1] | |
Other real estate owned | [1] | 1,353,000 | 2,826,000 | |
Mortgage servicing rights | [1] | 3,485,000 | 1,197,000 | |
Total Assets | [1] | $ 38,311,000 | $ 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 | Sep. 30, 2019 | Dec. 31, 2018 | ||
ASSETS | ||||
Securities, at fair value | $ 669,226 | $ 684,872 | ||
Portfolio loans, net | 6,133,650 | 5,885,652 | ||
FHLB and other restricted stock | 25,397 | 29,435 | ||
LIABILITIES | ||||
Junior subordinated debt securities | 45,619 | 45,619 | ||
Carrying Value | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 173,609 | [1] | 155,489 | [2] |
Securities, at fair value | 669,226 | [1] | 684,872 | [2] |
Loans held for sale | 8,371 | [1] | 2,371 | [2] |
Portfolio loans, net | 6,133,650 | [1] | 5,885,652 | [2] |
Bank owned life insurance | 75,386 | [1] | 73,900 | [2] |
FHLB and other restricted stock | 25,397 | [1] | 29,435 | [2] |
Securities held in a deferred compensation plan | 5,611 | [1] | 4,725 | [2] |
Mortgage servicing rights | 4,172 | [1] | 4,464 | [2] |
LIABILITIES | ||||
Deposits | 5,982,692 | [1] | 5,673,922 | [2] |
Securities sold under repurchase agreements | 13,925 | [1] | 18,383 | [2] |
Short-term borrowings | 370,000 | [1] | 470,000 | [2] |
Long-term borrowings | 69,156 | [1] | 70,314 | [2] |
Junior subordinated debt securities | 45,619 | [1] | 45,619 | [2] |
Carrying Value | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 32,825 | [1] | 5,504 | [2] |
LIABILITIES | ||||
Derivative financial liabilities | 32,772 | [1] | 5,340 | [2] |
Carrying Value | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 455 | [1] | 251 | [2] |
Carrying Value | Forward sale contracts | ||||
ASSETS | ||||
Derivative financial assets | 64 | [1] | 55 | [2] |
Fair Value Measurements | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 173,609 | 155,489 | ||
Securities, at fair value | 669,226 | 684,872 | ||
Loans held for sale | 8,371 | 2,469 | ||
Portfolio loans, net | 6,022,385 | 5,728,843 | ||
Bank owned life insurance | 75,386 | 73,900 | ||
FHLB and other restricted stock | 25,397 | 29,435 | ||
Securities held in a deferred compensation plan | 5,611 | 4,725 | ||
Mortgage servicing rights | 4,189 | 5,181 | ||
LIABILITIES | ||||
Deposits | 5,981,492 | 5,662,193 | ||
Securities sold under repurchase agreements | 13,925 | 18,383 | ||
Short-term borrowings | 370,000 | 470,000 | ||
Long-term borrowings | 69,738 | 70,578 | ||
Junior subordinated debt securities | 45,619 | 45,619 | ||
Fair Value Measurements | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 32,825 | 5,504 | ||
LIABILITIES | ||||
Derivative financial liabilities | 32,772 | 5,340 | ||
Fair Value Measurements | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 455 | 251 | ||
Fair Value Measurements | Forward sale contracts | ||||
ASSETS | ||||
Derivative financial assets | 64 | 55 | ||
Fair Value Measurements | Level 1 | ||||
ASSETS | ||||
Cash and due from banks, including interest-bearing deposits | 173,609 | 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 | 5,611 | 4,725 | ||
Mortgage servicing rights | 0 | 0 | ||
LIABILITIES | ||||
Deposits | 4,656,323 | 4,261,884 | ||
Securities sold under repurchase agreements | 13,925 | 18,383 | ||
Short-term borrowings | 370,000 | 470,000 | ||
Long-term borrowings | 39,329 | 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 | ||||
Derivative financial liabilities | 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 | ||||
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 | 669,226 | 684,872 | ||
Loans held for sale | 0 | 0 | ||
Portfolio loans, net | 0 | 0 | ||
Bank owned life insurance | 75,386 | 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 | 1,325,169 | 1,400,309 | ||
Securities sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 30,409 | 31,968 | ||
Junior subordinated debt securities | 0 | 0 | ||
Fair Value Measurements | Level 2 | Interest rate swaps | ||||
ASSETS | ||||
Derivative financial assets | 32,825 | 5,504 | ||
LIABILITIES | ||||
Derivative financial liabilities | 32,772 | 5,340 | ||
Fair Value Measurements | Level 2 | Interest rate lock commitments | ||||
ASSETS | ||||
Derivative financial assets | 455 | 251 | ||
Fair Value Measurements | Level 2 | Forward sale contracts | ||||
ASSETS | ||||
Derivative financial assets | 64 | 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 | 8,371 | 2,469 | ||
Portfolio loans, net | 6,022,385 | 5,728,843 | ||
Bank owned life insurance | 0 | 0 | ||
FHLB and other restricted stock | 25,397 | 29,435 | ||
Securities held in a deferred compensation plan | 0 | 0 | ||
Mortgage servicing rights | 4,189 | 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 | ||||
Derivative financial liabilities | 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 | ||||
ASSETS | ||||
Derivative financial assets | $ 0 | $ 0 | ||
[1] | This table represents only the nonrecurring items that are recorded at fair value in our financial statements. | |||
[2] | As reported in the Consolidated Balance Sheets |
Securities - Fair Values and Am
Securities - Fair Values and Amortized Costs Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 650,917 | $ 685,170 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 13,914 | 3,514 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (311) | (8,628) |
Debt Securities, Available-for-Sale, Fair Value | 664,520 | 680,056 |
Marketable equity securities | 4,706 | 4,816 |
Total Securities | 669,226 | 684,872 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 9,966 | 9,958 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 83 | 0 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (222) |
Debt Securities, Available-for-Sale, Fair Value | 10,049 | 9,736 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 128,257 | 129,267 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 1,908 | 68 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (1,074) |
Debt Securities, Available-for-Sale, Fair Value | 130,165 | 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 | 151,759 | 149,849 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 3,503 | 795 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (252) | (1,985) |
Debt Securities, Available-for-Sale, Fair Value | 155,010 | 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 | 18,504 | 24,564 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 345 | 203 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (23) | (417) |
Debt Securities, Available-for-Sale, Fair Value | 18,826 | 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 | 234,076 | 251,660 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 3,911 | 0 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (36) | (4,876) |
Debt Securities, Available-for-Sale, Fair Value | 237,951 | 246,784 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 108,355 | 119,872 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 4,164 | 2,448 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (54) |
Debt Securities, Available-for-Sale, Fair Value | $ 112,519 | $ 122,266 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Sep. 30, 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 | 5 | 21 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 30,697 | $ 167,839 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (51) | $ (1,757) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 9 | 44 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 42,838 | $ 307,481 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (260) | $ (6,871) |
