Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $2.50 par value | |
Trading Symbol | STBA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,360,750 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $601,134 and $158,903 at March 31, 2021 and December 31, 2020 | $ 671,429 | $ 229,666 |
Securities, at fair value | 817,299 | 773,693 |
Loans held for sale | 12,794 | 18,528 |
Portfolio loans, net of unearned income | 7,183,168 | 7,225,860 |
Allowance for credit losses on loans | (115,101) | (117,612) |
Portfolio loans, net | 7,068,067 | 7,108,248 |
Bank owned life insurance | 82,677 | 82,303 |
Premises and equipment, net | 54,720 | 55,614 |
Federal Home Loan Bank and other restricted stock, at cost | 12,199 | 13,030 |
Goodwill | 373,424 | 373,424 |
Other intangible assets, net | 8,211 | 8,675 |
Other assets | 228,159 | 304,716 |
Total Assets | 9,328,979 | 8,967,897 |
Deposits: | ||
Noninterest-bearing demand | 2,539,594 | 2,261,994 |
Interest-bearing demand | 976,225 | 864,510 |
Money market | 2,002,857 | 1,937,063 |
Savings | 1,036,927 | 969,508 |
Certificates of deposit | 1,320,425 | 1,387,463 |
Total Deposits | 7,876,028 | 7,420,538 |
Securities sold under repurchase agreements | 67,417 | 65,163 |
Short-term borrowings | 0 | 75,000 |
Long-term borrowings | 23,282 | 23,681 |
Junior subordinated debt securities | 64,097 | 64,083 |
Other liabilities | 129,877 | 164,721 |
Total Liabilities | 8,160,701 | 7,813,186 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2021 and December 31, 2020 Outstanding—39,268,359 shares at March 31, 2021 and 39,298,007 shares at December 31, 2020 | 103,623 | 103,623 |
Additional paid-in capital | 401,353 | 400,668 |
Retained earnings | 731,718 | 710,061 |
Accumulated other comprehensive income | 1,061 | 8,971 |
Treasury stock — 2,181,085 shares at March 31, 2021 and 2,151,437 shares at December 31, 2020, at cost | (69,477) | (68,612) |
Total Shareholders’ Equity | 1,168,278 | 1,154,711 |
Total Liabilities and Shareholders’ Equity | $ 9,328,979 | $ 8,967,897 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 601,134 | $ 158,903 |
SHAREHOLDERS’ EQUITY | ||
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) | 41,449,444 | 41,449,444 |
Common stock, shares outstanding (in shares) | 39,268,359 | 39,298,007 |
Treasury stock, shares (in shares) | 2,181,085 | 2,151,437 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 70,232 | $ 82,051 |
Investment Securities: | ||
Taxable | 3,563 | 4,215 |
Tax-exempt | 813 | 870 |
Dividends | 173 | 453 |
Total Interest and Dividend Income | 74,781 | 87,589 |
INTEREST EXPENSE | ||
Deposits | 3,481 | 15,338 |
Borrowings and junior subordinated debt securities | 641 | 2,215 |
Total Interest Expense | 4,122 | 17,553 |
NET INTEREST INCOME | 70,659 | 70,036 |
Provision for credit losses | 3,137 | 20,050 |
Net Interest Income After Provision for Credit Losses | 67,522 | 49,986 |
NONINTEREST INCOME | ||
Net gain on sale of securities | 0 | 0 |
Mortgage banking | 4,310 | 1,236 |
Commercial loan swap income | 95 | 2,484 |
Other | 2,252 | (1,169) |
Total Noninterest Income | 17,236 | 12,403 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 23,327 | 21,335 |
Data processing and information technology | 4,225 | 3,868 |
Occupancy | 3,827 | 3,765 |
Furniture, equipment and software | 2,640 | 2,519 |
Professional services and legal | 1,531 | 1,048 |
Other Taxes | 1,436 | 1,600 |
Marketing | 1,322 | 1,111 |
FDIC Insurance | 1,046 | 770 |
Merger related expenses | 0 | 2,342 |
Other | 6,226 | 8,033 |
Total Noninterest Expense | 45,580 | 46,391 |
Income Before Taxes | 39,178 | 15,998 |
Income tax expense | 7,276 | 2,767 |
Net Income | $ 31,902 | $ 13,231 |
Earnings per share—basic (in dollars per share) | $ 0.81 | $ 0.34 |
Earnings per share—diluted (in dollars per share) | 0.81 | 0.34 |
Dividends declared per share (in dollars per share) | $ 0.28 | $ 0.28 |
Comprehensive Income | $ 23,992 | $ 30,573 |
Debit and credit card | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 4,162 | 3,482 |
Service charges on deposit accounts | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 3,474 | 4,008 |
Wealth management | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | $ 2,944 | $ 2,362 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Impact of new accounting standard | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsImpact of new accounting standard | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning Balance at Dec. 31, 2019 | $ 1,191,998 | $ (22,590) | $ 103,623 | $ 399,944 | $ 761,083 | $ (22,590) | $ (11,670) | $ (60,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 13,231 | 13,231 | ||||||
Other comprehensive income, net of tax | 17,342 | 17,342 | ||||||
Cash dividends declared | (11,051) | (11,051) | ||||||
Treasury stock issued for restricted stock awards, net of forfeitures | (563) | 53 | (616) | |||||
Repurchase of common stock (411,430 shares) | (12,559) | (12,559) | ||||||
Recognition of restricted stock compensation expense | 443 | 443 | ||||||
Ending Balance at Mar. 31, 2020 | 1,176,251 | 103,623 | 400,387 | 740,726 | 5,672 | (74,157) | ||
Beginning Balance at Dec. 31, 2019 | 1,191,998 | $ (22,590) | 103,623 | 399,944 | 761,083 | $ (22,590) | (11,670) | (60,982) |
Ending Balance at Dec. 31, 2020 | 1,154,711 | 103,623 | 400,668 | 710,061 | 8,971 | (68,612) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 31,902 | 31,902 | ||||||
Other comprehensive income, net of tax | (7,910) | (7,910) | ||||||
Cash dividends declared | (10,975) | (10,975) | ||||||
Treasury stock issued for restricted stock awards, net of forfeitures | (135) | 730 | (865) | |||||
Recognition of restricted stock compensation expense | 685 | 685 | ||||||
Ending Balance at Mar. 31, 2021 | $ 1,168,278 | $ 103,623 | $ 401,353 | $ 731,718 | $ 1,061 | $ (69,477) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in dollars per share) | $ 0.28 | $ 0.28 |
Restricted stock awards, net of forfeitures (in shares) | 30,840 | 26,739 |
Forfeitures of restricted stock (in shares) | 1,192 | 3,290 |
Repurchase of common stock (in shares) | 411,430 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by (Used in) Operating Activities | $ 90,145 | $ (59,961) |
INVESTING ACTIVITIES | ||
Purchases of securities | (89,038) | (30,292) |
Proceeds from maturities, prepayments and calls of securities | 34,715 | 33,869 |
Net proceeds from sales (purchases of) of Federal Home Loan Bank stock | 831 | (5,277) |
Net decrease (increase) in loans | 33,937 | (122,507) |
Proceeds from sale of loans not originated for resale | 640 | 0 |
Purchases of premises and equipment | (811) | (1,429) |
Proceeds from the sale of premises and equipment | 74 | 0 |
Net Cash Used in Investing Activities | (19,652) | (125,636) |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 522,528 | 28,684 |
Net decrease in certificates of deposit | (67,003) | (7,042) |
Net increase in securities sold under repurchase agreements | 2,254 | 49,756 |
Net decrease (increase) in short-term borrowings | (75,000) | 128,921 |
Repayments on long-term borrowings | (399) | (688) |
Treasury shares issued-net | (135) | (563) |
Cash dividends paid to common shareholders | (10,975) | (11,051) |
Repurchase of common stock | 0 | (12,559) |
Net Cash Provided by Financing Activities | 371,270 | 175,458 |
Net increase (decrease) in cash and cash equivalents | 441,763 | (10,139) |
Cash and cash equivalents at beginning of period | 229,666 | 197,823 |
Cash and Cash Equivalents at End of Period | 671,429 | 187,684 |
Supplemental Disclosures | ||
Loans transferred to held for sale | 2,798 | 0 |
Leased right-of-use operating assets and lease liabilities | 0 | 91 |
Interest paid | 5,368 | 17,795 |
Income taxes paid, net of refunds | 197 | 210 |
Transfers of loans to other real estate owned | $ 77 | $ 110 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, filed with the Securities and Exchange Commission, or SEC, on March 1, 2021. 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 we entered into an agreement to acquire DNB Financial Corporation, or DNB, and the transaction was completed on November 30, 2019. Refer to Note 2, Business Combinations in our Annual Report on Form 10-K for the year ended December 31, 2020 for further details on the merger. 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 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and improve the consistent application of GAAP by clarifying and amending other existing guidance. We adopted this ASU on January 1, 2021. The amendments in this ASU did not impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we do not expect the amendments in this ASU to materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. For the three months ended March 31, 2021 and 2020, diluted EPS was reported using the two-class method. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented. Three months ended March 31, (in thousands, except share and per share data) 2021 2020 Numerator for Earnings per Share—Basic: Net income $ 31,902 $ 13,231 Less: Income allocated to participating shares 141 29 Net Income Allocated to Shareholders $ 31,761 $ 13,202 Numerator for Earnings per Share—Diluted: Net income $ 31,902 $ 13,231 Net Income Available to Shareholders $ 31,902 $ 13,231 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 39,021,208 39,271,540 Add: Potentially dilutive shares 99,922 108,116 Denominator for Treasury Stock Method—Diluted 39,121,130 39,379,656 Weighted Average Shares Outstanding—Basic 39,021,208 39,271,540 Add: Average participating shares outstanding — 54,398 Denominator for Two-Class Method—Diluted 39,021,208 39,325,938 Earnings per share—basic $ 0.81 $ 0.34 Earnings per share—diluted $ 0.81 $ 0.34 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 165 41 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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, individually assessed 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 Available-for-Sale Debt Securities We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing 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. Securities Held in a Deferred Compensation Plan 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. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following 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. 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. 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. OREO and other repossessed assets are reported in other assets in the Consolidated Balance Sheets. Mortgage Servicing Rights MSRs are reported pursuant to the amortization method and evaluated for impairment quarterly by comparing the carrying to the fair value of the MSRs. 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. 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 Our methodology to fair value loans includes an exit price notion. 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. Collateral Receivable The carrying amount included in other assets on our Consolidated Balance Sheets approximates fair value. Deposits The fair values disclosed for deposits without defined maturities ( e.g. , noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at March 31, 2021 and December 31, 2020. March 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 63,268 $ — $ 63,268 Obligations of U.S. government corporations and agencies — 82,028 — 82,028 Collateralized mortgage obligations of U.S. government corporations and agencies — 217,916 — 217,916 Residential mortgage-backed securities of U.S. government corporations and agencies — 63,911 — 63,911 Commercial mortgage-backed securities of U.S. government corporations and agencies — 277,253 — 277,253 Corporate obligations — 2,002 — 2,002 Obligations of states and political subdivisions — 107,505 — 107,505 Total Available-for-sale Debt Securities — 813,883 — 813,883 Marketable equity securities 3,328 88 — 3,416 Total Securities 3,328 813,971 — 817,299 Securities held in a deferred compensation plan 7,178 — — 7,178 Derivative financial assets: Interest rate swaps — 40,415 — 40,415 Interest rate lock commitments — — 1,509 1,509 Forward sale contracts — — 226 226 Total Assets $ 10,506 $ 854,386 $ 1,735 $ 866,627 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 40,818 $ — $ 40,818 Total Liabilities $ — $ 40,818 $ — $ 40,818 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,282 $ — $ 10,282 Obligations of U.S. government corporations and agencies — 82,904 — 82,904 Collateralized mortgage obligations of U.S. government corporations and agencies — 209,296 — 209,296 Residential mortgage-backed securities of U.S. government corporations and agencies — 67,778 — 67,778 Commercial mortgage-backed securities of U.S. government corporations and agencies — 273,681 — 273,681 Corporate obligations — 2,025 — 2,025 Obligations of states and political subdivisions — 124,427 — 124,427 Total Available-for-sale Debt Securities — 770,393 — 770,393 Marketable equity securities 3,228 72 — 3,300 Total Securities 3,228 770,465 — 773,693 Securities held in a deferred compensation plan 6,794 — — 6,794 Derivative financial assets: Interest rate swaps — 78,319 — 78,319 Interest rate lock commitments — — 2,900 2,900 Total Assets $ 10,022 $ 848,784 $ 2,900 $ 861,706 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 79,033 $ — $ 79,033 Forward sale contracts — 385 — 385 Total Liabilities $ — $ 79,418 $ — $ 79,418 There were no transfers between Level 1, Level 2 and Level 3 for the three months ended March 31, 2021. Interest rate lock commitments to borrowers were transferred from Level 2 to Level 3 during the year ended December 31, 2020 due to pull-through factors being a significant unobservable input. Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2021 or December 31, 2020. For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans individually evaluated $ 78,186 Collateral method Appraisal adjustment 0% - 47% 16.91% Other real estate owned 1,563 Collateral method Costs to sell 4% - 7.00% 5.06% Mortgage servicing rights 6,590 Discounted cash flow method Discount rate 9.02% - 13.77% 9.40% Constant prepayment rates 9.24% - 12.54% 11.08% Loans held for sale 2,798 Contractual agreement None NA NA Total Assets $ 89,137 December 31, 2020 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans individually evaluated $ 67,402 Collateral method Appraisal adjustment 0% - 47% 16.90% Other real estate owned 1,953 Collateral method Costs to sell 4% - 7.00% 4.92% Mortgage servicing rights 4,976 Discounted cash flow method Discount rate 9.24% - 12.55% 9.42% Constant prepayment rates 8.82% - 14.58% 13.37% Loans held for sale 586 Contractual agreement None NA NA Total Assets $ 74,917 NA - not applicable (1) Weighted averages for loans held for investment were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. (3) Weighted averages for mortgage services rights discount rate and prepayment rates are based on note rate tranches and voluntary constant prepayment rates. The carrying values and fair values of our financial instruments at March 31, 2021 and December 31, 2020 are presented in the following tables: Carrying Value (1) Fair Value Measurements at March 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 671,429 $ 671,429 $ 671,429 $ — $ — Securities 817,299 817,299 — 817,299 — Loans held for sale 12,794 12,794 — — 12,794 Portfolio loans, net 7,068,067 6,976,120 — — 6,976,120 Bank owned life insurance 82,677 82,677 — 82,677 — FHLB and other restricted stock 12,199 12,199 — — 12,199 Collateral receivable 43,343 43,343 43,343 — — Securities held in a deferred compensation plan 7,178 7,178 7,178 — — Mortgage servicing rights 6,590 6,590 — — 6,590 Interest rate swaps 40,415 40,415 — 40,415 — Interest rate lock commitments 1,509 1,509 — — 1,509 Forward sale contracts 226 226 — — 226 LIABILITIES Deposits $ 7,876,028 $ 7,876,232 $ 6,555,603 $ 1,320,629 $ — Securities sold under repurchase agreements 67,417 67,417 67,417 — — Short-term borrowings — — — — — Long-term borrowings 23,282 23,903 4,447 19,456 — Junior subordinated debt securities 64,097 64,097 64,097 — — Interest rate swaps 40,818 40,818 — 40,818 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 229,666 $ 229,666 $ 229,666 $ — $ — Securities 773,693 773,693 3,228 770,465 — Loans held for sale 18,528 18,528 — — 18,528 Portfolio loans, net 7,108,248 7,028,446 — — 7,028,446 Bank owned life insurance 82,303 82,303 — 82,303 — FHLB and other restricted stock 13,030 13,030 — — 13,030 Collateral receivable 77,936 77,936 77,936 — — Securities held in a deferred compensation plan 6,794 6,794 6,794 — — Mortgage servicing rights 4,976 4,976 — — 4,976 Interest rate swaps 78,319 78,319 — 78,319 — Interest rate lock commitments 2,900 2,900 — — 2,900 LIABILITIES Deposits $ 7,420,538 $ 7,422,894 $ 6,033,075 $ 1,389,819 $ — Securities sold under repurchase agreements 65,163 65,163 65,163 — — Short-term borrowings 75,000 75,000 75,000 — — Long-term borrowings 23,681 24,545 4,494 20,051 — Junior subordinated debt securities 64,083 64,083 64,083 — — Interest rate swaps 79,033 79,033 — 79,033 — Forward sale contracts 385 385 — 385 — (1) As reported in the Consolidated Balance Sheets |
Securities
Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Available-for-sale debt securities $ 813,883 $ 770,393 Marketable equity securities 3,416 3,300 Total Securities $ 817,299 $ 773,693 Available-for-Sale Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2021 December 31, 2020 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 63,361 $ 259 $ (352) $ 63,268 $ 9,980 $ 302 $ — $ 10,282 Obligations of U.S. government corporations and agencies 78,715 3,313 — 82,028 78,755 4,149 — 82,904 Collateralized mortgage obligations of U.S. government corporations and agencies 213,394 5,716 (1,194) 217,916 202,975 6,410 (89) 209,296 Residential mortgage-backed securities of U.S. government corporations and agencies 64,496 632 (1,217) 63,911 66,960 818 — 67,778 Commercial mortgage-backed securities of U.S. government corporations and agencies 266,292 11,085 (124) 277,253 258,875 14,806 — 273,681 Corporate obligations 2,001 2 (1) 2,002 2,021 5 (1) 2,025 Obligations of states and political subdivisions 101,949 5,556 — 107,505 117,439 6,988 — 124,427 Total Available-for-Sale Debt Securities (1) $ 790,208 $ 26,563 $ (2,888) $ 813,883 $ 737,005 $ 33,478 $ (90) $ 770,393 (1) Excludes interest receivable of $3.2 million at March 31, 2021and $3.4 million at December 31, 2020. Interest receivable is included in other assets in the consolidated balance sheets. The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2021 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 5 $ 53,026 $ (352) — $ — $ — 5 $ 53,026 $ (352) Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 1 10,785 (124) — — — 1 10,785 (124) Residential mortgage-backed securities of U.S. government corporations and agencies 2 49,860 (1,217) — — — 2 49,860 (1,217) Commercial mortgage-backed securities of U.S. government corporations and agencies 5 68,629 (1,194) — — — 5 68,629 (1,194) Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 14 $ 182,799 $ (2,888) — $ — $ — 14 $ 182,799 $ (2,888) December 31, 2020 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 35,697 (89) — — — 2 35,697 (89) Residential mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Commercial mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 3 $ 36,196 $ (90) — $ — $ — 3 $ 36,196 $ (90) We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. There was 14 debt securities in an unrealized loss position at March 31, 2021 and 3 debt securities in an unrealized loss position at December 31, 2020. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on the debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We did not record an ACL related to the securities portfolio at March 31, 2021 and December 31, 2020. The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented: March 31, 2021 December 31, 2020 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on available-for-sale debt securities $ 26,563 $ (2,888) $ 23,675 $ 33,478 $ (90) $ 33,388 Income tax (expense) benefit (5,668) 615 (5,053) (7,128) 19 (7,109) Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 20,895 $ (2,273) $ 18,622 $ 26,350 $ (71) $ 26,279 The amortized cost and fair value of available-for-sale debt securities at March 31, 2021 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2021 (dollars in thousands) Amortized 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 $ 40,399 $ 40,813 Due after one year through five years 92,940 97,643 Due after five years through ten years 89,580 91,236 Due after ten years 21,106 23,109 Available-for-Sale Debt Securities With Maturities 244,025 252,801 Collateralized mortgage obligations of U.S. government corporations and agencies 213,394 217,916 Residential mortgage-backed securities of U.S. government corporations and agencies 64,496 63,911 Commercial mortgage-backed securities of U.S. government corporations and agencies 266,292 277,253 Corporate Securities 2,001 2,002 Total Available-for-Sale Debt Securities $ 790,208 $ 813,883 Debt securities with carrying values of $320 million at March 31, 2021 and $308 million at December 31, 2020 were pledged for various regulatory and legal requirements. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Marketable Equity Securities Net market gains/(losses) recognized $ 116 $ (1,585) Less: Net gains recognized for equity securities sold — — Unrealized (Losses)/Gains on Equity Securities Still Held $ 116 $ (1,585) Total unrealized gains and losses on marketable equity securities recognized during the current period are included in other noninterest income on the Consolidated Statements of Comprehensive Income. |
