Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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, par value $2.50 per share | ||
Trading Symbol | STBA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,025,756,372 | ||
Entity Common Stock, Shares Outstanding | 38,233,365 | ||
Documents Incorporated by Reference [Text Block] | Portions of the definitive Proxy Statement of S&T Bancorp, Inc., to be filed pursuant to Regulation 14A for the 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000719220 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Pittsburgh, Pennsylvania |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $160,802 and $138,149 at December 31, 2023 and December 31, 2022 | $ 233,612 | $ 210,009 |
Securities available for sale, at fair value | 970,391 | 1,002,778 |
Loans held for sale | 153 | 16 |
Portfolio loans, net of unearned income | 7,653,341 | 7,183,969 |
Allowance for credit losses | (107,966) | (101,340) |
Portfolio loans, net | 7,545,375 | 7,082,629 |
Bank owned life insurance | 84,008 | 85,185 |
Premises and equipment, net | 49,006 | 49,285 |
Federal Home Loan Bank and other restricted stock, at cost | 25,082 | 23,035 |
Goodwill | 373,424 | 373,424 |
Other intangible assets, net | 4,059 | 5,378 |
Other assets | 266,416 | 278,828 |
Total Assets | 9,551,526 | 9,110,567 |
Deposits: | ||
Noninterest-bearing demand | 2,221,942 | 2,588,692 |
Interest-bearing demand | 825,787 | 846,653 |
Money market | 1,941,842 | 1,731,521 |
Savings | 950,546 | 1,118,511 |
Certificates of deposit | 1,581,652 | 934,593 |
Total Deposits | 7,521,769 | 7,219,970 |
Short-term borrowings | 415,000 | 370,000 |
Long-term borrowings | 39,277 | 14,741 |
Junior subordinated debt securities | 49,358 | 54,453 |
Other liabilities | 242,677 | 266,744 |
Total Liabilities | 8,268,081 | 7,925,908 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at December 31, 2023 and December 31, 2022 Outstanding—38,232,806 shares at December 31, 2023 and 38,999,733 shares at December 31, 2022 | 103,623 | 103,623 |
Additional paid-in capital | 409,034 | 406,283 |
Retained earnings | 959,604 | 863,948 |
Accumulated other comprehensive loss | (90,901) | (112,125) |
Treasury stock — 3,216,638 shares at December 31, 2023 and 2,449,711 shares at December 31, 2022, at cost | (97,915) | (77,070) |
Total Shareholders’ Equity | 1,283,445 | 1,184,659 |
Total Liabilities and Shareholders’ Equity | $ 9,551,526 | $ 9,110,567 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 160,802 | $ 138,149 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, outstanding (in shares) | 38,232,806 | 38,999,733 |
Treasury stock (in shares) | 3,216,638 | 2,449,711 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST AND DIVIDEND INCOME | |||
Loans, including fees | $ 443,124 | $ 314,866 | $ 270,460 |
Investment Securities: | |||
Taxable | 31,611 | 23,743 | 15,706 |
Tax-exempt | 852 | 1,579 | 2,593 |
Dividends | 2,314 | 563 | 503 |
Total Interest and Dividend Income | 477,901 | 340,751 | 289,262 |
INTEREST EXPENSE | |||
Deposits | 92,836 | 19,907 | 10,757 |
Borrowings, junior subordinated debt securities and other | 35,655 | 5,061 | 2,393 |
Total Interest Expense | 128,491 | 24,968 | 13,150 |
NET INTEREST INCOME | 349,410 | 315,783 | 276,112 |
Provision for credit losses | 17,892 | 8,366 | 16,215 |
Net Interest Income After Provision for Credit Losses | 331,518 | 307,417 | 259,897 |
NONINTEREST INCOME | |||
Net gain on sale of securities | 0 | 198 | 29 |
Mortgage banking | 1,164 | 2,215 | 9,734 |
Other | 9,829 | 7,292 | 9,052 |
Total Noninterest Income | 57,620 | 58,259 | 64,696 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 111,462 | 103,221 | 100,214 |
Data processing and information technology | 17,437 | 16,918 | 16,681 |
Occupancy | 14,814 | 14,812 | 14,544 |
Furniture, equipment and software | 12,912 | 11,606 | 10,684 |
Professional services and legal | 7,823 | 8,318 | 6,368 |
Marketing | 6,488 | 5,600 | 4,553 |
Other taxes | 6,813 | 6,620 | 6,644 |
FDIC insurance | 4,122 | 2,854 | 4,224 |
Other | 28,463 | 26,797 | 25,013 |
Total Noninterest Expense | 210,334 | 196,746 | 188,925 |
Income Before Taxes | 178,804 | 168,930 | 135,668 |
Income tax expense | 34,023 | 33,410 | 25,325 |
Net Income | $ 144,781 | $ 135,520 | $ 110,343 |
Earnings per share—basic (in dollars per share) | $ 3.76 | $ 3.47 | $ 2.81 |
Earnings per share—diluted (in dollars per share) | 3.74 | 3.46 | 2.81 |
Dividends declared per common share (in dollars per share) | $ 1.29 | $ 1.20 | $ 1.13 |
Debit and credit card | |||
NONINTEREST INCOME | |||
Revenues from contract with customers | $ 18,248 | $ 19,008 | $ 17,952 |
Service charges on deposit accounts | |||
NONINTEREST INCOME | |||
Revenues from contract with customers | 16,193 | 16,829 | 15,040 |
Wealth management | |||
NONINTEREST INCOME | |||
Revenues from contract with customers | $ 12,186 | $ 12,717 | $ 12,889 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 144,781 | $ 135,520 | $ 110,343 | |
Available-for-Sale Debt Securities | ||||
Net change in fair value of available-for-sale debt securities | 20,317 | (111,539) | (23,972) | |
Tax effect | (4,407) | 23,805 | 5,115 | |
Net available-for-sale securities gains reclassified into earnings | [1] | 0 | (198) | 0 |
Tax effect | 0 | 42 | 0 | |
Net effect on other comprehensive income | 15,910 | (87,890) | (18,857) | |
Interest Rate Swaps | ||||
Net change in fair value of interest rate swaps | (5,753) | (21,459) | 0 | |
Tax effect | 1,237 | 4,581 | 0 | |
Net interest rate swap losses reclassified into earnings | [2] | 12,382 | 91 | 0 |
Tax effect | (2,662) | (19) | 0 | |
Net effect on other comprehensive income | 5,204 | (16,806) | 0 | |
Employee Benefit Plans | ||||
Adjustment to funded status of employee benefit plans | 142 | (2,526) | 363 | |
Tax effect | (32) | 608 | (78) | |
Net employee benefit plan (gains) losses reclassified into earnings | [3] | 0 | 2,080 | 3,198 |
Tax effect | 0 | (501) | (687) | |
Net effect on other comprehensive income | 110 | (339) | 2,796 | |
Net of Tax Amount | 21,224 | (105,035) | (16,061) | |
Comprehensive Income | $ 166,005 | $ 30,485 | $ 94,282 | |
[1]Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been recorded in net gain on sale of securities in the Consolidated Statements of Net Income.[2]Reclassification adjustments have been recorded in interest income in the Consolidated Statements of Net Income.[3]Reclassification adjustments are comprised of realized actuarial gains or losses and settlement charges. These gains or losses and settlement charges have been recorded in salaries and employee benefits in the Consolidated Statements of Net Income. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance at beginning of period 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 | 110,343 | 110,343 | ||||||
Other comprehensive income (loss), net of tax | (16,061) | (16,061) | ||||||
Cash dividends declared | (44,336) | (44,336) | ||||||
Treasury stock issued for restricted stock awards | 0 | (4,163) | 4,163 | |||||
Forfeitures of restricted stock awards | (630) | 1,754 | (2,384) | |||||
Recognition of restricted stock compensation expense | 2,427 | 2,427 | ||||||
Balance at end of period at Dec. 31, 2021 | 1,206,454 | 103,623 | 403,095 | 773,659 | (7,090) | (66,833) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 135,520 | 135,520 | ||||||
Other comprehensive income (loss), net of tax | (105,035) | (105,035) | ||||||
Cash dividends declared | (47,023) | (47,023) | ||||||
Treasury stock issued for restricted stock awards | 0 | (135) | 135 | |||||
Forfeitures of restricted stock awards | (808) | 1,927 | (2,735) | |||||
Repurchase of S&T Stock | (7,637) | (7,637) | ||||||
Recognition of restricted stock compensation expense | 3,188 | 3,188 | ||||||
Balance at end of period at Dec. 31, 2022 | $ 1,184,659 | $ (447) | 103,623 | 406,283 | 863,948 | $ (447) | (112,125) | (77,070) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 | |||||||
Net income | $ 144,781 | 144,781 | ||||||
Other comprehensive income (loss), net of tax | 21,224 | 21,224 | ||||||
Cash dividends declared | (49,850) | (49,850) | ||||||
Treasury stock issued for restricted stock awards | 0 | (1,123) | 1,123 | |||||
Forfeitures of restricted stock awards | (798) | 1,172 | (1,970) | |||||
Repurchase of S&T Stock | (19,998) | (19,998) | ||||||
Recognition of restricted stock compensation expense | 3,874 | 3,874 | ||||||
Balance at end of period at Dec. 31, 2023 | $ 1,283,445 | $ 103,623 | $ 409,034 | $ 959,604 | $ (90,901) | $ (97,915) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in dollars per share) | $ 1.29 | $ 1.20 | $ 1.13 |
Treasury stock issued for restricted stock awards (in shares) | 36,166 | 4,250 | 130,670 |
Forfeitures of restricted stock awards (in shares) | 63,667 | 87,208 | 77,483 |
Repurchase of S&T Stock (in shares) | 739,426 | 268,503 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 144,781 | $ 135,520 | $ 110,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 17,892 | 8,366 | 16,215 |
Net depreciation, amortization and accretion | 7,520 | 9,027 | 11,480 |
Net amortization of discounts and premiums on securities | 4,666 | 6,062 | 5,482 |
Stock-based compensation expense | 3,874 | 3,188 | 2,427 |
Gain on sale of securities | 0 | (198) | (29) |
Deferred income taxes | 601 | (2,932) | 2,383 |
(Gain) loss on sale of fixed assets | (100) | 61 | 30 |
Gain on sale of loans, net | (81) | (1,229) | (8,856) |
(Gain) loss on sale and fair value adjustments of other real estate owned, net | (3,898) | (3,119) | 420 |
Proceeds from the sale of mortgage loans | 3,839 | 38,583 | 311,479 |
Mortgage loans originated for sale | (3,895) | (35,848) | (286,257) |
Net change in: | |||
Net (increase) decrease in interest receivable | (7,094) | (10,033) | 3,561 |
Net increase (decrease) in interest payable | 17,763 | 2,901 | (2,087) |
Net decrease (increase) in other assets | 14,311 | (24,628) | 83,830 |
Net (decrease) increase in other liabilities | (28,430) | 114,804 | (35,569) |
Net Cash Provided by Operating Activities | 171,749 | 240,525 | 214,852 |
INVESTING ACTIVITIES | |||
Purchases of securities | (99,583) | (401,054) | (313,617) |
Proceeds from maturities, prepayments and calls of securities | 147,710 | 160,830 | 144,905 |
Proceeds from sales of securities | 0 | 30,490 | 1,917 |
(Purchases) redemption of Federal Home Loan Bank stock | (2,047) | (13,515) | 3,511 |
Net (increase) decrease in loans | (492,795) | (192,403) | 173,401 |
Proceeds from sale of portfolio loans | 11,641 | 8,024 | 5,107 |
Proceeds from sale of other real estate owned | 7,051 | 12,529 | 1,259 |
Purchases of premises and equipment | (6,219) | (3,863) | (3,611) |
Proceeds from the sale of premises and equipment | 710 | 161 | 14 |
Proceeds from life insurance settlement | 1,696 | 214 | 353 |
Net payments from cash flow hedge | (12,383) | (91) | 0 |
Net Cash (Used in) Provided by Investing Activities | (444,219) | (398,678) | 13,239 |
FINANCING ACTIVITIES | |||
Net (decrease) increase in demand, money market and savings deposits | (345,260) | (623,076) | 875,378 |
Net increase (decrease) in certificates of deposit | 647,111 | (153,400) | (299,292) |
Net increase (decrease) in short-term borrowings | 45,000 | 285,509 | (55,672) |
Proceeds from long-term borrowings | 25,000 | 0 | 0 |
Repayments on long-term borrowings | (5,464) | (7,689) | (11,001) |
Repurchase of shares for taxes on restricted stock | (798) | (808) | (630) |
Cash dividends paid to common shareholders | (49,708) | (46,952) | (44,325) |
Repurchase of common stock | (19,808) | (7,637) | 0 |
Net Cash Provided by (Used in) Financing Activities | 296,073 | (554,053) | 464,458 |
Net increase (decrease) in cash and due from banks | 23,603 | (712,206) | 692,549 |
Cash and due from banks at beginning of period | 210,009 | 922,215 | 229,666 |
Cash and Due From Banks at End of Period | 233,612 | 210,009 | 922,215 |
Supplemental Disclosures | |||
Loans transferred to portfolio from held for sale | 0 | 0 | 4,467 |
Right of use assets obtained in exchange for lease obligations | 2,009 | 0 | 2,987 |
Cash paid for interest | 111,303 | 22,068 | 15,236 |
Cash paid for income taxes, net of refunds | 36,886 | 31,175 | 24,213 |
Transfers of loans to other real estate owned | $ 163 | $ 23 | $ 12,392 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has four active direct wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II, and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. We are presently engaged in non-banking activities through the following six entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC; Stewart Capital Advisors, LLC; and DN Acquisition Company, Inc. Our investment holding companies are 9th Street Holdings, Inc. and S&T Bancholdings, Inc. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions. DN Acquisition Company, Inc. was acquired with the DNB merger and was incorporated for the purpose of acquiring and holding OREO acquired through foreclosure or deed in-lieu-of foreclosure, as well as Bank-occupied real estate. Accounting Policies Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles, or GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. Our significant accounting policies are described below. Principles of Consolidation The consolidated financial statements include the accounts of S&T and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Reclassification Amounts in prior years' 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. Business Combinations We account for business combinations using the acquisition method of accounting. All identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognized and measured as of the acquisition date at fair value. We record goodwill for the excess of the purchase price over the fair value of net assets acquired. Results of operations of the acquired entities are included in the Consolidated Statement of Net Income from the date of acquisition. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ACL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we consider a number of factors including loss rates, internal risk rating, delinquency status, loan type, loan term, prepayment rates, recovery periods and the current interest rate environment. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield basis over the remaining life of the loans. Acquired loans, including those acquired in a business combination, are evaluated to determine if they have experienced more-than-insignificant deterioration in credit quality since origination. When the condition exists, these loans are referred to as purchased credit deteriorated, or PCD. An allowance is recognized for a PCD loan by adding it to the purchase price or fair value in a business combination. There is no provision for credit losses, or PCL, recognized upon acquisition of a PCD loan since the initial allowance is established through the purchase accounting. After initial recognition, the accounting for a PCD loan follows the credit loss model that applies to that type of asset. Purchased financial loans that do not have a more-than-significant deterioration in credit quality since origination are accounted for in a manner consistent with originated loans. An ACL is recorded with a corresponding charge to PCL. Subsequent to the acquisition date, the methods utilized to estimate the required ACL for these loans is similar to the method used for originated loans. Fair Value Measurements We use fair value measurements when recording and disclosing certain financial assets and liabilities. Available-for-sale debt securities, equity securities, trading securities held in a deferred compensation plan 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 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 fair value of U.S. treasury securities are based on quoted market prices in active markets and are classified as Level 1. The market valuation sources for other debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models and extensive quality control programs. Equity Securities Marketable equity securities with quoted prices in active markets for identical assets are classified as Level 1. Marketable equity securities in markets that are not active are classified as Level 2. Securities Held in a Deferred Compensation Plan Securities Held in a Deferred Compensation Plan are reported at fair value with the gains and losses included in other noninterest income in our Consolidated Statements of Net 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 that qualify as cash flow hedges, interest rate swaps for commercial loans with our customers, interest rate lock commitments and forward commitments related to 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. 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. We consider the impact of master netting agreements and collateral postings with our counterparties to determine the credit valuation adjustment. Interest rate swaps are classified as Level 2. Interest rate lock commitments and forward commitments related to mortgage loans are classified as Level 3 due to significant unobservable inputs. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans, when marked to fair value, is based on the principal or most advantageous market currently offered for similar loans using observable market data. Loans held for sale marked to fair value are classified as Level 2 if the fair value is determined using a sales or market approach and Level 3 if the fair value is determined using an income approach. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at the lower of amortized cost or fair value. Fair value is determined using either the present value of expected future cash flows discounted at the loan's original effective interest rate, the loan’s observable market price or 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. If the fair value of loans individually evaluated is determined based on an independent market based appraisal less estimated costs to sell, it is classified as Level 2. If the fair value of loans individually evaluated is determined using an internal valuation, it is 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 fair value less cost to sell. 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. If the fair value for OREO is determined based on an independent market-based appraisal less estimated costs to sell or an executed sales agreement, it is classified as Level 2. If the fair value for OREO is determined using an internal valuation, it is classified as Level 3. Mortgage Servicing Rights MSRs are reported using the amortization method and are evaluated for impairment quarterly by comparing the carrying value to the fair value of the MSRs. The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3 when marked to fair value. Financial Instruments Fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits approximate fair value. Loans Our methodology to fair value loans includes an exit price notion. The fair value of loans 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 valuation models include significant unobservable inputs; therefore, loans are classified as Level 3. The carrying amount of interest receivable approximates fair value. 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 Collateral receivable is cash that is made available to counterparties as collateral for our interest rate swaps. 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. Deposits without defined maturities are classified as Level 1. 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. Fixed rate and other time deposits are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. Collateral Payable Collateral payable is cash that is received from counterparties as collateral for our interest rate swaps. The carrying amount included in other liabilities on our Consolidated Balance Sheets approximates fair value. Cash and Cash Equivalents We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents. Securities We determine the appropriate classification of securities at the time of purchase. Debt securities are classified as available-for-sale with the intent to hold for an indefinite period of time, but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. A determination will be made on whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in OCI, net of applicable taxes. Credit-related impairment is recognized as an ACL on the balance sheet with a corresponding adjustment to provision for credit losses in the Consolidated Statements of Net Income. Both the allowance and the adjustment to net income can be reversed if conditions change. Our policy for credit impairment within the available-for-sale debt securities portfolio is based upon a number of factors, including but not limited to, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery of any decline in its estimated fair value. Realized gains and losses on the sale of these securities are determined using the specific-identification method and are recorded within noninterest income in the Consolidated Statements of Net Income. Bond premiums are amortized to the call date, if any, and bond discounts are accreted to the maturity date, both on a level yield basis. Equity securities are measured at fair value with net unrealized gains and losses recognized in other noninterest income in the Consolidated Statements of Net Income. Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held for sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to other noninterest income. When a loan is placed in the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of mortgage loans held for sale are included in mortgage banking in noninterest income in the Consolidated Statements of Net Income. Loans Loans are reported at the principal amount outstanding net of unearned income. Unearned income consists of net deferred loan origination fees and costs and a discount or premium on acquired loans. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Interest is accrued and interest income is recognized on loans as earned. Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. Generally, consumer loans are charged off against the ACL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. Nonaccrual Loans We stop accruing interest on a loan when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when we have doubt about the borrower’s ability to comply with contractual repayment terms, even if payment is not past due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. Allowance for Credit Losses The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share similar risk characteristics with other loans and are individually evaluated. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Commercial Construction, 2) Commercial Real Estate, or CRE, 3) Commercial and Industrial, or C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral and our internal risk rating system for the commercial and business banking segments and type of collateral, lien position and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. Our quantitative model uses historic data back to the second quarter of 2009. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast is for a period of two years and is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral, the existence of and changes in concentrations, other external factors and segment specific risks. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $1.0 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonaccrual loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 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 when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Our ACL Committee meets quarterly to verify the overall appropriateness of the ACL. Additionally, on an annual basis, the ACL Committee meets to validate our ACL methodology. This validation includes reviewing the loan segmentation, critical model assumptions, forecast and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ACL to be responsive to the economic environment. Bank Owned Life Insurance We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in other noninterest income in the Consolidated Statements of Net Income. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Depreciation expense is included in occupancy on the Consolidated Statements of Net Income. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. No events or changes in circumstances occurred during the years ended December 31, 2023 and 2022. The estimated useful lives for the various asset categories are as follows: 1) Land and Land Improvements Non-depreciating assets 2) Buildings 25 years 3) Furniture and Fixtures 5 years 4) Computer Equipment and Software 5 years or term of license 5) Other Equipment 5 years 6) Vehicles 5 years 7) Leasehold Improvements Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise Right-of-Use Assets and Lease Liabilities We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as right-of-use, or ROU, assets and related lease liabilities. Finance ROU assets are included in premises and equipment other assets Restricted Investment in Bank Stock FHLB stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the member's asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for impairment when events and circumstance indicate that impairment could exist. Goodwill and Other Intangible Assets As a result of acquisitions, we have recorded goodwill and identifiable intangible assets in our Consolidated Balance Sheets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. We have one reporting unit. The carrying value of goodwill is tested annually for impairment each October 1st or more frequently if events and circumstances indicate that it may be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the reporting unit's fair value is less than its carrying value. We perform a quantitative impairment test only if we conclude that it is more likely than not that a reporting unit's fair value is less than the carrying amount. Determining the fair value of a reporting unit is judgmental and |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine EPS for the twelve months ended December 31, 2023, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented: Twelve months ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Numerator for Earnings per Share—Basic and Diluted: Net income $ 144,781 $ 135,520 $ 110,343 Less: Income allocated to participating shares 156 381 492 Net Income Allocated to Shareholders $ 144,625 $ 135,139 $ 109,851 Denominator for Earnings per Share—Basic: Weighted Average Shares Outstanding—Basic 38,432,447 38,988,174 39,050,241 Denominator for Earnings per Share—Two-Class Method—Diluted: Weighted Average Shares Outstanding—Basic 38,432,447 38,988,174 39,050,241 Add: Average participating shares outstanding 222,958 42,760 2,720 Denominator for Two-Class Method—Diluted 38,655,405 39,030,934 39,052,961 Earnings per share—basic $ 3.76 $ 3.47 $ 2.81 Earnings per share—diluted $ 3.74 $ 3.46 $ 2.81 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 293 12,654 793 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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 the dates presented: December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 133,786 $ — $ — $ 133,786 Obligations of U.S. government corporations and agencies — 32,513 — 32,513 Collateralized mortgage obligations of U.S. government corporations and agencies — 460,939 — 460,939 Residential mortgage-backed securities of U.S. government corporations and agencies — 38,177 — 38,177 Commercial mortgage-backed securities of U.S. government corporations and agencies — 273,425 — 273,425 Obligations of states and political subdivisions — 30,468 — 30,468 Total Available-for-Sale Debt Securities 133,786 835,522 — 969,308 Equity securities 1,010 73 — 1,083 Total Securities Available for Sale 134,796 835,595 — 970,391 Securities held in a deferred compensation plan 9,399 — — 9,399 Derivative financial assets: Interest rate swaps - commercial loans — 63,018 — 63,018 Total Assets $ 144,195 $ 898,613 $ — $ 1,042,808 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 63,554 $ — $ 63,554 Interest rate swaps - cash flow hedge — 14,739 — 14,739 Total Liabilities $ — $ 78,293 $ — $ 78,293 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 131,695 $ — $ — $ 131,695 Obligations of U.S. government corporations and agencies — 41,811 — 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies — 428,407 — 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,587 — 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies — 327,313 — 327,313 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 30,471 — 30,471 Total Available-for-Sale Debt Securities 131,695 870,089 — 1,001,784 Equity securities 952 42 — 994 Total Securities Available for Sale 132,647 870,131 — 1,002,778 Securities held in a deferred compensation plan 8,087 — — 8,087 Derivative financial assets: Interest rate swaps - commercial loans — 83,449 — 83,449 Interest rate lock commitments — — 5 5 Forward sale contracts - mortgage loans — — 2 2 Other Assets Total Assets $ 140,734 $ 953,580 $ 7 $ 1,094,321 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 83,449 $ — $ 83,449 Interest rate swaps - cash flow hedge — 21,368 — 21,368 Total Liabilities $ — $ 104,817 $ — $ 104,817 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 consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either December 31, 2023 or December 31, 2022. There were no Level 3 assets and one Level 2 individually assessed loan measured at fair value on a nonrecurring basis as of December 31, 2023 for $5.9 million. At December 31, 2022, there was one Level 3 OREO property measured at fair value for $3.1 million which was sold in 2023. Fair Value of Financial Instruments The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 233,612 $ 233,612 $ 233,612 $ — $ — Securities available for sale 970,391 970,391 134,796 835,595 — Loans held for sale 153 153 — 153 — Portfolio loans, net 7,545,375 7,263,270 — — 7,263,270 Collateral receivable 5,356 5,356 5,356 — — Securities held in a deferred compensation plan 9,399 9,399 9,399 — — Mortgage servicing rights 6,345 8,704 — — 8,704 Interest rate swaps - commercial loans 63,018 63,018 — 63,018 — LIABILITIES Deposits $ 7,521,769 $ 7,511,598 $ 5,940,117 $ 1,571,481 $ — Collateral payable 50,920 50,920 50,920 — — Short-term borrowings 415,000 415,000 — 415,000 — Long-term borrowings 39,277 38,995 — 38,995 — Junior subordinated debt securities 49,358 49,358 — 49,358 — Interest rate swaps - commercial loans 63,554 63,554 — 63,554 — Interest rate swaps - cash flow hedge 14,739 14,739 — 14,739 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 210,009 $ 210,009 $ 210,009 $ — $ — Securities available for sale 1,002,778 1,002,778 132,647 870,131 — Loans held for sale 16 16 — 16 — Portfolio loans, net 7,082,629 6,815,167 — — 6,815,167 Collateral receivable 6,307 6,307 6,307 — — Securities held in a deferred compensation plan 8,087 8,087 8,087 — — Mortgage servicing rights 7,147 9,994 — — 9,994 Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate lock commitments 5 5 — — 5 Forward sale contracts 2 2 — — 2 LIABILITIES Deposits $ 7,219,970 $ 7,194,225 $ 6,285,377 $ 908,848 $ — Collateral payable 65,065 65,065 65,065 — — Short-term borrowings 370,000 370,000 — 370,000 — Long-term borrowings 14,741 14,174 — 14,174 — Junior subordinated debt securities 54,453 54,453 — 54,453 — Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate swaps - cash flow hedge 21,368 21,368 — 21,368 — (1) As reported in the Consolidated Balance Sheets |
Dividend and Loan Restrictions
Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
DIVIDEND AND LOAN RESTRICTIONS | DIVIDEND AND LOAN RESTRICTIONS S&T is a legal entity separate and distinct from its banking and other subsidiaries. A substantial portion of our revenues consist of dividend payments we receive from S&T Bank. S&T Bank, in turn, is subject to state laws and regulations that limit the amount of dividends it can pay to us. In addition, both S&T and S&T Bank are subject to various general regulatory policies relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The Federal Reserve has indicated that banking organizations should generally pay dividends only if (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality and overall financial condition. Federal law prohibits us from borrowing from S&T Bank unless such loans are collateralized by specific obligations. Further, such loans are limited to 10 percent of S&T Bank’s capital stock and surplus. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2023 | |