Temporarily Impaired Debt Securities, Number of Securities | security | 14 | 65 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 73,535 | $ 475,320 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (311) | $ (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 | 0 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 9,736 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (222) |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 1 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 9,736 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (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 | 0 | 6 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 35,760 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (461) |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 13 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 103,409 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (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 | 2 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 6,465 | $ 12,495 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (42) | $ (44) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 6 | 14 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 27,869 | $ 76,179 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (210) | $ (1,941) |
Temporarily Impaired Debt Securities, Number of Securities | security | 8 | 16 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 34,334 | $ 88,674 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (252) | $ (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 | 1 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 3,948 | $ 2,327 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (1) | $ (45) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 1 | 3 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 2,557 | $ 9,241 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (22) | $ (372) |
Temporarily Impaired Debt Securities, Number of Securities | security | 2 | 5 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 6,505 | $ 11,568 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (23) | $ (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 | 2 | 8 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 20,284 | $ 75,466 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (8) | $ (1,032) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 2 | 19 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 12,412 | $ 171,318 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (28) | $ (3,844) |
Temporarily Impaired Debt Securities, Number of Securities | security | 4 | 27 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 32,696 | $ 246,784 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (36) | $ (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 | 0 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 5,247 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (31) |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 3 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 15,149 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (54) |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Sep. 30, 2019USD ($)security | Dec. 31, 2018USD ($)security | Jan. 01, 2018USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Number of debt securities in unrealized loss position | security | 14 | 65 | ||
Securities pledged for regulatory and legal requirements | $ 222,300 | $ 236,000 | ||
ASU No. 2016-01 | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reclassification of net unrealized gains on equity securities | [1] | $ 0 | ||
ASU No. 2016-01 | Retained Earnings | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reclassification of net unrealized gains on equity securities | [1] | 862 | ||
ASU No. 2016-01 | AOCI Attributable to Parent | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reclassification of net unrealized gains on equity securities | [1] | $ (862) | ||
[1] | Reclassification due to the adoption of ASU No. 2016-01. |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 13,914 | $ 3,514 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (311) | (8,628) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized Gains/(Losses) | 13,603 | (5,114) |
Income tax (expense) benefit, Gross Unrealized Gains | (2,967) | (746) |
Income tax (expense) benefit, Gross Unrealized Losses | 66 | 1,832 |
Income tax (expense) benefit, Net Unrealized Gains/(Losses) | (2,901) | 1,086 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Gains | 10,947 | 2,768 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Losses | (245) | (6,796) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Net Unrealized Gains/(Losses) | $ 10,702 | $ (4,028) |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 73,193 | |
Due after one year through five years | 103,058 | |
Due after five years through ten years | 55,237 | |
Due after ten years | 15,090 | |
Debt Securities Available-for-sale, Maturity, Amortized Cost | 246,578 | |
Debt Securities, Available-for-Sale, Amortized Cost | 650,917 | $ 685,170 |
Fair Value | ||
Due in one year or less | 73,425 | |
Due after one year through five years | 105,407 | |
Due after five years through ten years | 58,034 | |
Due after ten years | 15,867 | |
Debt Securities Available-for-sale, Maturity, Fair Value | 252,733 | |
Debt Securities, Available-for-Sale, Fair Value | 664,520 | 680,056 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 151,759 | |
Debt Securities, Available-for-Sale, Amortized Cost | 151,759 | 149,849 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 155,010 | |
Debt Securities, Available-for-Sale, Fair Value | 155,010 | 148,659 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 18,504 | |
Debt Securities, Available-for-Sale, Amortized Cost | 18,504 | 24,564 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 18,826 | |
Debt Securities, Available-for-Sale, Fair Value | 18,826 | 24,350 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Debt Securities Available-for-Sale With Maturities | 234,076 | |
Debt Securities, Available-for-Sale, Amortized Cost | 234,076 | 251,660 |
Fair Value | ||
Debt Securities Available-for-Sale With Maturities | 237,951 | |
Debt Securities, Available-for-Sale, Fair Value | $ 237,951 | $ 246,784 |
Securities - Unrealized Gains_2
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net market gains/(losses) recognized | $ 156 | $ (111) | $ (110) | $ 171 |
Less: Net gains recognized for equity securities sold | 0 | 0 | 0 | 0 |
Unrealized Gains/(Losses) on Equity Securities Still Held | $ 156 | $ (111) | $ (110) | $ 171 |
Loans and Loans Held for Sale -
Loans and Loans Held for Sale - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 4,600 | $ 4,600 | $ 5,300 | |||
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | |||||
Post-Modification Outstanding Recorded Investment | [1] | $ 25,800 | $ 633 | $ 36,712 | $ 11,699 | |
Number of troubled debt restructuring loans returned to accruing status | loan | 3 | 0 | 5 | 0 | ||
Amount of trouble debt restructuring loans returned to accruing status | $ 200 | $ 200 | ||||
Number of commitments to lend additional funds on TDRs | loan | 13 | 13 | ||||
Commitments to lend additional funds on TDRs | $ 10,500 | $ 10,500 | ||||