Loans and Loans Held for Sale
Loans and Loans Held for Sale | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $14.0 million at March 31, 2021 and $16.0 million at December 31, 2020 and net of a discount related to purchase accounting fair value adjustments of $7.5 million at March 31, 2021 and $8.6 million at December 31, 2020. The following table presents loans as of the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Commercial Commercial real estate $ 3,284,555 $ 3,244,974 Commercial and industrial 1,931,711 1,954,453 Commercial construction 460,417 474,280 Total Commercial Loans 5,676,683 5,673,707 Consumer Consumer real estate 1,425,839 1,471,238 Other consumer 80,646 80,915 Total Consumer Loans 1,506,485 1,552,153 Total Portfolio Loans 7,183,168 7,225,860 Loans held for sale 12,794 18,528 Total Loans (1) $ 7,195,962 $ 7,244,388 (1) Excludes interest receivable of $23.4 million at March 31, 2021 and $24.7 million at December 31, 2020. Interest receivable is included in other assets in the consolidated balance sheets. Commercial and industrial loans, or C&I, included $499.1 million of loans originated under the Paycheck Protection Program, or PPP, at March 31, 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security, or CARES Act was signed into law. The CARES Act included the PPP, a program designed to aid small and medium sized businesses through federally guaranteed loans distributed through banks. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted expenses in accordance with the requirements of the PPP. The loans are 100 percent guaranteed by the Small Business Administration, or SBA. These loans carry a fixed rate of 1.00 percent and a term of two years, or five years for loans approved by the SBA, on or after June 5, 2020. Payments are deferred for at least six months of the loan. The SBA pays us a processing fee ranging from 1 percent to 5 percent based on the size of the loan. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income over the life of the loan using the level yield method. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs will be immediately recognized into income. At March 31, 2021, our business banking segment was $1.1 billion compared to $1.2 billion at December 31, 2020. Business banking consists of commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. Business banking consisted of $504.2 million of commercial real estate loans, $232.1 million of C&I loans, $11.0 million of commercial construction loans, $321.8 million of consumer real estate loans that have a commercial purpose at March 31, 2021. At December 31, 2020 business banking consisted of $453.0 million of commercial real estate loans, $394.9 million of C&I loans, $8.2 million of commercial construction loans and $303.9 million of consumer real estate loans that have a commercial purpose. During the first quarter of 2021, $90.2 million of commercial loans and $23.2 million of consumer loans were reclassified into the business banking segment. We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 79.0 percent of total portfolio loans at March 31, 2021 and 78.5 percent at December 31, 2020. Within our commercial portfolio, the CRE and commercial construction portfolios combined comprised $3.7 billion, or 66.0 percent, of total commercial loans at March 31, 2021 and $3.7 billion, or 65.6 percent, of total commercial loans at December 31, 2020 and 52.1 percent of total portfolio loans at March 31, 2021 and 51.5 percent at December 31, 2020. 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 5.7 percent of the combined portfolios and 3.0 percent of total portfolio loans at March 31, 2021. This compares to 5.9 percent of the combined portfolios and 3.0 percent of total portfolio loans at December 31, 2020. We individually evaluate all substandard and nonaccrual 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 will be reported as such 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. 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 tables summarize restructured loans as of the dates presented: March 31, 2021 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 9 $ 15,754 $ 15,762 Commercial and industrial 7,576 11,425 19,001 Commercial construction 3,245 — 3,245 Business banking 1,471 397 1,868 Consumer real estate 5,611 2,407 8,018 Other consumer 5 — 5 Total $ 17,916 $ 29,983 $ 47,899 December 31, 2020 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 14 $ 16,654 $ 16,668 Commercial and industrial 7,090 9,885 16,975 Commercial construction 3,267 — 3,267 Business banking 1,503 430 1,933 Consumer real estate 5,581 2,319 7,900 Other consumer 5 — 5 Total $ 17,460 $ 29,288 $ 46,748 There were no TDR's that returned to accruing status during the three months ended March 31, 2021 and March 31, 2020. The following tables present the restructured loans by portfolio segment and by type of concession for the periods presented: Three Months Ended March 31, 2021 Number Type of Modification Total Pre-Modification Outstanding Recorded Investment (2) Total Post-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Forbearance Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial 2 — — 821 — 5,475 6,304 6,296 Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 11 340 80 — — 148 609 568 Other consumer 1 1 — — — — 1 1 Total (2) 14 $ 341 $ 80 $ 821 $ — $ 5,623 $ 6,914 $ 6,865 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) 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. Three Months Ended March 31, 2020 Number Type of Modification Total Pre-Modification Outstanding Recorded Investment (2) Total Post-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Forbearance Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction 1 — — 1,891 — — 1,891 1,806 Business banking — — — — — — — — Consumer real estate 5 78 — — — 27 105 91 Other consumer — — — — — — — — Total (2) 6 $ 78 $ — $ 1,891 $ — $ 27 $ 1,996 $ 1,897 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) 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. In response to the coronavirus, or COVID-19, pandemic and its economic impact on our customers, we implemented a short-term modification program that complies with the CARES Act to provide temporary payment relief to those borrowers directly impacted by the pandemic who were not more than 30 days past due as of December 31, 2019. This program allows for a deferral of payments for 90 days and up to a maximum of 180 days for our commercial customers. The customer remains responsible for deferred payments along with any additional interest accrued during the deferral period. Under the applicable guidance, none of these loans were considered restructured as of March 31, 2021. We had 40 commercial loans that were modified totaling $61.8 million at March 31, 2021 compared to 52 commercial loans that were modified totaling $195.6 million at December 31, 2020. As of March 31, 2021, we had 20 commitments to lend an additional $0.8 million on TDRs. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. There were no TDRs that defaulted during the three months ended March 31, 2021. There were 11 TDRs that defaulted during the three months ended March 31, 2020 totaling $21.1 million that were restructured within the last 12 months prior to defaulting. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2021 December 31, 2020 Nonperforming Assets Nonaccrual loans $ 102,430 $ 117,485 Nonaccrual TDRs 29,983 29,289 Total Nonaccrual Loans (1) 132,413 146,774 OREO 1,620 2,155 Total Nonperforming Assets $ 134,033 $ 148,929 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. The decrease in nonperforming loans of $11.6 million at March 31, 2021 compared to December 31, 2020 was primarily related to the payoff of a $4.6 million commercial real estate relationship and a $3.9 million charge off of an $11.1 million C&I relationship that was previously held in specific reserve. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) 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, retail, multifamily and health care. 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/development 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. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. 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 business. 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. 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. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We 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. 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. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. The following tables presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2021 Risk Rating (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 96,988 $ 319,206 $ 444,668 $ 376,347 $ 258,362 $ 850,342 $ 44,872 — $ 2,390,785 Special mention — 450 35,420 8,342 22,541 113,614 — — 180,367 Substandard — — 17,259 15,772 19,894 146,624 1,482 — 201,030 Doubtful — — 645 — — 7,499 — — 8,144 Total commercial real estate 96,988 319,656 497,992 400,461 300,796 1,118,080 46,354 — 2,780,327 Commercial and industrial Pass 252,427 478,363 168,546 110,278 55,096 179,887 361,828 — 1,606,425 Special mention — 3,090 28,623 3,562 180 1,289 17,718 — 54,461 Substandard 5,476 — 6,165 4,415 5,778 12,715 4,153 — 38,701 Doubtful — — — — — — — — — Total commercial and industrial 257,902 481,453 203,334 118,255 61,054 193,891 383,699 — 1,699,588 Commercial construction Pass 24,730 127,643 195,245 53,248 2,059 10,856 13,232 — 427,012 Special mention — 3,490 2,862 — — 8,478 — — 14,830 Substandard — — 4,148 — 501 2,967 — — 7,616 Doubtful — — — — — — — — — Total commercial construction 24,730 131,133 202,255 53,248 2,560 22,301 13,232 — 449,459 Business banking Pass 34,568 121,017 167,764 134,358 89,027 362,534 110,572 265 1,020,105 Special mention — 502 1,972 1,379 1,621 7,759 287 122 13,642 Substandard — 72 1,267 3,777 2,990 25,409 1,141 674 35,330 Doubtful — — — — — — — — — Total business banking 34,568 121,591 171,003 139,513 93,638 395,703 112,001 1,061 1,069,078 Consumer real estate Pass 20,000 116,640 110,942 58,166 55,435 267,411 436,449 23,550 1,088,594 Special mention — — — — — 2,246 — — 2,246 Substandard — — 186 2,089 1,506 7,896 503 1,080 13,260 Doubtful — — — — — — — — — Total consumer real estate 20,000 116,640 111,128 60,255 56,942 277,553 436,952 24,630 1,104,099 Other consumer Pass 872 14,119 11,576 5,723 2,673 2,283 35,151 955 73,354 Special mention — — — — — — — — — Substandard — — 109 125 104 4,968 374 1,579 7,260 Doubtful — — — — — 4 — — 4 Total other consumer 872 14,119 11,686 5,848 2,778 7,255 35,525 2,534 80,618 Pass 429,585 1,176,989 1,098,741 738,120 462,653 1,673,313 1,002,104 24,770 6,606,275 Special mention — 7,532 68,876 13,283 24,342 133,387 18,005 122 265,547 Substandard 5,476 72 29,134 26,177 30,773 200,579 7,653 3,332 303,198 Doubtful — — 645 — — 7,503 — — 8,148 Total $ 435,060 $ 1,184,593 $ 1,197,397 $ 777,580 $ 517,769 $ 2,014,783 $ 1,027,762 $ 28,225 $ 7,183,168 December 31, 2020 Risk Rating (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 334,086 $ 422,800 $ 394,963 $ 277,724 $ 307,321 $ 615,217 $ 46,330 $ — $ 2,398,441 Special mention — 35,499 10,200 22,502 55,174 75,022 — — 198,397 Substandard — 17,259 12,781 19,914 50,700 83,792 1,500 — 185,946 Doubtful — 645 — — 1,989 6,529 — — 9,163 Total commercial real estate 334,086 476,203 417,944 320,140 415,184 780,560 47,830 — 2,791,947 Commercial and industrial Pass 454,131 199,453 140,049 68,607 27,645 206,782 383,082 — 1,479,749 Special mention 3,697 8,211 2,628 697 768 1,046 23,527 — 40,574 Substandard — 7,793 2,613 8,544 75 13,781 2,022 — 34,828 Doubtful — — — 4,401 — — — — 4,401 Total commercial and industrial 457,828 215,457 145,290 82,249 28,488 221,609 408,631 — 1,559,552 Commercial construction Pass 131,235 224,794 59,649 2,420 6,346 4,555 12,778 — 441,777 Special mention 1,578 2,533 3,886 — — 8,593 — — 16,590 Substandard — 3,580 — 501 — 3,629 — — 7,710 Doubtful — — — — — — — — — Total commercial construction 132,813 230,907 63,535 2,921 6,346 16,777 12,778 — 466,077 Business banking Pass 296,254 154,335 123,207 86,552 77,238 266,042 103,571 291 1,107,490 Special mention — 1,060 1,147 1,602 1,084 6,866 637 123 12,519 Substandard 103 1,078 3,896 3,209 3,880 25,871 1,341 680 40,058 Doubtful — — — — — — — — — Total business banking 296,357 156,473 128,250 91,363 82,202 298,779 105,549 1,094 1,160,067 Consumer real estate Pass 120,736 122,171 67,700 63,653 73,805 243,939 438,888 22,667 1,153,559 Special mention — — 1,489 — — 150 132 — 1,771 Substandard — 373 742 1,480 2,449 6,958 — — 12,002 Doubtful — — — — — — — — — Total consumer real estate 120,736 122,544 69,931 65,133 76,254 251,047 439,020 22,667 1,167,332 Other consumer Pass 18,849 13,162 6,784 3,395 2,082 687 26,647 2,767 74,373 Special mention — — — — — — — — — Substandard 15 — — — — 3,367 744 2,386 6,512 Doubtful — — — — — — — — — Total other consumer 18,864 13,162 6,784 3,395 2,082 4,054 27,391 5,153 80,885 Pass 1,355,291 1,136,715 792,352 502,350 494,436 1,337,221 1,011,297 25,726 6,655,389 Special Mention 5,274 47,302 19,350 24,802 57,026 91,677 24,296 123 269,851 Substandard 118 30,083 20,032 33,648 57,105 137,398 5,607 3,066 287,056 Doubtful — 645 — 4,401 1,989 6,529 — — 13,564 Total $ 1,360,684 $ 1,214,746 $ 831,734 $ 565,201 $ 610,556 $ 1,572,826 $ 1,041,199 $ 28,914 $ 7,225,860 We monitor the delinquent status of the commercial and consumer portfolios 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 presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of March 31, 2021 and December 31, 2020: March 31, 2021 (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 96,988 $ 319,656 $ 481,588 $ 400,461 $ 294,122 $ 1,046,085 $ 46,354 $ — $ 2,685,253 Nonperforming — — 16,404 — 6,674 71,995 — — 95,074 Total commercial real estate 96,988 319,656 497,992 400,461 300,796 1,118,080 46,354 — 2,780,327 Commercial and industrial Performing 252,427 481,453 203,334 117,623 55,366 193,614 383,355 — 1,687,172 Nonperforming (1) 5,476 — — 631 5,689 276 344 — 12,416 Total commercial and industrial 257,902 481,453 203,334 118,255 61,054 193,891 383,699 — 1,699,588 Commercial construction Performing 24,730 131,133 202,255 53,248 2,560 21,917 13,232 — 449,074 Nonperforming — — — — — 384 — — 384 Total commercial construction 24,730 131,133 202,255 53,248 2,560 22,301 13,232 — 449,459 Business Banking Performing 34,568 121,591 170,640 137,748 92,837 384,332 111,932 1,004 1,054,651 Nonperforming — — 362 1,765 801 11,371 69 57 14,426 Total business banking 34,568 121,591 171,003 139,513 93,638 395,703 112,001 1,061 1,069,078 Consumer real estate Performing 20,000 116,640 110,249 59,931 56,397 272,547 436,628 23,759 1,096,150 Nonperforming — — 880 324 545 5,006 324 871 7,949 Total consumer real estate 20,000 116,640 111,128 60,255 56,942 277,553 436,952 24,630 1,104,099 Other consumer Performing 872 14,119 11,485 5,848 2,697 5,689 35,346 2,397 78,455 Nonperforming — — 201 — 81 1,566 179 137 2,163 Total other consumer 872 14,119 11,686 5,848 2,778 7,255 35,525 2,534 80,618 Performing 429,585 1,184,593 1,179,550 774,859 503,978 1,924,183 1,026,847 27,160 7,050,755 Nonperforming 5,476 — 17,847 2,720 13,790 90,599 915 1,065 132,413 Total $ 435,060 $ 1,184,593 $ 1,197,397 $ 777,580 $ 517,769 $ 2,014,783 $ 1,027,762 $ 28,225 $ 7,183,168 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. December 31, 2020 (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 334,086 $ 459,799 $ 417,944 $ 313,465 $ 394,972 $ 722,782 $ 47,830 $ — $ 2,690,879 Nonperforming — 16,404 — 6,675 20,212 57,778 — — 101,070 Total commercial real estate 334,086 476,203 417,944 320,140 415,184 780,560 47,830 — 2,791,947 Commercial and industrial Performing 457,828 214,144 143,706 69,411 28,426 220,701 408,350 — 1,542,566 Nonperforming — 1,313 1,584 12,838 62 908 281 — 16,985 Total commercial and industrial 457,828 215,457 145,290 82,249 28,488 221,609 408,631 — 1,559,552 Commercial construction Performing 132,813 230,907 63,535 2,921 6,346 16,393 12,778 — 465,692 Nonperforming — — — — — 384 — — 384 Total commercial construction 132,813 230,907 63,535 2,921 6,346 16,777 12,778 — 466,077 Business Banking Performing 296,327 156,164 126,432 90,414 80,106 286,970 105,494 1,037 1,142,944 Nonperforming 30 309 1,818 949 2,096 11,809 55 57 17,123 Total business banking 296,357 156,473 128,250 91,363 82,202 298,779 105,549 1,094 1,160,067 Consumer real estate Performing 120,736 122,315 69,225 63,647 74,690 245,331 438,702 21,572 1,156,216 Nonperforming — 229 706 1,486 1,564 5,716 318 1,096 11,116 Total consumer real estate 120,736 122,544 69,931 65,133 76,254 251,047 439,020 22,667 1,167,332 Other consumer Performing 18,864 13,162 6,784 3,395 2,082 3,958 27,391 5,153 80,789 Nonperforming — — — — — 96 — — 96 Total other consumer 18,864 13,162 6,784 3,395 2,082 4,054 27,391 5,153 80,885 Performing 1,360,654 1,196,491 827,625 543,253 586,622 1,496,135 1,040,544 27,762 7,079,086 Nonperforming 30 18,254 4,108 21,948 23,934 76,691 654 1,153 146,774 Total $ 1,360,684 $ 1,214,746 $ 831,734 $ 565,201 $ 610,556 $ 1,572,826 $ 1,041,199 $ 28,914 $ 7,225,860 The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2021 (dollars in thousands) Current 30-59 Days 60-89 Days Non - performing Total Past Total Loans Commercial real estate $ 2,685,253 $ — $ — $ 95,074 $ 95,074 $ 2,780,327 Commercial and industrial (1) 1,687,172 — — 12,416 12,416 1,699,588 Commercial construction 449,074 — — 384 384 449,459 Business banking 1,053,430 1,191 30 14,426 15,647 1,069,078 Consumer real estate 1,094,601 1,444 104 7,949 9,498 1,104,099 Other consumer 78,314 102 39 2,163 2,304 80,618 Total (2) $ 7,047,844 $ 2,737 $ 174 $ 132,413 $ 135,324 $ 7,183,168 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. (2) We had 40 loans that were modified totaling $61.8 million under the CARES Act at March 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. December 31, 2020 (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (2) Non - performing Total Past Total Loans Commercial real estate $ 2,690,877 $ — $ — $ — $ 101,070 $ 101,070 $ 2,791,947 Commercial and industrial 1,542,567 — — — 16,985 16,985 1,559,552 Commercial construction 462,094 19 3,580 — 384 3,983 466,077 Business banking 1,140,581 1,614 379 371 17,122 19,486 1,160,067 Consumer real estate 1,153,028 1,087 1,968 132 11,117 14,304 1,167,332 Other consumer 80,583 168 37 — 96 302 80,885 Total (1) $ 7,069,730 $ 2,888 $ 5,965 $ 503 $ 146,774 $ 156,130 $ 7,225,860 (1) We had 52 loans that were modified totaling $195.6 million under the CARES Act at December 31, 2020. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. (2) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at December 31, 2020. The following table presents loans on nonaccrual status by class of loan: March 31, 2021 March 31, 2021 For the three months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 95,074 $ 52,460 $ — $ 61 Commercial and industrial (2) 16,985 12,416 11,425 — 43 Commercial construction 384 384 — — — Business banking 17,122 14,426 397 — 137 Consumer real estate 11,117 7,949 345 — 110 Other consumer 96 2,163 — — 1 Total $ 146,774 $ 132,413 $ 64,628 $— $ 352 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. December 31, 2020 December 31, 2020 For the twelve months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 101,070 $ 60,401 $ — $ 22 Commercial and industrial 10,911 16,985 6,436 — 101 Commercial construction 737 384 285 — — Business banking 9,863 17,122 3,890 371 275 Consumer real estate 6,063 11,117 398 132 423 Other consumer 1,127 96 — — 4 Total $ 54,057 $ 146,774 $ 71,410 $ 503 $ 826 (1) Represents only cash payments received and applied to interest on nonaccrual loans. The following tables present collateral-dependent loans by class of loan as of the dates presented: March 31, 2021 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 86,683 $ — $ 5,350 $ — Commercial and industrial 335 11,968 — — Commercial construction 3,245 — — — Business banking 1,856 12 — — Consumer real estate 345 — — — Total $ 92,464 $ 11,980 $ 5,350 $ — December 31, 2020 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 100,450 $ — $ — $ — Commercial and industrial 1,040 15,080 — — Commercial construction 3,552 — — — Business banking 3,085 1,619 — 689 Consumer real estate 398 — — — Total $ 108,525 $ 16,699 $ — $ 689 The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2021 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 65,656 $ 16,100 $ 7,239 $ 15,917 $ 10,014 $ 2,686 $ 117,612 Provision for credit losses on loans (1) 1,996 2,728 (911) 514 (844) (182) 3,301 Charge-offs (810) (4,302) — (917) (271) (232) (6,532) Recoveries — 137 1 166 82 334 720 Net (Charge-offs)/Recoveries (810) (4,165) 1 (751) (189) 102 (5,812) Balance at End of Period $ 66,842 $ 14,663 $ 6,329 $ 15,680 $ 8,981 $ 2,606 $ 115,101 (1) Excludes unfunded commitments Three Months Ended March 31, 2020 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 30,577 $ 15,681 $ 7,900 $ — $ 6,337 $ 1,729 $ 62,224 Impact of CECL adoption 4,810 7,853 (3,376) 12,898 4,525 642 27,352 Provision for credit losses on loans (1) 7,639 6,196 2,309 1,194 472 620 18,430 Charge-offs (442) (9,879) (229) (460) (172) (248) (11,430) Recoveries 27 19 2 74 38 114 274 Net (Charge-offs)/Recoveries (415) (9,860) (227) (386) (134) (134) (11,156) Balance at End of Period $ 42,611 $ 19,870 $ 6,606 $ 13,706 $ 11,200 $ 2,857 $ 96,850 (1) Excludes unfunded commitments The adoption of ASU 2016-13 resulted in an increase to our ACL of $27.4 million on January 1, 2020. The increase included $8.2 million for S&T legacy loans and $9.3 million for acquired loans from the DNB merger. We also recorded a day one adjustment of $9.9 million primarily related to a C&I relationship that was charged off in the first quarter of 2020. We obtained information on the relationship subsequent to filing our December 31, 2019 10-K, but before the end of the first quarter of 2020. The updated information supported a loss existed at January 1, 2020. The provision for credit losses, which includes a provision for losses on loans and on unfunded commitments, is a charge to earnings to maintain the ACL at a level consistent with management's assessment of expected losses in the loan portfolio at the balance sheet date. The provision for credit losses decreased $16.9 million to $3.1 million for the three months ended March 31, 2021 compared to $20.0 million for the same period in 2020. The decrease in the provision for credit losses of $16.9 million was primarily due to a significant increase in provision needed during the three months ended March 31, 2020 due to the negative impact of the COVID-19 pandemic and our adoption of CECL on January 1, 2020. The provision for credit losses for the three months ended March 31, 2020 included $14.3 million related to the economic forecast and other qualitative reserves established for the uncertainty of the pandemic. Our total qualitative reserve decreased $2.7 million for the three months ended March 31, 2021 compared to the same period in 2020 mainly due to a decrease of $3.1 million for the economic forecast. Our economic forecast covers a period of two years and is driven primarily by national unemployment data. The forecasted national unemployment rate improved at March 31, 2021 compared to the same time in 2020. Net loan charge-offs were $5.8 million, or 0.33 percent annualized as a percentage of average loans at March 31, 2021 compared to $11.2 million, or 0.63 percent of average loans during the same period in 2020. Nonperforming loans increased $61.4 million to $135.2 million at March 31, 2021 compared to $73.8 million at March 31, 2020. The significant increase in nonperforming loans primarily related to the addition of $53.6 million of hotel loans which moved to nonperforming during the fourth quarter of 2020 as a result of continued deterioration due to the pandemic. The C&I portfolio included $499.1 million of loans originated under the PPP at March 31, 2021. The loans are 100 percent guaranteed by the SBA, therefore, we have not assigned any ACL to these loans at March 31, 2021. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
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 relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of 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 (dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 40,415 $ 78,319 $ 40,818 $ 79,033 Notional amount 983,243 983,638 983,243 983,638 Collateral posted — — 43,340 77,930 Interest Rate Lock Commitments - Mortgage Loans Fair value 1,509 2,900 — — Notional amount 44,519 51,053 — — Forward Sale Contracts - Mortgage Loans Fair value 226 — — 385 Notional amount $ 36,835 $ — $ — $ 47,062 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 Derivatives (dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 44,022 $ 82,655 $ 43,865 $ 82,626 Gross amounts offset (3,607) (4,336) (3,047) (3,593) Net Amounts Presented in the Consolidated Balance Sheets 40,415 78,319 40,818 79,033 Gross amounts not offset (1) — — (43,340) (77,930) Net Amount $ 40,415 $ 78,319 $ (2,522) $ 1,103 (1) Amounts represent collateral posted for the periods presented. The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ 310 $ 114 Interest rate lock commitments—mortgage loans (1,759) 2,606 Forward sale contracts—mortgage loans 979 (1,293) Total Derivatives (Loss)/Gain $ (470) $ 1,427 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Commitments to extend credit $ 2,261,223 $ 2,185,752 Standby letters of credit 88,418 89,095 Total $ 2,349,641 $ 2,274,847 Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Consolidated Statements of Comprehensive Income. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The following table presents activity in the allowance for credit losses on unfunded loan commitments as of the dates presented: (dollars in thousands) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Balance at beginning of period $ 4,467 $ 3,112 Impact of adopting ASU 2016-13 at January 1, 2020 — 1,349 Balance after adoption of ASU 2016-13 4,467 4,461 (Recovery) provision for credit losses (164) 1,616 Total $ 4,303 $ 6,077 The decrease in allowance for credit losses on unfunded loan commitments for the three months ended March 31, 2021 was due to a decrease in the loss rates for the construction portfolio. Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized gains/(losses) on debt securities available-for-sale $ (9,712) $ 2,072 $ (7,640) $ 21,568 $ (4,592) $ 16,976 Adjustment to funded status of employee benefit plans (1) (343) 73 (270) 465 (99) 366 Other Comprehensive (Loss) Income $ (10,055) $ 2,145 $ (7,910) $ 22,033 $ (4,691) $ 17,342 (1) Pension settlement accounting was triggered during the three months ended March 31, 2021 resulting in a charge of $0.7 million immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2021 | |
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. The investment policy for S&T's defined benefit plan is 90 percent fixed income and 10 percent equity and cash. The expected long-term rate of return on plan assets is 2.42 percent compared to 3.45 percent in prior periods. We remeasured our pension obligation and recognized a pension settlement charge of $0.7 million for the three months ended March 31, 2021. A settlement charge is incurred when the aggregate amount of lump-sum distributions during the year is greater than the sum of the interest cost component of the annual net periodic pension cost. The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 703 $ 891 Expected return on plan assets (716) (972) Net amortization 248 384 Settlement Charge 749 — Net Periodic Pension Expense $ 984 $ 303 The components of net periodic pension expense are included in salaries and employee benefits on the Consolidated Statements of Comprehensive Income. |
Share Repurchase Plan
Share Repurchase Plan | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLANOn March 15, 2021, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2021. This authorization extended the expiration date of the repurchase plan through March 31, 2022. The plan permits S&T to repurchase from time to time up to the previously authorized $50 million in aggregate value of shares of S&T's common stock, with $37.4 million of capacity remaining at March 31, 2021, 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. Any share repurchases will not begin until permissible under applicable laws. During the three months ended March 31, 2021, we had no repurchases. Repurchase activity was suspended in March of 2020 due to the impact of the COVID-19 pandemic. During the year ended December 31, 2020, we repurchased 411,430 common shares at a total cost of $12.6 million, or an average of $30.52 per share. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, filed with the Securities and Exchange Commission, or SEC, on March 1, 2021. 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 and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Update Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and improve the consistent application of GAAP by clarifying and amending other existing guidance. We adopted this ASU on January 1, 2021. The amendments in this ASU did not impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we do not expect the amendments in this ASU to materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. |
Allowance for Credit Losses Policy | We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) 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, retail, multifamily and health care. 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/development 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. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. 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 business. 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. 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. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We 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. 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. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. |
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, individually assessed 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 Available-for-Sale Debt Securities We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing 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. Securities Held in a Deferred Compensation Plan 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. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following 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. 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. 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. OREO and other repossessed assets are reported in other assets in the Consolidated Balance Sheets. Mortgage Servicing Rights MSRs are reported pursuant to the amortization method and evaluated for impairment quarterly by comparing the carrying to the fair value of the MSRs. 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. 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 Our methodology to fair value loans includes an exit price notion. 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. Collateral Receivable The carrying amount included in other assets on our Consolidated Balance Sheets approximates fair 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. |
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 relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators of Basic Earnings (Loss) Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented. Three months ended March 31, (in thousands, except share and per share data) 2021 2020 Numerator for Earnings per Share—Basic: Net income $ 31,902 $ 13,231 Less: Income allocated to participating shares 141 29 Net Income Allocated to Shareholders $ 31,761 $ 13,202 Numerator for Earnings per Share—Diluted: Net income $ 31,902 $ 13,231 Net Income Available to Shareholders $ 31,902 $ 13,231 Denominators for Earnings per Share: Weighted Average Shares Outstanding—Basic 39,021,208 39,271,540 Add: Potentially dilutive shares 99,922 108,116 Denominator for Treasury Stock Method—Diluted 39,121,130 39,379,656 Weighted Average Shares Outstanding—Basic 39,021,208 39,271,540 Add: Average participating shares outstanding — 54,398 Denominator for Two-Class Method—Diluted 39,021,208 39,325,938 Earnings per share—basic $ 0.81 $ 0.34 Earnings per share—diluted $ 0.81 $ 0.34 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 165 41 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at March 31, 2021 and December 31, 2020. March 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 63,268 $ — $ 63,268 Obligations of U.S. government corporations and agencies — 82,028 — 82,028 Collateralized mortgage obligations of U.S. government corporations and agencies — 217,916 — 217,916 Residential mortgage-backed securities of U.S. government corporations and agencies — 63,911 — 63,911 Commercial mortgage-backed securities of U.S. government corporations and agencies — 277,253 — 277,253 Corporate obligations — 2,002 — 2,002 Obligations of states and political subdivisions — 107,505 — 107,505 Total Available-for-sale Debt Securities — 813,883 — 813,883 Marketable equity securities 3,328 88 — 3,416 Total Securities 3,328 813,971 — 817,299 Securities held in a deferred compensation plan 7,178 — — 7,178 Derivative financial assets: Interest rate swaps — 40,415 — 40,415 Interest rate lock commitments — — 1,509 1,509 Forward sale contracts — — 226 226 Total Assets $ 10,506 $ 854,386 $ 1,735 $ 866,627 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 40,818 $ — $ 40,818 Total Liabilities $ — $ 40,818 $ — $ 40,818 December 31, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,282 $ — $ 10,282 Obligations of U.S. government corporations and agencies — 82,904 — 82,904 Collateralized mortgage obligations of U.S. government corporations and agencies — 209,296 — 209,296 Residential mortgage-backed securities of U.S. government corporations and agencies — 67,778 — 67,778 Commercial mortgage-backed securities of U.S. government corporations and agencies — 273,681 — 273,681 Corporate obligations — 2,025 — 2,025 Obligations of states and political subdivisions — 124,427 — 124,427 Total Available-for-sale Debt Securities — 770,393 — 770,393 Marketable equity securities 3,228 72 — 3,300 Total Securities 3,228 770,465 — 773,693 Securities held in a deferred compensation plan 6,794 — — 6,794 Derivative financial assets: Interest rate swaps — 78,319 — 78,319 Interest rate lock commitments — — 2,900 2,900 Total Assets $ 10,022 $ 848,784 $ 2,900 $ 861,706 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 79,033 $ — $ 79,033 Forward sale contracts — 385 — 385 Total Liabilities $ — $ 79,418 $ — $ 79,418 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans individually evaluated $ 78,186 Collateral method Appraisal adjustment 0% - 47% 16.91% Other real estate owned 1,563 Collateral method Costs to sell 4% - 7.00% 5.06% Mortgage servicing rights 6,590 Discounted cash flow method Discount rate 9.02% - 13.77% 9.40% Constant prepayment rates 9.24% - 12.54% 11.08% Loans held for sale 2,798 Contractual agreement None NA NA Total Assets $ 89,137 December 31, 2020 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans individually evaluated $ 67,402 Collateral method Appraisal adjustment 0% - 47% 16.90% Other real estate owned 1,953 Collateral method Costs to sell 4% - 7.00% 4.92% Mortgage servicing rights 4,976 Discounted cash flow method Discount rate 9.24% - 12.55% 9.42% Constant prepayment rates 8.82% - 14.58% 13.37% Loans held for sale 586 Contractual agreement None NA NA Total Assets $ 74,917 NA - not applicable (1) Weighted averages for loans held for investment were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. (3) Weighted averages for mortgage services rights discount rate and prepayment rates are based on note rate tranches and voluntary constant prepayment rates. |
Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at March 31, 2021 and December 31, 2020 are presented in the following tables: Carrying Value (1) Fair Value Measurements at March 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 671,429 $ 671,429 $ 671,429 $ — $ — Securities 817,299 817,299 — 817,299 — Loans held for sale 12,794 12,794 — — 12,794 Portfolio loans, net 7,068,067 6,976,120 — — 6,976,120 Bank owned life insurance 82,677 82,677 — 82,677 — FHLB and other restricted stock 12,199 12,199 — — 12,199 Collateral receivable 43,343 43,343 43,343 — — Securities held in a deferred compensation plan 7,178 7,178 7,178 — — Mortgage servicing rights 6,590 6,590 — — 6,590 Interest rate swaps 40,415 40,415 — 40,415 — Interest rate lock commitments 1,509 1,509 — — 1,509 Forward sale contracts 226 226 — — 226 LIABILITIES Deposits $ 7,876,028 $ 7,876,232 $ 6,555,603 $ 1,320,629 $ — Securities sold under repurchase agreements 67,417 67,417 67,417 — — Short-term borrowings — — — — — Long-term borrowings 23,282 23,903 4,447 19,456 — Junior subordinated debt securities 64,097 64,097 64,097 — — Interest rate swaps 40,818 40,818 — 40,818 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 229,666 $ 229,666 $ 229,666 $ — $ — Securities 773,693 773,693 3,228 770,465 — Loans held for sale 18,528 18,528 — — 18,528 Portfolio loans, net 7,108,248 7,028,446 — — 7,028,446 Bank owned life insurance 82,303 82,303 — 82,303 — FHLB and other restricted stock 13,030 13,030 — — 13,030 Collateral receivable 77,936 77,936 77,936 — — Securities held in a deferred compensation plan 6,794 6,794 6,794 — — Mortgage servicing rights 4,976 4,976 — — 4,976 Interest rate swaps 78,319 78,319 — 78,319 — Interest rate lock commitments 2,900 2,900 — — 2,900 LIABILITIES Deposits $ 7,420,538 $ 7,422,894 $ 6,033,075 $ 1,389,819 $ — Securities sold under repurchase agreements 65,163 65,163 65,163 — — Short-term borrowings 75,000 75,000 75,000 — — Long-term borrowings 23,681 24,545 4,494 20,051 — Junior subordinated debt securities 64,083 64,083 64,083 — — Interest rate swaps 79,033 79,033 — 79,033 — Forward sale contracts 385 385 — 385 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Available-for-sale debt securities $ 813,883 $ 770,393 Marketable equity securities 3,416 3,300 Total Securities $ 817,299 $ 773,693 |
Schedule of Debt Securities, Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2021 December 31, 2020 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 63,361 $ 259 $ (352) $ 63,268 $ 9,980 $ 302 $ — $ 10,282 Obligations of U.S. government corporations and agencies 78,715 3,313 — 82,028 78,755 4,149 — 82,904 Collateralized mortgage obligations of U.S. government corporations and agencies 213,394 5,716 (1,194) 217,916 202,975 6,410 (89) 209,296 Residential mortgage-backed securities of U.S. government corporations and agencies 64,496 632 (1,217) 63,911 66,960 818 — 67,778 Commercial mortgage-backed securities of U.S. government corporations and agencies 266,292 11,085 (124) 277,253 258,875 14,806 — 273,681 Corporate obligations 2,001 2 (1) 2,002 2,021 5 (1) 2,025 Obligations of states and political subdivisions 101,949 5,556 — 107,505 117,439 6,988 — 124,427 Total Available-for-Sale Debt Securities (1) $ 790,208 $ 26,563 $ (2,888) $ 813,883 $ 737,005 $ 33,478 $ (90) $ 770,393 (1) Excludes interest receivable of $3.2 million at March 31, 2021and $3.4 million at December 31, 2020. Interest receivable is included in other assets in the consolidated balance sheets. |
Schedule of Temporally Impaired Debt Securities | The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2021 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 5 $ 53,026 $ (352) — $ — $ — 5 $ 53,026 $ (352) Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 1 10,785 (124) — — — 1 10,785 (124) Residential mortgage-backed securities of U.S. government corporations and agencies 2 49,860 (1,217) — — — 2 49,860 (1,217) Commercial mortgage-backed securities of U.S. government corporations and agencies 5 68,629 (1,194) — — — 5 68,629 (1,194) Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 14 $ 182,799 $ (2,888) — $ — $ — 14 $ 182,799 $ (2,888) December 31, 2020 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 35,697 (89) — — — 2 35,697 (89) Residential mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Commercial mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 3 $ 36,196 $ (90) — $ — $ — 3 $ 36,196 $ (90) |
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 available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented: March 31, 2021 December 31, 2020 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on available-for-sale debt securities $ 26,563 $ (2,888) $ 23,675 $ 33,478 $ (90) $ 33,388 Income tax (expense) benefit (5,668) 615 (5,053) (7,128) 19 (7,109) Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 20,895 $ (2,273) $ 18,622 $ 26,350 $ (71) $ 26,279 |
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities | The amortized cost and fair value of available-for-sale debt securities at March 31, 2021 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2021 (dollars in thousands) Amortized 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 $ 40,399 $ 40,813 Due after one year through five years 92,940 97,643 Due after five years through ten years 89,580 91,236 Due after ten years 21,106 23,109 Available-for-Sale Debt Securities With Maturities 244,025 252,801 Collateralized mortgage obligations of U.S. government corporations and agencies 213,394 217,916 Residential mortgage-backed securities of U.S. government corporations and agencies 64,496 63,911 Commercial mortgage-backed securities of U.S. government corporations and agencies 266,292 277,253 Corporate Securities 2,001 2,002 Total Available-for-Sale Debt Securities $ 790,208 $ 813,883 |
Schedule of Unrealized Gains and Losses on Marketable Equity Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Marketable Equity Securities Net market gains/(losses) recognized $ 116 $ (1,585) Less: Net gains recognized for equity securities sold — — Unrealized (Losses)/Gains on Equity Securities Still Held $ 116 $ (1,585) |
Loans and Loans Held for Sale (
Loans and Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table presents loans as of the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Commercial Commercial real estate $ 3,284,555 $ 3,244,974 Commercial and industrial 1,931,711 1,954,453 Commercial construction 460,417 474,280 Total Commercial Loans 5,676,683 5,673,707 Consumer Consumer real estate 1,425,839 1,471,238 Other consumer 80,646 80,915 Total Consumer Loans 1,506,485 1,552,153 Total Portfolio Loans 7,183,168 7,225,860 Loans held for sale 12,794 18,528 Total Loans (1) $ 7,195,962 $ 7,244,388 |
Schedule of Restructured Loans for Periods Presented | The following tables summarize restructured loans as of the dates presented: March 31, 2021 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 9 $ 15,754 $ 15,762 Commercial and industrial 7,576 11,425 19,001 Commercial construction 3,245 — 3,245 Business banking 1,471 397 1,868 Consumer real estate 5,611 2,407 8,018 Other consumer 5 — 5 Total $ 17,916 $ 29,983 $ 47,899 December 31, 2020 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 14 $ 16,654 $ 16,668 Commercial and industrial 7,090 9,885 16,975 Commercial construction 3,267 — 3,267 Business banking 1,503 430 1,933 Consumer real estate 5,581 2,319 7,900 Other consumer 5 — 5 Total $ 17,460 $ 29,288 $ 46,748 The following tables present the restructured loans by portfolio segment and by type of concession for the periods presented: Three Months Ended March 31, 2021 Number Type of Modification Total Pre-Modification Outstanding Recorded Investment (2) Total Post-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Forbearance Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial 2 — — 821 — 5,475 6,304 6,296 Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 11 340 80 — — 148 609 568 Other consumer 1 1 — — — — 1 1 Total (2) 14 $ 341 $ 80 $ 821 $ — $ 5,623 $ 6,914 $ 6,865 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) 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. Three Months Ended March 31, 2020 Number Type of Modification Total Pre-Modification Outstanding Recorded Investment (2) Total Post-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Forbearance Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction 1 — — 1,891 — — 1,891 1,806 Business banking — — — — — — — — Consumer real estate 5 78 — — — 27 105 91 Other consumer — — — — — — — — Total (2) 6 $ 78 $ — $ 1,891 $ — $ 27 $ 1,996 $ 1,897 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) 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. |
Schedule of Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2021 December 31, 2020 Nonperforming Assets Nonaccrual loans $ 102,430 $ 117,485 Nonaccrual TDRs 29,983 29,289 Total Nonaccrual Loans (1) 132,413 146,774 OREO 1,620 2,155 Total Nonperforming Assets $ 134,033 $ 148,929 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. The following table presents loans on nonaccrual status by class of loan: March 31, 2021 March 31, 2021 For the three months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 95,074 $ 52,460 $ — $ 61 Commercial and industrial (2) 16,985 12,416 11,425 — 43 Commercial construction 384 384 — — — Business banking 17,122 14,426 397 — 137 Consumer real estate 11,117 7,949 345 — 110 Other consumer 96 2,163 — — 1 Total $ 146,774 $ 132,413 $ 64,628 $— $ 352 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. December 31, 2020 December 31, 2020 For the twelve months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 101,070 $ 60,401 $ — $ 22 Commercial and industrial 10,911 16,985 6,436 — 101 Commercial construction 737 384 285 — — Business banking 9,863 17,122 3,890 371 275 Consumer real estate 6,063 11,117 398 132 423 Other consumer 1,127 96 — — 4 Total $ 54,057 $ 146,774 $ 71,410 $ 503 $ 826 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Credit Quality Indicators | The following tables presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2021 Risk Rating (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 96,988 $ 319,206 $ 444,668 $ 376,347 $ 258,362 $ 850,342 $ 44,872 — $ 2,390,785 Special mention — 450 35,420 8,342 22,541 113,614 — — 180,367 Substandard — — 17,259 15,772 19,894 146,624 1,482 — 201,030 Doubtful — — 645 — — 7,499 — — 8,144 Total commercial real estate 96,988 319,656 497,992 400,461 300,796 1,118,080 46,354 — 2,780,327 Commercial and industrial Pass 252,427 478,363 168,546 110,278 55,096 179,887 361,828 — 1,606,425 Special mention — 3,090 28,623 3,562 180 1,289 17,718 — 54,461 Substandard 5,476 — 6,165 4,415 5,778 12,715 4,153 — 38,701 Doubtful — — — — — — — — — Total commercial and industrial 257,902 481,453 203,334 118,255 61,054 193,891 383,699 — 1,699,588 Commercial construction Pass 24,730 127,643 195,245 53,248 2,059 10,856 13,232 — 427,012 Special mention — 3,490 2,862 — — 8,478 — — 14,830 Substandard — — 4,148 — 501 2,967 — — 7,616 Doubtful — — — — — — — — — Total commercial construction 24,730 131,133 202,255 53,248 2,560 22,301 13,232 — 449,459 Business banking Pass 34,568 121,017 167,764 134,358 89,027 362,534 110,572 265 1,020,105 Special mention — 502 1,972 1,379 1,621 7,759 287 122 13,642 Substandard — 72 1,267 3,777 2,990 25,409 1,141 674 35,330 Doubtful — — — — — — — — — Total business banking 34,568 121,591 171,003 139,513 93,638 395,703 112,001 1,061 1,069,078 Consumer real estate Pass 20,000 116,640 110,942 58,166 55,435 267,411 436,449 23,550 1,088,594 Special mention — — — — — 2,246 — — 2,246 Substandard — — 186 2,089 1,506 7,896 503 1,080 13,260 Doubtful — — — — — — — — — Total consumer real estate 20,000 116,640 111,128 60,255 56,942 277,553 436,952 24,630 1,104,099 Other consumer Pass 872 14,119 11,576 5,723 2,673 2,283 35,151 955 73,354 Special mention — — — — — — — — — Substandard — — 109 125 104 4,968 374 1,579 7,260 Doubtful — — — — — 4 — — 4 Total other consumer 872 14,119 11,686 5,848 2,778 7,255 35,525 2,534 80,618 Pass 429,585 1,176,989 1,098,741 738,120 462,653 1,673,313 1,002,104 24,770 6,606,275 Special mention — 7,532 68,876 13,283 24,342 133,387 18,005 122 265,547 Substandard 5,476 72 29,134 26,177 30,773 200,579 7,653 3,332 303,198 Doubtful — — 645 — — 7,503 — — 8,148 Total $ 435,060 $ 1,184,593 $ 1,197,397 $ 777,580 $ 517,769 $ 2,014,783 $ 1,027,762 $ 28,225 $ 7,183,168 December 31, 2020 Risk Rating (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 334,086 $ 422,800 $ 394,963 $ 277,724 $ 307,321 $ 615,217 $ 46,330 $ — $ 2,398,441 Special mention — 35,499 10,200 22,502 55,174 75,022 — — 198,397 Substandard — 17,259 12,781 19,914 50,700 83,792 1,500 — 185,946 Doubtful — 645 — — 1,989 6,529 — — 9,163 Total commercial real estate 334,086 476,203 417,944 320,140 415,184 780,560 47,830 — 2,791,947 Commercial and industrial Pass 454,131 199,453 140,049 68,607 27,645 206,782 383,082 — 1,479,749 Special mention 3,697 8,211 2,628 697 768 1,046 23,527 — 40,574 Substandard — 7,793 2,613 8,544 75 13,781 2,022 — 34,828 Doubtful — — — 4,401 — — — — 4,401 Total commercial and industrial 457,828 215,457 145,290 82,249 28,488 221,609 408,631 — 1,559,552 Commercial construction Pass 131,235 224,794 59,649 2,420 6,346 4,555 12,778 — 441,777 Special mention 1,578 2,533 3,886 — — 8,593 — — 16,590 Substandard — 3,580 — 501 — 3,629 — — 7,710 Doubtful — — — — — — — — — Total commercial construction 132,813 230,907 63,535 2,921 6,346 16,777 12,778 — 466,077 Business banking Pass 296,254 154,335 123,207 86,552 77,238 266,042 103,571 291 1,107,490 Special mention — 1,060 1,147 1,602 1,084 6,866 637 123 12,519 Substandard 103 1,078 3,896 3,209 3,880 25,871 1,341 680 40,058 Doubtful — — — — — — — — — Total business banking 296,357 156,473 128,250 91,363 82,202 298,779 105,549 1,094 1,160,067 Consumer real estate Pass 120,736 122,171 67,700 63,653 73,805 243,939 438,888 22,667 1,153,559 Special mention — — 1,489 — — 150 132 — 1,771 Substandard — 373 742 1,480 2,449 6,958 — — 12,002 Doubtful — — — — — — — — — Total consumer real estate 120,736 122,544 69,931 65,133 76,254 251,047 439,020 22,667 1,167,332 Other consumer Pass 18,849 13,162 6,784 3,395 2,082 687 26,647 2,767 74,373 Special mention — — — — — — — — — Substandard 15 — — — — 3,367 744 2,386 6,512 Doubtful — — — — — — — — — Total other consumer 18,864 13,162 6,784 3,395 2,082 4,054 27,391 5,153 80,885 Pass 1,355,291 1,136,715 792,352 502,350 494,436 1,337,221 1,011,297 25,726 6,655,389 Special Mention 5,274 47,302 19,350 24,802 57,026 91,677 24,296 123 269,851 Substandard 118 30,083 20,032 33,648 57,105 137,398 5,607 3,066 287,056 Doubtful — 645 — 4,401 1,989 6,529 — — 13,564 Total $ 1,360,684 $ 1,214,746 $ 831,734 $ 565,201 $ 610,556 $ 1,572,826 $ 1,041,199 $ 28,914 $ 7,225,860 The following tables presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of March 31, 2021 and December 31, 2020: March 31, 2021 (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 96,988 $ 319,656 $ 481,588 $ 400,461 $ 294,122 $ 1,046,085 $ 46,354 $ — $ 2,685,253 Nonperforming — — 16,404 — 6,674 71,995 — — 95,074 Total commercial real estate 96,988 319,656 497,992 400,461 300,796 1,118,080 46,354 — 2,780,327 Commercial and industrial Performing 252,427 481,453 203,334 117,623 55,366 193,614 383,355 — 1,687,172 Nonperforming (1) 5,476 — — 631 5,689 276 344 — 12,416 Total commercial and industrial 257,902 481,453 203,334 118,255 61,054 193,891 383,699 — 1,699,588 Commercial construction Performing 24,730 131,133 202,255 53,248 2,560 21,917 13,232 — 449,074 Nonperforming — — — — — 384 — — 384 Total commercial construction 24,730 131,133 202,255 53,248 2,560 22,301 13,232 — 449,459 Business Banking Performing 34,568 121,591 170,640 137,748 92,837 384,332 111,932 1,004 1,054,651 Nonperforming — — 362 1,765 801 11,371 69 57 14,426 Total business banking 34,568 121,591 171,003 139,513 93,638 395,703 112,001 1,061 1,069,078 Consumer real estate Performing 20,000 116,640 110,249 59,931 56,397 272,547 436,628 23,759 1,096,150 Nonperforming — — 880 324 545 5,006 324 871 7,949 Total consumer real estate 20,000 116,640 111,128 60,255 56,942 277,553 436,952 24,630 1,104,099 Other consumer Performing 872 14,119 11,485 5,848 2,697 5,689 35,346 2,397 78,455 Nonperforming — — 201 — 81 1,566 179 137 2,163 Total other consumer 872 14,119 11,686 5,848 2,778 7,255 35,525 2,534 80,618 Performing 429,585 1,184,593 1,179,550 774,859 503,978 1,924,183 1,026,847 27,160 7,050,755 Nonperforming 5,476 — 17,847 2,720 13,790 90,599 915 1,065 132,413 Total $ 435,060 $ 1,184,593 $ 1,197,397 $ 777,580 $ 517,769 $ 2,014,783 $ 1,027,762 $ 28,225 $ 7,183,168 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. December 31, 2020 (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 334,086 $ 459,799 $ 417,944 $ 313,465 $ 394,972 $ 722,782 $ 47,830 $ — $ 2,690,879 Nonperforming — 16,404 — 6,675 20,212 57,778 — — 101,070 Total commercial real estate 334,086 476,203 417,944 320,140 415,184 780,560 47,830 — 2,791,947 Commercial and industrial Performing 457,828 214,144 143,706 69,411 28,426 220,701 408,350 — 1,542,566 Nonperforming — 1,313 1,584 12,838 62 908 281 — 16,985 Total commercial and industrial 457,828 215,457 145,290 82,249 28,488 221,609 408,631 — 1,559,552 Commercial construction Performing 132,813 230,907 63,535 2,921 6,346 16,393 12,778 — 465,692 Nonperforming — — — — — 384 — — 384 Total commercial construction 132,813 230,907 63,535 2,921 6,346 16,777 12,778 — 466,077 Business Banking Performing 296,327 156,164 126,432 90,414 80,106 286,970 105,494 1,037 1,142,944 Nonperforming 30 309 1,818 949 2,096 11,809 55 57 17,123 Total business banking 296,357 156,473 128,250 91,363 82,202 298,779 105,549 1,094 1,160,067 Consumer real estate Performing 120,736 122,315 69,225 63,647 74,690 245,331 438,702 21,572 1,156,216 Nonperforming — 229 706 1,486 1,564 5,716 318 1,096 11,116 Total consumer real estate 120,736 122,544 69,931 65,133 76,254 251,047 439,020 22,667 1,167,332 Other consumer Performing 18,864 13,162 6,784 3,395 2,082 3,958 27,391 5,153 80,789 Nonperforming — — — — — 96 — — 96 Total other consumer 18,864 13,162 6,784 3,395 2,082 4,054 27,391 5,153 80,885 Performing 1,360,654 1,196,491 827,625 543,253 586,622 1,496,135 1,040,544 27,762 7,079,086 Nonperforming 30 18,254 4,108 21,948 23,934 76,691 654 1,153 146,774 Total $ 1,360,684 $ 1,214,746 $ 831,734 $ 565,201 $ 610,556 $ 1,572,826 $ 1,041,199 $ 28,914 $ 7,225,860 The following tables present collateral-dependent loans by class of loan as of the dates presented: March 31, 2021 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 86,683 $ — $ 5,350 $ — Commercial and industrial 335 11,968 — — Commercial construction 3,245 — — — Business banking 1,856 12 — — Consumer real estate 345 — — — Total $ 92,464 $ 11,980 $ 5,350 $ — December 31, 2020 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 100,450 $ — $ — $ — Commercial and industrial 1,040 15,080 — — Commercial construction 3,552 — — — Business banking 3,085 1,619 — 689 Consumer real estate 398 — — — Total $ 108,525 $ 16,699 $ — $ 689 |
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2021 (dollars in thousands) Current 30-59 Days 60-89 Days Non - performing Total Past Total Loans Commercial real estate $ 2,685,253 $ — $ — $ 95,074 $ 95,074 $ 2,780,327 Commercial and industrial (1) 1,687,172 — — 12,416 12,416 1,699,588 Commercial construction 449,074 — — 384 384 449,459 Business banking 1,053,430 1,191 30 14,426 15,647 1,069,078 Consumer real estate 1,094,601 1,444 104 7,949 9,498 1,104,099 Other consumer 78,314 102 39 2,163 2,304 80,618 Total (2) $ 7,047,844 $ 2,737 $ 174 $ 132,413 $ 135,324 $ 7,183,168 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. (2) We had 40 loans that were modified totaling $61.8 million under the CARES Act at March 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. December 31, 2020 (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (2) Non - performing Total Past Total Loans Commercial real estate $ 2,690,877 $ — $ — $ — $ 101,070 $ 101,070 $ 2,791,947 Commercial and industrial 1,542,567 — — — 16,985 16,985 1,559,552 Commercial construction 462,094 19 3,580 — 384 3,983 466,077 Business banking 1,140,581 1,614 379 371 17,122 19,486 1,160,067 Consumer real estate 1,153,028 1,087 1,968 132 11,117 14,304 1,167,332 Other consumer 80,583 168 37 — 96 302 80,885 Total (1) $ 7,069,730 $ 2,888 $ 5,965 $ 503 $ 146,774 $ 156,130 $ 7,225,860 (1) We had 52 loans that were modified totaling $195.6 million under the CARES Act at December 31, 2020. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. (2) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at December 31, 2020. |