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) December 31, 2023 December 31, 2022 Debt securities $ 969,308 $ 1,001,784 Equity securities 1,083 994 Total Securities Available for Sale $ 970,391 $ 1,002,778 The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: December 31, 2023 December 31, 2022 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 144,292 $ — $ (10,506) $ 133,786 $ 145,416 $ — $ (13,721) $ 131,695 Obligations of U.S. government corporations and agencies 33,342 — (829) 32,513 43,479 — (1,668) 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies 507,942 1,068 (48,071) 460,939 482,039 203 (53,835) 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies 44,707 7 (6,537) 38,177 49,418 3 (7,834) 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies 290,775 458 (17,808) 273,425 352,465 — (25,152) 327,313 Corporate obligations — — — — 500 — — 500 Obligations of states and political subdivisions 30,255 213 — 30,468 30,788 55 (372) 30,471 Total Available-for-Sale Debt Securities (1) $ 1,051,313 $ 1,746 $ (83,751) $ 969,308 $ 1,104,105 $ 261 $ (102,582) $ 1,001,784 (1) Excludes interest receivable of $3.8 million at December 31, 2023 and $3.7 million at December 31, 2022. 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: December 31, 2023 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 1 $ 10,036 $ (52) 13 $ 123,750 $ (10,454) 14 $ 133,786 $ (10,506) Obligations of U.S. government corporations and agencies — — — 5 32,513 (829) 5 32,513 (829) Collateralized mortgage obligations of U.S. government corporations and agencies 4 35,161 (318) 57 351,220 (47,753) 61 386,381 (48,071) Residential mortgage-backed securities of U.S. government corporations and agencies 10 100 (1) 14 37,877 (6,536) 24 37,977 (6,537) Commercial mortgage-backed securities of U.S. government corporations and agencies — — — 29 249,005 (17,808) 29 249,005 (17,808) Obligations of states and political subdivisions — — — — — — — Total 15 $ 45,297 $ (371) 118 $ 794,365 $ (83,380) 133 $ 839,662 $ (83,751) December 31, 2022 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 6 $ 57,057 $ (3,363) 8 $ 74,638 $ (10,358) 14 $ 131,695 $ (13,721) Obligations of U.S. government corporations and agencies 6 41,811 (1,668) — — — 6 41,811 (1,668) Collateralized mortgage obligations of U.S. government corporations and agencies 47 296,509 (28,153) 13 112,902 (25,682) 60 409,411 (53,835) Residential mortgage-backed securities of U.S. government corporations and agencies 25 7,143 (589) 3 34,223 (7,245) 28 41,366 (7,834) Commercial mortgage-backed securities of U.S. government corporations and agencies 30 241,009 (11,975) 7 86,304 (13,177) 37 327,313 (25,152) Obligations of states and political subdivisions 2 20,127 (372) — — — 2 20,127 (372) Total 116 $ 663,656 $ (46,120) 31 $ 308,067 $ (56,462) 147 $ 971,723 $ (102,582) We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of December 31, 2023 represents a credit impairment. There were 133 debt securities in an unrealized loss position at December 31, 2023 and 147 debt securities in an unrealized loss position at December 31, 2022. The unrealized losses on 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 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 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: December 31, 2023 December 31, 2022 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Total unrealized gains (losses) on available-for-sale debt securities $ 1,746 $ (83,751) $ (82,005) $ 261 $ (102,582) $ (102,321) Income tax (expense) benefit (372) 17,824 17,452 (56) 21,915 21,859 Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 1,374 $ (65,927) $ (64,553) $ 205 $ (80,667) $ (80,462) The amortized cost and fair value of available-for-sale debt securities at December 31, 2023 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. December 31, 2023 (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 $ 17,997 $ 17,719 Due after one year through five years 162,281 151,236 Due after five years through ten years 16,284 16,368 Due after ten years 11,327 11,444 Available-for-Sale Debt Securities With Fixed Maturities 207,889 196,767 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 507,942 460,939 Residential mortgage-backed securities of U.S. government corporations and agencies 44,707 38,177 Commercial mortgage-backed securities of U.S. government corporations and agencies 290,775 273,425 Total Available-for-Sale Debt Securities $ 1,051,313 $ 969,308 Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $18.4 million at December 31, 2023 and $17.9 million at December 31, 2022. Unrestricted pledged securities had a carrying value of $214.0 million at December 31, 2023 and $251.5 million at December 31, 2022. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and Loans Held for Sale Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $6.6 million at December 31, 2023 and $7.4 million at December 31, 2022 and a discount related to purchase accounting fair value adjustments of $3.1 million at December 31, 2023 and $4.5 million at December 31, 2022. The following table summarizes the composition of originated and acquired loans as of the dates presented: (dollars in thousands) December 31, 2023 December 31, 2022 Commercial real estate $ 2,659,135 $ 2,538,839 Commercial and industrial 1,436,183 1,510,392 Commercial construction 350,583 381,963 Business banking 1,360,765 1,205,944 Consumer real estate 1,731,778 1,421,953 Other consumer 114,897 124,878 Total Portfolio Loans $ 7,653,341 $ 7,183,969 Loans held for sale 153 16 Total Loans (1) $ 7,653,494 $ 7,183,985 (1) Excludes interest receivable of $35.3 million at December 31, 2023 and $28.3 million at December 31, 2022. Interest receivable is included in other assets Modifications to Borrowers Experiencing Financial Difficulty The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented: Twelve Months Ended December 31, 2023 (dollars in thousands) Term Extension Term Extension and Interest Rate Reduction Total % of Portfolio Segment Commercial real estate $ 13,836 $ — $ 13,836 0.52 % Commercial industrial 16,877 — 16,877 1.18 % Commercial construction — — — — % Business banking 120 — 120 0.01 % Consumer real estate 61 189 250 0.01 % Total (1) $ 30,894 $ 189 $ 31,083 0.41 % (1) Excludes loans that were fully paid off or fully charged-off by period end. The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented: Twelve Months Ended December 31, 2023 Weighted-Average Term Extension (in months) Weighted-Average Interest Rate Reduction Commercial real estate 4 — Commercial industrial 5 — Commercial construction — — Business banking 19 — Consumer real estate 168 2% We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented: December 31, 2023 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Commercial real estate $ 13,836 $ — $ — $ — $ 13,836 Commercial industrial 16,468 — — 409 16,877 Commercial construction — — — — — Business banking 120 — — — 120 Consumer real estate 250 — — — 250 Total $ 30,674 $ — $ — $ 409 $ 31,083 A payment default is defined as a loan having a payment past due 90 days or more after a modification took place. There were no loans that were modified within the last 12 months that had a payment default during the twelve months ended December 31, 2023. Additionally, we had three commitments to lend an additional $1.6 million to borrowers experiencing financial difficulty that had a modification during 2023. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures , we evaluated all substandard commercial and consumer loans that had experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs. TDRs were returned to accruing status when the ultimate collectability of all contractual amounts due, according to the restructured agreement, was not in doubt and there was a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. There was one $0.2 million TDR returned to accruing status during 2022. The following table summarizes TDRs as of the date presented: December 31, 2022 (dollars in thousands) Accruing Nonaccruing Total Commercial real estate $ — $ — $ — Commercial and industrial 626 — 626 Commercial construction 1,655 — 1,655 Business banking 438 1,087 1,525 Consumer real estate 6,168 1,798 7,966 Other consumer 4 9 13 Total $ 8,891 $ 2,894 $ 11,785 The following table presents the TDRs by portfolio segment and type of concession for the periods presented: Twelve Months Ended December 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking 2 — 154 — — — 154 203 Consumer real estate 23 1,436 — 610 — — 2,046 2,558 Other consumer 2 11 — — — — 11 15 Total 27 $ 1,447 $ 154 $ 610 $ — $ — $ 2,211 $ 2,776 (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. As of December 31, 2022, we had 16 commitments to lend an additional $0.4 million on TDRs. Defaulted TDRs were defined as loans having a payment default of 90 days or more after the restructuring takes place that were restructured within the last 12 months prior to defaulting. There were no TDRs that defaulted during 2022. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) December 31, 2023 December 31, 2022 Nonperforming Assets Nonaccrual Loans $ 22,947 $ 19,052 OREO 75 3,065 Total Nonperforming Assets $ 23,022 $ 22,117 The following table presents a summary of the aggregate amount of loans to certain officers and directors of S&T or any affiliates of such persons as of the dates presented: December 31, (dollars in thousands) 2023 2022 Balance at beginning of year $ 4,128 $ 6,157 New loans 936 1,085 Repayments or no longer considered a related party (881) (3,114) Balance at End of Year $ 4,183 $ 4,128 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) CRE, 2) 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 these loans are 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 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. 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 present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: December 31, 2023 Risk Rating (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 276,677 $ 323,463 $ 433,308 $ 237,901 $ 383,799 $ 781,465 $ 32,418 $ — $ 2,469,031 Special mention — 1,006 6,000 — 24,887 75,428 — — 107,321 Substandard — — — 2,355 10,685 69,743 — — 82,783 Doubtful — — — — — — — — — Total Commercial Real Estate 276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 Year-to-date Gross Charge-offs — — — — — 1,706 — — 1,706 Commercial and Industrial Pass 171,672 231,114 185,884 53,101 47,063 183,165 482,490 — 1,354,489 Special mention 189 620 10,242 — — 8,848 4,126 — 24,025 Substandard — 244 14,510 1,595 5,795 1,892 33,633 — 57,669 Doubtful — — — — — — — — — Total Commercial and Industrial 171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 Year-to-date Gross Charge-offs — — — — 3,412 15,842 — — 19,254 Commercial Construction Pass 75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 Special mention — — — — — — — — — Substandard — — — — 4,576 384 — — 4,960 Doubtful — — — — — — — — — Total Commercial Construction 75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 Year-to-date Gross Charge-offs — — — — 451 — — — 451 Business Banking Pass 270,129 262,535 204,874 87,346 96,371 321,360 96,618 523 1,339,756 Special mention — 55 251 224 33 3,508 37 172 4,280 Substandard — 16 2,486 448 3,170 9,898 99 612 16,729 Doubtful — — — — — — — — — Total Business Banking 270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 Year-to-date Gross Charge-offs — 67 43 1 88 1,073 34 — 1,306 Consumer Real Estate Pass 311,887 334,879 147,652 101,999 67,402 183,283 551,368 22,206 1,720,676 Special mention — — — — — 189 — — 189 Substandard — 583 198 42 488 6,322 712 2,568 10,913 Doubtful — — — — — — — — — Total Consumer Real Estate 311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 Year-to-date Gross Charge-offs — 1 — 5 1 43 75 296 421 Other Consumer Pass 11,286 11,965 6,483 3,842 1,062 526 76,426 3,109 114,699 Special mention — — — — — — — — — Substandard — — 24 5 20 146 — 3 198 Doubtful — — — — — — — — — Total Other Consumer 11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 Year-to-date Gross Charge-offs 830 146 175 19 37 5 — 288 1,500 Pass 1,117,247 1,318,412 1,060,514 499,034 595,848 1,473,853 1,253,528 25,838 7,344,274 Special mention 189 1,681 16,493 224 24,920 87,973 4,163 172 135,815 Substandard — 843 17,218 4,445 24,734 88,385 34,444 3,183 173,252 Doubtful — — — — — — — — — Total Loan Balance $ 1,117,436 $ 1,320,936 $ 1,094,225 $ 503,703 $ 645,502 $ 1,650,211 $ 1,292,135 $ 29,193 $ 7,653,341 Current Year-to-date Gross Charge-offs $ 830 $ 214 $ 218 $ 25 $ 3,989 $ 18,669 $ 109 $ 584 $ 24,638 December 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 292,732 $ 360,423 $ 267,743 $ 422,872 $ 227,006 $ 704,600 $ 21,666 $ — $ 2,297,042 Special mention — — — 13,187 20,090 101,112 — — 134,389 Substandard — — 1,306 13,434 14,845 77,823 — — 107,408 Doubtful — — — — — — — — — Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Pass 253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971 Special mention — 25,436 — 5,103 1,885 7,132 19,280 — 58,836 Substandard 372 — — 5,705 1,152 1,891 12,465 — 21,585 Doubtful — — — — — — — — — Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Pass 120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026 Special mention — 10,954 — 8,104 — — — — 19,058 Substandard — — — — — 1,879 — — 1,879 Doubtful — — — — — — — — — Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Pass 287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155 Special mention — 157 146 — 2,790 3,945 793 95 7,926 Substandard 159 67 3,077 1,912 1,550 11,391 124 551 18,831 Doubtful — — — — — 32 — — 32 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Pass 296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749 Special mention — — — — — 882 — — 882 Substandard 48 213 136 428 1,373 8,059 655 2,410 13,322 Doubtful — — — — — — — — — Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Pass 20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800 Special mention — — — — — — — — — Substandard 8 — — 28 21 — — 21 78 Doubtful — — — — — — — — — Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Pass 1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743 Special Mention — 36,547 146 26,394 24,765 113,071 20,073 95 221,091 Substandard 587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103 Doubtful — — — — — 32 — — 32 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual 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 nonaccrual loans. The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented: December 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 276,677 $ 324,469 $ 439,308 $ 240,256 $ 419,371 $ 920,316 $ 32,418 $ — $ 2,652,815 Nonaccrual — — — — — 6,320 — — 6,320 Total Commercial Real Estate 276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 Commercial and Industrial Accrual 171,861 231,978 210,636 54,696 52,858 193,257 520,019 — 1,435,305 Nonaccrual — — — — — 648 230 — 878 Total Commercial and Industrial 171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 Commercial Construction Accrual 75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 Nonaccrual — — — — 4,576 384 — — 4,960 Total Commercial Construction 75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 Business Banking Accrual 270,129 262,606 207,611 87,979 99,354 330,902 96,754 1,283 1,356,618 Nonaccrual — — — 39 220 3,864 — 24 4,147 Total Business Banking 270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 Consumer Real Estate Accrual 311,887 335,086 147,689 101,518 67,577 186,909 551,858 22,942 1,725,466 Nonaccrual — 376 161 523 313 2,885 222 1,832 6,312 Total Consumer Real Estate 311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 Other Consumer Accrual 11,286 11,965 6,499 3,656 1,082 541 76,426 3,112 114,567 Nonaccrual — — 8 191 — 131 — — 330 Total Other Consumer 11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 Accrual 1,117,436 1,320,560 1,094,056 502,950 640,393 1,635,979 1,291,683 27,337 7,630,394 Nonaccrual — 376 169 753 5,109 14,232 452 1,856 22,947 Total Loan Balance $ 1,117,436 $ 1,320,936 $ 1,094,225 $ 503,703 $ 645,502 $ 1,650,211 $ 1,292,135 $ 29,193 $ 7,653,341 December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 292,732 $ 360,423 $ 269,049 $ 449,493 $ 261,941 $ 876,435 $ 21,666 $ — $ 2,531,739 Nonaccrual — — — — — 7,100 — — 7,100 Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Accrual 253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109 Nonaccrual — — — — 53 — 230 — 283 Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Accrual 120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Accrual 287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454 Nonaccrual — 67 — 252 1,200 2,776 99 96 4,490 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Accrual 296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427 Nonaccrual — 135 528 636 385 3,785 208 849 6,526 Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Accrual 20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609 Nonaccrual — — 124 — — 131 — 14 269 Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Accrual 1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917 Nonaccrual — 202 652 888 1,638 14,176 537 959 19,052 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: December 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,649,412 $ — $ 3,403 $ 6,320 $ 9,723 $ 2,659,135 Commercial and industrial 1,435,301 4 — 878 882 1,436,183 Commercial construction 345,623 — — 4,960 4,960 350,583 Business banking 1,351,048 3,525 2,045 4,147 9,717 1,360,765 Consumer real estate 1,719,751 3,352 2,363 6,312 12,027 1,731,778 Other consumer 114,138 366 63 330 759 114,897 Total $ 7,615,273 $ 7,247 $ 7,874 $ 22,947 $ 38,068 $ 7,653,341 December 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,523,315 $ 8,424 $ — $ 7,100 $ 15,524 $ 2,538,839 Commercial and industrial 1,505,805 4,304 — 283 4,587 1,510,392 Commercial construction 381,579 — — 384 384 381,963 Business banking 1,199,586 1,583 285 4,490 6,358 1,205,944 Consumer real estate 1,409,907 3,617 1,903 6,526 12,046 1,421,953 Other consumer 124,384 165 60 269 494 124,878 Total $ 7,144,576 $ 18,093 $ 2,248 $ 19,052 $ 39,393 $ 7,183,969 The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented: December 31, 2023 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 7,100 $ 6,320 $ 5,940 $ 46 Commercial and industrial 283 878 — 38 Commercial construction 384 4,960 4,576 — Business banking 4,490 4,147 — 209 Consumer real estate 6,526 6,312 — 308 Other consumer 269 330 — 2 Total $ 19,052 $ 22,947 $ 10,516 $ 603 (1) Represents only cash payments received and applied to interest on nonaccrual loans. December 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 7,100 $ 5,649 $ 580 Commercial and industrial 15,239 283 — 148 Commercial construction 2,471 384 — 171 Business banking 9,641 4,490 933 228 Consumer real estate 7,294 6,526 — 257 Other consumer 158 269 — 1 Total $ 66,291 $ 19,052 $ 6,582 $ 1,385 (1) Represents only cash payments received and applied to interest on nonaccrual loans. The following table presents collateral-dependent loans as of December 31, 2023: December 31, 2023 Type of Collateral (dollars in thousands) Real Estate Business Other Commercial real estate $ 5,940 $ — $ — Commercial and industrial — — — Commercial construction 4,576 — — Business banking — — — Consumer real estate — — — Total $ 10,516 $ — $ — The following table presents collateral-dependent loans by class of loans as of December 31, 2022: December 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Other Commercial real estate $ 5,649 $ — $ — Commercial and industrial — 626 — Commercial construction 1,655 — — Business banking 260 1,112 154 Consumer real estate 561 — — Total $ 8,125 $ 1,738 $ 154 The following tables present activity in the ACL for the periods presented: Twelve Months Ended December 31, 2023 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Loans Allowance for credit losses on loans: Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 Impact of ASU 2022-02 — 75 215 251 278 (251) 568 Provision for credit losses on loans (1) (2,803) 18,366 (648) 1,088 2,493 744 19,240 Charge-offs (1,706) (19,254) (451) (1,306) (421) (1,500) (24,638) Recoveries 967 9,641 2 278 208 360 11,456 Net (Charge-offs)/ Recoveries (739) (9,613) (449) (1,028) (213) (1,140) (13,182) Balance at End of Period $ 37,886 $ 34,538 $ 5,382 $ 12,858 $ 14,663 $ 2,639 $ 107,966 (1) Excludes the provision for credits losses for unfunded commitments. Twelve Months Ended December 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (9,064) 4,797 908 3,644 3,536 1,538 5,359 Charge-offs (827) (5,797) — (3,314) (304) (1,375) (11,617) Recoveries 619 6,983 1 879 140 400 9,022 Net (Charge-offs)/Recoveries (208) 1,186 1 (2,435) (164) (975) (2,595) Balance at End of Period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 (1) Excludes the provision for credits losses for unfunded commitments. |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 42 lease contracts, including 40 operating leases and 2 finance leases at December 31, 2023. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2023, 2022 and 2021. One new lease agreement was entered into in 2023. The following table presents our lease expense for finance and operating leases for the years ended December 31: (dollars in thousands) 2023 2022 2021 Operating lease expense $ 5,199 $ 5,169 $ 5,135 Amortization of ROU assets - finance leases 90 179 224 Interest on lease liabilities - finance leases 60 65 74 Total Lease Expense $ 5,349 $ 5,413 $ 5,433 The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 42,100 $ 43,089 Operating cash flows $ 6,996 $ 6,826 Finance Leases ROU assets $ 786 $ 876 Operating cash flows $ 60 $ 65 Financing cash flows $ 69 $ 160 Weighted Average Lease Term - Years Operating leases 17.8 17.9 Finance leases 12.0 12.7 Weighted Average Discount Rate Operating leases 5.93 % 5.83 % Finance leases 6.02 % 6.01 % The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023: (dollars in thousands) Finance Operating Total Maturity Analysis 2024 $ 130 $ 4,865 $ 4,995 2025 132 4,864 4,996 2026 133 4,752 4,885 2027 135 4,499 4,634 2028 130 4,538 4,668 Thereafter 748 58,802 59,550 Total 1,408 82,320 83,728 Less: Present value discount (437) (33,614) (34,051) Lease Liabilities $ 971 $ 48,706 $ 49,677 |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 42 lease contracts, including 40 operating leases and 2 finance leases at December 31, 2023. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2023, 2022 and 2021. One new lease agreement was entered into in 2023. The following table presents our lease expense for finance and operating leases for the years ended December 31: (dollars in thousands) 2023 2022 2021 Operating lease expense $ 5,199 $ 5,169 $ 5,135 Amortization of ROU assets - finance leases 90 179 224 Interest on lease liabilities - finance leases 60 65 74 Total Lease Expense $ 5,349 $ 5,413 $ 5,433 The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 42,100 $ 43,089 Operating cash flows $ 6,996 $ 6,826 Finance Leases ROU assets $ 786 $ 876 Operating cash flows $ 60 $ 65 Financing cash flows $ 69 $ 160 Weighted Average Lease Term - Years Operating leases 17.8 17.9 Finance leases 12.0 12.7 Weighted Average Discount Rate Operating leases 5.93 % 5.83 % Finance leases 6.02 % 6.01 % The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023: (dollars in thousands) Finance Operating Total Maturity Analysis 2024 $ 130 $ 4,865 $ 4,995 2025 132 4,864 4,996 2026 133 4,752 4,885 2027 135 4,499 4,634 2028 130 4,538 4,668 Thereafter 748 58,802 59,550 Total 1,408 82,320 83,728 Less: Present value discount (437) (33,614) (34,051) Lease Liabilities $ 971 $ 48,706 $ 49,677 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT The following table is a summary of premises and equipment as of the dates presented: December 31, (dollars in thousands) 2023 2022 Land $ 8,651 $ 8,651 Premises 62,150 61,904 Furniture and equipment 52,638 48,941 Leasehold improvements 12,527 12,083 135,966 131,579 Accumulated depreciation (86,960) (82,294) Total $ 49,006 $ 49,285 Depreciation expense related to premises and equipment was $6.5 million in 2023, $6.4 million in 2022 and $6.6 million in 2021. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | GOODWILL AND OTHER INTANGIBLES The following table presents goodwill as of the dates presented: December 31, (dollars in thousands) 2023 2022 Balance at beginning of year $ 373,424 $ 373,424 Additions — — Balance at End of Year $ 373,424 $ 373,424 Goodwill is reviewed for impairment annually or more frequently if it is determined that a triggering event has occurred. In our qualitative assessment performed for our annual impairment analysis as of October 1, 2023, we concluded that it is not more likely than not that fair value is less than carrying value. Based on this conclusion, a quantitative impairment test was not performed and we concluded that goodwill was not impaired. No events or circumstances since the October 1, 2023 annual impairment test were noted that would indicate goodwill was impaired at December 31, 2023. The following table presents a summary of intangible assets as of the dates presented: December 31, (dollars in thousands) 2023 2022 Gross carrying amount at beginning of year $ 31,340 $ 31,340 Additions — — Accumulated amortization (27,281) (25,962) Balance at End of Year $ 4,059 $ 5,378 Intangible assets of $4.1 million at December 31, 2023 relate to core deposit and wealth management customer relationships resulting from acquisitions. We determined the amount of identifiable intangible assets for our core deposits based upon an independent valuation. Other intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. There were no triggering events in 2023 requiring an impairment analysis to be completed. Amortization expense on finite-lived intangible assets totaled $1.3 million, $1.5 million and $1.8 million for 2023, 2022 and 2021. The following is a summary of the expected amortization expense for finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2023 and thereafter: (dollars in thousands) Amount 2024 $ 1,151 2025 $ 820 2026 $ 671 2027 $ 562 2028 $ 480 Thereafter $ 375 Total $ 4,059 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Designated as Hedging Instruments The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented: Derivative Assets Derivative Liabilities December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ — $ — $ — $ — $ 500,000 $ 14,739 $ 500,000 $ 21,368 Total Derivatives Designated as Hedging Instruments $ — $ — $ — $ — $ 500,000 $ 14,739 $ 500,000 $ 21,368 Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial loans $ 892,712 $ 63,018 $ 976,707 $ 83,449 $ 892,712 $ 63,554 $ 976,707 $ 83,449 Interest rate lock commitments - mortgage loans — — 126 5 — — — — Forward sales contracts - mortgage loans — — 130 2 — — — — Total Derivatives Not Designated as Hedging Instruments $ 892,712 $ 63,018 $ 976,963 $ 83,456 $ 892,712 $ 63,554 $ 976,707 $ 83,449 Total Derivatives $ 892,712 $ 63,018 $ 976,963 $ 83,456 $ 1,392,712 $ 78,293 $ 1,476,707 $ 104,817 The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented: Derivatives (included Derivatives (included (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Gross amounts recognized $ 63,018 $ 83,449 $ 78,293 $ 104,817 Gross amounts offset — — — — Net amounts presented in the Consolidated Balance Sheets 63,018 83,449 78,293 104,817 Netting adjustments (1) (10,424) (15,196) (10,424) (15,196) Cash collateral (2) (50,920) (65,065) (5,356) (6,307) Net Amount $ 1,674 $ 3,188 $ 62,513 $ 83,314 (1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Consolidated Statements of Comprehensive Income for the years presented: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ 5,204 $ (16,806) $ (9,720) $ (72) Total $ 5,204 $ (16,806) $ (9,720) $ (72) Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $10.6 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have 3-5 year terms with maturity dates extending into 2027. The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented: Twelve months ended December 31, (dollars in thousands) 2023 2022 2021 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (554) $ 103 $ 610 Interest rate lock commitments—mortgage loans (5) (396) (2,499) Forward sale contracts—mortgage loans (2) (2) 389 Total Derivatives (Loss) Gain $ (561) $ (295) $ (1,500) |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing of Financial Assets [Abstract] | |
MORTGAGE SERVICING RIGHTS | MORTGAGE SERVICING RIGHTS For the years ended December 31, 2023, 2022 and 2021, the 1-4 family mortgage loans that were sold to Fannie Mae amounted to $0.2 million, $28.6 million and $287.9 million. At December 31, 2023, 2022 and 2021, our servicing portfolio unpaid principal balance was $707.8 million, $772.9 million and $841.7 million,. The following table indicates MSRs and the net carrying values: (dollars in thousands) Servicing Valuation Net Carrying Balance at December 31, 2021 $ 7,887 $ (210) $ 7,677 Additions 358 — 358 Amortization (1,098) — (1,098) Temporary recapture — 210 210 Balance at December 2022 $ 7,147 $ — $ 7,147 Additions 2 — 2 Amortization (804) — (804) Temporary recapture — — — Balance at December 31, 2023 $ 6,345 $ — $ 6,345 |
Qualified Affordable Housing
Qualified Affordable Housing | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING | QUALIFIED AFFORDABLE HOUSING As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHPs. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Our maximum exposure to loss associated with these investments consists of the investments' fair value plus any unfunded commitments as well as the denial of the tax credits if the project is deemed non-compliant. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. Our investments in LIHPs represent unconsolidated variable interest entities, or VIEs, and the assets and liabilities of the partnerships are not recorded on our balance sheet. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our total investment in qualified affordable housing projects was $33.5 million at December 31, 2023 and $23.6 million at December 31, 2022. Amortization expense, included in other noninterest expense in the Consolidated Statements of Net Income was $2.0 million, $1.4 million and $1.2 million for the twelve months ended December 31, 2023, 2022 and 2021. The amortization expense was offset by tax credits of $2.6 million, $1.2 million and $2.0 million for the twelve months ended December 31, 2023, 2022 and 2021 as a reduction to our federal tax provision. We did not invest in any new qualified affordable housing projects in 2023. As of December 31, 2023, the aggregate commitment for existing projects was $12.0 million. No amortization expense or tax credits will be recognized for these projects until complete. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits, by Component, Alternative [Abstract] | |
DEPOSITS | DEPOSITS The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Interest Balance Interest Balance Interest Noninterest-bearing demand $ 2,221,942 $ — $ 2,588,692 $ — $ 2,748,586 $ — Interest-bearing demand 825,787 6,056 846,653 1,025 979,133 809 Money market 1,941,842 39,480 1,731,521 11,948 2,070,579 3,652 Savings 950,546 4,352 1,118,511 1,121 1,110,155 366 Certificates of deposit 1,581,652 42,948 934,593 5,813 1,088,071 5,930 Total $ 7,521,769 $ 92,836 $ 7,219,970 $ 19,907 $ 7,996,524 $ 10,757 The aggregate of all certificates of deposits over $250,000, including brokered CDs, were $350.7 million at December 31, 2023 and $219.2 million at December 31, 2022. The following table indicates the scheduled maturities of certificates of deposit at December 31, 2023: (dollars in thousands) Amount 2024 $ 1,320,588 2025 218,385 2026 20,805 2027 11,260 2028 7,839 Thereafter 2,775 Total $ 1,581,652 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS | SHORT TERM BORROWINGS Short-term borrowings are for terms under or equal to one year and at December 31, 2023 are comprised of FHLB advances. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. The following table presents the composition of short-term borrowings, the weighted average interest rate as of December 31, 2023 and interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Weighted Interest Balance Weighted Interest Balance Weighted Interest FHLB advances 415,000 5.65 % 27,234 370,000 4.49 % 1,649 — — % 12 Total Short-term Borrowings $ 415,000 5.65 % $ 27,234 $ 370,000 4.49 % $ 1,649 $ — — % $ 12 |