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 | 0 | 0 | ||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of commercial loans in total portfolio loans | 78.50% | 78.50% | 78.60% | |||
Commercial loans | $ 4,863,864 | $ 4,863,864 | $ 4,672,445 | |||
Commercial real estate and commercial construction | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loans | $ 3,200,000 | $ 3,200,000 | $ 3,200,000 | |||
Combined percentage of commercial real estate and commercial construction in total commercial loans | 66.60% | 66.60% | 68.00% | |||
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 52.20% | 52.20% | 53.50% | |||
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) | 13.30% | 13.30% | 13.70% | |||
Out of market exposure of combined portfolio (percent) | 6.40% | 6.40% | 5.40% | |||
Percentage of total loans out-of-state excluding contiguous states | 3.40% | 3.40% | 2.90% | |||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Modification Outstanding Recorded Investment | [1] | $ 23,784 | $ 250 | $ 29,747 | $ 250 | |
Commercial real estate | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loans | 2,922,197 | 2,922,197 | $ 2,921,832 | |||
Performing TDRs | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Modification Outstanding Recorded Investment | 38,434 | 16,786 | ||||
Performing TDRs | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Modification Outstanding Recorded Investment | $ 19,900 | $ 21,448 | $ 2,054 | |||
[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_2
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 6,195,765 | $ 5,946,648 |
Loans held for sale | 8,371 | 2,371 |
Total Loans | 6,204,136 | 5,949,019 |
Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,922,197 | 2,921,832 |
Total Loans | 2,922,197 | 2,921,832 |
Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,626,854 | 1,493,416 |
Total Loans | 1,626,854 | 1,493,416 |
Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 314,813 | 257,197 |
Total Loans | 314,813 | 257,197 |
Residential mortgage | ||
Composition of the loans | ||
Total Loans | 770,882 | 726,679 |
Home equity | ||
Composition of the loans | ||
Total Loans | 475,024 | 471,562 |
Installment and other consumer | ||
Composition of the loans | ||
Total Loans | 74,460 | 67,546 |
Consumer construction | ||
Composition of the loans | ||
Total Loans | 11,535 | 8,416 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 4,863,864 | 4,672,445 |
Commercial | Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,922,197 | 2,921,832 |
Commercial | Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,626,854 | 1,493,416 |
Commercial | Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 314,813 | 257,197 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,331,901 | 1,274,203 |
Consumer | Residential mortgage | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 770,882 | 726,679 |
Consumer | Home equity | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 475,024 | 471,562 |
Consumer | Installment and other consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 74,460 | 67,546 |
Consumer | Consumer construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 11,535 | $ 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 | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | $ 25,800 | $ 633 | $ 36,712 | $ 11,699 | |
Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | 23,784 | 250 | 29,747 | 250 | |
Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | 1,527 | 0 | 5,860 | 10,348 | |
Residential mortgage | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | 0 | 186 | 160 | 380 | |
Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | 485 | 191 | 934 | 715 | |
Installment and other consumer | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | [1] | 4 | $ 6 | 10 | $ 6 | |
Performing TDRs | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 38,434 | $ 16,786 | ||||
Performing TDRs | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | $ 19,900 | 21,448 | 2,054 | |||
Performing TDRs | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 9,065 | 7,026 | ||||
Performing TDRs | Commercial construction | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 1,913 | 1,912 | ||||
Performing TDRs | Residential mortgage | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 1,922 | 2,214 | ||||
Performing TDRs | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 4,076 | 3,568 | ||||
Performing TDRs | Installment and other consumer | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 10 | 12 | ||||
Nonperforming TDRs | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 14,496 | 11,088 | ||||
Nonperforming TDRs | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 10,880 | 1,139 | ||||
Nonperforming TDRs | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 787 | 6,646 | ||||
Nonperforming TDRs | Commercial construction | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 406 | 406 | ||||
Nonperforming TDRs | Residential mortgage | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 1,195 | 1,543 | ||||
Nonperforming TDRs | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 1,226 | 1,349 | ||||
Nonperforming TDRs | Installment and other consumer | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 2 | 5 | ||||
Total TDRs | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 52,930 | 27,874 | ||||
Total TDRs | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 32,328 | 3,193 | ||||
Total TDRs | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 9,852 | 13,672 | ||||
Total TDRs | Commercial construction | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 2,319 | 2,318 | ||||
Total TDRs | Residential mortgage | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 3,117 | 3,757 | ||||
Total TDRs | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Restructured loans | 5,302 | 4,917 | ||||
Total TDRs | Installment and other consumer | ||||||
Financing Receivable, Troubled Debt Restructuring [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 | 9 Months Ended | |||||||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 22 | 10 | 46 | 37 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 26,136 | $ 649 | $ 37,711 | $ 12,438 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 25,800 | 633 | 36,712 | 11,699 | ||||
Total Difference in Recorded Investment | $ (336) | $ (16) | $ (999) | $ (739) | |||||
Maturity date extension | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 0 | 1 | 1 | 3 | |||||
Pre-Modification Outstanding Recorded Investment | $ 0 | [1] | $ 256 | [1] | $ 1,322 | $ 1,024 | [1] | ||
Post-Modification Outstanding Recorded Investment | 0 | [1] | 250 | [1] | 1,298 | 907 | [1] | ||
Total Difference in Recorded Investment | $ 0 | $ (6) | $ (24) | $ (117) | |||||
Maturity date extension and interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 2 | |||||||
Pre-Modification Outstanding Recorded Investment | $ 4,902 | $ 47 | [1] | ||||||
Post-Modification Outstanding Recorded Investment | 4,480 | 47 | [1] | ||||||
Total Difference in Recorded Investment | $ (422) | $ 0 | |||||||
Principal deferral | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 4 | 0 | 4 | 3 | |||||
Pre-Modification Outstanding Recorded Investment | $ 24,767 | [1] | $ 0 | [1] | $ 24,767 | $ 4,815 | [1] | ||
Post-Modification Outstanding Recorded Investment | 24,486 | [1] | 0 | [1] | 24,486 | 4,466 | [1] | ||
Total Difference in Recorded Investment | $ (281) | $ 0 | $ (281) | $ (349) | |||||