Schedule of Loans on Nonaccrual Status and Loans Past Due 90 days Or More | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2021 December 31, 2020 Nonperforming Assets Nonaccrual loans $ 102,430 $ 117,485 Nonaccrual TDRs 29,983 29,289 Total Nonaccrual Loans (1) 132,413 146,774 OREO 1,620 2,155 Total Nonperforming Assets $ 134,033 $ 148,929 (1) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. The following table presents loans on nonaccrual status by class of loan: March 31, 2021 March 31, 2021 For the three months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 95,074 $ 52,460 $ — $ 61 Commercial and industrial (2) 16,985 12,416 11,425 — 43 Commercial construction 384 384 — — — Business banking 17,122 14,426 397 — 137 Consumer real estate 11,117 7,949 345 — 110 Other consumer 96 2,163 — — 1 Total $ 146,774 $ 132,413 $ 64,628 $— $ 352 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) In addition to nonperforming loans of $132.4 million, we have a $2.8 million commercial and industrial held for sale loan that is nonperforming resulting in total nonperforming loans of $135.2 million. December 31, 2020 December 31, 2020 For the twelve months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 101,070 $ 60,401 $ — $ 22 Commercial and industrial 10,911 16,985 6,436 — 101 Commercial construction 737 384 285 — — Business banking 9,863 17,122 3,890 371 275 Consumer real estate 6,063 11,117 398 132 423 Other consumer 1,127 96 — — 4 Total $ 54,057 $ 146,774 $ 71,410 $ 503 $ 826 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Schedule of Allowance for Credit Loss | The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2021 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 65,656 $ 16,100 $ 7,239 $ 15,917 $ 10,014 $ 2,686 $ 117,612 Provision for credit losses on loans (1) 1,996 2,728 (911) 514 (844) (182) 3,301 Charge-offs (810) (4,302) — (917) (271) (232) (6,532) Recoveries — 137 1 166 82 334 720 Net (Charge-offs)/Recoveries (810) (4,165) 1 (751) (189) 102 (5,812) Balance at End of Period $ 66,842 $ 14,663 $ 6,329 $ 15,680 $ 8,981 $ 2,606 $ 115,101 (1) Excludes unfunded commitments Three Months Ended March 31, 2020 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 30,577 $ 15,681 $ 7,900 $ — $ 6,337 $ 1,729 $ 62,224 Impact of CECL adoption 4,810 7,853 (3,376) 12,898 4,525 642 27,352 Provision for credit losses on loans (1) 7,639 6,196 2,309 1,194 472 620 18,430 Charge-offs (442) (9,879) (229) (460) (172) (248) (11,430) Recoveries 27 19 2 74 38 114 274 Net (Charge-offs)/Recoveries (415) (9,860) (227) (386) (134) (134) (11,156) Balance at End of Period $ 42,611 $ 19,870 $ 6,606 $ 13,706 $ 11,200 $ 2,857 $ 96,850 (1) Excludes unfunded commitments |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 (dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 40,415 $ 78,319 $ 40,818 $ 79,033 Notional amount 983,243 983,638 983,243 983,638 Collateral posted — — 43,340 77,930 Interest Rate Lock Commitments - Mortgage Loans Fair value 1,509 2,900 — — Notional amount 44,519 51,053 — — Forward Sale Contracts - Mortgage Loans Fair value 226 — — 385 Notional amount $ 36,835 $ — $ — $ 47,062 |
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 Derivatives (dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 44,022 $ 82,655 $ 43,865 $ 82,626 Gross amounts offset (3,607) (4,336) (3,047) (3,593) Net Amounts Presented in the Consolidated Balance Sheets 40,415 78,319 40,818 79,033 Gross amounts not offset (1) — — (43,340) (77,930) Net Amount $ 40,415 $ 78,319 $ (2,522) $ 1,103 (1) Amounts represent collateral 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 Derivatives (dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 44,022 $ 82,655 $ 43,865 $ 82,626 Gross amounts offset (3,607) (4,336) (3,047) (3,593) Net Amounts Presented in the Consolidated Balance Sheets 40,415 78,319 40,818 79,033 Gross amounts not offset (1) — — (43,340) (77,930) Net Amount $ 40,415 $ 78,319 $ (2,522) $ 1,103 (1) Amounts represent collateral posted for the periods presented. |
Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ 310 $ 114 Interest rate lock commitments—mortgage loans (1,759) 2,606 Forward sale contracts—mortgage loans 979 (1,293) Total Derivatives (Loss)/Gain $ (470) $ 1,427 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2021 December 31, 2020 Commitments to extend credit $ 2,261,223 $ 2,185,752 Standby letters of credit 88,418 89,095 Total $ 2,349,641 $ 2,274,847 |
Unfunded Loan Commitments, Allowance For Credit Loss | The following table presents activity in the allowance for credit losses on unfunded loan commitments as of the dates presented: (dollars in thousands) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Balance at beginning of period $ 4,467 $ 3,112 Impact of adopting ASU 2016-13 at January 1, 2020 — 1,349 Balance after adoption of ASU 2016-13 4,467 4,461 (Recovery) provision for credit losses (164) 1,616 Total $ 4,303 $ 6,077 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive Loss | The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized gains/(losses) on debt securities available-for-sale $ (9,712) $ 2,072 $ (7,640) $ 21,568 $ (4,592) $ 16,976 Adjustment to funded status of employee benefit plans (1) (343) 73 (270) 465 (99) 366 Other Comprehensive (Loss) Income $ (10,055) $ 2,145 $ (7,910) $ 22,033 $ (4,691) $ 17,342 (1) Pension settlement accounting was triggered during the three months ended March 31, 2021 resulting in a charge of $0.7 million immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit | The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended March 31, (dollars in thousands) 2021 2020 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 703 $ 891 Expected return on plan assets (716) (972) Net amortization 248 384 Settlement Charge 749 — Net Periodic Pension Expense $ 984 $ 303 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator for Earnings per Share Basic and Diluted: | ||
Net income | $ 31,902 | $ 13,231 |
Less: Income allocated to participating shares | 141 | 29 |
Net Income Allocated to Shareholders | 31,761 | 13,202 |
Net Income Available to Shareholders | $ 31,902 | $ 13,231 |
Denominators for Earnings per Share: | ||
Weighted average shares outstanding—basic (in shares) | 39,021,208 | 39,271,540,000 |
Add: Potentially dilutive shares (in shares) | 99,922 | 108,116,000 |
Denominator for Treasury Stock Method—Diluted (in shares) | 39,121,130 | 39,379,656,000 |
Add: Average participating shares outstanding (in shares) | 0 | 54,398,000 |
Denominator for Two-Class Method—Diluted (in shares) | 39,021,208 | 39,325,938,000 |
Earnings per share—basic (in dollars per share) | $ 0.81 | $ 0.34 |
Earnings per share—diluted (in dollars per share) | $ 0.81 | $ 0.34 |
Restricted Stock | ||
Denominators for Earnings per Share: | ||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares (in shares) | 165,000 | 41,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Debt securities available-for-sale | $ 813,883 | $ 770,393 |
Marketable equity securities | 3,416 | 3,300 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 63,268 | 10,282 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 82,028 | 82,904 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 217,916 | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 63,911 | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 277,253 | 273,681 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 107,505 | 124,427 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities available-for-sale | 813,883 | 770,393 |
Marketable equity securities | 3,416 | 3,300 |
Total Securities | 817,299 | 773,693 |
Securities held in a deferred compensation plan | 7,178 | 6,794 |
Total Assets | 866,627 | 861,706 |
LIABILITIES | ||
Total Liabilities | 40,818 | 79,418 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 63,268 | 10,282 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 82,028 | 82,904 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 217,916 | 209,296 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 63,911 | 67,778 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 277,253 | 273,681 |
Fair Value Measurements, Recurring | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 2,002 | 2,025 |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 107,505 | 124,427 |
Fair Value Measurements, Recurring | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 40,415 | 78,319 |
LIABILITIES | ||
Derivative financial liabilities | 40,818 | 79,033 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 1,509 | 2,900 |
Fair Value Measurements, Recurring | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 226 | |
LIABILITIES | ||
Derivative financial liabilities | 385 | |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Marketable equity securities | 3,328 | 3,228 |
Total Securities | 3,328 | 3,228 |
Securities held in a deferred compensation plan | 7,178 | 6,794 |
Total Assets | 10,506 | 10,022 |
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 | Corporate obligations | ||
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 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities available-for-sale | 813,883 | 770,393 |
Marketable equity securities | 88 | 72 |
Total Securities | 813,971 | 770,465 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 854,386 | 848,784 |
LIABILITIES | ||
Total Liabilities | 40,818 | 79,418 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 63,268 | 10,282 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 82,028 | 82,904 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 217,916 | 209,296 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 63,911 | 67,778 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 277,253 | 273,681 |
Fair Value Measurements, Recurring | Level 2 | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 2,002 | 2,025 |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 107,505 | 124,427 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 40,415 | 78,319 |
LIABILITIES | ||
Derivative financial liabilities | 40,818 | 79,033 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 385 | |
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 | 1,735 | 2,900 |
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 | Corporate obligations | ||
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 | $ 1,509 | 2,900 |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 226 | |
LIABILITIES | ||
Derivative financial liabilities | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Level 3 | ||
ASSETS | ||
Total Assets | 89,137,000 | 74,917,000 |
Collateral method | Level 3 | ||
ASSETS | ||
Loans individually evaluated | 78,186,000 | 67,402,000 |
Other real estate owned | 1,563,000 | 1,953,000 |
Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights | 6,590,000 | 4,976,000 |
Contractual agreement | Level 3 | ||
ASSETS | ||
Loans held for sale | $ 2,798,000 | $ 586,000 |
Minimum | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0 | 0 |
Minimum | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.04 | 0.04 |
Minimum | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.0902 | 0.0924 |
Minimum | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.0924 | 0.0882 |
Maximum | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.47 | 0.47 |
Maximum | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.0700 | 0.0700 |
Maximum | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.1377 | 0.1255 |
Maximum | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.1254 | 0.1458 |
Weighted Average | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.1691 | 0.1690 |
Weighted Average | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.0506 | 0.0492 |
Weighted Average | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.0940 | 0.0942 |
Weighted Average | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.1108 | 0.1337 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Securities, at fair value | $ 817,299 | $ 773,693 |
Portfolio loans, net | 7,068,067 | 7,108,248 |
FHLB and other restricted stock | 12,199 | 13,030 |
LIABILITIES | ||
Junior subordinated debt securities | 64,097 | 64,083 |
Carrying Value | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 671,429 | 229,666 |
Securities, at fair value | 817,299 | 773,693 |
Loans held for sale | 12,794 | 18,528 |
Portfolio loans, net | 7,068,067 | 7,108,248 |
Bank owned life insurance | 82,677 | 82,303 |
FHLB and other restricted stock | 12,199 | 13,030 |
Collateral receivable | 43,343 | 77,936 |
Securities held in a deferred compensation plan | 7,178 | 6,794 |
Mortgage servicing rights | 6,590 | 4,976 |
LIABILITIES | ||
Deposits | 7,876,028 | 7,420,538 |
Securities sold under repurchase agreements | 67,417 | 65,163 |
Short-term borrowings | 0 | 75,000 |
Long-term borrowings | 23,282 | 23,681 |
Junior subordinated debt securities | 64,097 | 64,083 |
Carrying Value | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 40,415 | 78,319 |
LIABILITIES | ||
Derivative financial liabilities | 40,818 | 79,033 |
Carrying Value | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 1,509 | 2,900 |
Carrying Value | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 226 | |
LIABILITIES | ||
Derivative financial liabilities | 385 | |
Fair Value Measurements | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 671,429 | 229,666 |
Securities, at fair value | 817,299 | 773,693 |
Loans held for sale | 12,794 | 18,528 |
Portfolio loans, net | 6,976,120 | 7,028,446 |
Bank owned life insurance | 82,677 | 82,303 |
FHLB and other restricted stock | 12,199 | 13,030 |
Collateral receivable | 43,343 | 77,936 |
Securities held in a deferred compensation plan | 7,178 | 6,794 |
Mortgage servicing rights | 6,590 | 4,976 |
LIABILITIES | ||
Deposits | 7,876,232 | 7,422,894 |
Securities sold under repurchase agreements | 67,417 | 65,163 |
Short-term borrowings | 0 | 75,000 |
Long-term borrowings | 23,903 | 24,545 |
Junior subordinated debt securities | 64,097 | 64,083 |
Fair Value Measurements | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 40,415 | 78,319 |
LIABILITIES | ||
Derivative financial liabilities | 40,818 | 79,033 |
Fair Value Measurements | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 1,509 | 2,900 |
Fair Value Measurements | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 226 | |
LIABILITIES | ||
Derivative financial liabilities | 385 | |
Fair Value Measurements | Level 1 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 671,429 | 229,666 |
Securities, at fair value | 0 | 3,228 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Bank owned life insurance | 0 | 0 |
FHLB and other restricted stock | 0 | 0 |
Collateral receivable | 43,343 | 77,936 |
Securities held in a deferred compensation plan | 7,178 | 6,794 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 6,555,603 | 6,033,075 |
Securities sold under repurchase agreements | 67,417 | 65,163 |
Short-term borrowings | 0 | 75,000 |
Long-term borrowings | 4,447 | 4,494 |
Junior subordinated debt securities | 64,097 | 64,083 |
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 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 2 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 0 | 0 |
Securities, at fair value | 817,299 | 770,465 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Bank owned life insurance | 82,677 | 82,303 |
FHLB and other restricted stock | 0 | 0 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 1,320,629 | 1,389,819 |
Securities sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 19,456 | 20,051 |
Junior subordinated debt securities | 0 | 0 |
Fair Value Measurements | Level 2 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 40,415 | 78,319 |
LIABILITIES | ||
Derivative financial liabilities | 40,818 | 79,033 |
Fair Value Measurements | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 2 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 385 | |
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 | 12,794 | 18,528 |
Portfolio loans, net | 6,976,120 | 7,028,446 |
Bank owned life insurance | 0 | 0 |
FHLB and other restricted stock | 12,199 | 13,030 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 6,590 | 4,976 |
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 | 1,509 | 2,900 |
Fair Value Measurements | Level 3 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | $ 226 | |
LIABILITIES | ||
Derivative financial liabilities | $ 0 |
Securities - Fair Values and Am
Securities - Fair Values and Amortized Costs Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 790,208 | $ 737,005 |
Gross Unrealized Gains | 26,563 | 33,478 |
Gross Unrealized Losses | (2,888) | (90) |
Fair Value | 813,883 | 770,393 |
Marketable equity securities | 3,416 | 3,300 |
Total Securities | 817,299 | 773,693 |
Interest receivable | 3,200 | 3,400 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 63,361 | 9,980 |
Gross Unrealized Gains | 259 | 302 |
Gross Unrealized Losses | (352) | 0 |
Fair Value | 63,268 | 10,282 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 78,715 | 78,755 |
Gross Unrealized Gains | 3,313 | 4,149 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 82,028 | 82,904 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 213,394 | 202,975 |
Gross Unrealized Gains | 5,716 | 6,410 |
Gross Unrealized Losses | (1,194) | (89) |
Fair Value | 217,916 | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 64,496 | 66,960 |
Gross Unrealized Gains | 632 | 818 |
Gross Unrealized Losses | (1,217) | 0 |
Fair Value | 63,911 | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 266,292 | 258,875 |
Gross Unrealized Gains | 11,085 | 14,806 |
Gross Unrealized Losses | (124) | 0 |
Fair Value | 277,253 | 273,681 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,001 | 2,021 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 2,002 | 2,025 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 101,949 | 117,439 |
Gross Unrealized Gains | 5,556 | 6,988 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 107,505 | $ 124,427 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 14 | 3 |
Fair Value, Less Than 12 Months | $ 182,799 | $ 36,196 |
Unrealized Losses, Less Than 12 Months | $ (2,888) | $ (90) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 14 | 3 |
Fair Value, Total | $ 182,799 | $ 36,196 |
Unrealized Losses, Total | $ (2,888) | $ (90) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 5 | 0 |
Fair Value, Less Than 12 Months | $ 53,026 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ (352) | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 5 | 0 |
Fair Value, Total | $ 53,026 | $ 0 |
Unrealized Losses, Total | $ (352) | $ 0 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 0 | 0 |
Fair Value, Less Than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 0 | 0 |
Fair Value, Total | $ 0 | $ 0 |
Unrealized Losses, Total | $ 0 | $ 0 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 1 | 2 |
Fair Value, Less Than 12 Months | $ 10,785 | $ 35,697 |