Long-Term Borrowings and Subord
Long-Term Borrowings and Subordinated Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
LONG TERM BORROWINGS AND SUBORDINATED DEBT | LONG TERM BORROWINGS AND SUBORDINATED DEBT Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, finance leases and junior subordinated debt securities. Our long-term borrowings were $39.3 million as of December 31, 2023 and $14.7 million as of December 31, 2022. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. Total loans pledged as collateral at the FHLB were $4.6 billion at December 31, 2023. We were eligible to borrow up to an additional $2.7 billion based on qualifying collateral and up to a maximum borrowing capacity of $3.2 billion at December 31, 2023. The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: (dollars in thousand) 2023 2022 2021 Long-term borrowings $ 39,277 $ 14,741 $ 22,430 Weighted average interest rate 4.52 % 2.61 % 1.94 % Interest expense $ 1,332 $ 411 $ 458 Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2023 and thereafter are as follows: (dollars in thousands) Balance Average Rate 2024 $ 38,381 4.49 % 2025 81 5.98 % 2026 86 6.00 % 2027 93 6.02 % 2028 94 6.05 % Thereafter 542 5.89 % Total $ 39,277 4.52 % Junior Subordinated Debt Securities The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Interest Balance Interest Balance Interest Junior subordinated debt $ 25,000 $ 1,738 $ 25,000 $ 850 $ 25,000 $ 756 Junior subordinated debt—trust preferred securities 24,358 2,372 29,453 1,545 29,393 1,087 Total $ 49,358 $ 4,110 $ 54,453 $ 2,395 $ 54,393 $ 1,843 The following table summarizes the key terms of our junior subordinated debt securities: (dollars in thousands) 2006 Junior Subordinated Debt Junior Subordinated Debt $25,000 Trust Preferred Securities — Stated Maturity Date 12/15/2036 Optional redemption date at par Any time after 9/15/2011 Regulatory Capital Tier 2 Interest Rate 3 month CME Term SOFR plus 186 bps Interest Rate at December 31, 2023 7.25% |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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 consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) December 31, 2023 December 31, 2022 Commitments to extend credit $ 2,566,154 $ 2,713,586 Standby letters of credit 61,889 64,356 Total $ 2,628,043 $ 2,777,942 Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial and consumer 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 Net 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 for the periods presented: Twelve months ended December 31, (dollars in thousands) 2023 2022 Balance at beginning of period $ 8,196 $ 5,189 Provision for credit losses (1,348) 3,007 Total $ 6,848 $ 8,196 Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams are excluded such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP. Years ended December 31, (dollars in thousands) 2023 2022 2021 Revenue Streams (1) Point of Revenue Recognition Service charges on deposit accounts Over a period of time $ 1,659 $ 1,703 $ 1,880 At a point in time 14,534 15,126 13,160 $ 16,193 $ 16,829 $ 15,040 Debit and credit card Over a period of time $ 1,288 $ 1,709 $ 919 At a point in time 16,960 17,299 17,033 $ 18,248 $ 19,008 $ 17,952 Wealth management Over a period of time $ 7,969 $ 8,714 $ 9,187 At a point in time 4,217 4,003 3,702 $ 12,186 $ 12,717 $ 12,889 Other fee revenue At a point in time $ 1,310 $ 1,550 $ 1,900 (1) Refer to Note 1 Summary of Significant Accounting Policies for the types of revenue streams that are included within each category. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table presents the composition of income tax expense (benefit) for the years ended December 31: (dollars in thousands) 2023 2022 2021 Federal Current $ 33,070 $ 35,514 $ 22,581 Deferred 459 (2,801) 2,273 Total Federal 33,529 32,713 24,854 State Current 352 828 361 Deferred 142 (131) 110 Total State 494 697 471 Total Federal and State $ 34,023 $ 33,410 $ 25,325 The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. We ordinarily generate an annual effective tax rate that is less than the statutory rate of 21 percent primarily due to benefits resulting from certain partnership investments, such as low income housing and historic rehabilitation projects, tax-exempt interest, excludable dividend income and tax-exempt income on BOLI. The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31: 2023 2022 2021 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax-exempt interest (0.8) % (1.0) % (1.3) % Low income housing tax credits (1.5) % (0.7) % (1.5) % Bank owned life insurance (0.2) % (0.2) % (0.3) % Other 0.5 % 0.7 % 0.8 % Effective Tax Rate 19.0 % 19.8 % 18.7 % The following table presents significant components of our temporary differences as of the dates presented: December 31, (dollars in thousands) 2023 2022 Deferred Tax Assets: Allowance for loan losses and other reserves $ 24,465 $ 23,421 Net unrealized holding losses on securities available-for-sale 17,452 21,843 Lease liabilities 10,572 10,767 State net operating loss carryforwards 3,464 5,924 Net unrealized losses on interest rate swaps 3,137 4,562 Cumulative adjustment to funded status of pension 3,987 4,029 Low income housing partnerships and other investments 174 2,692 Other employee benefits 3,740 4,181 Capital loss carryforward 2,092 2 Other 1,202 549 Deferred Tax Assets 70,285 77,970 Less: Valuation allowance (3,464) (5,924) Total Deferred Tax Assets 66,821 72,046 Deferred Tax Liabilities: Right-of-use lease assets (9,127) (9,385) Deferred loan income, net (4,633) (4,533) Prepaid pension (3,360) (3,706) Purchase accounting adjustments (1,823) (1,945) Depreciation on premises and equipment (1,182) (629) Other (1,428) (240) Total Deferred Tax liabilities (21,553) (20,438) Net Deferred Tax Asset $ 45,268 $ 51,608 We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the deferred tax assets. Except for Pennsylvania net operating losses, or NOLs, we have determined that no valuation allowance is needed for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The valuation allowance is reviewed quarterly and adjusted based on management’s assessments of realizable deferred tax assets. Gross deferred tax assets were reduced by a valuation allowance of $3.5 million in 2023 compared to $5.9 million in 2022 related to Pennsylvania income tax NOLs. The Pennsylvania NOL carryforwards total $69.4 million and will expire in the years 2024-2043. Unrecognized Tax Benefits The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31: (dollars in thousands) 2023 2022 2021 Balance at beginning of year $ 1,648 $ 1,331 $ 1,277 Prior period tax positions (434) — — Current period tax positions 726 317 54 Balance at End of Year $ 1,940 $ 1,648 $ 1,331 Amount That Would Affect the Effective Tax Rate if Recognized $ 1,551 $ 1,148 $ 1,069 As of December 31, 2023, we had $1.9 million of unrecognized gross tax benefits. Gross tax benefits do not reflect the federal tax effect associated with state income tax amounts. The total amount of the net unrecognized tax benefits at December 31, 2023 that would have affected the effective tax rate, if recognized, was $1.6 million. We classify interest and penalties as an element of tax expense. We monitor changes in tax statutes and regulations to determine if significant changes will occur over the next 12 months. As of December 31, 2023, no significant changes to UTB are projected; however, tax audit examinations are possible. As of December 31, 2023, all income tax returns filed for the tax years 2020 - 2022 remain subject to examination by the respective taxing authorities. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in the components of Accumulated Other Comprehensive Income (Loss) for the periods presented: (dollars in thousands) Available-for-Sale Debt Securities Interest Rate Swaps Employee Benefit Plans Total Balance at December 31, 2020 $ 26,284 $ — $ (17,313) $ 8,971 Net Change (18,857) — 2,796 (16,061) Balance at December 31, 2021 $ 7,427 $ — $ (14,517) $ (7,090) Net Change (87,890) (16,806) (339) (105,035) Balance at December 31, 2022 $ (80,463) $ (16,806) $ (14,856) $ (112,125) Net Change 15,910 5,204 110 21,224 Balance at December 31, 2023 $ (64,553) $ (11,602) $ (14,746) $ (90,901) All amounts are net of tax. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS We maintain a qualified defined benefit pension plan, or Plan, covering substantially all employees hired prior to January 1, 2008. The benefits are based on years of service and the employee’s compensation for the highest five Our qualified and nonqualified defined benefit plans, or 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 following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status: (dollars in thousands) 2023 2022 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 73,366 $ 104,097 Interest cost 3,812 3,160 Actuarial gain/(loss) 2,248 (23,020) Benefits paid (6,239) (10,871) Projected Benefit Obligation at End of Year $ 73,187 $ 73,366 Change in Plan Assets Fair value of plan assets at beginning of year $ 73,086 $ 107,525 Actual gain/(loss) on plan assets 4,727 (23,568) Benefits paid (6,239) (10,871) Fair Value of Plan Assets at End of Year $ 71,574 $ 73,086 Funded Status $ (1,613) $ (280) The following table sets forth the amounts recognized in accumulated OCI at December 31: (dollars in thousands) 2023 2022 Net actuarial loss 19,137 19,409 Total (Before Tax Effects) $ 19,137 $ 19,409 Below are the actuarial weighted average assumptions used in determining the benefit obligation: 2023 2022 Discount rate 5.03 % 5.41 % Rate of compensation increase (1) — % — % (1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31: (dollars in thousands) 2023 2022 2021 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 3,812 $ 3,160 $ 2,950 Expected return on plan assets (3,932) (3,158) (2,677) Recognized net actuarial loss 1,725 1,229 1,051 Settlement charge — 1,097 1,629 Net Periodic Pension Expense $ 1,605 $ 2,328 $ 2,953 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) Net actuarial loss $ 1,453 $ 3,706 $ 1,137 Recognized net actuarial loss (1,725) (1,229) (1,051) Settlement loss recognized — $ (1,097) (1,629) Total Changes in Plan Assets and Benefit Obligation Before Tax Effects $ (272) $ 1,380 $ (1,543) Total Recognized in Net Benefit Cost and Other Comprehensive Income (Before Tax Effects) $ 1,333 $ 3,708 $ 1,410 The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost: 2023 2022 2021 Discount rate 5.41 % 2.80 % 2.48 % Rate of compensation increase (1) — % — % — % Expected return on assets 5.72 % 3.29 % 2.42 % (1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The accumulated benefit obligation for the Plan was $73.2 million at December 31, 2023 and $73.4 million at December 31, 2022. We consider many factors when setting the assumed rate of return on Plan assets. As a general guideline the assumed rate of return is equal to the weighted average of the expected returns for each asset category and is estimated based on historical returns as well as expected future returns. The weighted average discount rate is derived from corporate yield curves. S&T Bank’s Retirement Plan Committee determines the investment policy for the Plan. In general, the targeted asset allocation is 5 percent to 15 percent equities and alternatives and 85 percent to 95 percent fixed income. A strategic allocation within each asset class is based on the Plan’s duration, time horizon, risk tolerances, performance expectations and asset class preferences. Investment managers have discretion to invest in any equity or fixed-income asset class, subject to the securities guidelines of the Plan’s Investment Policy Statement. At this time, S&T Bank is not required to make a cash contribution to the Plan in 2024. The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter: (dollars in thousands) Amount 2024 $ 6,323 2025 6,192 2026 6,051 2027 6,037 2028 5,869 2029 - 2033 27,770 We maintain a Thrift Plan, a qualified defined contribution plan, in which substantially all employees are eligible to participate. We make matching contributions to the Thrift Plan up to 3.5 percent of participants’ eligible compensation and may make additional profit-sharing contributions as provided by the Thrift Plan. Expense related to these contributions amounted to $2.7 million in 2023, $2.5 million in 2022 and $2.4 million in 2021. Fair Value Measurements The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2023 and 2022. During the years ended December 31, 2023 and 2022, there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2023 or 2022. December 31, 2023 Fair Value Asset Classes (1) (dollars in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents (2) $ 934 $ — $ — $ 934 Fixed income (3) 63,629 — — 63,629 Equities: Equity index mutual funds—international (4) 2,086 — — 2,086 Domestic individual equities (5) 4,925 — — 4,925 Total Assets at Fair Value $ 71,574 $ — $ — $ 71,574 (1) Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2) This asset class includes FDIC insured money market instruments. (3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4) The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares. (5) This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. December 31, 2022 Fair Value Asset Classes (1) (dollars in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents (2) $ 939 $ — $ — $ 939 Fixed income (3) 64,878 — — 64,878 Equities: Equity index mutual funds—international (4) 2,231 — — 2,231 Domestic individual equities (5) 5,038 — — 5,038 Total Assets at Fair Value $ 73,086 $ — $ — $ 73,086 (1) Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2) This asset class includes FDIC insured money market instruments. (3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4) The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares. (5) This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. |
Incentive and Restricted Stock
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN | INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN On May 17, 2021, shareholders approved the adoption of the 2021 Incentive Plan that provides for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. The 2021 plan replaces and supersedes the S&T Bancorp, Inc. 2014 Incentive Plan. Since the 2021 plan has been approved by our shareholders, no new awards will be granted under the 2014 plan. The 2014 plan will continue to govern all awards granted under that plan. A maximum of 1,000,000 shares of our common stock were available for awards granted under the 2021 Incentive Plan and the plan expires ten years from the date of board approval. Previously granted but forfeited shares are added to the shares available for issuance. The 2014 Incentive Stock Plan also provided for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. A maximum of 750,000 shares of our common stock were available for awards granted under the 2014 Incentive Plan and the plan expires ten years from the date of board approval. Previously granted but forfeited shares are added to the shares available for issuance. Restricted Stock We periodically issue restricted stock to employees and directors pursuant to our 2021 and 2014 Stock Plans. Restricted stock awards are part of the compensation arrangements approved by the Compensation and Benefits Committee. Restricted shares granted under the plans consist of both time and performance-based awards. The awards are granted in accordance with performance levels set by the Compensation and Benefits Committee. Under the 2021 plan, we issued 162,677 restricted stock awards during 2023, 181,392 restricted stock awards in 2022 and 30,959 restricted stock awards in 2021. During 2023 and 2022, no restricted stock awards were granted under the 2014 stock plan. In 2021, we granted 99,711 restricted stock awards under the 2014 plan. The following table provides information about restricted stock awards granted under the plans for the periods presented: December 31, Vesting Period 2023 2022 2021 2021 Stock Plan Directors One year 17,145 16,488 14,650 Chief Executive Officer One year — — 8,309 Other Awards Three years 145,532 164,904 8,000 2014 Stock Plan Other Awards Three years — — 99,711 Total Restricted Stock Grants 162,677 181,392 130,670 Common stock is issued as vesting restrictions lapse, which varies according to the terms of the vesting schedules in the award agreements. The vesting of time based awards is generally 1 to 3 years. The vesting of performance-based awards is based on S&T's achievement of relative return on average equity and total shareholder return, over a three year performance period compared to a peer group as defined in the award agreements. Restricted stock grants are forfeited if a grantee leaves S&T before the end of the vesting period except where accelerated vesting provisions are defined with the award agreements. During 2023, 2022 and 2021, we recognized compensation expense of $3.9 million, $3.2 million and $2.4 million and realized a tax benefit of $0.8 million, $0.7 million and $0.5 million related to restricted stock grants. The following table provides information about restricted stock granted under the plans for the years ended December 31: (dollars in thousands), except per share data Restricted Weighted Average Non-vested at December 31, 2021 278,388 $ 25.64 Granted 181,392 29.51 Vested 87,513 28.17 Forfeited 80,122 31.91 Non-vested at December 31, 2022 292,145 $ 25.56 Granted 162,677 30.84 Vested 91,955 26.92 Forfeited 47,157 26.52 Non-vested at December 31, 2023 315,710 $ 27.75 The maximum number of shares that can be issued if performance is achieved at the maximum level is approximately 438,000 shares at December 31, 2023. As of December 31, 2023, there was $4.4 million of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 1.84 years. Dividend Reinvestment Plan We also sponsor a Dividend Reinvestment and Stock Purchase Plan, or Dividend Plan, where shareholders may purchase shares of S&T common stock at the average fair value with reinvested dividends and voluntary cash contributions. The plan administrator and transfer agent may purchase shares directly from us from shares held in treasury or purchase shares in the open market to fulfill the Dividend Plan’s needs. |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | PARENT COMPANY CONDENSED FINANCIAL INFORMATION The following condensed financial statements summarize the financial position of S&T Bancorp, Inc. as of December 31, 2023 and 2022 and the results of its operations and cash flows for each of the three years ended December 31, 2023, 2022 and 2021. BALANCE SHEETS December 31, (dollars in thousands) 2023 2022 ASSETS Cash $ 20,733 $ 13,817 Investments in: Bank subsidiary 1,268,441 1,184,327 Nonbank subsidiaries 4,658 4,662 Other assets 14,695 11,819 Total Assets $ 1,308,527 $ 1,214,625 LIABILITIES Long-term debt $ 24,474 $ 29,713 Other liabilities 608 253 Total Liabilities 25,082 29,966 Total Shareholders’ Equity 1,283,445 1,184,659 Total Liabilities and Shareholders’ Equity $ 1,308,527 $ 1,214,625 STATEMENTS OF NET INCOME Years ended December 31, (dollars in thousands) 2023 2022 2021 Dividends from subsidiaries $ 86,950 $ 61,426 $ 62,333 Investment income — — — Total Income 86,950 61,426 62,333 Interest expense on long-term debt 2,372 1,545 1,400 Other expenses 4,764 4,112 3,947 Tax expense 7,136 5,657 5,347 Income before income tax and undistributed net income of subsidiaries 79,814 55,769 56,986 Income tax benefit (1,478) (1,208) (1,140) Income before undistributed net income of subsidiaries 81,292 56,977 58,126 Equity in undistributed net income (distribution in excess of net income) of: Bank subsidiary 63,337 79,566 57,025 Nonbank subsidiaries 152 (1,023) (4,808) Net Income $ 144,781 $ 135,520 $ 110,343 STATEMENTS OF CASH FLOWS Years ended December 31, (dollars in thousands) 2023 2022 2021 OPERATING ACTIVITIES Net Income $ 144,781 $ 135,520 $ 110,343 Equity in undistributed (earnings) losses of subsidiaries (63,489) (78,543) (52,217) Other 1,402 1,468 761 Net Cash Provided by Operating Activities 82,694 58,445 58,887 FINANCING ACTIVITIES Repayment of long term debt (5,464) — (9,750) Sale of treasury shares, net (798) (808) (629) Purchase of treasury shares (19,808) (7,637) — Cash dividends paid to common shareholders (49,708) (46,952) (44,324) Net Cash Used in Financing Activities (75,778) (55,397) (54,703) Net increase (decrease) in cash 6,916 3,048 4,184 Cash at beginning of year 13,817 10,769 6,585 Cash at End of Year $ 20,733 $ 13,817 $ 10,769 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial statements. Under capital guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about risk weightings and other factors. The most recent notifications from the Federal Reserve and the FDIC categorized S&T and S&T Bank as well capitalized under the regulatory framework for corrective action. There have been no conditions or events that we believe have changed S&T's or S&T Bank’s status during 2023 and 2022. Common equity tier 1 capital includes common stock and related surplus plus retained earnings, less goodwill and intangible assets subject to a limitation and certain deferred tax assets subject to a limitation. In addition, we made a one-time permanent election to exclude accumulated OCI from capital. For regulatory purposes, trust preferred securities totaling $24.0 million, issued by an unconsolidated trust subsidiary of S&T underlying junior subordinated debt, are included in Tier 1 capital for S&T. Total capital consists of Tier 1 capital plus junior subordinated debt and the ACL subject to limitation. We currently have $25.0 million in junior subordinated debt which is included in Tier 2 capital for S&T in accordance with current regulatory reporting requirements. Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. As of December 31, 2023 and 2022, we met all capital adequacy requirements to which we are subject. The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank: Actual Minimum To be (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Leverage Ratio S&T $ 1,034,828 11.21 % $ 369,297 4.00 % $ 461,621 5.00 % S&T Bank 995,824 10.79 % 369,133 4.00 % 461,416 5.00 % Common Equity Tier 1 ratio S&T 1,010,828 13.37 % 340,159 4.50 % 491,341 6.50 % S&T Bank 995,824 13.18 % 339,954 4.50 % 491,045 6.50 % Tier 1 Capital (to Risk-Weighted Assets) S&T 1,034,828 13.69 % 453,545 6.00 % 604,727 8.00 % S&T Bank 995,824 13.18 % 453,272 6.00 % 604,362 8.00 % Total Capital (to Risk-Weighted Assets) S&T 1,154,376 15.27 % 604,727 8.00 % 755,909 10.00 % S&T Bank 1,115,315 14.76 % 604,362 8.00 % 755,453 10.00 % As of December 31, 2022 Leverage Ratio S&T $ 967,708 11.06 % $ 349,914 4.00 % $ 437,392 5.00 % S&T Bank 938,377 10.73 % 349,746 4.00 % 437,182 5.00 % Common Equity Tier 1 ratio S&T 938,708 12.81 % 329,701 4.50 % 476,235 6.50 % S&T Bank 938,377 12.81 % 329,565 4.50 % 476,038 6.50 % Tier 1 Capital (to Risk-Weighted Assets) S&T 967,708 13.21 % 439,602 6.00 % 586,135 8.00 % S&T Bank 938,377 12.81 % 439,420 6.00 % 585,893 8.00 % Total Capital (to Risk-Weighted Assets) S&T 1,078,897 14.73 % 586,135 8.00 % 732,669 10.00 % S&T Bank 1,049,566 14.33 % 585,893 8.00 % 732,367 10.00 % |
Share Repurchase Plan
Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLAN On January 25, 2023, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2023. This authorization extended the expiration date of the repurchase plan through March 31, 2024. The plan permitted S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. At December 31, 2023, there was $9.8 million in capacity remaining under the existing plan. On January 24, 2024, our Board authorized a new $50 million share repurchase plan. The new plan is set to expire May 30, 2025 and replaced the existing share repurchase plan effective immediately. This repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $50 million aggregate value of S&T's common stock. 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 the common stock, legal and contractual requirements and S&T’s financial performance. The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws. The following table presents repurchase activity for the periods presented: Twelve Months Ended December 31, (in thousands, except share and per share data) 2023 2022 Value of shares authorized to repurchase $ 50,000 $ 50,000 Remaining plan capacity at the beginning of the period $ 29,805 $ 37,442 Total shares repurchased 739,426 268,503 Average share price for the period $ 27.05 $ 28.44 Total cost of repurchases (1) $ 19,998 $ 7,637 Remaining plan capacity at the end of the period $ 9,808 $ 29,805 (1) Includes excise tax on repurchases, net of issuances for restricted stock awards. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 144,781 | $ 135,520 | $ 110,343 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has four active direct wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II, and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. We are presently engaged in non-banking activities through the following six entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC; Stewart Capital Advisors, LLC; and DN Acquisition Company, Inc. Our investment holding companies are 9th Street Holdings, Inc. and S&T Bancholdings, Inc. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions. DN Acquisition Company, Inc. was acquired with the DNB merger and was incorporated for the purpose of acquiring and holding OREO acquired through foreclosure or deed in-lieu-of foreclosure, as well as Bank-occupied real estate. |
Accounting Policies | Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles, or GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. |
Principles of Consolidation | The consolidated financial statements include the accounts of S&T and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Reclassification | Amounts in prior years' 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. |
Business Combinations | We account for business combinations using the acquisition method of accounting. All identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognized and measured as of the acquisition date at fair value. We record goodwill for the excess of the purchase price over the fair value of net assets acquired. Results of operations of the acquired entities are included in the Consolidated Statement of Net Income from the date of acquisition. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ACL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we consider a number of factors including loss rates, internal risk rating, delinquency status, loan type, loan term, prepayment rates, recovery periods and the current interest rate environment. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield basis over the remaining life of the loans. Acquired loans, including those acquired in a business combination, are evaluated to determine if they have experienced more-than-insignificant deterioration in credit quality since origination. When the condition exists, these loans are referred to as purchased credit deteriorated, or PCD. An allowance is recognized for a PCD loan by adding it to the purchase price or fair value in a business combination. There is no provision for credit losses, or PCL, recognized upon acquisition of a PCD loan since the initial allowance is established through the purchase accounting. After initial recognition, the accounting for a PCD loan follows the credit loss model that applies to that type of asset. Purchased financial loans that do not have a more-than-significant deterioration in credit quality since origination are accounted for in a manner consistent with originated loans. An ACL is recorded with a corresponding charge to PCL. Subsequent to the acquisition date, the methods utilized to estimate the required ACL for these loans is similar to the method used for originated loans. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Available-for-sale debt securities, equity securities, trading securities held in a deferred compensation plan 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 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 fair value of U.S. treasury securities are based on quoted market prices in active markets and are classified as Level 1. The market valuation sources for other debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models and extensive quality control programs. Equity Securities Marketable equity securities with quoted prices in active markets for identical assets are classified as Level 1. Marketable equity securities in markets that are not active are classified as Level 2. Securities Held in a Deferred Compensation Plan Securities Held in a Deferred Compensation Plan are reported at fair value with the gains and losses included in other noninterest income in our Consolidated Statements of Net 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 that qualify as cash flow hedges, interest rate swaps for commercial loans with our customers, interest rate lock commitments and forward commitments related to 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. 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. We consider the impact of master netting agreements and collateral postings with our counterparties to determine the credit valuation adjustment. Interest rate swaps are classified as Level 2. Interest rate lock commitments and forward commitments related to mortgage loans are classified as Level 3 due to significant unobservable inputs. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans, when marked to fair value, is based on the principal or most advantageous market currently offered for similar loans using observable market data. Loans held for sale marked to fair value are classified as Level 2 if the fair value is determined using a sales or market approach and Level 3 if the fair value is determined using an income approach. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at the lower of amortized cost or fair value. Fair value is determined using either the present value of expected future cash flows discounted at the loan's original effective interest rate, the loan’s observable market price or 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. If the fair value of loans individually evaluated is determined based on an independent market based appraisal less estimated costs to sell, it is classified as Level 2. If the fair value of loans individually evaluated is determined using an internal valuation, it is 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 fair value less cost to sell. 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. If the fair value for OREO is determined based on an independent market-based appraisal less estimated costs to sell or an executed sales agreement, it is classified as Level 2. If the fair value for OREO is determined using an internal valuation, it is classified as Level 3. Mortgage Servicing Rights MSRs are reported using the amortization method and are evaluated for impairment quarterly by comparing the carrying value to the fair value of the MSRs. The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3 when marked to fair value. Financial Instruments Fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits approximate fair value. Loans Our methodology to fair value loans includes an exit price notion. The fair value of loans 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 valuation models include significant unobservable inputs; therefore, loans are classified as Level 3. The carrying amount of interest receivable approximates fair value. 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 Collateral receivable is cash that is made available to counterparties as collateral for our interest rate swaps. 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. Deposits without defined maturities are classified as Level 1. 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. Fixed rate and other time deposits are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. 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. Fair values are based on observable inputs in a secondary market; therefore, these are classified as Level 2. Collateral Payable Collateral payable is cash that is received from counterparties as collateral for our interest rate swaps. The carrying amount included in other liabilities on our Consolidated Balance Sheets approximates fair value. |