Principal forgiveness | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | $ 4,690 | $ 0 | [1] | ||||||
Post-Modification Outstanding Recorded Investment | 4,518 | 0 | [1] | ||||||
Total Difference in Recorded Investment | $ (172) | $ 0 | |||||||
Below market interest rate | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 0 | 2 | 0 | |||||
Pre-Modification Outstanding Recorded Investment | $ 569 | [1] | $ 0 | $ 569 | $ 0 | [1] | |||
Post-Modification Outstanding Recorded Investment | 548 | [1] | 0 | 548 | 0 | [1] | |||
Total Difference in Recorded Investment | $ (21) | $ 0 | $ (21) | $ 0 | |||||
Principal deferral and Maturity date extension | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | 1 | 6 | [2] | ||||
Pre-Modification Outstanding Recorded Investment | $ 292 | [1] | $ 0 | [1] | $ 292 | $ 5,355 | [1],[2] | ||
Post-Modification Outstanding Recorded Investment | 277 | [1] | 0 | [1] | 277 | 5,225 | [1],[2] | ||
Total Difference in Recorded Investment | $ (15) | $ 0 | $ (15) | [2] | $ (130) | [2] | |||
Consumer bankruptcy | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 15 | [2] | 9 | [2] | 33 | [3] | 23 | [3] | |
Pre-Modification Outstanding Recorded Investment | $ 508 | [1],[2] | $ 393 | [1],[2] | $ 979 | [3] | $ 1,197 | [1],[3] | |
Post-Modification Outstanding Recorded Investment | 489 | [1],[2] | 383 | [1],[2] | 916 | [3] | 1,054 | [1],[3] | |
Total Difference in Recorded Investment | $ (19) | [2] | $ (10) | [2] | $ (63) | [3] | $ (143) | [3] | |
Interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | $ 190 | $ 0 | [1] | ||||||
Post-Modification Outstanding Recorded Investment | 189 | 0 | [1] | ||||||
Total Difference in Recorded Investment | $ (1) | $ 0 | |||||||
Commercial real estate | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 5 | 1 | 8 | 1 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 24,086 | $ 256 | $ 30,249 | $ 256 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 23,784 | 250 | 29,747 | 250 | ||||
Total Difference in Recorded Investment | $ (302) | $ (6) | $ (502) | $ (6) | |||||
Commercial real estate | Maturity date extension | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 0 | 1 | 1 | 1 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 256 | $ 1,322 | $ 256 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 250 | 1,298 | 250 | ||||
Total Difference in Recorded Investment | $ 0 | $ (6) | $ (24) | $ (6) | |||||
Commercial real estate | Maturity date extension and interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 151 | $ 0 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 147 | 0 | ||||||
Total Difference in Recorded Investment | $ (4) | $ 0 | |||||||
Commercial real estate | Principal deferral | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 3 | 0 | 3 | 0 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 23,517 | $ 0 | $ 23,517 | $ 0 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 23,236 | 0 | 23,236 | 0 | ||||
Total Difference in Recorded Investment | $ (281) | $ 0 | $ (281) | $ 0 | |||||
Commercial real estate | Principal forgiveness | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,690 | $ 0 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,518 | 0 | ||||||
Total Difference in Recorded Investment | $ (172) | $ 0 | |||||||
Commercial real estate | Below market interest rate | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 0 | 2 | 0 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 569 | $ 0 | $ 569 | $ 0 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 548 | 0 | 548 | 0 | ||||
Total Difference in Recorded Investment | $ (21) | $ 0 | $ (21) | $ 0 | |||||
Commercial and industrial | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 0 | 3 | 11 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 1,542 | $ 0 | $ 6,293 | $ 10,938 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 1,527 | 0 | 5,860 | 10,348 | ||||
Total Difference in Recorded Investment | $ (15) | $ 0 | $ (433) | $ (590) | |||||
Commercial and industrial | Maturity date extension | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 0 | 2 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 768 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 657 | ||||||
Total Difference in Recorded Investment | $ 0 | $ (111) | |||||||
Commercial and industrial | Maturity date extension and interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,751 | $ 0 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,333 | 0 | ||||||
Total Difference in Recorded Investment | $ (418) | $ 0 | |||||||
Commercial and industrial | Principal deferral | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | 1 | 3 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 1,250 | $ 0 | $ 1,250 | $ 4,815 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 1,250 | 0 | 1,250 | 4,466 | ||||
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ (349) | |||||
Commercial and industrial | Principal deferral and Maturity date extension | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 0 | 1 | 6 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 292 | $ 0 | $ 292 | $ 5,355 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 277 | 0 | 277 | 5,225 | ||||
Total Difference in Recorded Investment | $ (15) | $ 0 | $ (15) | $ (130) | |||||
Residential mortgage | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 0 | 2 | 3 | 5 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 188 | $ 165 | $ 387 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 186 | 160 | 380 | ||||
Total Difference in Recorded Investment | $ 0 | $ (2) | $ (5) | $ (7) | |||||
Residential mortgage | Consumer bankruptcy | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | [2] | 0 | 2 | 3 | 5 | ||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 0 | $ 188 | $ 165 | $ 387 | ||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 0 | 186 | 160 | 380 | ||||
Total Difference in Recorded Investment | [2] | $ 0 | $ (2) | $ (5) | $ (7) | ||||
Home equity | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 14 | 6 | 29 | 19 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 504 | $ 193 | $ 991 | $ 845 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 485 | 191 | 934 | 715 | ||||
Total Difference in Recorded Investment | $ (19) | $ (2) | $ (56) | $ (130) | |||||
Home equity | Maturity date extension and interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 0 | 2 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 47 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 47 | ||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | |||||||
Home equity | Consumer bankruptcy | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | [2] | 14 | 6 | 27 | 17 | ||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 504 | $ 193 | $ 801 | $ 798 | ||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 485 | 191 | 746 | 668 | ||||
Total Difference in Recorded Investment | [2] | $ (19) | $ (2) | $ (55) | $ (130) | ||||
Home equity | Interest rate reduction | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 2 | 0 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 190 | $ 0 | ||||||
Post-Modification Outstanding Recorded Investment | [1] | 189 | 0 | ||||||
Total Difference in Recorded Investment | $ (1) | $ 0 | |||||||
Installment and other consumer | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | 1 | 1 | 3 | 1 | |||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4 | $ 12 | $ 13 | $ 12 | ||||