Unrealized Losses, Less Than 12 Months | $ (124) | $ (89) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 1 | 2 |
Fair Value, Total | $ 10,785 | $ 35,697 |
Unrealized Losses, Total | $ (124) | $ (89) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 2 | 0 |
Fair Value, Less Than 12 Months | $ 49,860 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ (1,217) | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 2 | 0 |
Fair Value, Total | $ 49,860 | $ 0 |
Unrealized Losses, Total | $ (1,217) | $ 0 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 5 | 0 |
Fair Value, Less Than 12 Months | $ 68,629 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ (1,194) | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 5 | 0 |
Fair Value, Total | $ 68,629 | $ 0 |
Unrealized Losses, Total | $ (1,194) | $ 0 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 1 | 1 |
Fair Value, Less Than 12 Months | $ 499 | $ 499 |
Unrealized Losses, Less Than 12 Months | $ (1) | $ (1) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 1 | 1 |
Fair Value, Total | $ 499 | $ 499 |
Unrealized Losses, Total | $ (1) | $ (1) |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 0 | 0 |
Fair Value, Less Than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 0 | 0 |
Fair Value, Total | $ 0 | $ 0 |
Unrealized Losses, Total | $ 0 | $ 0 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Millions | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities in unrealized loss position | security | 14 | 3 |
Securities pledged for regulatory and legal requirements | $ | $ 320 | $ 308 |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 26,563 | $ 33,478 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (2,888) | (90) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized Gains/(Losses) | 23,675 | 33,388 |
Income tax (expense) benefit, Gross Unrealized Gains | (5,668) | (7,128) |
Income tax (expense) benefit, Gross Unrealized Losses | 615 | 19 |
Income tax (expense) benefit, Net Unrealized Gains/(Losses) | (5,053) | (7,109) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Gains | 20,895 | 26,350 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Losses | (2,273) | (71) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Net Unrealized Gains/(Losses) | $ 18,622 | $ 26,279 |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 40,399 | |
Due after one year through five years | 92,940 | |
Due after five years through ten years | 89,580 | |
Due after ten years | 21,106 | |
Available-for-Sale Debt Securities With Maturities, Amortized Cost | 244,025 | |
Amortized Cost | 790,208 | $ 737,005 |
Fair Value | ||
Due in one year or less | 40,813 | |
Due after one year through five years | 97,643 | |
Due after five years through ten years | 91,236 | |
Due after ten years | 23,109 | |
Available-for-Sale Debt Securities With Maturities, Fair Value | 252,801 | |
Total Available-for-Sale Debt Securities, Fair Value | 813,883 | 770,393 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 213,394 | |
Amortized Cost | 213,394 | 202,975 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 217,916 | |
Total Available-for-Sale Debt Securities, Fair Value | 217,916 | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 64,496 | |
Amortized Cost | 64,496 | 66,960 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 63,911 | |
Total Available-for-Sale Debt Securities, Fair Value | 63,911 | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 266,292 | |
Amortized Cost | 266,292 | 258,875 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 277,253 | |
Total Available-for-Sale Debt Securities, Fair Value | 277,253 | $ 273,681 |
Corporate obligations | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 2,001 | |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | $ 2,002 |
Securities - Unrealized Gains_2
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net market gains/(losses) recognized | $ 116 | $ (1,585) |
Less: Net gains recognized for equity securities sold | 0 | 0 |
Unrealized (Losses)/Gains on Equity Securities Still Held | $ 116 | $ (1,585) |
Loans and Loans Held for Sale -
Loans and Loans Held for Sale - Additional Information (Details) $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unearned income | $ 14,000 | $ 16,000 | $ 14,000 | $ 16,000 | |
Purchase accounting fair value adjustments | 7,500 | 8,600 | |||
Total loans | 7,068,067 | 7,108,248 | 7,068,067 | 7,108,248 | |
Loans held for investment, outstanding balance | $ 7,183,168 | 7,225,860 | $ 7,183,168 | 7,225,860 | |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | ||||
Restructured loans | $ 6,865 | $ 1,897 | |||
Number of troubled debt restructuring loans returned to accruing status | loan | 0 | 0 | |||
Number of commitments to lend additional funds on TDRs | loan | 20 | 20 | |||
Commitments to lend additional funds on TDRs | $ 800 | $ 800 | |||
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 | 11 | ||||
Amount of defaulted TDRs that were restructured within the last twelve months prior to defaulting | $ 21,100 | ||||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | $ 5,676,683 | $ 5,673,707 | $ 5,676,683 | $ 5,673,707 | |
Financing receivable, before allowance for credit loss, reclassification during period | $ 90,200 | ||||
Percentage of commercial loans in total portfolio loans | 79.00% | 78.50% | 79.00% | 78.50% | |
Commercial | CARES Act, Paycheck Protection Program Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | $ 61,800 | ||||
Number of modified loans | loan | 40 | 52 | |||
Modified loans | $ 61,800 | $ 195,600 | |||
Business banking portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | $ 1,100,000 | $ 1,200,000 | 1,100,000 | 1,200,000 | |
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 1,506,485 | 1,552,153 | 1,506,485 | 1,552,153 | |
Financing receivable, before allowance for credit loss, reclassification during period | 23,200 | ||||
CARES Act, Paycheck Protection Program Loans | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 499,100 | 499,100 | |||
Commercial real estate | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 2,780,327 | 2,791,947 | 2,780,327 | 2,791,947 | |
Restructured loans | 0 | 0 | |||
Commercial real estate | Business banking portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 504,200 | 453,000 | 504,200 | 453,000 | |
Commercial and industrial | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 1,699,588 | 1,559,552 | 1,699,588 | 1,559,552 | |
Restructured loans | 6,296 | 0 | |||
Commercial and industrial | Business banking portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 232,100 | 394,900 | 232,100 | 394,900 | |
Commercial construction | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 449,459 | 466,077 | 449,459 | 466,077 | |
Restructured loans | 0 | 1,806 | |||
Commercial construction | Business banking portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 11,000 | 8,200 | 11,000 | 8,200 | |
Business banking | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 1,069,078 | 1,160,067 | 1,069,078 | 1,160,067 | |
Restructured loans | 0 | $ 0 | |||
Business banking | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | 321,800 | 303,900 | 321,800 | 303,900 | |
CRE and commercial construction | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for investment, outstanding balance | $ 3,700,000 | $ 3,700,000 | $ 3,700,000 | $ 3,700,000 | |
Combined percentage of commercial real estate and commercial construction in total commercial loans | 66.00% | 65.60% | 66.00% | 65.60% | |
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 52.10% | 51.50% | 52.10% | 51.50% | |
Out of market exposure of combined portfolio (percent) | 5.70% | 5.90% | 5.70% | 5.90% | |
Percentage of total loans out-of-state excluding contiguous states | 3.00% | 3.00% | 3.00% | 3.00% | |
Nonperforming TDRs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, nonperforming assets, period increase (decrease) | $ 11,600 | ||||
Nonperforming TDRs | Commercial real estate | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | 4,600 | ||||
Nonperforming TDRs | Commercial and industrial | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | 11,100 | ||||
Amount charged down | $ 3,900 |
Loans and Loans Held for Sale_2
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 7,183,168 | $ 7,225,860 |
Loans held for sale | 12,794 | 18,528 |
Total Loans | 7,195,962 | 7,244,388 |
Interest receivable | 23,400 | 24,700 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 5,676,683 | 5,673,707 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,506,485 | 1,552,153 |
Commercial real estate | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 3,284,555 | 3,244,974 |
Commercial and industrial | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,931,711 | 1,954,453 |
Commercial construction | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 460,417 | 474,280 |
Consumer real estate | Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,425,839 | 1,471,238 |
Consumer real estate | Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 80,646 | $ 80,915 |
Loans and Loans Held for Sale_3
Loans and Loans Held for Sale - Summary of Restructured Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | $ 6,865 | $ 1,897 | |
Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 6,296 | 0 | |
Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 1,806 | |
Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 568 | 91 | |
Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 1 | $ 0 | |
Total TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 47,899 | $ 46,748 | |
Total TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 15,762 | 16,668 | |
Total TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 19,001 | 16,975 | |
Total TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 3,245 | 3,267 | |
Total TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 1,868 | 1,933 | |
Total TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 8,018 | 7,900 | |
Total TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 5 | 5 | |
Performing TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 17,916 | 17,460 | |
Performing TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 9 | 14 | |
Performing TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 7,576 | 7,090 | |
Performing TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 3,245 | 3,267 | |
Performing TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 1,471 | 1,503 | |
Performing TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 5,611 | 5,581 | |
Performing TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 5 | 5 | |
Nonperforming TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 29,983 | 29,288 | |
Nonperforming TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 15,754 | 16,654 | |
Nonperforming TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 11,425 | 9,885 | |
Nonperforming TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Nonperforming TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 397 | 430 | |
Nonperforming TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 2,407 | 2,319 | |
Nonperforming TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | $ 0 | $ 0 |
Loans and Loans Held for Sale_4
Loans and Loans Held for Sale - Restructured Loans By Segment and Type of Concession (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 14 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 6,914 | $ 1,996 |
Post-Modification Outstanding Recorded Investment | 6,865 | 1,897 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 341 | 78 |
Forbearance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 80 | 0 |
Extend Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 821 | 1,891 |
Modify Rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Modify Payments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 5,623 | $ 27 |
Commercial real estate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Forbearance | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial and industrial | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 6,304 | $ 0 |
Post-Modification Outstanding Recorded Investment | 6,296 | 0 |
Commercial and industrial | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Forbearance | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 821 | 0 |
Commercial and industrial | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 5,475 | $ 0 |
Commercial construction | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,891 |
Post-Modification Outstanding Recorded Investment | 0 | 1,806 |
Commercial construction | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Forbearance | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 1,891 |
Commercial construction | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Business banking | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Forbearance | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer real estate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 11 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 609 | $ 105 |
Post-Modification Outstanding Recorded Investment | 568 | 91 |
Consumer real estate | Bankruptcy | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 340 | 78 |
Consumer real estate | Forbearance | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 80 | 0 |
Consumer real estate | Extend Maturity | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Consumer real estate | Modify Rate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Consumer real estate | Modify Payments | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 148 | $ 27 |
Other consumer | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 0 |
Post-Modification Outstanding Recorded Investment | 1 | 0 |
Other consumer | Bankruptcy | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 1 | 0 |
Other consumer | Forbearance | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Extend Maturity | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Modify Rate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Modify Payments | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans and Loans Held for Sale_5
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Nonperforming Assets | |||
Nonaccrual loans | $ 102,430 | $ 117,485 | |
Nonaccrual TDRs | 29,983 | 29,289 | |
Total Nonperforming Loans | 132,413 | 146,774 | $ 54,057 |
OREO | 1,620 | 2,155 | |
Total Nonperforming Assets | 134,033 | 148,929 | |
Financing receivable, nonaccrual, including held-for-sale | 135,200 | ||
Commercial | Commercial and industrial | |||
Nonperforming Assets | |||
Total Nonperforming Loans | 12,416 | $ 16,985 | $ 10,911 |
Financing receivable, nonaccrual, held-for-sale | $ 2,800 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan Balances by Year of Origination and Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 435,060 | $ 1,360,684 |
2020 | 1,184,593 | 1,214,746 |
2019 | 1,197,397 | 831,734 |
2018 | 777,580 | 565,201 |
2017 | 517,769 | 610,556 |
2016 and Prior | 2,014,783 | 1,572,826 |
Revolving | 1,027,762 | 1,041,199 |
Revolving-Term | 28,225 | 28,914 |
Total | 7,183,168 | 7,225,860 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 429,585 | 1,355,291 |
2020 | 1,176,989 | 1,136,715 |
2019 | 1,098,741 | 792,352 |
2018 | 738,120 | 502,350 |
2017 | 462,653 | 494,436 |
2016 and Prior | 1,673,313 | 1,337,221 |
Revolving | 1,002,104 | 1,011,297 |
Revolving-Term | 24,770 | 25,726 |
Total | 6,606,275 | 6,655,389 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 5,274 |
2020 | 7,532 | 47,302 |
2019 | 68,876 | 19,350 |
2018 | 13,283 | 24,802 |
2017 | 24,342 | 57,026 |
2016 and Prior | 133,387 | 91,677 |
Revolving | 18,005 | 24,296 |
Revolving-Term | 122 | 123 |
Total | 265,547 | 269,851 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,476 | 118 |
2020 | 72 | 30,083 |
2019 | 29,134 | 20,032 |
2018 | 26,177 | 33,648 |
2017 | 30,773 | 57,105 |
2016 and Prior | 200,579 | 137,398 |
Revolving | 7,653 | 5,607 |
Revolving-Term | 3,332 | 3,066 |
Total | 303,198 | 287,056 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 645 |
2019 | 645 | 0 |
2018 | 0 | 4,401 |
2017 | 0 | 1,989 |
2016 and Prior | 7,503 | 6,529 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 8,148 | 13,564 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,676,683 | 5,673,707 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 96,988 | 334,086 |
2020 | 319,656 | 476,203 |
2019 | 497,992 | 417,944 |
2018 | 400,461 | 320,140 |
2017 | 300,796 | 415,184 |
2016 and Prior | 1,118,080 | 780,560 |
Revolving | 46,354 | 47,830 |
Revolving-Term | 0 | 0 |
Total | 2,780,327 | 2,791,947 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 257,902 | 457,828 |
2020 | 481,453 | 215,457 |
2019 | 203,334 | 145,290 |
2018 | 118,255 | 82,249 |
2017 | 61,054 | 28,488 |
2016 and Prior | 193,891 | 221,609 |
Revolving | 383,699 | 408,631 |
Revolving-Term | 0 | 0 |
Total | 1,699,588 | 1,559,552 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 24,730 | 132,813 |
2020 | 131,133 | 230,907 |
2019 | 202,255 | 63,535 |
2018 | 53,248 | 2,921 |
2017 | 2,560 | 6,346 |
2016 and Prior | 22,301 | 16,777 |
Revolving | 13,232 | 12,778 |
Revolving-Term | 0 | 0 |
Total | 449,459 | 466,077 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 34,568 | 296,357 |
2020 | 121,591 | 156,473 |
2019 | 171,003 | 128,250 |
2018 | 139,513 | 91,363 |
2017 | 93,638 | 82,202 |
2016 and Prior | 395,703 | 298,779 |
Revolving | 112,001 | 105,549 |
Revolving-Term | 1,061 | 1,094 |
Total | 1,069,078 | 1,160,067 |
Commercial | Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 96,988 | 334,086 |
2020 | 319,206 | 422,800 |
2019 | 444,668 | 394,963 |
2018 | 376,347 | 277,724 |
2017 | 258,362 | 307,321 |
2016 and Prior | 850,342 | 615,217 |
Revolving | 44,872 | 46,330 |
Revolving-Term | 0 | 0 |
Total | 2,390,785 | 2,398,441 |
Commercial | Pass | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 252,427 | 454,131 |
2020 | 478,363 | 199,453 |
2019 | 168,546 | 140,049 |
2018 | 110,278 | 68,607 |
2017 | 55,096 | 27,645 |
2016 and Prior | 179,887 | 206,782 |
Revolving | 361,828 | 383,082 |
Revolving-Term | 0 | 0 |
Total | 1,606,425 | 1,479,749 |
Commercial | Pass | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 24,730 | 131,235 |
2020 | 127,643 | 224,794 |
2019 | 195,245 | 59,649 |
2018 | 53,248 | 2,420 |
2017 | 2,059 | 6,346 |
2016 and Prior | 10,856 | 4,555 |
Revolving | 13,232 | 12,778 |
Revolving-Term | 0 | 0 |
Total | 427,012 | 441,777 |
Commercial | Pass | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 34,568 | 296,254 |
2020 | 121,017 | 154,335 |
2019 | 167,764 | 123,207 |
2018 | 134,358 | 86,552 |
2017 | 89,027 | 77,238 |
2016 and Prior | 362,534 | 266,042 |
Revolving | 110,572 | 103,571 |
Revolving-Term | 265 | 291 |
Total | 1,020,105 | 1,107,490 |
Commercial | Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 450 | 35,499 |
2019 | 35,420 | 10,200 |
2018 | 8,342 | 22,502 |
2017 | 22,541 | 55,174 |
2016 and Prior | 113,614 | 75,022 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 180,367 | 198,397 |
Commercial | Special mention | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 3,697 |
2020 | 3,090 | 8,211 |
2019 | 28,623 | 2,628 |
2018 | 3,562 | 697 |
2017 | 180 | 768 |
2016 and Prior | 1,289 | 1,046 |
Revolving | 17,718 | 23,527 |
Revolving-Term | 0 | 0 |
Total | 54,461 | 40,574 |
Commercial | Special mention | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,578 |
2020 | 3,490 | 2,533 |