Cash and Cash Equivalents | We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents. |
Securities | We determine the appropriate classification of securities at the time of purchase. Debt securities are classified as available-for-sale with the intent to hold for an indefinite period of time, but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. A determination will be made on whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in OCI, net of applicable taxes. Credit-related impairment is recognized as an ACL on the balance sheet with a corresponding adjustment to provision for credit losses in the Consolidated Statements of Net Income. Both the allowance and the adjustment to net income can be reversed if conditions change. Our policy for credit impairment within the available-for-sale debt securities portfolio is based upon a number of factors, including but not limited to, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery of any decline in its estimated fair value. Realized gains and losses on the sale of these securities are determined using the specific-identification method and are recorded within noninterest income in the Consolidated Statements of Net Income. Bond premiums are amortized to the call date, if any, and bond discounts are accreted to the maturity date, both on a level yield basis. Equity securities are measured at fair value with net unrealized gains and losses recognized in other noninterest income in the Consolidated Statements of Net Income. |
Loans Held for Sale | Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held for sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to other noninterest income. When a loan is placed in the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of mortgage loans held for sale are included in mortgage banking in noninterest income in the Consolidated Statements of Net Income. |
Loans and Nonaccrual Loans | Loans Loans are reported at the principal amount outstanding net of unearned income. Unearned income consists of net deferred loan origination fees and costs and a discount or premium on acquired loans. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Interest is accrued and interest income is recognized on loans as earned. Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. Generally, consumer loans are charged off against the ACL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. Nonaccrual Loans We stop accruing interest on a loan when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when we have doubt about the borrower’s ability to comply with contractual repayment terms, even if payment is not past due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. |
Allowance for Credit Losses | The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share similar risk characteristics with other loans and are individually evaluated. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Commercial Construction, 2) Commercial Real Estate, or CRE, 3) Commercial and Industrial, or C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral and our internal risk rating system for the commercial and business banking segments and type of collateral, lien position and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. Our quantitative model uses historic data back to the second quarter of 2009. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast is for a period of two years and is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral, the existence of and changes in concentrations, other external factors and segment specific risks. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $1.0 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonaccrual loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 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 when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Our ACL Committee meets quarterly to verify the overall appropriateness of the ACL. Additionally, on an annual basis, the ACL Committee meets to validate our ACL methodology. This validation includes reviewing the loan segmentation, critical model assumptions, forecast and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ACL to be responsive to the economic environment. 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) CRE, 2) 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 these loans are 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 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. 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. |
Bank Owned Life Insurance | We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in other noninterest income in the Consolidated Statements of Net Income. |
Premises and Equipment | Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Depreciation expense is included in occupancy on the Consolidated Statements of Net Income. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. No events or changes in circumstances occurred during the years ended December 31, 2023 and 2022. |
Right-of-Use Assets and Lease Liabilities | We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as right-of-use, or ROU, assets and related lease liabilities. Finance ROU assets are included in premises and equipment other assets |
Restricted Investment in Bank Stock | FHLB stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the member's asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for impairment when events and circumstance indicate that impairment could exist. |
Goodwill and Other Intangible Assets | As a result of acquisitions, we have recorded goodwill and identifiable intangible assets in our Consolidated Balance Sheets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. We have one reporting unit. The carrying value of goodwill is tested annually for impairment each October 1st or more frequently if events and circumstances indicate that it may be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the reporting unit's fair value is less than its carrying value. We perform a quantitative impairment test only if we conclude that it is more likely than not that a reporting unit's fair value is less than the carrying amount. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The fair value of the reporting unit is determined by using both a discounted cash flow model and a market based model. The discounted cash flow model has many assumptions including future earnings projections, a long-term growth rate and discount rate. The market based model calculates fair value based on observed price multiples for similar companies. The fair values of each method are then weighted based on relevance and reliability in the current economic environment. |
Variable Interest Entities | Variable interest entities, or VIEs, are legal entities that generally either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. When an enterprise has both the power to direct the economic activities of the VIE and the obligation to absorb losses of the VIE or the right to receive benefits of the VIE, the entity has a controlling financial interest in the VIE. A VIE often holds financial assets, including loans, receivables or other property. The company with a controlling financial interest, the primary beneficiary, is required to consolidate the VIE into its Consolidated Balance Sheets. S&T has two wholly-owned trust subsidiaries, STBA Capital Trust I and DNB Capital Trust II, or the Trusts, for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. DNB Capital Trust II was acquired with the DNB merger. At inception, these Trusts issued floating rate trust preferred securities to the Trustees and used the proceeds from the sale to invest in junior subordinated debt securities issued by us. The Trusts pay dividends on the trust preferred securities at the same rate as the interest we pay on the junior subordinated debt held by the Trusts. The Trusts are VIEs with the third-party investors as their primary beneficiaries, and accordingly, the Trusts and their net assets are not included in our consolidated financial statements. However, the junior subordinated debt securities issued by S&T are included in liabilities in our Consolidated Balance Sheets. |
Qualified Affordable Housing | We have made investments directly in Low Income Housing Tax Credit, or LIHTC, partnerships formed with third parties. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. These investments are amortized over a maximum of 10 years, which represents the period over which the tax credits will be utilized. Our investments in Low Income Housing Partnerships, or LIHPs, represent unconsolidated VIEs and the assets and liabilities of the partnerships are not recorded on our balance sheet. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the economic performance of the partnership nor do we have both the obligation to absorb expected losses and the right to receive benefits. We use the cost method to account for these partnerships. These investments are recorded in other assets in our Consolidated Balance Sheets. Amortization expense is included in other noninterest expense in the Consolidated Statements of Net Income. |
OREO and Other Repossessed Assets | OREO and other repossessed assets are included in other assets in the Consolidated Balance Sheets and are comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of a foreclosure. OREO and other repossessed assets are recorded at fair value less cost to sell at the time of acquisition and when subsequent declines in fair value occur. Subsequent declines in the fair value of OREO are recorded through a valuation allowance. Subsequent increases in the fair value reduce the valuation allowance, but only to the amount that does not exceed the OREO foreclosure date cost basis. Loan losses arising from the acquisition of any such property initially are charged against the ACL. Gains or losses realized upon disposition of these assets are recorded in other noninterest income or expense in the Consolidated Statements of Net Income depending on whether the net position is a gain or loss. |
Securities Held in a Deferred Compensation Plan | A nonqualified deferred compensation plan is offered to certain management employees providing an opportunity to continue to defer income on a tax deferred basis in excess of annual contribution or compensation limits for qualified plans. The plan assets are held in a grantor trust, are legally assets of S&T and are beneficially owned by the participants. The assets are available to satisfy the claims of general creditors in the event we would need to file bankruptcy. Securities held in the nonqualified deferred compensation plan are recorded in other assets in the Consolidated Balance Sheets at fair value. A corresponding deferred compensation liability is recorded in other liabilities in the Consolidated Balance Sheets. Gains and losses related to the change in value of plan assets are recorded in other noninterest income and salaries and employee benefits expense in our Consolidated Statements of Net Income, resulting in no impact to net income. |
Mortgage Servicing Rights | MSRs are recognized as separate assets when a mortgage loan is sold. MSRs represents the estimated fair value of future net cash flows expected to be realized for performing the servicing activities. The fair value of the MSRs is estimated by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking in noninterest income in the Consolidated Statements of Net Income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. MSRs are evaluated for impairment based on the estimated fair value of those rights. MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no longer exists for a particular tranche, the valuation allowance is reduced. |
Derivative Financial Instruments | Derivatives are recognized as either other assets or other liabilities on the balance sheet at fair value. All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting based on whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. 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. Interest income on collateral receivable is included in loan interest income in the Consolidated Statements of Net Income. Interest expense on collateral payable is included in borrowings, junior subordinated debt securities and other interest expense in the Consolidated Statements of Net Income. 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 in accordance with our credit policy. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis in the Consolidated Balance Sheets. Interest Rate Swaps Designated as Hedging Instruments As part of our interest rate risk management strategy, we use interest rate swaps to add stability to interest income and to manage exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for making variable rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recognized in OCI, net of applicable taxes, and reclassified into interest income as interest payments are received. The change in the fair value is included in the change in other liabilities in the Consolidated Statements of Cash Flows. Interest Rate Contracts with Customers 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, while we continue to receive a variable amount of interest on the loan. These agreements could have floors or caps on the contracted interest rates. Interest rate swaps with customers and the corresponding offsetting interest rate swap with a financial institution are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Net Income and included in the change in other assets and other liabilities in the Consolidated Statements of Cash Flows. 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 Net Income. |
Treasury Stock | The repurchase of our common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital. The Inflation Reduction Act of 2022 created a new excise tax equal to 1 percent of the fair value of shares repurchased, effective after December 31, 2022. The excise tax is included in the cost of treasury stock with an offset to other liabilities in the Consolidated Balance Sheets. The excise tax liability is reduced by the fair market value of any reissuance occurring in the same taxable year. |
Revenue Recognition - Contracts with Customers | We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally, our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their service agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized at a point in time or over time when the services are provided. Other fees are earned based on specific transactions or customer activity within the customers' deposit accounts. These are earned at the time the transaction or customer activity occurs. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, check sale fees and transfer fees. Our performance obligations are generally satisfied at a point in time and fee revenue is recognized when the services are provided or the transaction is settled. |
Wealth Management Fees | Assets held in a fiduciary capacity by our subsidiary bank, S&T Bank, are not our assets and are therefore not included in our consolidated financial statements. Wealth management fee income is reported in the Consolidated Statements of Net Income on an accrual basis. |
Stock-Based Compensation | Stock-based compensation includes restricted stock awards and restricted stock units, which are measured using the fair value at the time of issuance. A Monte Carlo simulation is used to estimate the fair value of performance-based restricted stock with a market condition. The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award. Compensation expense for time-based restricted stock is recognized ratably over the period of service based on fair value on the grant date. Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period if the likelihood of meeting the performance measure is probable, based on the fair value on the grant date. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. |
Pensions | The expense for S&T Bank’s qualified and nonqualified defined benefit pension plans is actuarially determined using the projected unit credit actuarial cost method. It requires us to make economic assumptions regarding future interest rates and asset returns and various demographic assumptions. We estimate the discount rate used to measure benefit obligations by applying the projected cash flow for future benefit payments to a yield curve of high-quality corporate bonds available in the marketplace and by employing a model that matches bonds to our pension cash flows. The expected return on plan assets is an estimate of the long-term rate of return on plan assets, which is determined based on the current asset mix and estimates of return by asset class. We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as OCI in the period in which they occur. To the extent that such gains or losses exceed 10 percent of the greater of the projected benefit obligation or plan assets, they are recognized as a component of pension costs over the future service periods of actively employed plan participants. The funding policy for the qualified plan is to contribute an amount each year that is at least equal to the minimum required contribution, but not more than the maximum amount permissible for taxable plan sponsors. Our nonqualified plans are unfunded. On January 25, 2016, the Board of Directors approved an amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. As a result, no additional benefits are earned by participants in those plans based on service or pay after March 31, 2016. The plan was previously closed to new participants effective December 31, 2007. |
Marketing Costs | We expense all marketing-related costs, including advertising costs, as incurred. |
Income Taxes | We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business. On a quarterly basis, management assesses the reasonableness of our effective tax rate based upon our current estimate of the amount and components of net income, tax credits and the applicable statutory tax rates expected for the full year. We classify interest and penalties as an element of tax expense. Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and recognizes enacted changes in tax rate and laws. When deferred tax assets are recognized, they are subject to a valuation allowance based on management’s judgment as to whether realization is more likely than not. Accrued taxes represent the net estimated amount due to taxing jurisdictions and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. We evaluate and assess the relative risks and appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent and other information and maintain tax accruals consistent with the evaluation of these relative risks and merits. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance. These changes, when they occur, can affect deferred taxes, accrued taxes, and the current period’s income tax expense and can be significant to our operating results. Tax positions are recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. |
Earnings Per Share | Basic and diluted earnings per share, or EPS, are calculated using the more dilutive of either the treasury stock method or the two-class method. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period. Potentially dilutive securities are excluded from the basic EPS calculation. Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares. For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class. Potentially dilutive common shares are related to restricted stock. |
Recently Adopted Accounting Standards Updates, or ASU, or Updated and Accounting Standards Updates Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU, or Updated 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 provided 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 provided optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts and other transactions affected by the anticipated transition away from the London Inter-Bank Offered Rate, or LIBOR, toward new interest rate benchmarks. The optional guidance generally allowed 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 were effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this ASU defer the sunset date for applying the reference rate reform relief by two years to December 31, 2024. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022 and ASU 2022-06 upon issuance. We utilized the LIBOR transition relief as contract modifications were made during the course of the reference rate reform transition period. ASU 2020-04, ASU 2021-01 and ASU 2022-06 did not have a material impact on our consolidated financial statements. Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification. The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-20 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU were effective for fiscal years beginning after December 15, 2022, and interim periods therein. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment of $0.6 million which increased our ACL and decreased retained earnings. Refer to Note 6 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures. Accounting Standards Issued But Not Yet Adopted Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit, or LIHTC, structures. This amendment also eliminates certain LIHTC specific guidance aligning the accounting with other equity investments in tax credit structures. Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received, Amortization expense and the income tax benefits are required to be presented on a net basis in income tax expense on the Consolidated Statements of Net Income. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this ASU, as of January 1, 2024, using a modified retrospective transition approach, which resulted in an immaterial cumulative effect adjustment being recorded to retained earnings related to the transition of the cost method to the proportional amortization method on LIHTC partnerships. Additional disclosure requirements will have minimal impact to our consolidated financial statements. Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment, Community Banking. This ASU will not impact our consolidated financial statements and will have minimal impact to to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources. Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued. This ASU is not expected to have a significant impact on disclosures, and will not impact our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives for Various Asset | The estimated useful lives for the various asset categories are as follows: 1) Land and Land Improvements Non-depreciating assets 2) Buildings 25 years 3) Furniture and Fixtures 5 years 4) Computer Equipment and Software 5 years or term of license 5) Other Equipment 5 years 6) Vehicles 5 years 7) Leasehold Improvements Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 EPS calculations for the periods presented: Twelve months ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Numerator for Earnings per Share—Basic and Diluted: Net income $ 144,781 $ 135,520 $ 110,343 Less: Income allocated to participating shares 156 381 492 Net Income Allocated to Shareholders $ 144,625 $ 135,139 $ 109,851 Denominator for Earnings per Share—Basic: Weighted Average Shares Outstanding—Basic 38,432,447 38,988,174 39,050,241 Denominator for Earnings per Share—Two-Class Method—Diluted: Weighted Average Shares Outstanding—Basic 38,432,447 38,988,174 39,050,241 Add: Average participating shares outstanding 222,958 42,760 2,720 Denominator for Two-Class Method—Diluted 38,655,405 39,030,934 39,052,961 Earnings per share—basic $ 3.76 $ 3.47 $ 2.81 Earnings per share—diluted $ 3.74 $ 3.46 $ 2.81 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 293 12,654 793 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 the dates presented: December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 133,786 $ — $ — $ 133,786 Obligations of U.S. government corporations and agencies — 32,513 — 32,513 Collateralized mortgage obligations of U.S. government corporations and agencies — 460,939 — 460,939 Residential mortgage-backed securities of U.S. government corporations and agencies — 38,177 — 38,177 Commercial mortgage-backed securities of U.S. government corporations and agencies — 273,425 — 273,425 Obligations of states and political subdivisions — 30,468 — 30,468 Total Available-for-Sale Debt Securities 133,786 835,522 — 969,308 Equity securities 1,010 73 — 1,083 Total Securities Available for Sale 134,796 835,595 — 970,391 Securities held in a deferred compensation plan 9,399 — — 9,399 Derivative financial assets: Interest rate swaps - commercial loans — 63,018 — 63,018 Total Assets $ 144,195 $ 898,613 $ — $ 1,042,808 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 63,554 $ — $ 63,554 Interest rate swaps - cash flow hedge — 14,739 — 14,739 Total Liabilities $ — $ 78,293 $ — $ 78,293 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 131,695 $ — $ — $ 131,695 Obligations of U.S. government corporations and agencies — 41,811 — 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies — 428,407 — 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,587 — 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies — 327,313 — 327,313 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 30,471 — 30,471 Total Available-for-Sale Debt Securities 131,695 870,089 — 1,001,784 Equity securities 952 42 — 994 Total Securities Available for Sale 132,647 870,131 — 1,002,778 Securities held in a deferred compensation plan 8,087 — — 8,087 Derivative financial assets: Interest rate swaps - commercial loans — 83,449 — 83,449 Interest rate lock commitments — — 5 5 Forward sale contracts - mortgage loans — — 2 2 Other Assets Total Assets $ 140,734 $ 953,580 $ 7 $ 1,094,321 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 83,449 $ — $ 83,449 Interest rate swaps - cash flow hedge — 21,368 — 21,368 Total Liabilities $ — $ 104,817 $ — $ 104,817 |
Schedule of Carrying Values and Fair Values of Financial Instruments | The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at December 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 233,612 $ 233,612 $ 233,612 $ — $ — Securities available for sale 970,391 970,391 134,796 835,595 — Loans held for sale 153 153 — 153 — Portfolio loans, net 7,545,375 7,263,270 — — 7,263,270 Collateral receivable 5,356 5,356 5,356 — — Securities held in a deferred compensation plan 9,399 9,399 9,399 — — Mortgage servicing rights 6,345 8,704 — — 8,704 Interest rate swaps - commercial loans 63,018 63,018 — 63,018 — LIABILITIES Deposits $ 7,521,769 $ 7,511,598 $ 5,940,117 $ 1,571,481 $ — Collateral payable 50,920 50,920 50,920 — — Short-term borrowings 415,000 415,000 — 415,000 — Long-term borrowings 39,277 38,995 — 38,995 — Junior subordinated debt securities 49,358 49,358 — 49,358 — Interest rate swaps - commercial loans 63,554 63,554 — 63,554 — Interest rate swaps - cash flow hedge 14,739 14,739 — 14,739 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 210,009 $ 210,009 $ 210,009 $ — $ — Securities available for sale 1,002,778 1,002,778 132,647 870,131 — Loans held for sale 16 16 — 16 — Portfolio loans, net 7,082,629 6,815,167 — — 6,815,167 Collateral receivable 6,307 6,307 6,307 — — Securities held in a deferred compensation plan 8,087 8,087 8,087 — — Mortgage servicing rights 7,147 9,994 — — 9,994 Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate lock commitments 5 5 — — 5 Forward sale contracts 2 2 — — 2 LIABILITIES Deposits $ 7,219,970 $ 7,194,225 $ 6,285,377 $ 908,848 $ — Collateral payable 65,065 65,065 65,065 — — Short-term borrowings 370,000 370,000 — 370,000 — Long-term borrowings 14,741 14,174 — 14,174 — Junior subordinated debt securities 54,453 54,453 — 54,453 — Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate swaps - cash flow hedge 21,368 21,368 — 21,368 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) December 31, 2023 December 31, 2022 Debt securities $ 969,308 $ 1,001,784 Equity securities 1,083 994 Total Securities Available for Sale $ 970,391 $ 1,002,778 |
Schedule of Amortized Cost and Fair Value of Debt Securities | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: December 31, 2023 December 31, 2022 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 144,292 $ — $ (10,506) $ 133,786 $ 145,416 $ — $ (13,721) $ 131,695 Obligations of U.S. government corporations and agencies 33,342 — (829) 32,513 43,479 — (1,668) 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies 507,942 1,068 (48,071) 460,939 482,039 203 (53,835) 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies 44,707 7 (6,537) 38,177 49,418 3 (7,834) 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies 290,775 458 (17,808) 273,425 352,465 — (25,152) 327,313 Corporate obligations — — — — 500 — — 500 Obligations of states and political subdivisions 30,255 213 — 30,468 30,788 55 (372) 30,471 Total Available-for-Sale Debt Securities (1) $ 1,051,313 $ 1,746 $ (83,751) $ 969,308 $ 1,104,105 $ 261 $ (102,582) $ 1,001,784 (1) Excludes interest receivable of $3.8 million at December 31, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets. |
Schedule of Fair Value and Age of Gross Unrealized Losses of 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: December 31, 2023 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 1 $ 10,036 $ (52) 13 $ 123,750 $ (10,454) 14 $ 133,786 $ (10,506) Obligations of U.S. government corporations and agencies — — — 5 32,513 (829) 5 32,513 (829) Collateralized mortgage obligations of U.S. government corporations and agencies 4 35,161 (318) 57 351,220 (47,753) 61 386,381 (48,071) Residential mortgage-backed securities of U.S. government corporations and agencies 10 100 (1) 14 37,877 (6,536) 24 37,977 (6,537) Commercial mortgage-backed securities of U.S. government corporations and agencies — — — 29 249,005 (17,808) 29 249,005 (17,808) Obligations of states and political subdivisions — — — — — — — Total 15 $ 45,297 $ (371) 118 $ 794,365 $ (83,380) 133 $ 839,662 $ (83,751) December 31, 2022 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 6 $ 57,057 $ (3,363) 8 $ 74,638 $ (10,358) 14 $ 131,695 $ (13,721) Obligations of U.S. government corporations and agencies 6 41,811 (1,668) — — — 6 41,811 (1,668) Collateralized mortgage obligations of U.S. government corporations and agencies 47 296,509 (28,153) 13 112,902 (25,682) 60 409,411 (53,835) Residential mortgage-backed securities of U.S. government corporations and agencies 25 7,143 (589) 3 34,223 (7,245) 28 41,366 (7,834) Commercial mortgage-backed securities of U.S. government corporations and agencies 30 241,009 (11,975) 7 86,304 (13,177) 37 327,313 (25,152) Obligations of states and political subdivisions 2 20,127 (372) — — — 2 20,127 (372) Total 116 $ 663,656 $ (46,120) 31 $ 308,067 $ (56,462) 147 $ 971,723 $ (102,582) |
Schedule of Unrealized Gains (Losses) of Debt Securities | 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: December 31, 2023 December 31, 2022 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Total unrealized gains (losses) on available-for-sale debt securities $ 1,746 $ (83,751) $ (82,005) $ 261 $ (102,582) $ (102,321) Income tax (expense) benefit (372) 17,824 17,452 (56) 21,915 21,859 Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 1,374 $ (65,927) $ (64,553) $ 205 $ (80,667) $ (80,462) |
Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at December 31, 2023 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. December 31, 2023 (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 $ 17,997 $ 17,719 Due after one year through five years 162,281 151,236 Due after five years through ten years 16,284 16,368 Due after ten years 11,327 11,444 Available-for-Sale Debt Securities With Fixed Maturities 207,889 196,767 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 507,942 460,939 Residential mortgage-backed securities of U.S. government corporations and agencies 44,707 38,177 Commercial mortgage-backed securities of U.S. government corporations and agencies 290,775 273,425 Total Available-for-Sale Debt Securities $ 1,051,313 $ 969,308 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table summarizes the composition of originated and acquired loans as of the dates presented: (dollars in thousands) December 31, 2023 December 31, 2022 Commercial real estate $ 2,659,135 $ 2,538,839 Commercial and industrial 1,436,183 1,510,392 Commercial construction 350,583 381,963 Business banking 1,360,765 1,205,944 Consumer real estate 1,731,778 1,421,953 Other consumer 114,897 124,878 Total Portfolio Loans $ 7,653,341 $ 7,183,969 Loans held for sale 153 16 Total Loans (1) $ 7,653,494 $ 7,183,985 (1) other assets |
Summary of Restructured Loans for Periods Presented | The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented: Twelve Months Ended December 31, 2023 (dollars in thousands) Term Extension Term Extension and Interest Rate Reduction Total % of Portfolio Segment Commercial real estate $ 13,836 $ — $ 13,836 0.52 % Commercial industrial 16,877 — 16,877 1.18 % Commercial construction — — — — % Business banking 120 — 120 0.01 % Consumer real estate 61 189 250 0.01 % Total (1) $ 30,894 $ 189 $ 31,083 0.41 % (1) Excludes loans that were fully paid off or fully charged-off by period end. The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented: Twelve Months Ended December 31, 2023 Weighted-Average Term Extension (in months) Weighted-Average Interest Rate Reduction Commercial real estate 4 — Commercial industrial 5 — Commercial construction — — Business banking 19 — Consumer real estate 168 2% The following table summarizes TDRs as of the date presented: December 31, 2022 (dollars in thousands) Accruing Nonaccruing Total Commercial real estate $ — $ — $ — Commercial and industrial 626 — 626 Commercial construction 1,655 — 1,655 Business banking 438 1,087 1,525 Consumer real estate 6,168 1,798 7,966 Other consumer 4 9 13 Total $ 8,891 $ 2,894 $ 11,785 The following table presents the TDRs by portfolio segment and type of concession for the periods presented: Twelve Months Ended December 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking 2 — 154 — — — 154 203 Consumer real estate 23 1,436 — 610 — — 2,046 2,558 Other consumer 2 11 — — — — 11 15 Total 27 $ 1,447 $ 154 $ 610 $ — $ — $ 2,211 $ 2,776 (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. |
Summary of Aging Analysis of Modifications | The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented: December 31, 2023 (dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Commercial real estate $ 13,836 $ — $ — $ — $ 13,836 Commercial industrial 16,468 — — 409 16,877 Commercial construction — — — — — Business banking 120 — — — 120 Consumer real estate 250 — — — 250 Total $ 30,674 $ — $ — $ 409 $ 31,083 |
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) December 31, 2023 December 31, 2022 Nonperforming Assets Nonaccrual Loans $ 22,947 $ 19,052 OREO 75 3,065 Total Nonperforming Assets $ 23,022 $ 22,117 The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented: December 31, 2023 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 7,100 $ 6,320 $ 5,940 $ 46 Commercial and industrial 283 878 — 38 Commercial construction 384 4,960 4,576 — Business banking 4,490 4,147 — 209 Consumer real estate 6,526 6,312 — 308 Other consumer 269 330 — 2 Total $ 19,052 $ 22,947 $ 10,516 $ 603 (1) Represents only cash payments received and applied to interest on nonaccrual loans. December 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 7,100 $ 5,649 $ 580 Commercial and industrial 15,239 283 — 148 Commercial construction 2,471 384 — 171 Business banking 9,641 4,490 933 228 Consumer real estate 7,294 6,526 — 257 Other consumer 158 269 — 1 Total $ 66,291 $ 19,052 $ 6,582 $ 1,385 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Schedule of Loans and Leases Receivable Related Parties | The following table presents a summary of the aggregate amount of loans to certain officers and directors of S&T or any affiliates of such persons as of the dates presented: December 31, (dollars in thousands) 2023 2022 Balance at beginning of year $ 4,128 $ 6,157 New loans 936 1,085 Repayments or no longer considered a related party (881) (3,114) Balance at End of Year $ 4,183 $ 4,128 |
Schedule of Loans Credit Quality Indicators | The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: December 31, 2023 Risk Rating (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 276,677 $ 323,463 $ 433,308 $ 237,901 $ 383,799 $ 781,465 $ 32,418 $ — $ 2,469,031 Special mention — 1,006 6,000 — 24,887 75,428 — — 107,321 Substandard — — — 2,355 10,685 69,743 — — 82,783 Doubtful — — — — — — — — — Total Commercial Real Estate 276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 Year-to-date Gross Charge-offs — — — — — 1,706 — — 1,706 Commercial and Industrial Pass 171,672 231,114 185,884 53,101 47,063 183,165 482,490 — 1,354,489 Special mention 189 620 10,242 — — 8,848 4,126 — 24,025 Substandard — 244 14,510 1,595 5,795 1,892 33,633 — 57,669 Doubtful — — — — — — — — — Total Commercial and Industrial 171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 Year-to-date Gross Charge-offs — — — — 3,412 15,842 — — 19,254 Commercial Construction Pass 75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 Special mention — — — — — — — — — Substandard — — — — 4,576 384 — — 4,960 Doubtful — — — — — — — — — Total Commercial Construction 75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 Year-to-date Gross Charge-offs — — — — 451 — — — 451 Business Banking Pass 270,129 262,535 204,874 87,346 96,371 321,360 96,618 523 1,339,756 Special mention — 55 251 224 33 3,508 37 172 4,280 Substandard — 16 2,486 448 3,170 9,898 99 612 16,729 Doubtful — — — — — — — — — Total Business Banking 270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 Year-to-date Gross Charge-offs — 67 43 1 88 1,073 34 — 1,306 Consumer Real Estate Pass 311,887 334,879 147,652 101,999 67,402 183,283 551,368 22,206 1,720,676 Special mention — — — — — 189 — — 189 Substandard — 583 198 42 488 6,322 712 2,568 10,913 Doubtful — — — — — — — — — Total Consumer Real Estate 311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 Year-to-date Gross Charge-offs — 1 — 5 1 43 75 296 421 Other Consumer Pass 11,286 11,965 6,483 3,842 1,062 526 76,426 3,109 114,699 Special mention — — — — — — — — — Substandard — — 24 5 20 146 — 3 198 Doubtful — — — — — — — — — Total Other Consumer 11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 Year-to-date Gross Charge-offs 830 146 175 19 37 5 — 288 1,500 Pass 1,117,247 1,318,412 1,060,514 499,034 595,848 1,473,853 1,253,528 25,838 7,344,274 Special mention 189 1,681 16,493 224 24,920 87,973 4,163 172 135,815 Substandard — 843 17,218 4,445 24,734 88,385 34,444 3,183 173,252 Doubtful — — — — — — — — — Total Loan Balance $ 1,117,436 $ 1,320,936 $ 1,094,225 $ 503,703 $ 645,502 $ 1,650,211 $ 1,292,135 $ 29,193 $ 7,653,341 Current Year-to-date Gross Charge-offs $ 830 $ 214 $ 218 $ 25 $ 3,989 $ 18,669 $ 109 $ 584 $ 24,638 December 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 292,732 $ 360,423 $ 267,743 $ 422,872 $ 227,006 $ 704,600 $ 21,666 $ — $ 2,297,042 Special mention — — — 13,187 20,090 101,112 — — 134,389 Substandard — — 1,306 13,434 14,845 77,823 — — 107,408 Doubtful — — — — — — — — — Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Pass 253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971 Special mention — 25,436 — 5,103 1,885 7,132 19,280 — 58,836 Substandard 372 — — 5,705 1,152 1,891 12,465 — 21,585 Doubtful — — — — — — — — — Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Pass 120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026 Special mention — 10,954 — 8,104 — — — — 19,058 Substandard — — — — — 1,879 — — 1,879 Doubtful — — — — — — — — — Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Pass 287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155 Special mention — 157 146 — 2,790 3,945 793 95 7,926 Substandard 159 67 3,077 1,912 1,550 11,391 124 551 18,831 Doubtful — — — — — 32 — — 32 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Pass 296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749 Special mention — — — — — 882 — — 882 Substandard 48 213 136 428 1,373 8,059 655 2,410 13,322 Doubtful — — — — — — — — — Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Pass 20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800 Special mention — — — — — — — — — Substandard 8 — — 28 21 — — 21 78 Doubtful — — — — — — — — — Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Pass 1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743 Special Mention — 36,547 146 26,394 24,765 113,071 20,073 95 221,091 Substandard 587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103 Doubtful — — — — — 32 — — 32 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented: December 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 276,677 $ 324,469 $ 439,308 $ 240,256 $ 419,371 $ 920,316 $ 32,418 $ — $ 2,652,815 Nonaccrual — — — — — 6,320 — — 6,320 Total Commercial Real Estate 276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 Commercial and Industrial Accrual 171,861 231,978 210,636 54,696 52,858 193,257 520,019 — 1,435,305 Nonaccrual — — — — — 648 230 — 878 Total Commercial and Industrial 171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 Commercial Construction Accrual 75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 Nonaccrual — — — — 4,576 384 — — 4,960 Total Commercial Construction 75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 Business Banking Accrual 270,129 262,606 207,611 87,979 99,354 330,902 96,754 1,283 1,356,618 Nonaccrual — — — 39 220 3,864 — 24 4,147 Total Business Banking 270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 Consumer Real Estate Accrual 311,887 335,086 147,689 101,518 67,577 186,909 551,858 22,942 1,725,466 Nonaccrual — 376 161 523 313 2,885 222 1,832 6,312 Total Consumer Real Estate 311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 Other Consumer Accrual 11,286 11,965 6,499 3,656 1,082 541 76,426 3,112 114,567 Nonaccrual — — 8 191 — 131 — — 330 Total Other Consumer 11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 Accrual 1,117,436 1,320,560 1,094,056 502,950 640,393 1,635,979 1,291,683 27,337 7,630,394 Nonaccrual — 376 169 753 5,109 14,232 452 1,856 22,947 Total Loan Balance $ 1,117,436 $ 1,320,936 $ 1,094,225 $ 503,703 $ 645,502 $ 1,650,211 $ 1,292,135 $ 29,193 $ 7,653,341 December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 292,732 $ 360,423 $ 269,049 $ 449,493 $ 261,941 $ 876,435 $ 21,666 $ — $ 2,531,739 Nonaccrual — — — — — 7,100 — — 7,100 Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Accrual 253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109 Nonaccrual — — — — 53 — 230 — 283 Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Accrual 120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Accrual 287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454 Nonaccrual — 67 — 252 1,200 2,776 99 96 4,490 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Accrual 296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427 Nonaccrual — 135 528 636 385 3,785 208 849 6,526 Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Accrual 20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609 Nonaccrual — — 124 — — 131 — 14 269 Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Accrual 1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917 Nonaccrual — 202 652 888 1,638 14,176 537 959 19,052 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following table presents collateral-dependent loans as of December 31, 2023: December 31, 2023 Type of Collateral (dollars in thousands) Real Estate Business Other Commercial real estate $ 5,940 $ — $ — Commercial and industrial — — — Commercial construction 4,576 — — Business banking — — — Consumer real estate — — — Total $ 10,516 $ — $ — The following table presents collateral-dependent loans by class of loans as of December 31, 2022: December 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Other Commercial real estate $ 5,649 $ — $ — Commercial and industrial — 626 — Commercial construction 1,655 — — Business banking 260 1,112 154 Consumer real estate 561 — — Total $ 8,125 $ 1,738 $ 154 |
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: December 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,649,412 $ — $ 3,403 $ 6,320 $ 9,723 $ 2,659,135 Commercial and industrial 1,435,301 4 — 878 882 1,436,183 Commercial construction 345,623 — — 4,960 4,960 350,583 Business banking 1,351,048 3,525 2,045 4,147 9,717 1,360,765 Consumer real estate 1,719,751 3,352 2,363 6,312 12,027 1,731,778 Other consumer 114,138 366 63 330 759 114,897 Total $ 7,615,273 $ 7,247 $ 7,874 $ 22,947 $ 38,068 $ 7,653,341 December 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,523,315 $ 8,424 $ — $ 7,100 $ 15,524 $ 2,538,839 Commercial and industrial 1,505,805 4,304 — 283 4,587 1,510,392 Commercial construction 381,579 — — 384 384 381,963 Business banking 1,199,586 1,583 285 4,490 6,358 1,205,944 Consumer real estate 1,409,907 3,617 1,903 6,526 12,046 1,421,953 Other consumer 124,384 165 60 269 494 124,878 Total $ 7,144,576 $ 18,093 $ 2,248 $ 19,052 $ 39,393 $ 7,183,969 |
Schedule of Allowance for Credit Loss | The following tables present activity in the ACL for the periods presented: Twelve Months Ended December 31, 2023 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Loans Allowance for credit losses on loans: Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 Impact of ASU 2022-02 — 75 215 251 278 (251) 568 Provision for credit losses on loans (1) (2,803) 18,366 (648) 1,088 2,493 744 19,240 Charge-offs (1,706) (19,254) (451) (1,306) (421) (1,500) (24,638) Recoveries 967 9,641 2 278 208 360 11,456 Net (Charge-offs)/ Recoveries (739) (9,613) (449) (1,028) (213) (1,140) (13,182) Balance at End of Period $ 37,886 $ 34,538 $ 5,382 $ 12,858 $ 14,663 $ 2,639 $ 107,966 (1) Excludes the provision for credits losses for unfunded commitments. Twelve Months Ended December 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (9,064) 4,797 908 3,644 3,536 1,538 5,359 Charge-offs (827) (5,797) — (3,314) (304) (1,375) (11,617) Recoveries 619 6,983 1 879 140 400 9,022 Net (Charge-offs)/Recoveries (208) 1,186 1 (2,435) (164) (975) (2,595) Balance at End of Period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 (1) Excludes the provision for credits losses for unfunded commitments. |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Finance and Operating Lease Details | The following table presents our lease expense for finance and operating leases for the years ended December 31: (dollars in thousands) 2023 2022 2021 Operating lease expense $ 5,199 $ 5,169 $ 5,135 Amortization of ROU assets - finance leases 90 179 224 Interest on lease liabilities - finance leases 60 65 74 Total Lease Expense $ 5,349 $ 5,413 $ 5,433 The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 42,100 $ 43,089 Operating cash flows $ 6,996 $ 6,826 Finance Leases ROU assets $ 786 $ 876 Operating cash flows $ 60 $ 65 Financing cash flows $ 69 $ 160 Weighted Average Lease Term - Years Operating leases 17.8 17.9 Finance leases 12.0 12.7 Weighted Average Discount Rate Operating leases 5.93 % 5.83 % Finance leases 6.02 % 6.01 % |
Finance and Operating Lease Details | The following table presents our lease expense for finance and operating leases for the years ended December 31: (dollars in thousands) 2023 2022 2021 Operating lease expense $ 5,199 $ 5,169 $ 5,135 Amortization of ROU assets - finance leases 90 179 224 Interest on lease liabilities - finance leases 60 65 74 Total Lease Expense $ 5,349 $ 5,413 $ 5,433 The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: (dollars in thousands) 2023 2022 Operating Leases ROU assets $ 42,100 $ 43,089 Operating cash flows $ 6,996 $ 6,826 Finance Leases ROU assets $ 786 $ 876 Operating cash flows $ 60 $ 65 Financing cash flows $ 69 $ 160 Weighted Average Lease Term - Years Operating leases 17.8 17.9 Finance leases 12.0 12.7 Weighted Average Discount Rate Operating leases 5.93 % 5.83 % Finance leases 6.02 % 6.01 % |
Maturity Analysis of Lease Liabilities for Operating Leases | The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023: (dollars in thousands) Finance Operating Total Maturity Analysis 2024 $ 130 $ 4,865 $ 4,995 2025 132 4,864 4,996 2026 133 4,752 4,885 2027 135 4,499 4,634 2028 130 4,538 4,668 Thereafter 748 58,802 59,550 Total 1,408 82,320 83,728 Less: Present value discount (437) (33,614) (34,051) Lease Liabilities $ 971 $ 48,706 $ 49,677 |
Maturity Analysis of Lease Liabilities for Finance Leases | The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023: (dollars in thousands) Finance Operating Total Maturity Analysis 2024 $ 130 $ 4,865 $ 4,995 2025 132 4,864 4,996 2026 133 4,752 4,885 2027 135 4,499 4,634 2028 130 4,538 4,668 Thereafter 748 58,802 59,550 Total 1,408 82,320 83,728 Less: Present value discount (437) (33,614) (34,051) Lease Liabilities $ 971 $ 48,706 $ 49,677 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following table is a summary of premises and equipment as of the dates presented: December 31, (dollars in thousands) 2023 2022 Land $ 8,651 $ 8,651 Premises 62,150 61,904 Furniture and equipment 52,638 48,941 Leasehold improvements 12,527 12,083 135,966 131,579 Accumulated depreciation (86,960) (82,294) Total $ 49,006 $ 49,285 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents goodwill as of the dates presented: December 31, (dollars in thousands) 2023 2022 Balance at beginning of year $ 373,424 $ 373,424 Additions — — Balance at End of Year $ 373,424 $ 373,424 |
Summary of Intangible Assets | The following table presents a summary of intangible assets as of the dates presented: December 31, (dollars in thousands) 2023 2022 Gross carrying amount at beginning of year $ 31,340 $ 31,340 Additions — — Accumulated amortization (27,281) (25,962) Balance at End of Year $ 4,059 $ 5,378 |
Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets | The following is a summary of the expected amortization expense for finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2023 and thereafter: (dollars in thousands) Amount 2024 $ 1,151 2025 $ 820 2026 $ 671 2027 $ 562 2028 $ 480 Thereafter $ 375 Total $ 4,059 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: Derivative Assets Derivative Liabilities December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ — $ — $ — $ — $ 500,000 $ 14,739 $ 500,000 $ 21,368 Total Derivatives Designated as Hedging Instruments $ — $ — $ — $ — $ 500,000 $ 14,739 $ 500,000 $ 21,368 Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial loans $ 892,712 $ 63,018 $ 976,707 $ 83,449 $ 892,712 $ 63,554 $ 976,707 $ 83,449 Interest rate lock commitments - mortgage loans — — 126 5 — — — — Forward sales contracts - mortgage loans — — 130 2 — — — — Total Derivatives Not Designated as Hedging Instruments $ 892,712 $ 63,018 $ 976,963 $ 83,456 $ 892,712 $ 63,554 $ 976,707 $ 83,449 Total Derivatives $ 892,712 $ 63,018 $ 976,963 $ 83,456 $ 1,392,712 $ 78,293 $ 1,476,707 $ 104,817 |
Schedule of Interest Rate Derivatives | The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented: Derivatives (included Derivatives (included (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Gross amounts recognized $ 63,018 $ 83,449 $ 78,293 $ 104,817 Gross amounts offset — — — — Net amounts presented in the Consolidated Balance Sheets 63,018 83,449 78,293 104,817 Netting adjustments (1) (10,424) (15,196) (10,424) (15,196) Cash collateral (2) (50,920) (65,065) (5,356) (6,307) Net Amount $ 1,674 $ 3,188 $ 62,513 $ 83,314 (1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. |
Schedule of Effect of Cash Flow Hedges | The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Consolidated Statements of Comprehensive Income for the years presented: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ 5,204 $ (16,806) $ (9,720) $ (72) Total $ 5,204 $ (16,806) $ (9,720) $ (72) |
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 not designated as hedging instruments for the periods presented: Twelve months ended December 31, (dollars in thousands) 2023 2022 2021 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (554) $ 103 $ 610 Interest rate lock commitments—mortgage loans (5) (396) (2,499) Forward sale contracts—mortgage loans (2) (2) 389 Total Derivatives (Loss) Gain $ (561) $ (295) $ (1,500) |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Schedule of Mortgage Servicing Rights at Net Carrying Value | The following table indicates MSRs and the net carrying values: (dollars in thousands) Servicing Valuation Net Carrying Balance at December 31, 2021 $ 7,887 $ (210) $ 7,677 Additions 358 — 358 Amortization (1,098) — (1,098) Temporary recapture — 210 210 Balance at December 2022 $ 7,147 $ — $ 7,147 Additions 2 — 2 Amortization (804) — (804) Temporary recapture — — — Balance at December 31, 2023 $ 6,345 $ — $ 6,345 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits, by Component, Alternative [Abstract] | |
Deposit Liabilities, Type | The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Interest Balance Interest Balance Interest Noninterest-bearing demand $ 2,221,942 $ — $ 2,588,692 $ — $ 2,748,586 $ — Interest-bearing demand 825,787 6,056 846,653 1,025 979,133 809 Money market 1,941,842 39,480 1,731,521 11,948 2,070,579 3,652 Savings 950,546 4,352 1,118,511 1,121 1,110,155 366 Certificates of deposit 1,581,652 42,948 934,593 5,813 1,088,071 5,930 Total $ 7,521,769 $ 92,836 $ 7,219,970 $ 19,907 $ 7,996,524 $ 10,757 |
Time Deposit Maturities | The following table indicates the scheduled maturities of certificates of deposit at December 31, 2023: (dollars in thousands) Amount 2024 $ 1,320,588 2025 218,385 2026 20,805 2027 11,260 2028 7,839 Thereafter 2,775 Total $ 1,581,652 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Composition of Short-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table presents the composition of short-term borrowings, the weighted average interest rate as of December 31, 2023 and interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Weighted Interest Balance Weighted Interest Balance Weighted Interest FHLB advances 415,000 5.65 % 27,234 370,000 4.49 % 1,649 — — % 12 Total Short-term Borrowings $ 415,000 5.65 % $ 27,234 $ 370,000 4.49 % $ 1,649 $ — — % $ 12 |
Long-Term Borrowings and Subo_2
Long-Term Borrowings and Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: (dollars in thousand) 2023 2022 2021 Long-term borrowings $ 39,277 $ 14,741 $ 22,430 Weighted average interest rate 4.52 % 2.61 % 1.94 % Interest expense $ 1,332 $ 411 $ 458 |
Schedule of Annual Maturities and Average Interest Rate of Long-Term Debt | Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2023 and thereafter are as follows: (dollars in thousands) Balance Average Rate 2024 $ 38,381 4.49 % 2025 81 5.98 % 2026 86 6.00 % 2027 93 6.02 % 2028 94 6.05 % Thereafter 542 5.89 % Total $ 39,277 4.52 % |
Schedule of Junior Subordinated Debt Securities and Interest Expense | The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance Interest Balance Interest Balance Interest Junior subordinated debt $ 25,000 $ 1,738 $ 25,000 $ 850 $ 25,000 $ 756 Junior subordinated debt—trust preferred securities 24,358 2,372 29,453 1,545 29,393 1,087 Total $ 49,358 $ 4,110 $ 54,453 $ 2,395 $ 54,393 $ 1,843 |
Schedule of Junior Subordinated Debt Securities | The following table summarizes the key terms of our junior subordinated debt securities: (dollars in thousands) 2006 Junior Subordinated Debt Junior Subordinated Debt $25,000 Trust Preferred Securities — Stated Maturity Date 12/15/2036 Optional redemption date at par Any time after 9/15/2011 Regulatory Capital Tier 2 Interest Rate 3 month CME Term SOFR plus 186 bps Interest Rate at December 31, 2023 7.25% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) December 31, 2023 December 31, 2022 Commitments to extend credit $ 2,566,154 $ 2,713,586 Standby letters of credit 61,889 64,356 Total $ 2,628,043 $ 2,777,942 |
Allowance for Credit Loss for Unfunded Loan Commitments | The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented: Twelve months ended December 31, (dollars in thousands) 2023 2022 Balance at beginning of period $ 8,196 $ 5,189 Provision for credit losses (1,348) 3,007 Total $ 6,848 $ 8,196 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Years ended December 31, (dollars in thousands) 2023 2022 2021 Revenue Streams (1) Point of Revenue Recognition Service charges on deposit accounts Over a period of time $ 1,659 $ 1,703 $ 1,880 At a point in time 14,534 15,126 13,160 $ 16,193 $ 16,829 $ 15,040 Debit and credit card Over a period of time $ 1,288 $ 1,709 $ 919 At a point in time 16,960 17,299 17,033 $ 18,248 $ 19,008 $ 17,952 Wealth management Over a period of time $ 7,969 $ 8,714 $ 9,187 At a point in time 4,217 4,003 3,702 $ 12,186 $ 12,717 $ 12,889 Other fee revenue At a point in time $ 1,310 $ 1,550 $ 1,900 (1) Refer to Note 1 Summary of Significant Accounting Policies for the types of revenue streams that are included within each category. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The following table presents the composition of income tax expense (benefit) for the years ended December 31: (dollars in thousands) 2023 2022 2021 Federal Current $ 33,070 $ 35,514 $ 22,581 Deferred 459 (2,801) 2,273 Total Federal 33,529 32,713 24,854 State Current 352 828 361 Deferred 142 (131) 110 Total State 494 697 471 Total Federal and State $ 34,023 $ 33,410 $ 25,325 |
Schedule of Statutory to Effective Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31: 2023 2022 2021 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax-exempt interest (0.8) % (1.0) % (1.3) % Low income housing tax credits (1.5) % (0.7) % (1.5) % Bank owned life insurance (0.2) % (0.2) % (0.3) % Other 0.5 % 0.7 % 0.8 % Effective Tax Rate 19.0 % 19.8 % 18.7 % |
Schedule of Significant Components of Temporary Differences | The following table presents significant components of our temporary differences as of the dates presented: December 31, (dollars in thousands) 2023 2022 Deferred Tax Assets: Allowance for loan losses and other reserves $ 24,465 $ 23,421 Net unrealized holding losses on securities available-for-sale 17,452 21,843 Lease liabilities 10,572 10,767 State net operating loss carryforwards 3,464 5,924 Net unrealized losses on interest rate swaps 3,137 4,562 Cumulative adjustment to funded status of pension 3,987 4,029 Low income housing partnerships and other investments 174 2,692 Other employee benefits 3,740 4,181 Capital loss carryforward 2,092 2 Other 1,202 549 Deferred Tax Assets 70,285 77,970 Less: Valuation allowance (3,464) (5,924) Total Deferred Tax Assets 66,821 72,046 Deferred Tax Liabilities: Right-of-use lease assets (9,127) (9,385) Deferred loan income, net (4,633) (4,533) Prepaid pension (3,360) (3,706) Purchase accounting adjustments (1,823) (1,945) Depreciation on premises and equipment (1,182) (629) Other (1,428) (240) Total Deferred Tax liabilities (21,553) (20,438) Net Deferred Tax Asset $ 45,268 $ 51,608 |
Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31: (dollars in thousands) 2023 2022 2021 Balance at beginning of year $ 1,648 $ 1,331 $ 1,277 Prior period tax positions (434) — — Current period tax positions 726 317 54 Balance at End of Year $ 1,940 $ 1,648 $ 1,331 Amount That Would Affect the Effective Tax Rate if Recognized $ 1,551 $ 1,148 $ 1,069 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Other Comprehensive (Loss) Income | The following table presents the changes in the components of Accumulated Other Comprehensive Income (Loss) for the periods presented: (dollars in thousands) Available-for-Sale Debt Securities Interest Rate Swaps Employee Benefit Plans Total Balance at December 31, 2020 $ 26,284 $ — $ (17,313) $ 8,971 Net Change (18,857) — 2,796 (16,061) Balance at December 31, 2021 $ 7,427 $ — $ (14,517) $ (7,090) Net Change (87,890) (16,806) (339) (105,035) Balance at December 31, 2022 $ (80,463) $ (16,806) $ (14,856) $ (112,125) Net Change 15,910 5,204 110 21,224 Balance at December 31, 2023 $ (64,553) $ (11,602) $ (14,746) $ (90,901) All amounts are net of tax. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities | The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status: (dollars in thousands) 2023 2022 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 73,366 $ 104,097 Interest cost 3,812 3,160 Actuarial gain/(loss) 2,248 (23,020) Benefits paid (6,239) (10,871) Projected Benefit Obligation at End of Year $ 73,187 $ 73,366 Change in Plan Assets Fair value of plan assets at beginning of year $ 73,086 $ 107,525 Actual gain/(loss) on plan assets 4,727 (23,568) Benefits paid (6,239) (10,871) Fair Value of Plan Assets at End of Year $ 71,574 $ 73,086 Funded Status $ (1,613) $ (280) |
Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts recognized in accumulated OCI at December 31: (dollars in thousands) 2023 2022 Net actuarial loss 19,137 19,409 Total (Before Tax Effects) $ 19,137 $ 19,409 |
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation | Below are the actuarial weighted average assumptions used in determining the benefit obligation: 2023 2022 Discount rate 5.03 % 5.41 % Rate of compensation increase (1) — % — % (1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost: 2023 2022 2021 Discount rate 5.41 % 2.80 % 2.48 % Rate of compensation increase (1) — % — % — % Expected return on assets 5.72 % 3.29 % 2.42 % (1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. |
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31: (dollars in thousands) 2023 2022 2021 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 3,812 $ 3,160 $ 2,950 Expected return on plan assets (3,932) (3,158) (2,677) Recognized net actuarial loss 1,725 1,229 1,051 Settlement charge — 1,097 1,629 Net Periodic Pension Expense $ 1,605 $ 2,328 $ 2,953 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) Net actuarial loss $ 1,453 $ 3,706 $ 1,137 Recognized net actuarial loss (1,725) (1,229) (1,051) Settlement loss recognized — $ (1,097) (1,629) Total Changes in Plan Assets and Benefit Obligation Before Tax Effects $ (272) $ 1,380 $ (1,543) Total Recognized in Net Benefit Cost and Other Comprehensive Income (Before Tax Effects) $ 1,333 $ 3,708 $ 1,410 |
Schedule of Expected Benefit Payments | The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter: (dollars in thousands) Amount 2024 $ 6,323 2025 6,192 2026 6,051 2027 6,037 2028 5,869 2029 - 2033 27,770 |
Pension Plan Assets Measured at Fair Value on Recurring Basis | The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2023 and 2022. During the years ended December 31, 2023 and 2022, there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2023 or 2022. December 31, 2023 Fair Value Asset Classes (1) (dollars in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents (2) $ 934 $ — $ — $ 934 Fixed income (3) 63,629 — — 63,629 Equities: Equity index mutual funds—international (4) 2,086 — — 2,086 Domestic individual equities (5) 4,925 — — 4,925 Total Assets at Fair Value $ 71,574 $ — $ — $ 71,574 (1) Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2) This asset class includes FDIC insured money market instruments. (3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4) The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares. (5) This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. December 31, 2022 Fair Value Asset Classes (1) (dollars in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents (2) $ 939 $ — $ — $ 939 Fixed income (3) 64,878 — — 64,878 Equities: Equity index mutual funds—international (4) 2,231 — — 2,231 Domestic individual equities (5) 5,038 — — 5,038 Total Assets at Fair Value $ 73,086 $ — $ — $ 73,086 (1) Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2) This asset class includes FDIC insured money market instruments. (3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4) The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares. (5) This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds. |
Incentive and Restricted Stoc_2
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Nonvested Restricted Stock Shares Activity | The following table provides information about restricted stock awards granted under the plans for the periods presented: December 31, Vesting Period 2023 2022 2021 2021 Stock Plan Directors One year 17,145 16,488 14,650 Chief Executive Officer One year — — 8,309 Other Awards Three years 145,532 164,904 8,000 2014 Stock Plan Other Awards Three years — — 99,711 Total Restricted Stock Grants 162,677 181,392 130,670 |