Post-Modification Outstanding Recorded Investment | [1] | 4 | 6 | 10 | 6 | ||||
Total Difference in Recorded Investment | $ 0 | $ (6) | $ (3) | $ (6) | |||||
Installment and other consumer | Consumer bankruptcy | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of Loans | loan | [2] | 1 | 1 | 3 | 1 | ||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 4 | $ 12 | $ 13 | $ 12 | ||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 4 | 6 | 10 | 6 | ||||
Total Difference in Recorded Investment | [2] | $ 0 | $ (6) | $ (3) | $ (6) | ||||
[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] | Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. | ||||||||
[3] | As reported in the Consolidated Balance Sheets |
Loans and Loans Held for Sale_5
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Nonperforming Assets | ||
Nonaccrual loans | $ 35,487 | $ 34,985 |
Nonaccrual TDRs | 14,496 | 11,088 |
Total Nonaccrual Loans | 49,983 | 46,073 |
OREO | 1,724 | 3,092 |
Total Nonperforming Assets | $ 51,707 | $ 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 6,144,072 | $ 5,890,141 |
Past due | 60,064 | 58,878 |
Non - performing | 49,983 | 46,073 |
Total Loans | 6,204,136 | 5,949,019 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,886,051 | 2,903,997 |
Past due | 36,146 | 17,835 |
Non - performing | 33,740 | 12,052 |
Total Loans | 2,922,197 | 2,921,832 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,620,286 | 1,482,473 |
Past due | 6,568 | 10,943 |
Non - performing | 4,206 | 8,960 |
Total Loans | 1,626,854 | 1,493,416 |
Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 313,190 | 243,004 |
Past due | 1,623 | 14,193 |
Non - performing | 1,143 | 14,193 |
Total Loans | 314,813 | 257,197 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 760,601 | 717,447 |
Past due | 10,281 | 9,232 |
Non - performing | 7,384 | 7,128 |
Total Loans | 770,882 | 726,679 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 469,805 | 465,152 |
Past due | 5,219 | 6,410 |
Non - performing | 3,492 | 3,698 |
Total Loans | 475,024 | 471,562 |
Installment and other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 74,233 | 67,281 |
Past due | 227 | 265 |
Non - performing | 18 | 42 |
Total Loans | 74,460 | 67,546 |
Consumer construction | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 11,535 | 8,416 |
Past due | 0 | 0 |
Non - performing | 0 | 0 |
Total Loans | 11,535 | 8,416 |
Loans Held for Sale | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 8,371 | 2,371 |
Past due | 0 | 0 |
Non - performing | 0 | 0 |
Total Loans | 8,371 | 2,371 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 7,442 | 8,473 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,845 | 3,638 |
30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,049 | 1,000 |
30 to 59 Days Past Due | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 480 | 0 |
30 to 59 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,566 | 1,584 |
30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,370 | 2,103 |
30 to 59 Days Past Due | Installment and other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 132 | 148 |
30 to 59 Days Past Due | Consumer construction | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
30 to 59 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,639 | 4,332 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 561 | 2,145 |
60 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 313 | 983 |
60 to 89 Days Past Due | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,331 | 520 |
60 to 89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 357 | 609 |
60 to 89 Days Past Due | Installment and other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 77 | 75 |
60 to 89 Days Past Due | Consumer construction | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | Loans Held for Sale | ||
Financing Receivable, 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,863,864 | $ 4,672,445 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,618,155 | $ 4,403,909 |
Total percentage of recorded investment in commercial loan | 94.90% | 94.30% |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 110,690 | $ 87,344 |
Total percentage of recorded investment in commercial loan | 2.30% | 1.80% |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 135,019 | $ 181,192 |
Total percentage of recorded investment in commercial loan | 2.80% | 3.90% |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,922,197 | $ 2,921,832 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,767,646 | $ 2,776,292 |
Total percentage of recorded investment in commercial loan | 94.70% | 95.00% |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 60,096 | $ 54,627 |
Total percentage of recorded investment in commercial loan | 2.10% | 1.90% |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 94,455 | $ 90,913 |
Total percentage of recorded investment in commercial loan | 3.20% | 3.10% |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,626,854 | $ 1,493,416 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,547,375 | $ 1,394,427 |
Total percentage of recorded investment in commercial loan | 95.00% | 93.40% |
Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 43,482 | $ 25,368 |
Total percentage of recorded investment in commercial loan | 2.70% | 1.70% |
Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 36,997 | $ 73,621 |
Total percentage of recorded investment in commercial loan | 2.30% | 4.90% |
Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 314,813 | $ 257,197 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 304,135 | $ 233,190 |
Total percentage of recorded investment in commercial loan | 96.60% | 90.70% |
Commercial construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 7,112 | $ 7,349 |
Total percentage of recorded investment in commercial loan | 2.30% | 2.80% |
Commercial construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 3,566 | $ 16,658 |
Total percentage of recorded investment in commercial loan | 1.10% | 6.50% |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 6,204,136 | $ 5,949,019 |
Loans considered nonperforming (in days) | 90 days | |
Threshold for evaluation for impairment of substandard and nonaccrual commercial loans | $ 500 | |
Commercial | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in loans | (46,200) | |
Loans | 135,000 | 181,200 |
Commercial | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in loans | 23,400 | |
Loans | $ 110,700 | $ 87,300 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,331,901 | $ 1,274,203 |
Percentage of Total | 100.00% | 100.00% |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,321,007 | $ 1,263,335 |
Percentage of Total | 99.20% | 99.10% |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 10,894 | $ 10,868 |
Percentage of Total | 0.80% | 0.90% |
Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 770,882 | $ 726,679 |
Percentage of Total | 100.00% | 100.00% |
Residential mortgage | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 763,498 | $ 719,551 |
Percentage of Total | 99.00% | 99.00% |
Residential mortgage | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 7,384 | $ 7,128 |
Percentage of Total | 1.00% | 1.00% |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 475,024 | $ 471,562 |
Percentage of Total | 100.00% | 100.00% |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 471,532 | $ 467,864 |