2019 | 2,862 | 3,886 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 8,478 | 8,593 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 14,830 | 16,590 |
Commercial | Special mention | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 502 | 1,060 |
2019 | 1,972 | 1,147 |
2018 | 1,379 | 1,602 |
2017 | 1,621 | 1,084 |
2016 and Prior | 7,759 | 6,866 |
Revolving | 287 | 637 |
Revolving-Term | 122 | 123 |
Total | 13,642 | 12,519 |
Commercial | Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 17,259 |
2019 | 17,259 | 12,781 |
2018 | 15,772 | 19,914 |
2017 | 19,894 | 50,700 |
2016 and Prior | 146,624 | 83,792 |
Revolving | 1,482 | 1,500 |
Revolving-Term | 0 | 0 |
Total | 201,030 | 185,946 |
Commercial | Substandard | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,476 | 0 |
2020 | 0 | 7,793 |
2019 | 6,165 | 2,613 |
2018 | 4,415 | 8,544 |
2017 | 5,778 | 75 |
2016 and Prior | 12,715 | 13,781 |
Revolving | 4,153 | 2,022 |
Revolving-Term | 0 | 0 |
Total | 38,701 | 34,828 |
Commercial | Substandard | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 3,580 |
2019 | 4,148 | 0 |
2018 | 0 | 501 |
2017 | 501 | 0 |
2016 and Prior | 2,967 | 3,629 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 7,616 | 7,710 |
Commercial | Substandard | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 103 |
2020 | 72 | 1,078 |
2019 | 1,267 | 3,896 |
2018 | 3,777 | 3,209 |
2017 | 2,990 | 3,880 |
2016 and Prior | 25,409 | 25,871 |
Revolving | 1,141 | 1,341 |
Revolving-Term | 674 | 680 |
Total | 35,330 | 40,058 |
Commercial | Doubtful | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 645 |
2019 | 645 | 0 |
2018 | 0 | 0 |
2017 | 0 | 1,989 |
2016 and Prior | 7,499 | 6,529 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 8,144 | 9,163 |
Commercial | Doubtful | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 4,401 |
2017 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 4,401 |
Commercial | Doubtful | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Doubtful | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,506,485 | 1,552,153 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 321,800 | 303,900 |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 20,000 | 120,736 |
2020 | 116,640 | 122,544 |
2019 | 111,128 | 69,931 |
2018 | 60,255 | 65,133 |
2017 | 56,942 | 76,254 |
2016 and Prior | 277,553 | 251,047 |
Revolving | 436,952 | 439,020 |
Revolving-Term | 24,630 | 22,667 |
Total | 1,104,099 | 1,167,332 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 872 | 18,864 |
2020 | 14,119 | 13,162 |
2019 | 11,686 | 6,784 |
2018 | 5,848 | 3,395 |
2017 | 2,778 | 2,082 |
2016 and Prior | 7,255 | 4,054 |
Revolving | 35,525 | 27,391 |
Revolving-Term | 2,534 | 5,153 |
Total | 80,618 | 80,885 |
Consumer | Pass | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 20,000 | 120,736 |
2020 | 116,640 | 122,171 |
2019 | 110,942 | 67,700 |
2018 | 58,166 | 63,653 |
2017 | 55,435 | 73,805 |
2016 and Prior | 267,411 | 243,939 |
Revolving | 436,449 | 438,888 |
Revolving-Term | 23,550 | 22,667 |
Total | 1,088,594 | 1,153,559 |
Consumer | Pass | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 872 | 18,849 |
2020 | 14,119 | 13,162 |
2019 | 11,576 | 6,784 |
2018 | 5,723 | 3,395 |
2017 | 2,673 | 2,082 |
2016 and Prior | 2,283 | 687 |
Revolving | 35,151 | 26,647 |
Revolving-Term | 955 | 2,767 |
Total | 73,354 | 74,373 |
Consumer | Special mention | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1,489 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 2,246 | 150 |
Revolving | 0 | 132 |
Revolving-Term | 0 | 0 |
Total | 2,246 | 1,771 |
Consumer | Special mention | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Substandard | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 373 |
2019 | 186 | 742 |
2018 | 2,089 | 1,480 |
2017 | 1,506 | 2,449 |
2016 and Prior | 7,896 | 6,958 |
Revolving | 503 | 0 |
Revolving-Term | 1,080 | 0 |
Total | 13,260 | 12,002 |
Consumer | Substandard | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 15 |
2020 | 0 | 0 |
2019 | 109 | 0 |
2018 | 125 | 0 |
2017 | 104 | 0 |
2016 and Prior | 4,968 | 3,367 |
Revolving | 374 | 744 |
Revolving-Term | 1,579 | 2,386 |
Total | 7,260 | 6,512 |
Consumer | Doubtful | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Doubtful | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 and Prior | 4 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | $ 4 | $ 0 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Loan Balances by Year of Origination and Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 435,060 | $ 1,360,684 |
2019 | 1,184,593 | 1,214,746 |
2018 | 1,197,397 | 831,734 |
2017 | 777,580 | 565,201 |
2016 | 517,769 | 610,556 |
2016 and Prior | 2,014,783 | 1,572,826 |
Revolving | 1,027,762 | 1,041,199 |
Revolving-Term | 28,225 | 28,914 |
Total | 7,183,168 | 7,225,860 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 429,585 | 1,355,291 |
2019 | 1,176,989 | 1,136,715 |
2018 | 1,098,741 | 792,352 |
2017 | 738,120 | 502,350 |
2016 | 462,653 | 494,436 |
2016 and Prior | 1,673,313 | 1,337,221 |
Revolving | 1,002,104 | 1,011,297 |
Revolving-Term | 24,770 | 25,726 |
Total | 6,606,275 | 6,655,389 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 5,274 |
2019 | 7,532 | 47,302 |
2018 | 68,876 | 19,350 |
2017 | 13,283 | 24,802 |
2016 | 24,342 | 57,026 |
2016 and Prior | 133,387 | 91,677 |
Revolving | 18,005 | 24,296 |
Revolving-Term | 122 | 123 |
Total | 265,547 | 269,851 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,476 | 118 |
2019 | 72 | 30,083 |
2018 | 29,134 | 20,032 |
2017 | 26,177 | 33,648 |
2016 | 30,773 | 57,105 |
2016 and Prior | 200,579 | 137,398 |
Revolving | 7,653 | 5,607 |
Revolving-Term | 3,332 | 3,066 |
Total | 303,198 | 287,056 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 645 |
2018 | 645 | 0 |
2017 | 0 | 4,401 |
2016 | 0 | 1,989 |
2016 and Prior | 7,503 | 6,529 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 8,148 | 13,564 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 429,585 | 1,360,654 |
2019 | 1,184,593 | 1,196,491 |
2018 | 1,179,550 | 827,625 |
2017 | 774,859 | 543,253 |
2016 | 503,978 | 586,622 |
2016 and Prior | 1,924,183 | 1,496,135 |
Revolving | 1,026,847 | 1,040,544 |
Revolving-Term | 27,160 | 27,762 |
Total | 7,050,755 | 7,079,086 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,476 | 30 |
2019 | 0 | 18,254 |
2018 | 17,847 | 4,108 |
2017 | 2,720 | 21,948 |
2016 | 13,790 | 23,934 |
2016 and Prior | 90,599 | 76,691 |
Revolving | 915 | 654 |
Revolving-Term | 1,065 | 1,153 |
Total | 132,413 | 146,774 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,676,683 | 5,673,707 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 96,988 | 334,086 |
2019 | 319,656 | 476,203 |
2018 | 497,992 | 417,944 |
2017 | 400,461 | 320,140 |
2016 | 300,796 | 415,184 |
2016 and Prior | 1,118,080 | 780,560 |
Revolving | 46,354 | 47,830 |
Revolving-Term | 0 | 0 |
Total | 2,780,327 | 2,791,947 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 96,988 | 334,086 |
2019 | 319,206 | 422,800 |
2018 | 444,668 | 394,963 |
2017 | 376,347 | 277,724 |
2016 | 258,362 | 307,321 |
2016 and Prior | 850,342 | 615,217 |
Revolving | 44,872 | 46,330 |
Revolving-Term | 0 | 0 |
Total | 2,390,785 | 2,398,441 |
Commercial | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 450 | 35,499 |
2018 | 35,420 | 10,200 |
2017 | 8,342 | 22,502 |
2016 | 22,541 | 55,174 |
2016 and Prior | 113,614 | 75,022 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 180,367 | 198,397 |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 17,259 |
2018 | 17,259 | 12,781 |
2017 | 15,772 | 19,914 |
2016 | 19,894 | 50,700 |
2016 and Prior | 146,624 | 83,792 |
Revolving | 1,482 | 1,500 |
Revolving-Term | 0 | 0 |
Total | 201,030 | 185,946 |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 645 |
2018 | 645 | 0 |
2017 | 0 | 0 |
2016 | 0 | 1,989 |
2016 and Prior | 7,499 | 6,529 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 8,144 | 9,163 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 257,902 | 457,828 |
2019 | 481,453 | 215,457 |
2018 | 203,334 | 145,290 |
2017 | 118,255 | 82,249 |
2016 | 61,054 | 28,488 |
2016 and Prior | 193,891 | 221,609 |
Revolving | 383,699 | 408,631 |
Revolving-Term | 0 | 0 |
Total | 1,699,588 | 1,559,552 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 252,427 | 454,131 |
2019 | 478,363 | 199,453 |
2018 | 168,546 | 140,049 |
2017 | 110,278 | 68,607 |
2016 | 55,096 | 27,645 |
2016 and Prior | 179,887 | 206,782 |
Revolving | 361,828 | 383,082 |
Revolving-Term | 0 | 0 |
Total | 1,606,425 | 1,479,749 |
Commercial | Commercial and industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 3,697 |
2019 | 3,090 | 8,211 |
2018 | 28,623 | 2,628 |
2017 | 3,562 | 697 |
2016 | 180 | 768 |
2016 and Prior | 1,289 | 1,046 |
Revolving | 17,718 | 23,527 |
Revolving-Term | 0 | 0 |
Total | 54,461 | 40,574 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,476 | 0 |
2019 | 0 | 7,793 |
2018 | 6,165 | 2,613 |
2017 | 4,415 | 8,544 |
2016 | 5,778 | 75 |
2016 and Prior | 12,715 | 13,781 |
Revolving | 4,153 | 2,022 |
Revolving-Term | 0 | 0 |
Total | 38,701 | 34,828 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 4,401 |
2016 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 4,401 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 24,730 | 132,813 |
2019 | 131,133 | 230,907 |
2018 | 202,255 | 63,535 |
2017 | 53,248 | 2,921 |
2016 | 2,560 | 6,346 |
2016 and Prior | 22,301 | 16,777 |
Revolving | 13,232 | 12,778 |
Revolving-Term | 0 | 0 |
Total | 449,459 | 466,077 |
Commercial | Commercial construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 24,730 | 131,235 |
2019 | 127,643 | 224,794 |
2018 | 195,245 | 59,649 |
2017 | 53,248 | 2,420 |
2016 | 2,059 | 6,346 |
2016 and Prior | 10,856 | 4,555 |
Revolving | 13,232 | 12,778 |
Revolving-Term | 0 | 0 |
Total | 427,012 | 441,777 |
Commercial | Commercial construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 1,578 |
2019 | 3,490 | 2,533 |
2018 | 2,862 | 3,886 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 8,478 | 8,593 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 14,830 | 16,590 |
Commercial | Commercial construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 3,580 |
2018 | 4,148 | 0 |
2017 | 0 | 501 |
2016 | 501 | 0 |
2016 and Prior | 2,967 | 3,629 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 7,616 | 7,710 |
Commercial | Commercial construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 34,568 | 296,357 |
2019 | 121,591 | 156,473 |
2018 | 171,003 | 128,250 |
2017 | 139,513 | 91,363 |
2016 | 93,638 | 82,202 |
2016 and Prior | 395,703 | 298,779 |
Revolving | 112,001 | 105,549 |
Revolving-Term | 1,061 | 1,094 |
Total | 1,069,078 | 1,160,067 |
Commercial | Business banking | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 34,568 | 296,254 |
2019 | 121,017 | 154,335 |
2018 | 167,764 | 123,207 |
2017 | 134,358 | 86,552 |
2016 | 89,027 | 77,238 |
2016 and Prior | 362,534 | 266,042 |
Revolving | 110,572 | 103,571 |
Revolving-Term | 265 | 291 |
Total | 1,020,105 | 1,107,490 |
Commercial | Business banking | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 502 | 1,060 |
2018 | 1,972 | 1,147 |
2017 | 1,379 | 1,602 |
2016 | 1,621 | 1,084 |
2016 and Prior | 7,759 | 6,866 |
Revolving | 287 | 637 |
Revolving-Term | 122 | 123 |
Total | 13,642 | 12,519 |
Commercial | Business banking | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 103 |
2019 | 72 | 1,078 |
2018 | 1,267 | 3,896 |
2017 | 3,777 | 3,209 |
2016 | 2,990 | 3,880 |
2016 and Prior | 25,409 | 25,871 |
Revolving | 1,141 | 1,341 |
Revolving-Term | 674 | 680 |
Total | 35,330 | 40,058 |
Commercial | Business banking | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Performing | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 96,988 | 334,086 |
2019 | 319,656 | 459,799 |
2018 | 481,588 | 417,944 |
2017 | 400,461 | 313,465 |
2016 | 294,122 | 394,972 |
2016 and Prior | 1,046,085 | 722,782 |
Revolving | 46,354 | 47,830 |
Revolving-Term | 0 | 0 |
Total | 2,685,253 | 2,690,879 |
Commercial | Performing | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 252,427 | 457,828 |
2019 | 481,453 | 214,144 |
2018 | 203,334 | 143,706 |
2017 | 117,623 | 69,411 |
2016 | 55,366 | 28,426 |
2016 and Prior | 193,614 | 220,701 |
Revolving | 383,355 | 408,350 |
Revolving-Term | 0 | 0 |
Total | 1,687,172 | 1,542,566 |
Commercial | Performing | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 24,730 | 132,813 |
2019 | 131,133 | 230,907 |
2018 | 202,255 | 63,535 |
2017 | 53,248 | 2,921 |
2016 | 2,560 | 6,346 |
2016 and Prior | 21,917 | 16,393 |
Revolving | 13,232 | 12,778 |
Revolving-Term | 0 | 0 |
Total | 449,074 | 465,692 |
Commercial | Performing | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 34,568 | 296,327 |
2019 | 121,591 | 156,164 |
2018 | 170,640 | 126,432 |
2017 | 137,748 | 90,414 |
2016 | 92,837 | 80,106 |
2016 and Prior | 384,332 | 286,970 |
Revolving | 111,932 | 105,494 |
Revolving-Term | 1,004 | 1,037 |
Total | 1,054,651 | 1,142,944 |
Commercial | Nonperforming | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 16,404 |
2018 | 16,404 | 0 |
2017 | 0 | 6,675 |
2016 | 6,674 | 20,212 |
2016 and Prior | 71,995 | 57,778 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 95,074 | 101,070 |
Commercial | Nonperforming | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,476 | 0 |
2019 | 0 | 1,313 |
2018 | 0 | 1,584 |
2017 | 631 | 12,838 |
2016 | 5,689 | 62 |
2016 and Prior | 276 | 908 |
Revolving | 344 | 281 |
Revolving-Term | 0 | 0 |
Total | 12,416 | 16,985 |
Commercial | Nonperforming | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 384 | 384 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 384 | 384 |
Commercial | Nonperforming | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 30 |
2019 | 0 | 309 |
2018 | 362 | 1,818 |
2017 | 1,765 | 949 |
2016 | 801 | 2,096 |
2016 and Prior | 11,371 | 11,809 |
Revolving | 69 | 55 |
Revolving-Term | 57 | 57 |
Total | 14,426 | 17,123 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,506,485 | 1,552,153 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 321,800 | 303,900 |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 20,000 | 120,736 |
2019 | 116,640 | 122,544 |
2018 | 111,128 | 69,931 |
2017 | 60,255 | 65,133 |
2016 | 56,942 | 76,254 |
2016 and Prior | 277,553 | 251,047 |
Revolving | 436,952 | 439,020 |
Revolving-Term | 24,630 | 22,667 |
Total | 1,104,099 | 1,167,332 |
Consumer | Consumer real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 20,000 | 120,736 |
2019 | 116,640 | 122,171 |
2018 | 110,942 | 67,700 |
2017 | 58,166 | 63,653 |
2016 | 55,435 | 73,805 |
2016 and Prior | 267,411 | 243,939 |
Revolving | 436,449 | 438,888 |
Revolving-Term | 23,550 | 22,667 |
Total | 1,088,594 | 1,153,559 |
Consumer | Consumer real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 1,489 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 2,246 | 150 |
Revolving | 0 | 132 |
Revolving-Term | 0 | 0 |
Total | 2,246 | 1,771 |
Consumer | Consumer real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 373 |
2018 | 186 | 742 |
2017 | 2,089 | 1,480 |
2016 | 1,506 | 2,449 |
2016 and Prior | 7,896 | 6,958 |
Revolving | 503 | 0 |
Revolving-Term | 1,080 | 0 |
Total | 13,260 | 12,002 |
Consumer | Consumer real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 872 | 18,864 |
2019 | 14,119 | 13,162 |
2018 | 11,686 | 6,784 |
2017 | 5,848 | 3,395 |
2016 | 2,778 | 2,082 |
2016 and Prior | 7,255 | 4,054 |
Revolving | 35,525 | 27,391 |
Revolving-Term | 2,534 | 5,153 |
Total | 80,618 | 80,885 |
Consumer | Other consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 872 | 18,849 |
2019 | 14,119 | 13,162 |
2018 | 11,576 | 6,784 |
2017 | 5,723 | 3,395 |
2016 | 2,673 | 2,082 |
2016 and Prior | 2,283 | 687 |
Revolving | 35,151 | 26,647 |
Revolving-Term | 955 | 2,767 |
Total | 73,354 | 74,373 |
Consumer | Other consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Other consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 15 |
2019 | 0 | 0 |
2018 | 109 | 0 |
2017 | 125 | 0 |
2016 | 104 | 0 |
2016 and Prior | 4,968 | 3,367 |
Revolving | 374 | 744 |
Revolving-Term | 1,579 | 2,386 |
Total | 7,260 | 6,512 |
Consumer | Other consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
2016 | 0 | 0 |
2016 and Prior | 4 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 4 | 0 |
Consumer | Performing | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 20,000 | 120,736 |
2019 | 116,640 | 122,315 |
2018 | 110,249 | 69,225 |
2017 | 59,931 | 63,647 |
2016 | 56,397 | 74,690 |
2016 and Prior | 272,547 | 245,331 |
Revolving | 436,628 | 438,702 |
Revolving-Term | 23,759 | 21,572 |
Total | 1,096,150 | 1,156,216 |
Consumer | Performing | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 872 | 18,864 |
2019 | 14,119 | 13,162 |
2018 | 11,485 | 6,784 |
2017 | 5,848 | 3,395 |
2016 | 2,697 | 2,082 |
2016 and Prior | 5,689 | 3,958 |
Revolving | 35,346 | 27,391 |
Revolving-Term | 2,397 | 5,153 |
Total | 78,455 | 80,789 |
Consumer | Nonperforming | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 229 |
2018 | 880 | 706 |
2017 | 324 | 1,486 |
2016 | 545 | 1,564 |
2016 and Prior | 5,006 | 5,716 |
Revolving | 324 | 318 |
Revolving-Term | 871 | 1,096 |
Total | 7,949 | 11,116 |
Consumer | Nonperforming | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 201 | 0 |
2017 | 0 | 0 |
2016 | 81 | 0 |
2016 and Prior | 1,566 | 96 |
Revolving | 179 | 0 |
Revolving-Term | 137 | 0 |
Total | $ 2,163 | $ 96 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||
Current | $ 7,047,844 | $ 7,069,730 | ||
Past due | 135,324 | 156,130 | ||
Non - performing | 132,413 | 146,774 | $ 54,057 | |
Total | 7,183,168 | 7,225,860 | ||
Financing receivable, nonaccrual, including held-for-sale | 135,200 | |||
Restructured loans | 6,865 | $ 1,897 | ||
30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 2,737 | 2,888 | ||
60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 174 | 5,965 | ||
90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 503 | ||
Commercial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | $ 5,676,683 | $ 5,673,707 | ||
Commercial | CARES Act, Paycheck Protection Program Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Number of modified loans | loan | 40 | 52 | ||
Restructured loans | $ 61,800 | |||
Commercial | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 2,685,253 | $ 2,690,877 | ||
Past due | 95,074 | 101,070 | ||
Non - performing | 95,074 | 101,070 | 25,356 | |
Total | 2,780,327 | 2,791,947 | ||
Restructured loans | 0 | 0 | ||
Commercial | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 1,687,172 | 1,542,567 | ||
Past due | 12,416 | 16,985 | ||
Non - performing | 12,416 | 16,985 | 10,911 | |
Total | 1,699,588 | 1,559,552 | ||
Financing receivable, nonaccrual, held-for-sale | 2,800 | |||
Restructured loans | 6,296 | 0 | ||
Commercial | Commercial construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 449,074 | 462,094 | ||
Past due | 384 | 3,983 | ||
Non - performing | 384 | 384 | 737 | |
Total | 449,459 | 466,077 | ||
Restructured loans | 0 | 1,806 | ||
Commercial | Business banking | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 1,053,430 | 1,140,581 | ||
Past due | 15,647 | 19,486 | ||
Non - performing | 14,426 | 17,122 | 9,863 | |
Total | 1,069,078 | 1,160,067 | ||
Restructured loans | 0 | 0 | ||
Commercial | 30 to 59 Days Past Due | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 30 to 59 Days Past Due | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 30 to 59 Days Past Due | Commercial construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 19 | ||