Summary of Non-Vested Restricted Stock | The following table provides information about restricted stock granted under the plans for the years ended December 31: (dollars in thousands), except per share data Restricted Weighted Average Non-vested at December 31, 2021 278,388 $ 25.64 Granted 181,392 29.51 Vested 87,513 28.17 Forfeited 80,122 31.91 Non-vested at December 31, 2022 292,145 $ 25.56 Granted 162,677 30.84 Vested 91,955 26.92 Forfeited 47,157 26.52 Non-vested at December 31, 2023 315,710 $ 27.75 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets of S&T Bancorp, Inc. | BALANCE SHEETS December 31, (dollars in thousands) 2023 2022 ASSETS Cash $ 20,733 $ 13,817 Investments in: Bank subsidiary 1,268,441 1,184,327 Nonbank subsidiaries 4,658 4,662 Other assets 14,695 11,819 Total Assets $ 1,308,527 $ 1,214,625 LIABILITIES Long-term debt $ 24,474 $ 29,713 Other liabilities 608 253 Total Liabilities 25,082 29,966 Total Shareholders’ Equity 1,283,445 1,184,659 Total Liabilities and Shareholders’ Equity $ 1,308,527 $ 1,214,625 |
Statements of Net Income of S&T Bancorp, Inc. | STATEMENTS OF NET INCOME Years ended December 31, (dollars in thousands) 2023 2022 2021 Dividends from subsidiaries $ 86,950 $ 61,426 $ 62,333 Investment income — — — Total Income 86,950 61,426 62,333 Interest expense on long-term debt 2,372 1,545 1,400 Other expenses 4,764 4,112 3,947 Tax expense 7,136 5,657 5,347 Income before income tax and undistributed net income of subsidiaries 79,814 55,769 56,986 Income tax benefit (1,478) (1,208) (1,140) Income before undistributed net income of subsidiaries 81,292 56,977 58,126 Equity in undistributed net income (distribution in excess of net income) of: Bank subsidiary 63,337 79,566 57,025 Nonbank subsidiaries 152 (1,023) (4,808) Net Income $ 144,781 $ 135,520 $ 110,343 |
Statements of Cash Flows of S&T Bancorp, Inc. | STATEMENTS OF CASH FLOWS Years ended December 31, (dollars in thousands) 2023 2022 2021 OPERATING ACTIVITIES Net Income $ 144,781 $ 135,520 $ 110,343 Equity in undistributed (earnings) losses of subsidiaries (63,489) (78,543) (52,217) Other 1,402 1,468 761 Net Cash Provided by Operating Activities 82,694 58,445 58,887 FINANCING ACTIVITIES Repayment of long term debt (5,464) — (9,750) Sale of treasury shares, net (798) (808) (629) Purchase of treasury shares (19,808) (7,637) — Cash dividends paid to common shareholders (49,708) (46,952) (44,324) Net Cash Used in Financing Activities (75,778) (55,397) (54,703) Net increase (decrease) in cash 6,916 3,048 4,184 Cash at beginning of year 13,817 10,769 6,585 Cash at End of Year $ 20,733 $ 13,817 $ 10,769 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Summary of Risk-Based Capital Amounts and Ratios | The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank: Actual Minimum To be (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Leverage Ratio S&T $ 1,034,828 11.21 % $ 369,297 4.00 % $ 461,621 5.00 % S&T Bank 995,824 10.79 % 369,133 4.00 % 461,416 5.00 % Common Equity Tier 1 ratio S&T 1,010,828 13.37 % 340,159 4.50 % 491,341 6.50 % S&T Bank 995,824 13.18 % 339,954 4.50 % 491,045 6.50 % Tier 1 Capital (to Risk-Weighted Assets) S&T 1,034,828 13.69 % 453,545 6.00 % 604,727 8.00 % S&T Bank 995,824 13.18 % 453,272 6.00 % 604,362 8.00 % Total Capital (to Risk-Weighted Assets) S&T 1,154,376 15.27 % 604,727 8.00 % 755,909 10.00 % S&T Bank 1,115,315 14.76 % 604,362 8.00 % 755,453 10.00 % As of December 31, 2022 Leverage Ratio S&T $ 967,708 11.06 % $ 349,914 4.00 % $ 437,392 5.00 % S&T Bank 938,377 10.73 % 349,746 4.00 % 437,182 5.00 % Common Equity Tier 1 ratio S&T 938,708 12.81 % 329,701 4.50 % 476,235 6.50 % S&T Bank 938,377 12.81 % 329,565 4.50 % 476,038 6.50 % Tier 1 Capital (to Risk-Weighted Assets) S&T 967,708 13.21 % 439,602 6.00 % 586,135 8.00 % S&T Bank 938,377 12.81 % 439,420 6.00 % 585,893 8.00 % Total Capital (to Risk-Weighted Assets) S&T 1,078,897 14.73 % 586,135 8.00 % 732,669 10.00 % S&T Bank 1,049,566 14.33 % 585,893 8.00 % 732,367 10.00 % |
Share Repurchase Plan (Tables)
Share Repurchase Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Repurchase Activity | The following table presents repurchase activity for the periods presented: Twelve Months Ended December 31, (in thousands, except share and per share data) 2023 2022 Value of shares authorized to repurchase $ 50,000 $ 50,000 Remaining plan capacity at the beginning of the period $ 29,805 $ 37,442 Total shares repurchased 739,426 268,503 Average share price for the period $ 27.05 $ 28.44 Total cost of repurchases (1) $ 19,998 $ 7,637 Remaining plan capacity at the end of the period $ 9,808 $ 29,805 (1) Includes excise tax on repurchases, net of issuances for restricted stock awards. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) subsidiary entity reporting_unit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||
Number of wholly owned subsidiaries | subsidiary | 4 | ||
Number of entities non-banking activities | entity | 6 | ||
Prior period reclassification adjustment | $ 0 | ||
Threshold for evaluation for expected credit loss of commercial loans | $ 1,000,000 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Premises and equipment, net | Premises and equipment, net | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Number of reporting units | reporting_unit | 1 | ||
Number of wholly owned trust subsidiaries | subsidiary | 2 | ||
Adjustment to allowance for credit loss | $ 107,966,000 | $ 101,340,000 | $ 98,576,000 |
Retained earnings | $ 959,604,000 | 863,948,000 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of Significant Accounting Policies [Line Items] | |||
Adjustment to allowance for credit loss | 568,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2022-02 | |||
Summary of Significant Accounting Policies [Line Items] | |||
Adjustment to allowance for credit loss | 600,000 | ||
Retained earnings | $ (600,000) | ||
Minimum | Core Deposits And Customers Lists | |||
Summary of Significant Accounting Policies [Line Items] | |||
Weighted average estimated useful of acquired intangibles | 10 years | ||
Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortization period of investments in joint ventures | 10 years | ||
Maximum | Core Deposits And Customers Lists | |||
Summary of Significant Accounting Policies [Line Items] | |||
Weighted average estimated useful of acquired intangibles | 20 years | ||
Common Wealth Trust Life Insurance Company | CTCLIC | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of equity owned | 50% | ||
Interest rate lock commitments | |||
Summary of Significant Accounting Policies [Line Items] | |||
Period for interest rate lock commitment | 60 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives for Various Asset (Details) | Dec. 31, 2023 |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Computer Equipment and Software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Other Equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for Earnings per Share | |||
Net income | $ 144,781 | $ 135,520 | $ 110,343 |
Less: Income allocated to participating shares, basic | 156 | 381 | 492 |
Less: Income allocated to participating shares, diluted | 156 | 381 | 492 |
Net Income Allocated to Shareholders, basic | 144,625 | 135,139 | 109,851 |
Net Income Allocated to Shareholders, diluted | $ 144,625 | $ 135,139 | $ 109,851 |
Denominator for Earnings per Share—Two-Class Method—Diluted: | |||
Weighted Average Shares Outstanding—Basic (in shares) | 38,432,447 | 38,988,174 | 39,050,241 |
Add: Average participating shares outstanding (in shares) | 222,958 | 42,760 | 2,720 |
Denominator for Two-Class Method—Diluted (in shares) | 38,655,405 | 39,030,934 | 39,052,961 |
Earnings per share—basic (in dollars per share) | $ 3.76 | $ 3.47 | $ 2.81 |
Earnings per share—diluted (in dollars per share) | $ 3.74 | $ 3.46 | $ 2.81 |
Restricted stock considered anti-dilutive excluded from potentially dilutive shares (in shares) | 293 | 12,654 | 793 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Debt securities | $ 969,308 | $ 1,001,784 |
Equity securities | 1,083 | 994 |
Derivative financial assets | 63,018 | 83,456 |
LIABILITIES | ||
Derivative financial liabilities | 78,293 | 104,817 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities | 133,786 | 131,695 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 32,513 | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 460,939 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 38,177 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 273,425 | 327,313 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities | 30,468 | 30,471 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities | 969,308 | 1,001,784 |
Equity securities | 1,083 | 994 |
Total Securities Available for Sale | 970,391 | 1,002,778 |
Securities held in a deferred compensation plan | 9,399 | 8,087 |
Total Assets | 1,042,808 | 1,094,321 |
LIABILITIES | ||
Total Liabilities | 78,293 | 104,817 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities | 133,786 | 131,695 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 32,513 | 41,811 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 460,939 | 428,407 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 38,177 | 41,587 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 273,425 | 327,313 |
Fair Value Measurements, Recurring | Corporate obligations | ||
ASSETS | ||
Debt securities | 500 | |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities | 30,468 | 30,471 |
Fair Value Measurements, Recurring | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 63,018 | 83,449 |
LIABILITIES | ||
Derivative financial liabilities | 63,554 | 83,449 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 5 | |
Fair Value Measurements, Recurring | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements, Recurring | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 14,739 | 21,368 |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Debt securities | 133,786 | 131,695 |
Equity securities | 1,010 | 952 |
Total Securities Available for Sale | 134,796 | 132,647 |
Securities held in a deferred compensation plan | 9,399 | 8,087 |
Total Assets | 144,195 | 140,734 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities | 133,786 | 131,695 |
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Corporate obligations | ||
ASSETS | ||
Debt securities | 0 | |
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - commercial loans | ||
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 | |
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities | 835,522 | 870,089 |
Equity securities | 73 | 42 |
Total Securities Available for Sale | 835,595 | 870,131 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 898,613 | 953,580 |
LIABILITIES | ||
Total Liabilities | 78,293 | 104,817 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 32,513 | 41,811 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 460,939 | 428,407 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 38,177 | 41,587 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 273,425 | 327,313 |
Fair Value Measurements, Recurring | Level 2 | Corporate obligations | ||
ASSETS | ||
Debt securities | 500 | |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities | 30,468 | 30,471 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 63,018 | 83,449 |
LIABILITIES | ||
Derivative financial liabilities | 63,554 | 83,449 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 14,739 | 21,368 |
Fair Value Measurements, Recurring | Level 3 | ||
ASSETS | ||
Debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Total Securities Available for Sale | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 0 | 7 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Corporate obligations | ||
ASSETS | ||
Debt securities | 0 | |
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - commercial loans | ||
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 | 5 | |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 75,000 | $ 3,065,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 3,100,000 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | 0 | $ 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 5,900,000 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Securities available for sale | $ 970,391 | $ 1,002,778 | |
Portfolio loans, net | 7,545,375 | 7,082,629 | |
Derivative financial assets | 63,018 | 83,456 | |
LIABILITIES | |||
Junior subordinated debt securities | 49,358 | 54,453 | $ 54,393 |
Derivative financial liabilities | 78,293 | 104,817 | |
Carrying Value | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 233,612 | 210,009 | |
Securities available for sale | 970,391 | 1,002,778 | |
Loans held for sale | 153 | 16 | |
Portfolio loans, net | 7,545,375 | 7,082,629 | |
Collateral receivable | 5,356 | 6,307 | |
Securities held in a deferred compensation plan | 9,399 | 8,087 | |
Mortgage servicing rights | 6,345 | 7,147 | |
LIABILITIES | |||
Deposits | 7,521,769 | 7,219,970 | |
Collateral payable | 50,920 | 65,065 | |
Short-term borrowings | 415,000 | 370,000 | |
Long-term borrowings | 39,277 | 14,741 | |
Junior subordinated debt securities | 49,358 | 54,453 | |
Carrying Value | Interest rate swaps - commercial loans | |||
ASSETS | |||
Derivative financial assets | 63,018 | ||
LIABILITIES | |||
Derivative financial liabilities | 63,554 | 83,449 | |
Carrying Value | Interest rate swaps - cash flow hedge | |||
LIABILITIES | |||
Derivative financial liabilities | 14,739 | 21,368 | |
Carrying Value | Interest Rate Swap [Member] | |||
ASSETS | |||
Derivative financial assets | 83,449 | ||
Carrying Value | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 5 | ||
Carrying Value | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 2 | ||
Fair Value Measurements | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 233,612 | 210,009 | |
Securities available for sale | 970,391 | 1,002,778 | |
Loans held for sale | 153 | 16 | |
Portfolio loans, net | 7,263,270 | 6,815,167 | |
Collateral receivable | 5,356 | 6,307 | |
Securities held in a deferred compensation plan | 9,399 | 8,087 | |
Mortgage servicing rights | 8,704 | 9,994 | |
LIABILITIES | |||
Deposits | 7,511,598 | 7,194,225 | |
Collateral payable | 50,920 | 65,065 | |
Short-term borrowings | 415,000 | 370,000 | |
Long-term borrowings | 38,995 | 14,174 | |
Junior subordinated debt securities | 49,358 | 54,453 | |
Fair Value Measurements | Interest rate swaps - commercial loans | |||
ASSETS | |||
Derivative financial assets | 63,018 | ||
LIABILITIES | |||
Derivative financial liabilities | 63,554 | 83,449 | |
Fair Value Measurements | Interest rate swaps - cash flow hedge | |||
LIABILITIES | |||
Derivative financial liabilities | 14,739 | 21,368 | |
Fair Value Measurements | Interest Rate Swap [Member] | |||
ASSETS | |||
Derivative financial assets | 83,449 | ||
Fair Value Measurements | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 5 | ||
Fair Value Measurements | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 2 | ||
Fair Value Measurements | Level 1 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 233,612 | 210,009 | |
Securities available for sale | 134,796 | 132,647 | |
Loans held for sale | 0 | 0 | |
Portfolio loans, net | 0 | 0 | |
Collateral receivable | 5,356 | 6,307 | |
Securities held in a deferred compensation plan | 9,399 | 8,087 | |
Mortgage servicing rights | 0 | 0 | |
LIABILITIES | |||
Deposits | 5,940,117 | 6,285,377 | |
Collateral payable | 50,920 | 65,065 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Junior subordinated debt securities | 0 | 0 | |
Fair Value Measurements | Level 1 | Interest rate swaps - commercial loans | |||
ASSETS | |||
Derivative financial assets | 0 | ||
LIABILITIES | |||
Derivative financial liabilities | 0 | 0 | |
Fair Value Measurements | Level 1 | Interest rate swaps - cash flow hedge | |||
LIABILITIES | |||
Derivative financial liabilities | 0 | 0 | |
Fair Value Measurements | Level 1 | Interest Rate Swap [Member] | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 1 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 1 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 2 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |
Securities available for sale | 835,595 | 870,131 | |
Loans held for sale | 153 | 16 | |
Portfolio loans, net | 0 | 0 | |
Collateral receivable | 0 | 0 | |
Securities held in a deferred compensation plan | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
LIABILITIES | |||
Deposits | 1,571,481 | 908,848 | |
Collateral payable | 0 | 0 | |
Short-term borrowings | 415,000 | 370,000 | |
Long-term borrowings | 38,995 | 14,174 | |
Junior subordinated debt securities | 49,358 | 54,453 | |
Fair Value Measurements | Level 2 | Interest rate swaps - commercial loans | |||
ASSETS | |||
Derivative financial assets | 63,018 | ||
LIABILITIES | |||
Derivative financial liabilities | 63,554 | 83,449 | |
Fair Value Measurements | Level 2 | Interest rate swaps - cash flow hedge | |||
LIABILITIES | |||
Derivative financial liabilities | 14,739 | 21,368 | |
Fair Value Measurements | Level 2 | Interest Rate Swap [Member] | |||
ASSETS | |||
Derivative financial assets | 83,449 | ||
Fair Value Measurements | Level 2 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 2 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 3 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |
Securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Portfolio loans, net | 7,263,270 | 6,815,167 | |
Collateral receivable | 0 | 0 | |
Securities held in a deferred compensation plan | 0 | 0 | |
Mortgage servicing rights | 8,704 | 9,994 | |
LIABILITIES | |||
Deposits | 0 | 0 | |
Collateral payable | 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 - commercial loans | |||
ASSETS | |||
Derivative financial assets | 0 | ||
LIABILITIES | |||
Derivative financial liabilities | 0 | 0 | |
Fair Value Measurements | Level 3 | Interest rate swaps - cash flow hedge | |||
LIABILITIES | |||
Derivative financial liabilities | $ 0 | 0 | |
Fair Value Measurements | Level 3 | Interest Rate Swap [Member] | |||
ASSETS | |||
Derivative financial assets | 0 | ||
Fair Value Measurements | Level 3 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 5 | ||
Fair Value Measurements | Level 3 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | $ 2 |
Dividend and Loan Restrictions
Dividend and Loan Restrictions (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Percentage of collateralized loans | 10% |
Securities - Fair Values of Mar
Securities - Fair Values of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities | $ 969,308 | $ 1,001,784 |
Equity securities | 1,083 | 994 |
Total Securities Available for Sale | $ 970,391 | $ 1,002,778 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,051,313 | $ 1,104,105 |
Gross Unrealized Gains | 1,746 | 261 |
Gross Unrealized Losses | (83,751) | (102,582) |
Fair Value | 969,308 | 1,001,784 |
Interest receivable | 3,800 | 3,700 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,292 | 145,416 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10,506) | (13,721) |
Fair Value | 133,786 | 131,695 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 33,342 | 43,479 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (829) | (1,668) |
Fair Value | 32,513 | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 507,942 | 482,039 |
Gross Unrealized Gains | 1,068 | 203 |
Gross Unrealized Losses | (48,071) | (53,835) |
Fair Value | 460,939 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 44,707 | 49,418 |
Gross Unrealized Gains | 7 | 3 |
Gross Unrealized Losses | (6,537) | (7,834) |
Fair Value | 38,177 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 290,775 | 352,465 |
Gross Unrealized Gains | 458 | 0 |
Gross Unrealized Losses | (17,808) | (25,152) |
Fair Value | 273,425 | 327,313 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 500 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30,255 | 30,788 |
Gross Unrealized Gains | 213 | 55 |
Gross Unrealized Losses | 0 | (372) |
Fair Value | $ 30,468 | $ 30,471 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Number of Securities | ||
Less Than 12 Months | security | 15 | 116 |
12 Months or More | security | 118 | 31 |
Total | security | 133 | 147 |
Fair Value | ||
Less Than 12 Months | $ 45,297 | $ 663,656 |
12 Months or More | 794,365 | 308,067 |
Total | 839,662 | 971,723 |
Unrealized Losses | ||
Less Than 12 Months | (371) | (46,120) |
12 Months or More | (83,380) | (56,462) |
Total | $ (83,751) | $ (102,582) |
U.S. Treasury securities | ||
Number of Securities | ||
Less Than 12 Months | security | 1 | 6 |
12 Months or More | security | 13 | 8 |
Total | security | 14 | 14 |
Fair Value | ||
Less Than 12 Months | $ 10,036 | $ 57,057 |
12 Months or More | 123,750 | 74,638 |
Total | 133,786 | 131,695 |
Unrealized Losses | ||
Less Than 12 Months | (52) | (3,363) |
12 Months or More | (10,454) | (10,358) |
Total | $ (10,506) | $ (13,721) |
Obligations of U.S. government corporations and agencies | ||
Number of Securities | ||
Less Than 12 Months | security | 0 | 6 |
12 Months or More | security | 5 | 0 |
Total | security | 5 | 6 |
Fair Value | ||
Less Than 12 Months | $ 0 | $ 41,811 |
12 Months or More | 32,513 | 0 |
Total | 32,513 | 41,811 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (1,668) |
12 Months or More | (829) | 0 |
Total | $ (829) | $ (1,668) |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Number of Securities | ||
Less Than 12 Months | security | 4 | 47 |
12 Months or More | security | 57 | 13 |
Total | security | 61 | 60 |
Fair Value | ||
Less Than 12 Months | $ 35,161 | $ 296,509 |
12 Months or More | 351,220 | 112,902 |
Total | 386,381 | 409,411 |
Unrealized Losses | ||
Less Than 12 Months | (318) | (28,153) |
12 Months or More | (47,753) | (25,682) |
Total | $ (48,071) | $ (53,835) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Number of Securities | ||
Less Than 12 Months | security | 10 | 25 |
12 Months or More | security | 14 | 3 |
Total | security | 24 | 28 |
Fair Value | ||
Less Than 12 Months | $ 100 | $ 7,143 |
12 Months or More | 37,877 | 34,223 |
Total | 37,977 | 41,366 |
Unrealized Losses | ||
Less Than 12 Months | (1) | (589) |
12 Months or More | (6,536) | (7,245) |
Total | $ (6,537) | $ (7,834) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Number of Securities | ||
Less Than 12 Months | security | 0 | 30 |
12 Months or More | security | 29 | 7 |
Total | security | 29 | 37 |
Fair Value | ||
Less Than 12 Months | $ 0 | $ 241,009 |
12 Months or More | 249,005 | 86,304 |
Total | 249,005 | 327,313 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (11,975) |
12 Months or More | (17,808) | (13,177) |
Total | $ (17,808) | $ (25,152) |
Obligations of states and political subdivisions | ||
Number of Securities | ||
Less Than 12 Months | security | 0 | 2 |
12 Months or More | security | 0 | 0 |
Total | security | 0 | 2 |
Fair Value | ||
Less Than 12 Months | $ 0 | $ 20,127 |
12 Months or More | 0 | |
Total | 0 | 20,127 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (372) |
12 Months or More | 0 | |
Total | $ 0 | $ (372) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities in unrealized loss position | security | 133 | 147 |
Debt securities | $ 969,308 | $ 1,001,784 |
Asset Pledged as Collateral without Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities | 18,400 | 17,900 |
Asset Pledged as Collateral with Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities | $ 214,000 | $ 251,500 |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross Unrealized Gains | ||
Total unrealized gains (losses) on available-for-sale debt securities | $ 1,746 | $ 261 |
Income tax (expense) benefit | (372) | (56) |
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | 1,374 | 205 |
Gross Unrealized Losses | ||
Total unrealized gains (losses) on available-for-sale debt securities | (83,751) | (102,582) |
Income tax (expense) benefit | 17,824 | 21,915 |
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | (65,927) | (80,667) |
Net Unrealized Losses | ||
Total unrealized gains (losses) on available-for-sale debt securities | (82,005) | (102,321) |
Income tax (expense) benefit | 17,452 | 21,859 |
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ (64,553) | $ (80,462) |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 17,997 | |
Due after one year through five years | 162,281 | |
Due after five years through ten years | 16,284 | |
Due after ten years | 11,327 | |
Available-for-Sale Debt Securities With Fixed Maturities | 207,889 | |
Amortized Cost | 1,051,313 | $ 1,104,105 |
Fair Value | ||
Due in one year or less | 17,719 | |
Due after one year through five years | 151,236 | |
Due after five years through ten years | 16,368 | |
Due after ten years | 11,444 | |
Available-for-Sale Debt Securities With Fixed Maturities | 196,767 | |
Total Available-for-Sale Debt Securities, Fair Value | 969,308 | 1,001,784 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 507,942 | |
Amortized Cost | 507,942 | 482,039 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 460,939 | |
Total Available-for-Sale Debt Securities, Fair Value | 460,939 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 44,707 | |
Amortized Cost | 44,707 | 49,418 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 38,177 | |
Total Available-for-Sale Debt Securities, Fair Value | 38,177 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 290,775 | |
Amortized Cost | 290,775 | 352,465 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 273,425 | |
Total Available-for-Sale Debt Securities, Fair Value | $ 273,425 | $ 327,313 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) loan | |
Receivables [Abstract] | ||
Unearned income | $ 6,600,000 | $ 7,400,000 |
Purchase accounting fair value adjustments | 3,100,000 | $ 4,500,000 |
Number of contracts, modified, subsequent default | loan | 27 | |
Financing receivable, modified, commitment to lend | $ 1,600,000 | |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | |
Number of troubled debt restructuring loans returned to accruing status | loan | 1 | |
Reclassified to accruing status | $ 200,000 | |
Number of commitments to lend additional funds on TDRs | loan | 16 | |
Commitments to lend additional funds on TDRs | $ 400,000 | |
Financing receivable, modified, subsequent default | $ 0 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 7,653,341 | $ 7,183,969 |
Loans held for sale | 153 | 16 |
Total Loans | 7,653,494 | 7,183,985 |
Interest receivable | $ 35,300 | $ 28,300 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Commercial Loans | Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 2,659,135 | $ 2,538,839 |
Commercial Loans | Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,436,183 | 1,510,392 |
Commercial Loans | Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 350,583 | 381,963 |
Business Banking | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,360,765 | 1,205,944 |
Consumer Loans | Consumer real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,731,778 | 1,421,953 |
Consumer Loans | Other consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 114,897 | $ 124,878 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Amortized Cost of Loans to Borrowers, Modified (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 31,083 | $ 2,211 |
% of Portfolio Segment | 0.41% | |
Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 30,894 | 610 |
Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | 189 | |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 13,836 | 0 |
% of Portfolio Segment | 0.52% | |
Commercial Loans | Commercial real estate | Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 13,836 | 0 |
Commercial Loans | Commercial real estate | Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | 0 | |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 16,877 | 0 |
% of Portfolio Segment | 1.18% | |
Commercial Loans | Commercial and industrial | Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 16,877 | 0 |
Commercial Loans | Commercial and industrial | Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | 0 | |
Commercial Loans | Commercial construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 0 | 0 |
% of Portfolio Segment | 0% | |
Commercial Loans | Commercial construction | Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 0 | 0 |
Commercial Loans | Commercial construction | Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | 0 | |
Business Banking | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 120 | |
% of Portfolio Segment | 0.01% | |
Business Banking | Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 120 | |
Business Banking | Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | 0 | |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 250 | 2,046 |
% of Portfolio Segment | 0.01% | |
Consumer Loans | Consumer real estate | Term Extension (2) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 61 | $ 610 |
Consumer Loans | Consumer real estate | Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modified in period | $ 189 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Financial Impact of Modifications (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 4 months |
Weighted-Average Interest Rate Reduction | 0% |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 5 months |
Weighted-Average Interest Rate Reduction | 0% |
Commercial Loans | Commercial construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 0 months |
Weighted-Average Interest Rate Reduction | 0% |
Business banking | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 19 months |
Weighted-Average Interest Rate Reduction | 0% |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 168 months |
Weighted-Average Interest Rate Reduction | 2% |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Aging Analysis of Modifications (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | $ 31,083 |
Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 30,674 |
30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 409 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 13,836 |
Commercial Loans | Commercial real estate | Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 13,836 |
Commercial Loans | Commercial real estate | 30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial real estate | 60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial real estate | 90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 16,877 |
Commercial Loans | Commercial and industrial | Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 16,468 |
Commercial Loans | Commercial and industrial | 30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial and industrial | 60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial and industrial | 90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 409 |
Commercial Loans | Commercial construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial construction | Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial construction | 30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial construction | 60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Commercial Loans | Commercial construction | 90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Business banking | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 120 |
Business banking | Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 120 |
Business banking | 30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Business banking | 60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Business banking | 90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 250 |
Consumer Loans | Consumer real estate | Current | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 250 |
Consumer Loans | Consumer real estate | 30-59 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Consumer Loans | Consumer real estate | 60-89 Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Consumer Loans | Consumer real estate | 90+ Days Past Due | Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Restructured Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 11,785 |