Percentage of Total | 99.30% | 99.20% |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 3,492 | $ 3,698 |
Percentage of Total | 0.70% | 0.80% |
Installment and other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 74,460 | $ 67,546 |
Percentage of Total | 100.00% | 100.00% |
Installment and other consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 74,442 | $ 67,504 |
Percentage of Total | 100.00% | 99.90% |
Installment and other consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 18 | $ 42 |
Percentage of Total | 0.00% | 0.10% |
Consumer construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 11,535 | $ 8,416 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivables, recorded investment | $ 11,535 | $ 8,416 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | $ 13,582 | $ 13,582 | $ 9,132 | ||
With a related allowance recorded, Unpaid Principal Balance | 14,822 | 14,822 | 9,141 | ||
Impaired financing receivable, Related Allowance | 2,144 | 2,144 | 1,763 | ||
Without a related allowance recorded, Recorded Investment | 58,958 | 58,958 | 40,374 | ||
Without a related allowance, Unpaid Principal Balance | 68,512 | 68,512 | 47,349 | ||
Impaired Financing Receivable, Recorded Investment, Total | 72,540 | 72,540 | 49,506 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 83,334 | 83,334 | 56,490 | ||
With a related allowance recorded, Average Recorded Investment | 14,756 | $ 528 | 14,851 | $ 622 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | 1 | 2 | |
Without a related allowance recorded, Average Recorded Investment | 58,338 | 30,298 | 57,747 | 28,321 | |
Without a related allowance recorded, Interest Income Recognized | 478 | 287 | 1,434 | 862 | |
Impaired financing receivable, Average Recorded Investment, Total | 73,094 | 30,826 | 72,598 | 28,943 | |
Impaired financing Receivable, Interest Income Recognized, Total | 478 | 288 | 1,435 | 864 | |
Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 13,081 | 13,081 | 7,733 | ||
With a related allowance recorded, Unpaid Principal Balance | 14,322 | 14,322 | 7,733 | ||
Impaired financing receivable, Related Allowance | 2,006 | 2,006 | 1,295 | ||
Without a related allowance recorded, Recorded Investment | 38,368 | 38,368 | 3,636 | ||
Without a related allowance, Unpaid Principal Balance | 42,784 | 42,784 | 4,046 | ||
Impaired Financing Receivable, Recorded Investment, Total | 51,449 | 51,449 | 11,369 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 57,106 | 57,106 | 11,779 | ||
With a related allowance recorded, Average Recorded Investment | 14,255 | 0 | 14,348 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 39,179 | 3,744 | 39,788 | 3,895 | |
Without a related allowance recorded, Interest Income Recognized | 231 | 41 | 712 | 126 | |
Impaired financing receivable, Average Recorded Investment, Total | 53,434 | 3,744 | 54,136 | 3,895 | |
Impaired financing Receivable, Interest Income Recognized, Total | 231 | 41 | 712 | 126 | |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 0 | 0 | 884 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 893 | ||
Impaired financing receivable, Related Allowance | 0 | 0 | 360 | ||
Without a related allowance recorded, Recorded Investment | 9,852 | 9,852 | 12,788 | ||
Without a related allowance, Unpaid Principal Balance | 12,582 | 12,582 | 14,452 | ||
Impaired Financing Receivable, Recorded Investment, Total | 9,852 | 9,852 | 13,672 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 12,582 | 12,582 | 15,345 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 8,008 | 14,412 | 6,644 | 11,567 | |
Without a related allowance recorded, Interest Income Recognized | 116 | 73 | 308 | 232 | |
Impaired financing receivable, Average Recorded Investment, Total | 8,008 | 14,412 | 6,644 | 11,567 | |
Impaired financing Receivable, Interest Income Recognized, Total | 116 | 73 | 308 | 232 | |
Commercial construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 490 | 490 | 489 | ||
With a related allowance recorded, Unpaid Principal Balance | 490 | 490 | 489 | ||
Impaired financing receivable, Related Allowance | 128 | 128 | 87 | ||
Without a related allowance recorded, Recorded Investment | 2,318 | 2,318 | 15,286 | ||
Without a related allowance, Unpaid Principal Balance | 3,828 | 3,828 | 19,198 | ||
Impaired Financing Receivable, Recorded Investment, Total | 2,808 | 2,808 | 15,775 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 4,318 | 4,318 | 19,687 | ||
With a related allowance recorded, Average Recorded Investment | 490 | 496 | 490 | 585 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 2,318 | 2,809 | 2,318 | 2,813 | |
Without a related allowance recorded, Interest Income Recognized | 34 | 61 | 117 | 134 | |
Impaired financing receivable, Average Recorded Investment, Total | 2,808 | 3,305 | 2,808 | 3,398 | |
Impaired financing Receivable, Interest Income Recognized, Total | 34 | 61 | 117 | 134 | |
Consumer real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 0 | 0 | 15 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 14 | ||
Impaired financing receivable, Related Allowance | 0 | 0 | 10 | ||
Without a related allowance recorded, Recorded Investment | 8,418 | 8,418 | 8,659 | ||
Without a related allowance, Unpaid Principal Balance | 9,309 | 9,309 | 9,635 | ||
Impaired Financing Receivable, Recorded Investment, Total | 8,418 | 8,418 | 8,674 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 9,309 | 9,309 | 9,649 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 15 | 0 | 16 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 8,830 | 9,320 | 8,993 | 10,031 | |
Without a related allowance recorded, Interest Income Recognized | 97 | 112 | 297 | 370 | |
Impaired financing receivable, Average Recorded Investment, Total | 8,830 | 9,335 | 8,993 | 10,047 | |
Impaired financing Receivable, Interest Income Recognized, Total | 97 | 112 | 297 | 371 | |
Other consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 11 | 11 | 11 | ||
With a related allowance recorded, Unpaid Principal Balance | 10 | 10 | 12 | ||
Impaired financing receivable, Related Allowance | 10 | 10 | 11 | ||
Without a related allowance recorded, Recorded Investment | 2 | 2 | 5 | ||
Without a related allowance, Unpaid Principal Balance | 9 | 9 | 18 | ||
Impaired Financing Receivable, Recorded Investment, Total | 13 | 13 | 16 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 19 | 19 | $ 30 | ||
With a related allowance recorded, Average Recorded Investment | 11 | 17 | 13 | 21 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | 1 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 3 | 13 | 4 | 15 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired financing receivable, Average Recorded Investment, Total | 14 | 30 | 17 | 36 | |
Impaired financing Receivable, Interest Income Recognized, Total | $ 0 | $ 1 | $ 1 | $ 1 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 61,479 | $ 60,517 | $ 60,996 | $ 56,390 |
Charge-offs | (4,700) | (1,234) | (13,391) | (11,311) |
Recoveries | 423 | 811 | 1,743 | 3,198 |
Net (Charge-offs)/Recoveries | (4,277) | (423) | (11,648) | (8,113) |
Provision for loan losses | 4,913 | 462 | 12,767 | 12,279 |
Balance at End of Period | 62,115 | 60,556 | 62,115 | 60,556 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 32,836 | 31,232 | 33,707 | 27,235 |
Charge-offs | (2,304) | (141) | (2,833) | (373) |
Recoveries | 6 | 64 | 134 | 293 |
Net (Charge-offs)/Recoveries | (2,298) | (77) | (2,699) | (80) |