Commercial | 30 to 59 Days Past Due | Business banking | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 1,191 | 1,614 | ||
Commercial | 60 to 89 Days Past Due | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 60 to 89 Days Past Due | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 60 to 89 Days Past Due | Commercial construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 3,580 | ||
Commercial | 60 to 89 Days Past Due | Business banking | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 30 | 379 | ||
Commercial | 90 Days Past Due | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 90 Days Past Due | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 90 Days Past Due | Commercial construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 0 | ||
Commercial | 90 Days Past Due | Business banking | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 371 | ||
Consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,506,485 | 1,552,153 | ||
Consumer | Business banking | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 321,800 | 303,900 | ||
Consumer | Consumer real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 1,094,601 | 1,153,028 | ||
Past due | 9,498 | 14,304 | ||
Non - performing | 7,949 | 11,117 | 6,063 | |
Total | 1,104,099 | 1,167,332 | ||
Restructured loans | 568 | 91 | ||
Consumer | Other consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 78,314 | 80,583 | ||
Past due | 2,304 | 302 | ||
Non - performing | 2,163 | 96 | $ 1,127 | |
Total | 80,618 | 80,885 | ||
Restructured loans | 1 | $ 0 | ||
Consumer | 30 to 59 Days Past Due | Consumer real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 1,444 | 1,087 | ||
Consumer | 30 to 59 Days Past Due | Other consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 102 | 168 | ||
Consumer | 60 to 89 Days Past Due | Consumer real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 104 | 1,968 | ||
Consumer | 60 to 89 Days Past Due | Other consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 39 | 37 | ||
Consumer | 90 Days Past Due | Consumer real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | 0 | 132 | ||
Consumer | 90 Days Past Due | Other consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due | $ 0 | $ 0 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Loans on Nonaccrual Status and Loans Past Due 90 Days or More and Still Accruing (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | $ 146,774 | $ 54,057 |
End of Period Nonaccrual | 132,413 | 146,774 |
Nonaccrual With No Related Allowance | 64,628 | 71,410 |
Past Due 90+ Days Still Accruing | 0 | 503 |
Past due | 135,324 | 156,130 |
Interest income recognized on nonaccrual | 352 | 826 |
90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 503 |
Commercial | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 101,070 | 25,356 |
End of Period Nonaccrual | 95,074 | 101,070 |
Nonaccrual With No Related Allowance | 52,460 | 60,401 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Past due | 95,074 | 101,070 |
Interest income recognized on nonaccrual | 61 | 22 |
Commercial | Commercial real estate | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 16,985 | 10,911 |
End of Period Nonaccrual | 12,416 | 16,985 |
Nonaccrual With No Related Allowance | 11,425 | 6,436 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Past due | 12,416 | 16,985 |
Interest income recognized on nonaccrual | 43 | 101 |
Commercial | Commercial and industrial | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 0 |
Commercial | Commercial construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 384 | 737 |
End of Period Nonaccrual | 384 | 384 |
Nonaccrual With No Related Allowance | 0 | 285 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Past due | 384 | 3,983 |
Interest income recognized on nonaccrual | 0 | 0 |
Commercial | Commercial construction | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 0 |
Commercial | Business banking | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 17,122 | 9,863 |
End of Period Nonaccrual | 14,426 | 17,122 |
Nonaccrual With No Related Allowance | 397 | 3,890 |
Past Due 90+ Days Still Accruing | 0 | 371 |
Past due | 15,647 | 19,486 |
Interest income recognized on nonaccrual | 137 | 275 |
Commercial | Business banking | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 371 |
Consumer | Consumer real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 11,117 | 6,063 |
End of Period Nonaccrual | 7,949 | 11,117 |
Nonaccrual With No Related Allowance | 345 | 398 |
Past Due 90+ Days Still Accruing | 0 | 132 |
Past due | 9,498 | 14,304 |
Interest income recognized on nonaccrual | 110 | 423 |
Consumer | Consumer real estate | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | 0 | 132 |
Consumer | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 96 | 1,127 |
End of Period Nonaccrual | 2,163 | 96 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Past due | 2,304 | 302 |
Interest income recognized on nonaccrual | 1 | 4 |
Consumer | Other consumer | 90 Days Past Due | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Past due | $ 0 | $ 0 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Collateral Dependent Loans by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,183,168 | $ 7,225,860 |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 92,464 | 108,525 |
Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 11,980 | 16,699 |
Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,350 | 0 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 689 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,676,683 | 5,673,707 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,780,327 | 2,791,947 |
Commercial | Commercial real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 86,683 | 100,450 |
Commercial | Commercial real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,350 | 0 |
Commercial | Commercial real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,699,588 | 1,559,552 |
Commercial | Commercial and industrial | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 335 | 1,040 |
Commercial | Commercial and industrial | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 11,968 | 15,080 |
Commercial | Commercial and industrial | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial and industrial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 449,459 | 466,077 |
Commercial | Commercial construction | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 3,245 | 3,552 |
Commercial | Commercial construction | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial construction | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial construction | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,069,078 | 1,160,067 |
Commercial | Business banking | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,856 | 3,085 |
Commercial | Business banking | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 12 | 1,619 |
Commercial | Business banking | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Business banking | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 689 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,506,485 | 1,552,153 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 321,800 | 303,900 |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,104,099 | 1,167,332 |
Consumer | Consumer real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 345 | 398 |
Consumer | Consumer real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer | Consumer real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer | Consumer real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 0 | $ 0 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 117,612 | $ 62,224 | |
Provision for credit losses on loans | 3,301 | 18,430 | |
Charge-offs | (6,532) | (11,430) | |
Recoveries | 720 | 274 | |
Net (Charge-offs)/Recoveries | (5,812) | (11,156) | |
Balance at End of Period | 115,101 | 96,850 | $ 62,224 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Commercial | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 65,656 | 30,577 | |
Provision for credit losses on loans | 1,996 | 7,639 | |
Charge-offs | (810) | (442) | |
Recoveries | 0 | 27 | |
Net (Charge-offs)/Recoveries | (810) | (415) | |
Balance at End of Period | 66,842 | 42,611 | $ 30,577 |
Commercial | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 16,100 | 15,681 | |
Provision for credit losses on loans | 2,728 | 6,196 | |
Charge-offs | (4,302) | (9,879) | |
Recoveries | 137 | 19 | |
Net (Charge-offs)/Recoveries | (4,165) | (9,860) | |
Balance at End of Period | 14,663 | 19,870 | 15,681 |
Commercial | Commercial construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 7,239 | 7,900 | |
Provision for credit losses on loans | (911) | 2,309 | |
Charge-offs | 0 | (229) | |
Recoveries | 1 | 2 | |
Net (Charge-offs)/Recoveries | 1 | (227) | |
Balance at End of Period | 6,329 | 6,606 | 7,900 |
Commercial | Business banking | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 15,917 | 0 | |
Provision for credit losses on loans | 514 | 1,194 | |
Charge-offs | (917) | (460) | |
Recoveries | 166 | 74 | |
Net (Charge-offs)/Recoveries | (751) | (386) | |
Balance at End of Period | 15,680 | 13,706 | 0 |
Consumer | Consumer real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 10,014 | 6,337 | |
Provision for credit losses on loans | (844) | 472 | |
Charge-offs | (271) | (172) | |
Recoveries | 82 | 38 | |
Net (Charge-offs)/Recoveries | (189) | (134) | |
Balance at End of Period | 8,981 | 11,200 | 6,337 |
Consumer | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 2,686 | 1,729 | |
Provision for credit losses on loans | (182) | 620 | |
Charge-offs | (232) | (248) | |
Recoveries | 334 | 114 | |
Net (Charge-offs)/Recoveries | 102 | (134) | |
Balance at End of Period | $ 2,606 | 2,857 | 1,729 |
Impact of new accounting standard | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 27,352 | ||
Balance at End of Period | 27,352 | ||
Impact of new accounting standard | Commercial | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,810 | ||
Balance at End of Period | 4,810 | ||
Impact of new accounting standard | Commercial | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 7,853 | ||
Balance at End of Period | 7,853 | ||
Impact of new accounting standard | Commercial | Commercial construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | (3,376) | ||
Balance at End of Period | (3,376) | ||
Impact of new accounting standard | Commercial | Business banking | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 12,898 | ||
Balance at End of Period | 12,898 | ||
Impact of new accounting standard | Consumer | Consumer real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,525 | ||
Balance at End of Period | 4,525 | ||
Impact of new accounting standard | Consumer | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 642 | ||
Balance at End of Period | $ 642 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | $ 115,101 | $ 96,850 | $ 117,612 | $ 62,224 | |
Provision for credit losses on loans | 3,301 | 18,430 | |||
Net loan charge-offs | $ 5,812 | $ 11,156 | |||
Net loan charge-offs, percent | 0.33% | 0.63% | |||
Portfolio loans, net of unearned income | $ 7,183,168 | 7,225,860 | |||
Total loans | 7,068,067 | 7,108,248 | |||
COVID-19 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, credit loss, expense (reversal), period increase (decrease) | (16,900) | $ (20,000) | |||
Provision for credit losses on loans | 3,100 | ||||
ACL provision, COVID-19 assessment, revised forecast | 14,300 | ||||
Financing receivable, allowance for credit loss, qualitative reserve, period increase (decrease) | $ 2,700 | 3,100 | |||
Forecast period | 2 years | ||||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Portfolio loans, net of unearned income | $ 5,676,683 | 5,673,707 | |||
Nonperforming | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Portfolio loans, net of unearned income | 132,413 | 146,774 | |||
Nonperforming | COVID-19 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in non-performing loans | 61,400 | ||||
Portfolio loans, net of unearned income | 135,200 | 73,800 | |||
Commercial and industrial | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | 14,663 | 19,870 | 16,100 | 15,681 | |
Provision for credit losses on loans | 2,728 | 6,196 | |||
Net loan charge-offs | 4,165 | 9,860 | |||
Portfolio loans, net of unearned income | 1,699,588 | 1,559,552 | |||
Commercial and industrial | Nonperforming | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Portfolio loans, net of unearned income | 12,416 | 16,985 | |||
Commercial real estate | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | 66,842 | 42,611 | 65,656 | 30,577 | |
Provision for credit losses on loans | 1,996 | 7,639 | |||
Net loan charge-offs | 810 | $ 415 | |||
Portfolio loans, net of unearned income | 2,780,327 | 2,791,947 | |||
Commercial real estate | Commercial | Hotel | COVID-19 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Portfolio loans, net of unearned income | 53,600 | ||||
Commercial real estate | Nonperforming | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Portfolio loans, net of unearned income | 95,074 | $ 101,070 | |||
CARES Act, Paycheck Protection Program Loans | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total loans | $ 499,100 | ||||
Impact of new accounting standard | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | $ 27,400 | 27,352 | |||
Impact of new accounting standard | S&T Legacy Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | 8,200 | ||||
Impact of new accounting standard | Commercial and industrial | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | 9,900 | 7,853 | |||
Impact of new accounting standard | Commercial real estate | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | $ 4,810 | ||||
Impact of new accounting standard | DNB | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Adjustment to allowance for credit loss | $ 9,300 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments (in days) | 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets | ||
Derivatives (included in Other Assets) | ||
Fair value | $ 40,415 | $ 78,319 |
Other Assets | Interest rate swap contracts—commercial loans | ||
Derivatives (included in Other Assets) | ||
Fair value | 40,415 | 78,319 |
Notional amount | 983,243 | 983,638 |
Collateral posted | 0 | 0 |
Other Assets | Interest rate lock commitments—mortgage loans | ||
Derivatives (included in Other Assets) | ||
Fair value | 1,509 | 2,900 |
Notional amount | 44,519 | 51,053 |
Other Assets | Forward sale contracts—mortgage loans | ||
Derivatives (included in Other Assets) | ||
Fair value | 226 | 0 |
Notional amount | 36,835 | 0 |
Other Liabilities | ||
Derivatives (included in Other Liabilities) | ||
Fair value | 40,818 | 79,033 |
Other Liabilities | Interest rate swap contracts—commercial loans | ||
Derivatives (included in Other Liabilities) | ||
Fair value | 40,818 | 79,033 |
Notional amount | 983,243 | 983,638 |
Collateral posted | 43,340 | 77,930 |
Other Liabilities | Interest rate lock commitments—mortgage loans | ||
Derivatives (included in Other Liabilities) | ||
Fair value | 0 | 0 |
Notional amount | 0 | 0 |
Other Liabilities | Forward sale contracts—mortgage loans | ||
Derivatives (included in Other Liabilities) | ||
Fair value | 0 | 385 |
Notional amount | $ 0 | $ 47,062 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets | ||
Derivatives (included in Other Assets) | ||
Gross amounts recognized | $ 44,022 | $ 82,655 |
Gross amounts offset | (3,607) | (4,336) |
Net Amounts Presented in the Consolidated Balance Sheets | 40,415 | 78,319 |
Gross amounts not offset | 0 | 0 |
Net Amount | 40,415 | 78,319 |
Other Liabilities | ||
Derivatives (included in Other Liabilities) | ||
Gross amounts recognized | 43,865 | 82,626 |
Gross amounts offset | (3,047) | (3,593) |
Net amounts presented in the Consolidated Balance Sheets | 40,818 | 79,033 |
Gross amounts not offset | (43,340) | (77,930) |
Net Amount | $ (2,522) | $ 1,103 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss)/Gain | $ (470) | $ 1,427 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss)/Gain | 310 | 114 |
Interest rate lock commitments—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss)/Gain | (1,759) | 2,606 |
Forward sale contracts—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss)/Gain | $ 979 | $ (1,293) |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,349,641 | $ 2,274,847 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,261,223 | 2,185,752 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 88,418 | $ 89,095 |
Commitments and Contingencies_2
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 4,467 | $ 3,112 | |
(Recovery) provision for credit losses | (164) | 1,616 | |
Balance at end of period | 4,303 | 6,077 | $ 3,112 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Impact of new accounting standard | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 0 | 1,349 | |
Balance at end of period | $ 1,349 | ||
Balance after adoption of ASU 2016-13 | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 4,467 | $ 4,461 | |
Balance at end of period | $ 4,461 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pre-Tax Amount | ||
Other Comprehensive Income/(Loss), Pre-Tax Amount | $ (10,055) | $ 22,033 |
Tax (Expense) Benefit | ||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | 2,145 | (4,691) |
Net of Tax Amount | ||
Other Comprehensive Income/(Loss), Net of Tax Amount | (7,910) | 17,342 |
Pension settlement charge | 700 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||
Pre-Tax Amount | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (9,712) | 21,568 |
Tax (Expense) Benefit | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 2,072 | (4,592) |
Net of Tax Amount | ||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (7,640) | 16,976 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||
Pre-Tax Amount | ||
Other Comprehensive Income/(Loss), Pre-Tax Amount | (343) | 465 |
Tax (Expense) Benefit | ||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | 73 | (99) |
Net of Tax Amount | ||
Other Comprehensive Income/(Loss), Net of Tax Amount | $ (270) | $ 366 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service costs included in net periodic pension expense | $ 0 | ||
Expected long-term rate of return on plan assets | 2.42% | 3.45% | |
Settlement Charge | $ 749,000 | $ 0 | |
Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percentage) | 90.00% | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percentage) | 10.00% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Components of Net Periodic Pension Cost | ||
Interest cost on projected benefit obligation | $ 703 | $ 891 |
Expected return on plan assets | (716) | (972) |
Net amortization | 248 | 384 |
Settlement Charge | 749 | 0 |
Net Periodic Pension Expense | $ 984 | $ 303 |
Share Repurchase Plan (Details)
Share Repurchase Plan (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 15, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchased common shares (in shares) | 411,430 | |||
Cost to repurchase common shares | $ 12,559,000 | |||
September 16, 2019 Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 37,400,000 | |||
Repurchased common shares (in shares) | 0 | 411,430 | ||
Cost to repurchase common shares | $ 12,600,000 | |||
Cost to repurchase common shares (in dollars per share) | $ 30.52 |