Commercial real estate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Commercial and industrial | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 626 |
Commercial construction | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 1,655 |
Business banking | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 1,525 |
Consumer real estate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 7,966 |
Other consumer | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 13 |
Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 8,891 |
Accrual | Commercial real estate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Accrual | Commercial and industrial | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 626 |
Accrual | Commercial construction | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 1,655 |
Accrual | Business banking | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 438 |
Accrual | Consumer real estate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 6,168 |
Accrual | Other consumer | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 4 |
Nonaccrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 2,894 |
Nonaccrual | Commercial real estate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Nonaccrual | Commercial and industrial | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Nonaccrual | Commercial construction | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Nonaccrual | Business banking | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 1,087 |
Nonaccrual | Consumer real estate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 1,798 |
Nonaccrual | Other consumer | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 9 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Restructured Loans by Type of Concession (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 27 | |
Post-Modification Outstanding Recorded Investment | $ 31,083 | $ 2,211 |
Pre-Modification Outstanding Recorded Investment | 2,776 | |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 1,447 | |
Other Loan Modification [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 154 | |
Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 30,894 | 610 |
Contractual Interest Rate Reduction [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Payment Deferral [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Commercial real estate | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | |
Post-Modification Outstanding Recorded Investment | 13,836 | $ 0 |
Pre-Modification Outstanding Recorded Investment | 0 | |
Commercial real estate | Bankruptcy | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial real estate | Other Loan Modification [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial real estate | Extended Maturity [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 13,836 | 0 |
Commercial real estate | Contractual Interest Rate Reduction [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial real estate | Payment Deferral [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Commercial and industrial | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | |
Post-Modification Outstanding Recorded Investment | 16,877 | $ 0 |
Pre-Modification Outstanding Recorded Investment | 0 | |
Commercial and industrial | Bankruptcy | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial and industrial | Other Loan Modification [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial and industrial | Extended Maturity [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 16,877 | 0 |
Commercial and industrial | Contractual Interest Rate Reduction [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial and industrial | Payment Deferral [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Commercial construction | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | |
Post-Modification Outstanding Recorded Investment | 0 | $ 0 |
Pre-Modification Outstanding Recorded Investment | 0 | |
Commercial construction | Bankruptcy | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial construction | Other Loan Modification [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial construction | Extended Maturity [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Contractual Interest Rate Reduction [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Commercial construction | Payment Deferral [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Business banking | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | |
Post-Modification Outstanding Recorded Investment | $ 154 | |
Pre-Modification Outstanding Recorded Investment | 203 | |
Business banking | Bankruptcy | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Business banking | Other Loan Modification [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 154 | |
Business banking | Extended Maturity [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Business banking | Contractual Interest Rate Reduction [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Business banking | Payment Deferral [Member] | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Consumer real estate | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 23 | |
Post-Modification Outstanding Recorded Investment | 250 | $ 2,046 |
Pre-Modification Outstanding Recorded Investment | 2,558 | |
Consumer real estate | Bankruptcy | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 1,436 | |
Consumer real estate | Other Loan Modification [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Consumer real estate | Extended Maturity [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 61 | 610 |
Consumer real estate | Contractual Interest Rate Reduction [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Consumer real estate | Payment Deferral [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 | |
Other consumer | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | |
Post-Modification Outstanding Recorded Investment | $ 11 | |
Pre-Modification Outstanding Recorded Investment | 15 | |
Other consumer | Bankruptcy | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 11 | |
Other consumer | Other Loan Modification [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Other consumer | Extended Maturity [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Other consumer | Contractual Interest Rate Reduction [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | |
Other consumer | Payment Deferral [Member] | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Nonperforming Assets | |||
Nonaccrual Loans | $ 22,947 | $ 19,052 | $ 66,291 |
OREO | 75 | 3,065 | |
Total Nonperforming Assets | $ 23,022 | $ 22,117 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Aggregate Amount of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans Receivable from Officers and Directors [Roll Forward] | ||
Balance at beginning of year | $ 4,128 | $ 6,157 |
New loans | 936 | 1,085 |
Repayments or no longer considered a related party | (881) | (3,114) |
Balance at End of Year | $ 4,183 | $ 4,128 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Loan Balances by Year of Origination and Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Loan Balance | ||
Current fiscal year | $ 1,117,436 | $ 1,271,764 |
Year two | 1,320,936 | 1,214,107 |
Year three | 1,094,225 | 586,544 |
Year four | 503,703 | 725,517 |
Year five | 645,502 | 449,759 |
More than five years | 1,650,211 | 1,528,088 |
Revolving | 1,292,135 | 1,381,517 |
Revolving-Term | 29,193 | 26,673 |
Total | 7,653,341 | 7,183,969 |
Current Year-to-date Gross Charge-offs | ||
2023 | 830 | |
2022 | 214 | |
2021 | 218 | |
2020 | 25 | |
2019 | 3,989 | |
2018 and Prior | 18,669 | |
Revolving | 109 | |
Revolving-Term | 584 | |
Total | 24,638 | 11,617 |
Pass | ||
Total Loan Balance | ||
Current fiscal year | 1,117,247 | 1,271,177 |
Year two | 1,318,412 | 1,177,280 |
Year three | 1,060,514 | 581,879 |
Year four | 499,034 | 677,616 |
Year five | 595,848 | 406,053 |
More than five years | 1,473,853 | 1,313,942 |
Revolving | 1,253,528 | 1,348,200 |
Revolving-Term | 25,838 | 23,596 |
Total | 7,344,274 | 6,799,743 |
Special mention | ||
Total Loan Balance | ||
Current fiscal year | 189 | 0 |
Year two | 1,681 | 36,547 |
Year three | 16,493 | 146 |
Year four | 224 | 26,394 |
Year five | 24,920 | 24,765 |
More than five years | 87,973 | 113,071 |
Revolving | 4,163 | 20,073 |
Revolving-Term | 172 | 95 |
Total | 135,815 | 221,091 |
Substandard | ||
Total Loan Balance | ||
Current fiscal year | 0 | 587 |
Year two | 843 | 280 |
Year three | 17,218 | 4,519 |
Year four | 4,445 | 21,507 |
Year five | 24,734 | 18,941 |
More than five years | 88,385 | 101,043 |
Revolving | 34,444 | 13,244 |
Revolving-Term | 3,183 | 2,982 |
Total | 173,252 | 163,103 |
Doubtful | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 32 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 32 |
Commercial Loans | Commercial real estate | ||
Total Loan Balance | ||
Current fiscal year | 276,677 | 292,732 |
Year two | 324,469 | 360,423 |
Year three | 439,308 | 269,049 |
Year four | 240,256 | 449,493 |
Year five | 419,371 | 261,941 |
More than five years | 926,636 | 883,535 |
Revolving | 32,418 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,659,135 | 2,538,839 |
Current Year-to-date Gross Charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and Prior | 1,706 | |
Revolving | 0 | |
Revolving-Term | 0 | |
Total | 1,706 | 827 |
Commercial Loans | Commercial and industrial | ||
Total Loan Balance | ||
Current fiscal year | 171,861 | 253,696 |
Year two | 231,978 | 289,448 |
Year three | 210,636 | 88,544 |
Year four | 54,696 | 73,998 |
Year five | 52,858 | 65,911 |
More than five years | 193,905 | 147,273 |
Revolving | 520,249 | 591,522 |
Revolving-Term | 0 | 0 |
Total | 1,436,183 | 1,510,392 |
Current Year-to-date Gross Charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 3,412 | |
2018 and Prior | 15,842 | |
Revolving | 0 | |
Revolving-Term | 0 | |
Total | 19,254 | 5,797 |
Commercial Loans | Commercial construction | ||
Total Loan Balance | ||
Current fiscal year | 75,596 | 120,655 |
Year two | 154,456 | 170,691 |
Year three | 82,313 | 40,762 |
Year four | 14,845 | 14,442 |
Year five | 4,727 | 3,953 |
More than five years | 4,438 | 4,176 |
Revolving | 14,208 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 350,583 | 381,963 |
Current Year-to-date Gross Charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 451 | |
2018 and Prior | 0 | |
Revolving | 0 | |
Revolving-Term | 0 | |
Total | 451 | 0 |
Commercial Loans | Business banking | ||
Total Loan Balance | ||
Current fiscal year | 270,129 | 287,679 |
Year two | 262,606 | 233,723 |
Year three | 207,611 | 91,149 |
Year four | 88,018 | 109,731 |
Year five | 99,574 | 84,889 |
More than five years | 334,766 | 292,211 |
Revolving | 96,754 | 105,271 |
Revolving-Term | 1,307 | 1,291 |
Total | 1,360,765 | 1,205,944 |
Current Year-to-date Gross Charge-offs | ||
2023 | 0 | |
2022 | 67 | |
2021 | 43 | |
2020 | 1 | |
2019 | 88 | |
2018 and Prior | 1,073 | |
Revolving | 34 | |
Revolving-Term | 0 | |
Total | 1,306 | 3,314 |
Commercial Loans | Pass | Commercial real estate | ||
Total Loan Balance | ||
Current fiscal year | 276,677 | 292,732 |
Year two | 323,463 | 360,423 |
Year three | 433,308 | 267,743 |
Year four | 237,901 | 422,872 |
Year five | 383,799 | 227,006 |
More than five years | 781,465 | 704,600 |
Revolving | 32,418 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,469,031 | 2,297,042 |
Commercial Loans | Pass | Commercial and industrial | ||
Total Loan Balance | ||
Current fiscal year | 171,672 | 253,324 |
Year two | 231,114 | 264,012 |
Year three | 185,884 | 88,544 |
Year four | 53,101 | 63,190 |
Year five | 47,063 | 62,874 |
More than five years | 183,165 | 138,250 |
Revolving | 482,490 | 559,777 |
Revolving-Term | 0 | 0 |
Total | 1,354,489 | 1,429,971 |
Commercial Loans | Pass | Commercial construction | ||
Total Loan Balance | ||
Current fiscal year | 75,596 | 120,655 |
Year two | 154,456 | 159,737 |
Year three | 82,313 | 40,762 |
Year four | 14,845 | 6,338 |
Year five | 151 | 3,953 |
More than five years | 4,054 | 2,297 |
Revolving | 14,208 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 345,623 | 361,026 |
Commercial Loans | Pass | Business banking | ||
Total Loan Balance | ||
Current fiscal year | 270,129 | 287,520 |
Year two | 262,535 | 233,499 |
Year three | 204,874 | 87,926 |
Year four | 87,346 | 107,819 |
Year five | 96,371 | 80,549 |
More than five years | 321,360 | 276,843 |
Revolving | 96,618 | 104,354 |
Revolving-Term | 523 | 645 |
Total | 1,339,756 | 1,179,155 |
Commercial Loans | Special mention | Commercial real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 1,006 | 0 |
Year three | 6,000 | 0 |
Year four | 0 | 13,187 |
Year five | 24,887 | 20,090 |
More than five years | 75,428 | 101,112 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 107,321 | 134,389 |
Commercial Loans | Special mention | Commercial and industrial | ||
Total Loan Balance | ||
Current fiscal year | 189 | 0 |
Year two | 620 | 25,436 |
Year three | 10,242 | 0 |
Year four | 0 | 5,103 |
Year five | 0 | 1,885 |
More than five years | 8,848 | 7,132 |
Revolving | 4,126 | 19,280 |
Revolving-Term | 0 | 0 |
Total | 24,025 | 58,836 |
Commercial Loans | Special mention | Commercial construction | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 10,954 |
Year three | 0 | 0 |
Year four | 0 | 8,104 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 19,058 |
Commercial Loans | Special mention | Business banking | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 55 | 157 |
Year three | 251 | 146 |
Year four | 224 | 0 |
Year five | 33 | 2,790 |
More than five years | 3,508 | 3,945 |
Revolving | 37 | 793 |
Revolving-Term | 172 | 95 |
Total | 4,280 | 7,926 |
Commercial Loans | Substandard | Commercial real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 1,306 |
Year four | 2,355 | 13,434 |
Year five | 10,685 | 14,845 |
More than five years | 69,743 | 77,823 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 82,783 | 107,408 |
Commercial Loans | Substandard | Commercial and industrial | ||
Total Loan Balance | ||
Current fiscal year | 0 | 372 |
Year two | 244 | 0 |
Year three | 14,510 | 0 |
Year four | 1,595 | 5,705 |
Year five | 5,795 | 1,152 |
More than five years | 1,892 | 1,891 |
Revolving | 33,633 | 12,465 |
Revolving-Term | 0 | 0 |
Total | 57,669 | 21,585 |
Commercial Loans | Substandard | Commercial construction | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 4,576 | 0 |
More than five years | 384 | 1,879 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 4,960 | 1,879 |
Commercial Loans | Substandard | Business banking | ||
Total Loan Balance | ||
Current fiscal year | 0 | 159 |
Year two | 16 | 67 |
Year three | 2,486 | 3,077 |
Year four | 448 | 1,912 |
Year five | 3,170 | 1,550 |
More than five years | 9,898 | 11,391 |
Revolving | 99 | 124 |
Revolving-Term | 612 | 551 |
Total | 16,729 | 18,831 |
Commercial Loans | Doubtful | Commercial real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial Loans | Doubtful | Commercial and industrial | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial Loans | Doubtful | Commercial construction | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial Loans | Doubtful | Business banking | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 32 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 32 |
Consumer Loans | Consumer real estate | ||
Total Loan Balance | ||
Current fiscal year | 311,887 | 296,948 |
Year two | 335,462 | 149,003 |
Year three | 147,850 | 91,613 |
Year four | 102,041 | 74,583 |
Year five | 67,890 | 32,031 |
More than five years | 189,794 | 200,169 |
Revolving | 552,080 | 553,649 |
Revolving-Term | 24,774 | 23,957 |
Total | 1,731,778 | 1,421,953 |
Current Year-to-date Gross Charge-offs | ||
2023 | 0 | |
2022 | 1 | |
2021 | 0 | |
2020 | 5 | |
2019 | 1 | |
2018 and Prior | 43 | |
Revolving | 75 | |
Revolving-Term | 296 | |
Total | 421 | 304 |
Consumer Loans | Other consumer | ||
Total Loan Balance | ||
Current fiscal year | 11,286 | 20,054 |
Year two | 11,965 | 10,819 |
Year three | 6,507 | 5,427 |
Year four | 3,847 | 3,270 |
Year five | 1,082 | 1,034 |
More than five years | 672 | 724 |
Revolving | 76,426 | 82,125 |
Revolving-Term | 3,112 | 1,425 |
Total | 114,897 | 124,878 |
Current Year-to-date Gross Charge-offs | ||
2023 | 830 | |
2022 | 146 | |
2021 | 175 | |
2020 | 19 | |
2019 | 37 | |
2018 and Prior | 5 | |
Revolving | 0 | |
Revolving-Term | 288 | |
Total | 1,500 | 1,375 |
Consumer Loans | Pass | Consumer real estate | ||
Total Loan Balance | ||
Current fiscal year | 311,887 | 296,900 |
Year two | 334,879 | 148,790 |
Year three | 147,652 | 91,477 |
Year four | 101,999 | 74,155 |
Year five | 67,402 | 30,658 |
More than five years | 183,283 | 191,228 |
Revolving | 551,368 | 552,994 |
Revolving-Term | 22,206 | 21,547 |
Total | 1,720,676 | 1,407,749 |
Consumer Loans | Pass | Other consumer | ||
Total Loan Balance | ||
Current fiscal year | 11,286 | 20,046 |
Year two | 11,965 | 10,819 |
Year three | 6,483 | 5,427 |
Year four | 3,842 | 3,242 |
Year five | 1,062 | 1,013 |
More than five years | 526 | 724 |
Revolving | 76,426 | 82,125 |
Revolving-Term | 3,109 | 1,404 |
Total | 114,699 | 124,800 |
Consumer Loans | Special mention | Consumer real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 189 | 882 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 189 | 882 |
Consumer Loans | Special mention | Other consumer | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer Loans | Substandard | Consumer real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 48 |
Year two | 583 | 213 |
Year three | 198 | 136 |
Year four | 42 | 428 |
Year five | 488 | 1,373 |
More than five years | 6,322 | 8,059 |
Revolving | 712 | 655 |
Revolving-Term | 2,568 | 2,410 |
Total | 10,913 | 13,322 |
Consumer Loans | Substandard | Other consumer | ||
Total Loan Balance | ||
Current fiscal year | 0 | 8 |
Year two | 0 | 0 |
Year three | 24 | 0 |
Year four | 5 | 28 |
Year five | 20 | 21 |
More than five years | 146 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 3 | 21 |
Total | 198 | 78 |
Consumer Loans | Doubtful | Consumer real estate | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer Loans | Doubtful | Other consumer | ||
Total Loan Balance | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | $ 0 | $ 0 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Loan Balances by Year of Origination and Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 1,117,436 | $ 1,271,764 |
Year two | 1,320,936 | 1,214,107 |
Year three | 1,094,225 | 586,544 |
Year four | 503,703 | 725,517 |
Year five | 645,502 | 449,759 |
More than five years | 1,650,211 | 1,528,088 |
Revolving | 1,292,135 | 1,381,517 |
Revolving-Term | 29,193 | 26,673 |
Total | 7,653,341 | 7,183,969 |
Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,117,436 | 1,271,764 |
Year two | 1,320,560 | 1,213,905 |
Year three | 1,094,056 | 585,892 |
Year four | 502,950 | 724,629 |
Year five | 640,393 | 448,121 |
More than five years | 1,635,979 | 1,513,912 |
Revolving | 1,291,683 | 1,380,980 |
Revolving-Term | 27,337 | 25,714 |
Total | 7,630,394 | 7,164,917 |
Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 376 | 202 |
Year three | 169 | 652 |
Year four | 753 | 888 |
Year five | 5,109 | 1,638 |
More than five years | 14,232 | 14,176 |
Revolving | 452 | 537 |
Revolving-Term | 1,856 | 959 |
Total | 22,947 | 19,052 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 276,677 | 292,732 |
Year two | 324,469 | 360,423 |
Year three | 439,308 | 269,049 |
Year four | 240,256 | 449,493 |
Year five | 419,371 | 261,941 |
More than five years | 926,636 | 883,535 |
Revolving | 32,418 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,659,135 | 2,538,839 |
Commercial Loans | Commercial real estate | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 276,677 | 292,732 |
Year two | 324,469 | 360,423 |
Year three | 439,308 | 269,049 |
Year four | 240,256 | 449,493 |
Year five | 419,371 | 261,941 |
More than five years | 920,316 | 876,435 |
Revolving | 32,418 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,652,815 | 2,531,739 |
Commercial Loans | Commercial real estate | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 6,320 | 7,100 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 6,320 | 7,100 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 171,861 | 253,696 |
Year two | 231,978 | 289,448 |
Year three | 210,636 | 88,544 |
Year four | 54,696 | 73,998 |
Year five | 52,858 | 65,911 |
More than five years | 193,905 | 147,273 |
Revolving | 520,249 | 591,522 |
Revolving-Term | 0 | 0 |
Total | 1,436,183 | 1,510,392 |
Commercial Loans | Commercial and industrial | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 171,861 | 253,696 |
Year two | 231,978 | 289,448 |
Year three | 210,636 | 88,544 |
Year four | 54,696 | 73,998 |
Year five | 52,858 | 65,858 |
More than five years | 193,257 | 147,273 |
Revolving | 520,019 | 591,292 |
Revolving-Term | 0 | 0 |
Total | 1,435,305 | 1,510,109 |
Commercial Loans | Commercial and industrial | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 53 |
More than five years | 648 | 0 |
Revolving | 230 | 230 |
Revolving-Term | 0 | 0 |
Total | 878 | 283 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 75,596 | 120,655 |
Year two | 154,456 | 170,691 |
Year three | 82,313 | 40,762 |
Year four | 14,845 | 14,442 |
Year five | 4,727 | 3,953 |
More than five years | 4,438 | 4,176 |
Revolving | 14,208 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 350,583 | 381,963 |
Commercial Loans | Commercial construction | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 75,596 | 120,655 |
Year two | 154,456 | 170,691 |
Year three | 82,313 | 40,762 |
Year four | 14,845 | 14,442 |
Year five | 151 | 3,953 |
More than five years | 4,054 | 3,792 |
Revolving | 14,208 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 345,623 | 381,579 |
Commercial Loans | Commercial construction | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 4,576 | 0 |
More than five years | 384 | 384 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 4,960 | 384 |
Commercial Loans | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 270,129 | 287,679 |
Year two | 262,606 | 233,723 |
Year three | 207,611 | 91,149 |
Year four | 88,018 | 109,731 |
Year five | 99,574 | 84,889 |
More than five years | 334,766 | 292,211 |
Revolving | 96,754 | 105,271 |
Revolving-Term | 1,307 | 1,291 |
Total | 1,360,765 | 1,205,944 |
Commercial Loans | Business banking | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 270,129 | 287,679 |
Year two | 262,606 | 233,656 |
Year three | 207,611 | 91,149 |
Year four | 87,979 | 109,479 |
Year five | 99,354 | 83,689 |
More than five years | 330,902 | 289,435 |
Revolving | 96,754 | 105,172 |
Revolving-Term | 1,283 | 1,195 |
Total | 1,356,618 | 1,201,454 |
Commercial Loans | Business banking | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 67 |
Year three | 0 | 0 |
Year four | 39 | 252 |
Year five | 220 | 1,200 |
More than five years | 3,864 | 2,776 |
Revolving | 0 | 99 |
Revolving-Term | 24 | 96 |
Total | 4,147 | 4,490 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 311,887 | 296,948 |
Year two | 335,462 | 149,003 |
Year three | 147,850 | 91,613 |
Year four | 102,041 | 74,583 |
Year five | 67,890 | 32,031 |
More than five years | 189,794 | 200,169 |
Revolving | 552,080 | 553,649 |
Revolving-Term | 24,774 | 23,957 |
Total | 1,731,778 | 1,421,953 |
Consumer Loans | Consumer real estate | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 311,887 | 296,948 |
Year two | 335,086 | 148,868 |
Year three | 147,689 | 91,085 |
Year four | 101,518 | 73,947 |
Year five | 67,577 | 31,646 |
More than five years | 186,909 | 196,384 |
Revolving | 551,858 | 553,441 |
Revolving-Term | 22,942 | 23,108 |
Total | 1,725,466 | 1,415,427 |
Consumer Loans | Consumer real estate | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 376 | 135 |
Year three | 161 | 528 |
Year four | 523 | 636 |
Year five | 313 | 385 |
More than five years | 2,885 | 3,785 |
Revolving | 222 | 208 |
Revolving-Term | 1,832 | 849 |
Total | 6,312 | 6,526 |
Consumer Loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,286 | 20,054 |
Year two | 11,965 | 10,819 |
Year three | 6,507 | 5,427 |
Year four | 3,847 | 3,270 |
Year five | 1,082 | 1,034 |
More than five years | 672 | 724 |
Revolving | 76,426 | 82,125 |
Revolving-Term | 3,112 | 1,425 |
Total | 114,897 | 124,878 |
Consumer Loans | Other consumer | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,286 | 20,054 |
Year two | 11,965 | 10,819 |
Year three | 6,499 | 5,303 |
Year four | 3,656 | 3,270 |
Year five | 1,082 | 1,034 |
More than five years | 541 | 593 |
Revolving | 76,426 | 82,125 |
Revolving-Term | 3,112 | 1,411 |
Total | 114,567 | 124,609 |
Consumer Loans | Other consumer | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 8 | 124 |
Year four | 191 | 0 |
Year five | 0 | 0 |
More than five years | 131 | 131 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 14 |
Total | $ 330 | $ 269 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 7,653,341 | $ 7,183,969 | |
Nonaccrual | 22,947 | 19,052 | $ 66,291 |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,615,273 | 7,144,576 | |
Total Past Due Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 38,068 | 39,393 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,247 | 18,093 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,874 | 2,248 | |
Commercial Loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,659,135 | 2,538,839 | |
Nonaccrual | 6,320 | 7,100 | 31,488 |
Commercial Loans | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,436,183 | 1,510,392 | |
Nonaccrual | 878 | 283 | 15,239 |
Commercial Loans | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 350,583 | 381,963 | |
Nonaccrual | 4,960 | 384 | 2,471 |
Commercial Loans | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,360,765 | 1,205,944 | |
Nonaccrual | 4,147 | 4,490 | 9,641 |
Commercial Loans | Current | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,649,412 | 2,523,315 | |
Commercial Loans | Current | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,435,301 | 1,505,805 | |
Commercial Loans | Current | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 345,623 | 381,579 | |
Commercial Loans | Current | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,351,048 | 1,199,586 | |
Commercial Loans | Total Past Due Loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 9,723 | 15,524 | |
Commercial Loans | Total Past Due Loans | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 882 | 4,587 | |
Commercial Loans | Total Past Due Loans | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,960 | 384 | |
Commercial Loans | Total Past Due Loans | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 9,717 | 6,358 | |
Commercial Loans | 30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 8,424 | |
Commercial Loans | 30-59 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4 | 4,304 | |
Commercial Loans | 30-59 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 30-59 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,525 | 1,583 | |
Commercial Loans | 60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,403 | 0 | |
Commercial Loans | 60-89 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 60-89 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 60-89 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,045 | 285 | |
Consumer Loans | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,731,778 | 1,421,953 | |
Nonaccrual | 6,312 | 6,526 | 7,294 |
Consumer Loans | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 114,897 | 124,878 | |
Nonaccrual | 330 | 269 | $ 158 |
Consumer Loans | Current | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,719,751 | 1,409,907 | |
Consumer Loans | Current | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 114,138 | 124,384 | |
Consumer Loans | Total Past Due Loans | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 12,027 | 12,046 | |
Consumer Loans | Total Past Due Loans | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 759 | 494 | |
Consumer Loans | 30-59 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,352 | 3,617 | |
Consumer Loans | 30-59 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 366 | 165 | |
Consumer Loans | 60-89 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,363 | 1,903 | |
Consumer Loans | 60-89 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 63 | $ 60 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Loans on Nonaccrual Status and Loans Past Due 90 Days or More and Still Accruing (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | $ 19,052 | $ 66,291 |
End of Period Nonaccrual | 22,947 | 19,052 |
Nonaccrual With No Related Allowance | 10,516 | 6,582 |
Interest income recognized on nonaccrual | 603 | 1,385 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 7,100 | 31,488 |
End of Period Nonaccrual | 6,320 | 7,100 |
Nonaccrual With No Related Allowance | 5,940 | 5,649 |
Interest income recognized on nonaccrual | 46 | 580 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 283 | 15,239 |
End of Period Nonaccrual | 878 | 283 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | 38 | 148 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 384 | 2,471 |
End of Period Nonaccrual | 4,960 | 384 |
Nonaccrual With No Related Allowance | 4,576 | 0 |
Interest income recognized on nonaccrual | 0 | 171 |
Commercial Loans | Business banking | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 4,490 | 9,641 |
End of Period Nonaccrual | 4,147 | 4,490 |
Nonaccrual With No Related Allowance | 0 | 933 |
Interest income recognized on nonaccrual | 209 | 228 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 6,526 | 7,294 |
End of Period Nonaccrual | 6,312 | 6,526 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | 308 | 257 |
Consumer Loans | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 269 | 158 |
End of Period Nonaccrual | 330 | 269 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | $ 2 | $ 1 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Collateral Dependent Loans by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,653,341 | $ 7,183,969 |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 10,516 | 8,125 |
Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 1,738 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 154 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,659,135 | 2,538,839 |
Commercial Loans | Commercial real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,940 | 5,649 |
Commercial Loans | Commercial real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,436,183 | 1,510,392 |
Commercial Loans | Commercial and industrial | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial and industrial | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 626 |
Commercial Loans | Commercial and industrial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 350,583 | 381,963 |
Commercial Loans | Commercial construction | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 4,576 | 1,655 |
Commercial Loans | Commercial construction | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial construction | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,360,765 | 1,205,944 |
Commercial Loans | Business banking | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 260 |
Commercial Loans | Business banking | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 1,112 |
Commercial Loans | Business banking | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 154 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,731,778 | 1,421,953 |
Consumer Loans | Consumer real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 561 |
Consumer Loans | Consumer real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer Loans | Consumer real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 0 | $ 0 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 101,340 | $ 98,576 |
Provision for credit losses on loans | 19,240 | 5,359 |
Charge-offs | (24,638) | (11,617) |
Recoveries | 11,456 | 9,022 |
Net (Charge-offs)/Recoveries | (13,182) | (2,595) |
Balance at End of Period | 107,966 | 101,340 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 568 | |
Balance at End of Period | 568 | |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 41,428 | 50,700 |
Provision for credit losses on loans | (2,803) | (9,064) |