Provision for loan losses | 1,292 | 1,735 | 823 | 5,735 |
Balance at End of Period | 31,831 | 32,890 | 31,831 | 32,890 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 13,227 | 10,874 | 11,596 | 8,966 |
Charge-offs | (1,467) | (181) | (8,379) | (8,403) |
Recoveries | 210 | 504 | 718 | 985 |
Net (Charge-offs)/Recoveries | (1,257) | 323 | (7,661) | (7,418) |
Provision for loan losses | 2,397 | (971) | 10,431 | 8,678 |
Balance at End of Period | 14,366 | 10,226 | 14,366 | 10,226 |
Commercial construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 7,254 | 11,676 | 7,983 | 13,167 |
Charge-offs | 0 | 0 | 0 | (321) |
Recoveries | 1 | 4 | 4 | 1,134 |
Net (Charge-offs)/Recoveries | 1 | 4 | 4 | 813 |
Provision for loan losses | 620 | (765) | (112) | (3,065) |
Balance at End of Period | 7,875 | 10,915 | 7,875 | 10,915 |
Consumer real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 6,571 | 5,241 | 6,187 | 5,479 |
Charge-offs | (404) | (487) | (815) | (916) |
Recoveries | 102 | 70 | 595 | 393 |
Net (Charge-offs)/Recoveries | (302) | (417) | (220) | (523) |
Provision for loan losses | 65 | 214 | 367 | 82 |
Balance at End of Period | 6,334 | 5,038 | 6,334 | 5,038 |
Other consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 1,591 | 1,494 | 1,523 | 1,543 |
Charge-offs | (525) | (425) | (1,364) | (1,298) |
Recoveries | 104 | 169 | 292 | 393 |
Net (Charge-offs)/Recoveries | (421) | (256) | (1,072) | (905) |
Provision for loan losses | 539 | 249 | 1,258 | 849 |
Balance at End of Period | $ 1,709 | $ 1,487 | $ 1,709 | $ 1,487 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 2,144 | $ 1,763 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,971 | 59,233 | ||||
Total Allowance for Loan Losses | 62,115 | $ 61,479 | 60,996 | $ 60,556 | $ 60,517 | $ 56,390 |
Portfolio Loans, Individually Evaluated for Impairment | 72,540 | 49,506 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 6,123,225 | 5,897,142 | ||||
Total Portfolio Loans | 6,195,765 | 5,946,648 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,006 | 1,295 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 29,825 | 32,412 | ||||
Total Allowance for Loan Losses | 31,831 | 32,836 | 33,707 | 32,890 | 31,232 | 27,235 |
Portfolio Loans, Individually Evaluated for Impairment | 51,449 | 11,369 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 2,870,748 | 2,910,463 | ||||
Total Portfolio Loans | 2,922,197 | 2,921,832 | ||||
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 360 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 14,366 | 11,236 | ||||
Total Allowance for Loan Losses | 14,366 | 13,227 | 11,596 | 10,226 | 10,874 | 8,966 |
Portfolio Loans, Individually Evaluated for Impairment | 9,852 | 13,672 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,617,002 | 1,479,744 | ||||
Total Portfolio Loans | 1,626,854 | 1,493,416 | ||||
Commercial construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 128 | 87 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,747 | 7,896 | ||||
Total Allowance for Loan Losses | 7,875 | 7,254 | 7,983 | 10,915 | 11,676 | 13,167 |
Portfolio Loans, Individually Evaluated for Impairment | 2,808 | 15,775 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 312,005 | 241,422 | ||||
Total Portfolio Loans | 314,813 | 257,197 | ||||
Consumer real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 10 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,334 | 6,177 | ||||
Total Allowance for Loan Losses | 6,334 | 6,571 | 6,187 | 5,038 | 5,241 | 5,479 |
Portfolio Loans, Individually Evaluated for Impairment | 8,418 | 8,674 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,249,023 | 1,197,983 | ||||
Total Portfolio Loans | 1,257,441 | 1,206,657 | ||||
Other consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 10 | 11 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,699 | 1,512 | ||||
Total Allowance for Loan Losses | 1,709 | $ 1,591 | 1,523 | $ 1,487 | $ 1,494 | $ 1,543 |
Portfolio Loans, Individually Evaluated for Impairment | 13 | 16 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 74,447 | 67,530 | ||||
Total Portfolio Loans | $ 74,460 | $ 67,546 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities - Narrative (Details) | Sep. 30, 2019lease |
Leases [Abstract] | |
Number of lease contracts | 45 |
Number of operating leases | 43 |
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 | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |||
Leases [Abstract] | ||||
Operating lease expense | $ 995 | $ 3,061 | ||
Amortization of ROU assets - finance leases | 23 | 68 | ||
Interest on lease liabilities - finance leases | 18 | [1] | 54 | [1] |
Total Lease Expense | 1,036 | 3,183 | ||
Operating Leases | ||||
ROU assets | 37,534 | 37,534 | ||
Operating cash flows | 931 | |||
Finance Leases | ||||
ROU assets | $ 1,168 | 1,168 | ||
Operating cash flows | 55 | |||
Financing cash flows | $ 34 | |||
Weighted Average Lease Term - Years | ||||
Operating leases | 19 years 11 months 8 days | 19 years 11 months 8 days | ||
Finance leases | 15 years 1 month 28 days | 15 years 1 month 28 days | ||
Weighted Average Discount Rate | ||||
Operating leases | 6.13% | 6.13% | ||
Finance leases | 5.98% | 5.98% | ||
[1] | Included in borrowings interest expense in our Consolidated Statements of Comprehensive Income. All other lease costs in this table are included in net occupancy expense. |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities - Maturity Analysis of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 125 |
2020 | 126 |
2021 | 127 |
2022 | 128 |
2023 | 130 |
Thereafter | 1,309 |
Total | 1,945 |
Less: Present value discount | (716) |
Lease Liabilities | 1,229 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | 3,726 |
2020 | 3,681 |
2021 | 3,759 |
2022 | 3,836 |
2023 | 3,872 |
Thereafter | 59,170 |
Total | 78,044 |
Less: Present value discount | (35,800) |
Lease Liabilities | 42,244 |
Operating And Finance Lease Liabilities, Payments Due [Abstract] | |
2019 | 3,851 |
2020 | 3,807 |
2021 | 3,886 |
2022 | 3,964 |
2023 | 4,002 |
Thereafter | 60,479 |
Total | 79,989 |
Less: Present value discount | (36,516) |
Lease Liabilities | $ 43,473 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | 9 Months Ended |
Sep. 30, 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 ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Assets | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | $ 32,825 | $ 5,504 |
Other Assets | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 32,825 | 5,504 |
Notional amount, Derivatives (included in Other Assets) | 547,151 | 325,750 |
Collateral received/posted, Derivatives (included in Other Assets) | 0 | 160 |
Other Assets | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 455 | 251 |
Notional amount, Derivatives (included in Other Assets) | 16,788 | 6,054 |
Other Assets | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 64 | 55 |
Notional amount, Derivatives (included in Other Assets) | 24,750 | 6,000 |
Other Liabilities | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 32,772 | 5,340 |
Other Liabilities | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 32,772 | 5,340 |
Notional amount, Derivatives (included in Other Liabilities) | 547,151 | 325,750 |
Collateral received/posted, Derivatives (included in Other Liabilities) | 32,208 | 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 | Sep. 30, 2019 | Dec. 31, 2018 | |
Other Assets | |||
Derivatives (included in Other Assets) | |||
Gross amounts recognized | $ 32,827 | $ 8,733 | |
Gross amounts offset | (2) | (3,229) | |
Net Amounts Presented in the Consolidated Balance Sheets | 32,825 | 5,504 | |
Gross amounts not offset | [1] | 0 | (160) |
Net Amount | 32,825 | 5,344 | |
Other Liabilities | |||
Derivatives (included in Other Liabilities) | |||
Gross amounts recognized | 32,774 | 8,569 | |
Gross amounts offset | (2) | (3,229) | |
Net Amounts Presented in the Consolidated Balance Sheets | 32,772 | 5,340 | |
Gross amounts not offset | [1] | (32,208) | 0 |
Net Amount | $ 564 | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain/(Loss) | $ (41) | $ (39) | $ 101 | $ 14 |
Interest rate swap contracts—commercial loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain/(Loss) | (16) | 31 | (112) | (55) |
Interest rate lock commitments—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain/(Loss) | (194) | (169) | 204 | 3 |
Forward sale contracts—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain/(Loss) | $ 169 | $ 99 | $ 9 | $ 66 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Sep. 30, 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 | $ 4,800,000 | |
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 | 437,900,000 | $ 540,300,000 |
Short-term borrowings | 370,000,000 | |
Long-term borrowings | 67,900,000 | |
Maximum borrowing capacity | 2,600,000,000 | |
Borrowing capacity utilized | 621,900,000 | |
Letter of credit to collateralize public funds | 184,000,000 | |
Remaining borrowing capacity | 2,000,000,000 | |
Mortgage Backed Securities | ||
Long Term And Short Term Debt [Line Items] | ||
Amortized cost of securities pledged as collateral | 14,600,000 | 24,200,000 |
Carrying value of securities pledged as collateral | $ 15,000,000 | $ 23,900,000 |
Borrowings - Summary of Informa
Borrowings - Summary of Information Pertaining to Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 383,925 | $ 488,383 |
Long-term borrowings, Balance | 114,775 | 115,933 |
Total Borrowings, Balance | $ 498,700 | $ 604,316 |
Short-term borrowings, Weighted Average Rate | 2.13% | 2.57% |
Long-term borrowings, Weighted Average Rate | 3.34% | 3.79% |
Total Borrowings, Weighted Average Rate | 2.41% | 2.80% |
Securities sold under repurchase agreements | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 13,925 | $ 18,383 |
Short-term borrowings, Weighted Average Rate | 0.74% | 0.46% |
Short-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 370,000 | $ 470,000 |
Short-term borrowings, Weighted Average Rate | 2.18% | 2.65% |
Long-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 69,156 | $ 70,314 |
Long-term borrowings, Weighted Average Rate | 2.53% | 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 | 4.58% | 5.25% |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 1,728,519 | $ 1,542,026 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 1,653,465 | 1,464,892 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 75,054 | $ 77,134 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ 3,412 | $ 3,351 | $ 9,777 | $ 9,765 |
Service charges on deposit accounts | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 473 | 312 | 1,381 | 1,244 |
Service charges on deposit accounts | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 2,939 | 3,039 | 8,396 | 8,520 |
Debit and credit card | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 3,475 | 3,141 | 9,951 | 9,487 |
Debit and credit card | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 180 | 158 | 542 | 496 |
Debit and credit card | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 3,295 | 2,983 | 9,409 | 8,991 |
Wealth management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 2,101 | 2,483 | 6,210 | 7,782 |
Wealth management | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,703 | 1,815 | 4,991 | 5,517 |
Wealth management | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 398 | 669 | 1,219 | 2,265 |
Other fee revenue | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ 864 | $ 1,000 | $ 2,928 | $ 2,862 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Pre-Tax Amount | |||||
Other Comprehensive Income/(Loss), Pre-Tax Amount | $ 2,804 | $ (2,931) | $ 20,075 | $ (13,378) | |
Tax (Expense) Benefit | |||||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (598) | 623 | (4,281) | 2,841 | |
Net of Tax Amount | |||||
Other Comprehensive Income/(Loss), Net of Tax Amount | 2,206 | (2,308) | 15,794 | (10,537) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent | |||||
Pre-Tax Amount | |||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 2,350 | (3,521) | 18,716 | (15,291) | [1] |
Tax (Expense) Benefit | |||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (501) | 748 | (3,991) | 3,247 | [1] |
Net of Tax Amount | |||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 1,849 | (2,773) | 14,725 | (12,044) | [1] |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | |||||
Pre-Tax Amount | |||||
Other Comprehensive Income/(Loss), Pre-Tax Amount | 454 | 590 | 1,359 | 1,913 | |
Tax (Expense) Benefit | |||||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (97) | (125) | (290) | (406) | |
Net of Tax Amount | |||||
Other Comprehensive Income/(Loss), Net of Tax Amount | $ 357 | $ 465 | $ 1,069 | $ 1,507 | |
[1] | Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018. |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Components of Net Periodic Pension Cost | ||||
Interest cost on projected benefit obligation | $ 989 | $ 978 | $ 2,967 | $ 2,912 |
Expected return on plan assets | (1,181) | (1,566) | (3,541) | (4,700) |
Net amortization | 395 | 512 | 1,184 | 1,601 |
Net Periodic Pension Expense | $ 203 | $ (76) | $ 610 | $ (187) |
Qualified Affordable Housing _2
Qualified Affordable Housing And Historic Rehabilitation Projects (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |||||
Investment in qualified affordable housing projects | $ 5,000,000 | $ 5,000,000 | $ 6,000,000 | ||
Amortization expense included in noninterest expense | 700,000 | $ 700,000 | 2,000,000 | $ 2,000,000 | |
Affordable housing tax credits | 700,000 | $ 800,000 | 2,200,000 | $ 2,300,000 | |
Investment in historic rehabilitation projects | 1,100,000 | 1,100,000 | 300,000 | ||
Historic rehabilitation tax credits | $ 300,000 | $ 900,000 | $ 0 |
Sale of a Majority Interest o_2
Sale of a Majority Interest of Insurance Business (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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 | $ 0 | $ 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 ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 17 Months Ended | ||
Oct. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | Sep. 16, 2019 | Mar. 19, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Cost to repurchase common shares | $ 3,100,000 | $ 18,222,000 | ||||
March 19, 2018 Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||
Repurchased common shares (in shares) | 84,868 | 470,708 | 792,439 | |||
Cost to repurchase common shares | $ 3,100,000 | $ 18,200,000 | $ 30,500,000 | |||
Cost to repurchase common shares (in dollars per share) | $ 36.52 | $ 38.71 | $ 38.46 | |||
September 16, 2019 Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||
Subsequent Event | September 16, 2019 Plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchased common shares (in shares) | 0 |
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 |