Charge-offs | (1,706) | (827) |
Recoveries | 967 | 619 |
Net (Charge-offs)/Recoveries | (739) | (208) |
Balance at End of Period | 37,886 | 41,428 |
Commercial Loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | |
Balance at End of Period | 0 | |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 25,710 | 19,727 |
Provision for credit losses on loans | 18,366 | 4,797 |
Charge-offs | (19,254) | (5,797) |
Recoveries | 9,641 | 6,983 |
Net (Charge-offs)/Recoveries | (9,613) | 1,186 |
Balance at End of Period | 34,538 | 25,710 |
Commercial Loans | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 75 | |
Balance at End of Period | 75 | |
Commercial Loans | Commercial construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 6,264 | 5,355 |
Provision for credit losses on loans | (648) | 908 |
Charge-offs | (451) | 0 |
Recoveries | 2 | 1 |
Net (Charge-offs)/Recoveries | (449) | 1 |
Balance at End of Period | 5,382 | 6,264 |
Commercial Loans | Commercial construction | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 215 | |
Balance at End of Period | 215 | |
Commercial Loans | Business banking | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 12,547 | 11,338 |
Provision for credit losses on loans | 1,088 | 3,644 |
Charge-offs | (1,306) | (3,314) |
Recoveries | 278 | 879 |
Net (Charge-offs)/Recoveries | (1,028) | (2,435) |
Balance at End of Period | 12,858 | 12,547 |
Commercial Loans | Business banking | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 251 | |
Balance at End of Period | 251 | |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 12,105 | 8,733 |
Provision for credit losses on loans | 2,493 | 3,536 |
Charge-offs | (421) | (304) |
Recoveries | 208 | 140 |
Net (Charge-offs)/Recoveries | (213) | (164) |
Balance at End of Period | 14,663 | 12,105 |
Consumer Loans | Consumer real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 278 | |
Balance at End of Period | 278 | |
Consumer Loans | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3,286 | 2,723 |
Provision for credit losses on loans | 744 | 1,538 |
Charge-offs | (1,500) | (1,375) |
Recoveries | 360 | 400 |
Net (Charge-offs)/Recoveries | (1,140) | (975) |
Balance at End of Period | 2,639 | 3,286 |
Consumer Loans | Other consumer | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ (251) | |
Balance at End of Period | $ (251) |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases [Abstract] | |||
Number of lease contracts | 42 | ||
Number of operating lease agreements | 40 | ||
Number of financing leases | 2 | ||
Operating lease expense | $ | $ 0.2 | $ 0.2 | $ 0.2 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities - Operating Leases and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 5,199 | $ 5,169 | $ 5,135 |
Amortization of ROU assets - finance leases | 90 | 179 | 224 |
Interest on lease liabilities - finance leases | 60 | 65 | 74 |
Total Lease Expense | 5,349 | 5,413 | $ 5,433 |
Operating Leases | |||
ROU assets | 42,100 | 43,089 | |
Operating cash flows | 6,996 | 6,826 | |
Finance Leases | |||
ROU assets | 786 | 876 | |
Operating cash flows | 60 | 65 | |
Financing cash flows | $ 69 | $ 160 | |
Weighted Average Lease Term - Years | |||
Operating leases | 17 years 9 months 18 days | 17 years 10 months 24 days | |
Finance leases | 12 years | 12 years 8 months 12 days | |
Weighted Average Discount Rate | |||
Operating leases | 5.93% | 5.83% | |
Finance leases | 6.02% | 6.01% |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities - Maturity Analysis of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finance | |
2024 | $ 130 |
2025 | 132 |
2026 | 133 |
2027 | 135 |
2028 | 130 |
Thereafter | 748 |
Total | 1,408 |
Less: Present value discount | (437) |
Lease Liabilities | 971 |
Operating | |
2024 | 4,865 |
2025 | 4,864 |
2026 | 4,752 |
2027 | 4,499 |
2028 | 4,538 |
Thereafter | 58,802 |
Total | 82,320 |
Less: Present value discount | (33,614) |
Lease Liabilities | $ 48,706 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Total | |
2024 | $ 4,995 |
2025 | 4,996 |
2026 | 4,885 |
2027 | 4,634 |
2028 | 4,668 |
Thereafter | 59,550 |
Total | 83,728 |
Less: Present value discount | (34,051) |
Lease Liabilities | $ 49,677 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 135,966 | $ 131,579 |
Accumulated depreciation | (86,960) | (82,294) |
Total | 49,006 | 49,285 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 8,651 | 8,651 |
Premises | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 62,150 | 61,904 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 52,638 | 48,941 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 12,527 | $ 12,083 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 6.5 | $ 6.4 | $ 6.6 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Roll Forward of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 373,424 | $ 373,424 |
Additions | 0 | 0 |
Balance at End of Year | $ 373,424 | $ 373,424 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount at beginning of year | $ 31,340 | $ 31,340 | |
Additions | $ 0 | 0 | |
Accumulated amortization | (27,281) | (25,962) | |
Balance at End of Year | $ 4,059 | $ 5,378 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Amortization expense on finite-lived intangible assets | $ 27,281 | $ 25,962 | |
Finite-lived intangible assets, accumulated amortization | 1,300 | $ 1,500 | $ 1,800 |
DNB | |||
Goodwill [Line Items] | |||
Identifiable Intangible Assets | $ 4,100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 1,151 |
2025 | 820 |
2026 | 671 |
2027 | 562 |
2028 | 480 |
Thereafter | 375 |
Total | $ 4,059 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Assets (Included in Other Assets) | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Notional Amount | $ 892,712 | $ 976,963 |
Derivative financial assets | $ 63,018 | $ 83,456 |
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Notional Amount | $ 1,392,712 | $ 1,476,707 |
Derivative financial liabilities | 78,293 | 104,817 |
Interest rate swap contracts—commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | 63,018 | 83,449 |
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 78,293 | 104,817 |
Designated as Hedging Instruments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 500,000 | 500,000 |
Derivative financial liabilities | 14,739 | 21,368 |
Designated as Hedging Instruments | Cash Flow Hedge | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 500,000 | 500,000 |
Derivative financial liabilities | 14,739 | 21,368 |
Not Designated as Hedging Instruments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 892,712 | 976,963 |
Derivative financial assets | 63,018 | 83,456 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 892,712 | 976,707 |
Derivative financial liabilities | 63,554 | 83,449 |
Not Designated as Hedging Instruments | Interest rate swap contracts—commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 892,712 | 976,707 |
Derivative financial assets | 63,018 | 83,449 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 892,712 | 976,707 |
Derivative financial liabilities | 63,554 | 83,449 |
Not Designated as Hedging Instruments | Interest rate lock commitments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 126 |
Derivative financial assets | 0 | 5 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Not Designated as Hedging Instruments | Forward sale contracts—mortgage loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 130 |
Derivative financial assets | 0 | 2 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | 0 |
Derivative financial liabilities | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivative financial assets | $ 63,018 | $ 83,456 |
Derivative financial liabilities | 78,293 | 104,817 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts recognized | 63,018 | 83,449 |
Gross amounts recognized | 78,293 | 104,817 |
Gross amounts offset | 0 | 0 |
Gross amounts offset | 0 | 0 |
Derivative financial assets | 63,018 | 83,449 |
Derivative financial liabilities | 78,293 | 104,817 |
Gross amounts not offset, netting adjustment | (10,424) | (15,196) |
Gross amounts not offset, netting adjustment | (10,424) | (15,196) |
Gross amounts not offset, cash collateral | (50,920) | (65,065) |
Gross amounts not offset, cash collateral | (5,356) | (6,307) |
Net Amount | 1,674 | 3,188 |
Net Amount | $ 62,513 | $ 83,314 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 5,204 | $ (16,806) | $ 0 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income | (9,720) | (72) | |
Interest rate swap contracts - cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 5,204 | (16,806) | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income | $ (9,720) | $ (72) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Minimum | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, term of contract | 3 years |
Maximum | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, term of contract | 5 years |
Designated as Hedging Instruments | Interest rate swap contracts—commercial loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Reclassified as an increase to interest income, next 12 months | $ 10.6 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivatives (Loss) Gain | $ (561) | $ (295) | $ (1,500) |
Interest rate swap contracts—commercial loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivatives (Loss) Gain | (554) | 103 | 610 |
Interest rate lock commitments—mortgage loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivatives (Loss) Gain | (5) | (396) | (2,499) |
Forward sale contracts—mortgage loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivatives (Loss) Gain | $ (2) | $ (2) | $ 389 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans | $ 3,839 | $ 38,583 | $ 311,479 |
Total servicing portfolio | 707,800 | 772,900 | 841,700 |
Fannie Mae | |||
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans | $ 200 | $ 28,600 | $ 287,900 |
Mortgage Servicing Rights - Net
Mortgage Servicing Rights - Net Carrying Values (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Servicing Rights | ||
Beginning Balance | $ 7,147 | $ 7,887 |
Additions | 2 | 358 |
Amortization | (804) | (1,098) |
Ending Balance | 6,345 | 7,147 |
Valuation Allowance | ||
Beginning Balance | 0 | (210) |
Temporary recapture (impairment) | 0 | 210 |
Ending Balance | 0 | 0 |
Net Carrying Value | ||
Beginning balance | 7,147 | 7,677 |
Additions | 2 | 358 |
Amortization | (804) | (1,098) |
Temporary recapture (impairment) | 0 | 210 |
Ending balance | $ 6,345 | $ 7,147 |
Qualified Affordable Housing (D
Qualified Affordable Housing (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in qualified affordable housing projects | $ 33.5 | $ 23.6 | |
Tax credits to offset amortization expense of investments in affordable housing projects | 2.6 | 1.2 | $ 2 |
New qualified affordable housing project commitment | 12 | ||
Noninterest Expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortization expense of investments in qualified affordable housing projects | $ 2 | $ 1.4 | $ 1.2 |
Deposits - Composition of Depos
Deposits - Composition of Deposits and Interest Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Time Deposits [Line Items] | |||
Balance | $ 7,521,769 | $ 7,219,970 | $ 7,996,524 |
Interest Expense | 92,836 | 19,907 | 10,757 |
Noninterest-bearing demand | |||
Time Deposits [Line Items] | |||
Balance | 2,221,942 | 2,588,692 | 2,748,586 |
Interest Expense | 0 | 0 | 0 |
Interest-bearing demand | |||
Time Deposits [Line Items] | |||
Balance | 825,787 | 846,653 | 979,133 |
Interest Expense | 6,056 | 1,025 | 809 |
Money market | |||
Time Deposits [Line Items] | |||
Balance | 1,941,842 | 1,731,521 | 2,070,579 |
Interest Expense | 39,480 | 11,948 | 3,652 |
Savings | |||
Time Deposits [Line Items] | |||
Balance | 950,546 | 1,118,511 | 1,110,155 |
Interest Expense | 4,352 | 1,121 | 366 |
Certificates of deposit | |||
Time Deposits [Line Items] | |||
Balance | 1,581,652 | 934,593 | 1,088,071 |
Interest Expense | $ 42,948 | $ 5,813 | $ 5,930 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits, by Component, Alternative [Abstract] | ||
Certificates of deposits over $250,000, including brokered CDs | $ 350.7 | $ 219.2 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits, by Component, Alternative [Abstract] | ||
2024 | $ 1,320,588 | |
2025 | 218,385 | |
2026 | 20,805 | |
2027 | 11,260 | |
2028 | 7,839 | |
Thereafter | 2,775 | |
Total | $ 1,581,652 | $ 934,593 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | |||
Balance | $ 415,000 | $ 370,000 | $ 0 |
Weighted Average Interest Rate | 5.65% | 4.49% | 0% |
Interest Expense | $ 27,234 | $ 1,649 | $ 12 |
FHLB advances | |||
Short-term Debt [Line Items] | |||
Balance | $ 415,000 | $ 370,000 | $ 0 |
Weighted Average Interest Rate | 5.65% | 4.49% | 0% |
Interest Expense | $ 27,234 | $ 1,649 | $ 12 |
Long-Term Borrowings and Subo_3
Long-Term Borrowings and Subordinated Debt - Narrative (Details) | Dec. 31, 2023 USD ($) privatePlacement | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | ||
Long-term borrowings at FHLB | $ 39,300,000 | $ 14,700,000 |
Loans pledged as collateral at FHLB | 4,600,000,000 | |
Maximum eligible borrowing based on qualifying collateral at FHLB | 2,700,000,000 | |
Maximum borrowing capacity at FHLB | $ 3,200,000,000 | |
Number of completed private placements of trust preferred securities | privatePlacement | 3 | |
DNB Capital Trust I | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 5,000,000 | |
Carrying amount of equity component | $ 200,000 | |
Trusts | ||
Debt Instrument [Line Items] | ||
Percentage of equity owned | 100% |
Long-Term Borrowings and Subo_4
Long-Term Borrowings and Subordinated Debt - Interest Expense and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Long-term borrowings | $ 39,277 | $ 14,741 | $ 22,430 |
Weighted average interest rate | 4.52% | 2.61% | 1.94% |
Interest expense | $ 1,332 | $ 411 | $ 458 |
Long-Term Borrowings and Subo_5
Long-Term Borrowings and Subordinated Debt - Scheduled Annual Maturities and Average Interest Rates (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Balance | |||
2024 | $ 38,381 | ||
2025 | 81 | ||
2026 | 86 | ||
2027 | 93 | ||
2028 | 94 | ||
Thereafter | 542 | ||
Total | $ 39,277 | $ 14,741 | $ 22,430 |
Average Rate | |||
2024 | 4.49% | ||
2025 | 5.98% | ||
2026 | 6% | ||
2027 | 6.02% | ||
2028 | 6.05% | ||
Thereafter | 5.89% | ||
Total | 4.52% |
Long-Term Borrowings and Subo_6
Long-Term Borrowings and Subordinated Debt - Junior Subordinated Debt Securities and Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Junior Subordinated Debentures [Line Items] | |||
Balance | $ 49,358 | $ 54,453 | $ 54,393 |
Interest Expense | 4,110 | 2,395 | 1,843 |
Junior subordinated debt | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 25,000 | 25,000 | 25,000 |
Interest Expense | 1,738 | 850 | 756 |
Junior subordinated debt—trust preferred securities | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 24,358 | 29,453 | 29,393 |
Interest Expense | $ 2,372 | $ 1,545 | $ 1,087 |
Long-Term Borrowings and Subo_7
Long-Term Borrowings and Subordinated Debt - Key Terms of Junior Subordinated Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Junior Subordinated Debentures [Line Items] | |||
Long-term borrowings | $ 49,358 | $ 54,453 | $ 54,393 |
Interest Rate at December 31, 2023 | 4.52% | 2.61% | 1.94% |
Junior subordinated debt | |||
Junior Subordinated Debentures [Line Items] | |||
Long-term borrowings | $ 25,000 | $ 25,000 | $ 25,000 |
2006 Junior Subordinated Debt | Junior subordinated debt | |||
Junior Subordinated Debentures [Line Items] | |||
Long-term borrowings | $ 25,000 | ||
Regulatory Capital | Tier 2 | ||
Interest Rate at December 31, 2023 | 7.25% | ||
2006 Junior Subordinated Debt | Junior subordinated debt | SOFR | |||
Junior Subordinated Debentures [Line Items] | |||
Interest Rate | 1.86% |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,628,043 | $ 2,777,942 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,566,154 | 2,713,586 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 61,889 | $ 64,356 |
Commitments and Contingencies_2
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of period | $ 8,196 | $ 5,189 |
Provision for credit losses | (1,348) | 3,007 |
Balance at end of period | $ 6,848 | $ 8,196 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | $ 16,193 | $ 16,829 | $ 15,040 |
Service charges on deposit accounts | Over a period of time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 1,659 | 1,703 | 1,880 |
Service charges on deposit accounts | At a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 14,534 | 15,126 | 13,160 |
Debit and credit card | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 18,248 | 19,008 | 17,952 |
Debit and credit card | Over a period of time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 1,288 | 1,709 | 919 |
Debit and credit card | At a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 16,960 | 17,299 | 17,033 |
Wealth management | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 12,186 | 12,717 | 12,889 |
Wealth management | Over a period of time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 7,969 | 8,714 | 9,187 |
Wealth management | At a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | 4,217 | 4,003 | 3,702 |
Other fee revenue | At a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contract with customers | $ 1,310 | $ 1,550 | $ 1,900 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | |||
Current | $ 33,070 | $ 35,514 | $ 22,581 |
Deferred | 459 | (2,801) | 2,273 |
Total Federal | 33,529 | 32,713 | 24,854 |
State | |||
Current | 352 | 828 | 361 |
Deferred | 142 | (131) | 110 |
Total State | 494 | 697 | 471 |
Total Federal and State | $ 34,023 | $ 33,410 | $ 25,325 |
Income Taxes - Statutory to Eff
Income Taxes - Statutory to Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21% | 21% | 21% |
Tax-exempt interest | (0.80%) | (1.00%) | (1.30%) |
Low income housing tax credits | (1.50%) | (0.70%) | (1.50%) |
Bank owned life insurance | (0.20%) | (0.20%) | (0.30%) |
Other | 0.50% | 0.70% | 0.80% |
Effective Tax Rate | 19% | 19.80% | 18.70% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets: | ||
Allowance for loan losses and other reserves | $ 24,465 | $ 23,421 |
Net unrealized holding losses on securities available-for-sale | 17,452 | 21,843 |
Lease liabilities | 10,572 | 10,767 |
State net operating loss carryforwards | 3,464 | 5,924 |
Net unrealized losses on interest rate swaps | 3,137 | 4,562 |
Cumulative adjustment to funded status of pension | 3,987 | 4,029 |
Low income housing partnerships and other investments | 174 | 2,692 |
Other employee benefits | 3,740 | 4,181 |
Capital loss carryforward | 2,092 | 2 |
Other | 1,202 | 549 |
Deferred Tax Assets | 70,285 | 77,970 |
Less: Valuation allowance | (3,464) | (5,924) |
Total Deferred Tax Assets | 66,821 | 72,046 |
Deferred Tax Liabilities: | ||
Right-of-use lease assets | (9,127) | (9,385) |
Deferred loan income, net | (4,633) | (4,533) |
Prepaid pension | (3,360) | (3,706) |
Purchase accounting adjustments | (1,823) | (1,945) |
Depreciation on premises and equipment | (1,182) | (629) |
Other | (1,428) | (240) |
Total Deferred Tax liabilities | (21,553) | (20,438) |
Net Deferred Tax Asset | $ 45,268 | $ 51,608 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||||
Valuation allowance related to gross deferred tax assets | $ 3,464 | $ 5,924 | ||
Deferred tax assets, net operating loss carry forwards | 69,400 | |||
Unrecognized tax benefits | 1,940 | 1,648 | $ 1,331 | $ 1,277 |
Unrecognized tax benefits that would impact effective tax rate | $ 1,551 | $ 1,148 | $ 1,069 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,648 | $ 1,331 | $ 1,277 |
Prior period tax positions | (434) | 0 | 0 |
Current period tax positions | 726 | 317 | 54 |
Balance at End of Year | 1,940 | 1,648 | 1,331 |
Amount That Would Affect the Effective Tax Rate if Recognized | $ 1,551 | $ 1,148 | $ 1,069 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 1,184,659 | $ 1,206,454 | $ 1,154,711 |
Net Change | 21,224 | (105,035) | (16,061) |
Balance at end of period | 1,283,445 | 1,184,659 | 1,206,454 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (112,125) | (7,090) | 8,971 |
Net Change | 21,224 | (105,035) | (16,061) |
Balance at end of period | (90,901) | (112,125) | (7,090) |
Available-for-Sale Debt Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (80,463) | 7,427 | 26,284 |
Net Change | 15,910 | (87,890) | (18,857) |
Balance at end of period | (64,553) | (80,463) | 7,427 |
Interest Rate Swaps | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (16,806) | 0 | 0 |
Net Change | 5,204 | (16,806) | 0 |
Balance at end of period | (11,602) | (16,806) | 0 |
Employee Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (14,856) | (14,517) | (17,313) |
Net Change | 110 | (339) | 2,796 |
Balance at end of period | $ (14,746) | $ (14,856) | $ (14,517) |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of consecutive years of employee's compensation | 5 years | ||
Number of total years of employee's compensation | 10 years | ||
Service cost | $ 0 | ||
Accumulated benefit obligation | $ 73,200,000 | $ 73,400,000 | |
Thrift Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to the Thrift Plan | 3.50% | ||
Compensation expense | $ 2,700,000 | $ 2,500,000 | $ 2,400,000 |
Equities and alternatives | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation percentage | 5% | ||
Equities and alternatives | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation percentage | 15% | ||
Fixed income | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation percentage | 85% | ||
Fixed income | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation percentage | 95% |
Employee Benefits - Benefit Obl
Employee Benefits - Benefit Obligation and Plan Assets Deriving Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 73,366 | $ 104,097 | |
Interest cost | 3,812 | 3,160 | $ 2,950 |
Actuarial gain/(loss) | 2,248 | (23,020) | |
Benefits paid | (6,239) | (10,871) | |
Projected Benefit Obligation at End of Year | 73,187 | 73,366 | 104,097 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 73,086 | 107,525 | |
Actual gain/(loss) on plan assets | 4,727 | (23,568) | |
Benefits paid | (6,239) | (10,871) | |
Fair Value of Plan Assets at End of Year | 71,574 | 73,086 | $ 107,525 |
Funded Status | $ (1,613) | $ (280) |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Net actuarial loss | $ 19,137 | $ 19,409 |
Total (Before Tax Effects) | $ 19,137 | $ 19,409 |
Employee Benefits - Actuarial W
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Discount rate | 5.03% | 5.41% |
Rate of compensation increase | 0% | 0% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Net Periodic Pension Cost | |||
Interest cost on projected benefit obligation | $ 3,812 | $ 3,160 | $ 2,950 |
Expected return on plan assets | (3,932) | (3,158) | (2,677) |
Recognized net actuarial loss | 1,725 | 1,229 | 1,051 |
Settlement charge | 0 | 1,097 | 1,629 |
Net Periodic Pension Expense | $ 1,605 | $ 2,328 | $ 2,953 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net employee benefit plan (gains) losses reclassified into earnings | Net employee benefit plan (gains) losses reclassified into earnings | Net employee benefit plan (gains) losses reclassified into earnings |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||
Net actuarial loss | $ 1,453 | $ 3,706 | $ 1,137 |
Recognized net actuarial loss | (1,725) | (1,229) | (1,051) |
Settlement loss recognized | 0 | (1,097) | (1,629) |
Total Changes in Plan Assets and Benefit Obligation Before Tax Effects | (272) | 1,380 | (1,543) |
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Before Tax Effects) | $ 1,333 | $ 3,708 | $ 1,410 |
Employee Benefits - Actuarial_2
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Discount rate | 5.41% | 2.80% | 2.48% |
Rate of compensation increase | 0% | 0% | 0% |
Expected return on assets | 5.72% | 3.29% | 2.42% |
Employee Benefits - Estimated F
Employee Benefits - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 6,323 |
2025 | 6,192 |
2026 | 6,051 |
2027 | 6,037 |
2028 | 5,869 |
2029 - 2033 | $ 27,770 |
Employee Benefits - Pension Pla
Employee Benefits - Pension Plan Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | $ 71,574 | $ 73,086 | $ 107,525 |
Fair Value Measurements, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 71,574 | 73,086 | |
Fair Value Measurements, Recurring | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 934 | 939 | |
Fair Value Measurements, Recurring | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 63,629 | 64,878 | |
Fair Value Measurements, Recurring | Equity index mutual funds - international | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 2,086 | 2,231 | |
Fair Value Measurements, Recurring | Domestic individual equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 4,925 | 5,038 | |
Fair Value Measurements, Recurring | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 71,574 | 73,086 | |
Fair Value Measurements, Recurring | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 934 | 939 | |
Fair Value Measurements, Recurring | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 63,629 | 64,878 | |
Fair Value Measurements, Recurring | Level 1 | Equity index mutual funds - international | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 2,086 | 2,231 | |
Fair Value Measurements, Recurring | Level 1 | Domestic individual equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 4,925 | 5,038 | |
Fair Value Measurements, Recurring | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 2 | Equity index mutual funds - international | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 2 | Domestic individual equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 3 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 3 | Equity index mutual funds - international | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | 0 | 0 | |
Fair Value Measurements, Recurring | Level 3 | Domestic individual equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Assets at Fair Value | $ 0 | $ 0 |
Incentive and Restricted Stoc_3
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense to be recognized | $ 4.4 | ||
Weighted average compensation expense recognize period | 1 year 10 months 2 days | ||
Maximum number of shares available (in shares) | 438,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted (in shares) | 162,677 | 181,392 | 130,670 |
Compensation expense | $ 3.9 | $ 3.2 | $ 2.4 |
Tax benefit realized on compensation expense | $ 0.8 | $ 0.7 | $ 0.5 |
Restricted Stock, Time Based | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 1 year | ||
Restricted Stock, Time Based | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 3 years | ||
Restricted Stock, Performance Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 3 years | ||
2021 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common stock authorized (in shares) | 1,000,000 | ||
Stock plan expiration period | 10 years | ||
2021 Stock Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted (in shares) | 162,677 | 30,959 | |
2014 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common stock authorized (in shares) | 750,000 | ||
Stock plan expiration period | 10 years | ||
2014 Stock Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted (in shares) | 0 | 0 | 99,711 |
Incentive and Restricted Stoc_4
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Summary of Restricted Stock Awards Granted (Details) - Restricted Stock - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 162,677 | 181,392 | 130,670 |
2021 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 162,677 | 30,959 | |
2014 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 0 | 99,711 |
Directors | 2021 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 1 year | ||
Granted (in shares) | 17,145 | 16,488 | 14,650 |
Chief Executive Officer | 2021 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 1 year | ||
Granted (in shares) | 0 | 0 | 8,309 |
Other Awards | 2021 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 3 years | ||
Granted (in shares) | 145,532 | 164,904 | 8,000 |
Other Awards | 2014 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 3 years | ||
Granted (in shares) | 0 | 0 | 99,711 |
Incentive and Restricted Stoc_5
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Non-vested Restricted Stock Granted (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Non-vested at beginning of the year (in shares) | 292,145 | 278,388 | |
Granted (in shares) | 162,677 | 181,392 | 130,670 |
Vested (in shares) | 91,955 | 87,513 | |
Forfeited (in shares) | 47,157 | 80,122 | |
Non-vested at end of the year (in shares) | 315,710 | 292,145 | 278,388 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of the year (in dollars per share) | $ 27.75 | $ 25.56 | $ 25.64 |
Granted (in dollars per share) | 30.84 | 29.51 | |
Vested (in dollars per share) | 26.92 | 28.17 | |
Forfeited (in dollars per share) | 26.52 | 31.91 | |
Non-vested at end of the year (in dollars per share) | $ 27.75 | $ 25.56 | $ 25.64 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash | $ 233,612 | $ 210,009 | ||
Investments in: | ||||
Other assets | 266,416 | 278,828 | ||
Total Assets | 9,551,526 | 9,110,567 | ||
LIABILITIES | ||||
Other liabilities | 242,677 | 266,744 | ||
Total Liabilities | 8,268,081 | 7,925,908 | ||
Total Shareholders’ Equity | 1,283,445 | 1,184,659 | $ 1,206,454 | $ 1,154,711 |
Total Liabilities and Shareholders’ Equity | 9,551,526 | 9,110,567 | ||
S&T | ||||
ASSETS | ||||
Cash | 20,733 | 13,817 | ||
Investments in: | ||||
Bank subsidiary | 1,268,441 | 1,184,327 | ||
Nonbank subsidiaries | 4,658 | 4,662 | ||
Other assets | 14,695 | 11,819 | ||
Total Assets | 1,308,527 | 1,214,625 | ||
LIABILITIES | ||||
Long-term debt | 24,474 | 29,713 | ||
Other liabilities | 608 | 253 | ||
Total Liabilities | 25,082 | 29,966 | ||
Total Shareholders’ Equity | 1,283,445 | 1,184,659 | ||
Total Liabilities and Shareholders’ Equity | $ 1,308,527 | $ 1,214,625 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information - Statements of Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||
Total Interest and Dividend Income | $ 477,901 | $ 340,751 | $ 289,262 |
Interest expense on long-term debt | 1,332 | 411 | 458 |
Income tax benefit | 34,023 | 33,410 | 25,325 |
Equity in undistributed net income (distribution in excess of net income) of: | |||
Net Income | 144,781 | 135,520 | 110,343 |
S&T | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 86,950 | 61,426 | 62,333 |
Investment income | 0 | 0 | 0 |
Total Interest and Dividend Income | 86,950 | 61,426 | 62,333 |
Interest expense on long-term debt | 2,372 | 1,545 | 1,400 |
Other expenses | 4,764 | 4,112 | 3,947 |
Tax expense | 7,136 | 5,657 | 5,347 |
Income before income tax and undistributed net income of subsidiaries | 79,814 | 55,769 | 56,986 |
Income tax benefit | (1,478) | (1,208) | (1,140) |
Income before undistributed net income of subsidiaries | 81,292 | 56,977 | 58,126 |
Equity in undistributed net income (distribution in excess of net income) of: | |||
Bank subsidiary | 63,337 | 79,566 | 57,025 |
Nonbank subsidiaries | 152 | (1,023) | (4,808) |
Net Income | $ 144,781 | $ 135,520 | $ 110,343 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 144,781 | $ 135,520 | $ 110,343 |
Net Cash Provided by Operating Activities | 171,749 | 240,525 | 214,852 |
FINANCING ACTIVITIES | |||
Repayments on long-term borrowings | (5,464) | (7,689) | (11,001) |
Repurchase of shares for taxes on restricted stock | (798) | (808) | (630) |
Purchase of treasury shares | (19,808) | (7,637) | 0 |
Cash dividends paid to common shareholders | (49,708) | (46,952) | (44,325) |
Net Cash Provided by (Used in) Financing Activities | 296,073 | (554,053) | 464,458 |
Net increase (decrease) in cash and due from banks | 23,603 | (712,206) | 692,549 |
Cash and due from banks at beginning of period | 210,009 | 922,215 | 229,666 |
Cash and Due From Banks at End of Period | 233,612 | 210,009 | 922,215 |
S&T | |||
OPERATING ACTIVITIES | |||
Net income | 144,781 | 135,520 | 110,343 |
Equity in undistributed (earnings) losses of subsidiaries | (63,489) | (78,543) | (52,217) |
Other | 1,402 | 1,468 | 761 |
Net Cash Provided by Operating Activities | 82,694 | 58,445 | 58,887 |
FINANCING ACTIVITIES | |||
Repayments on long-term borrowings | (5,464) | 0 | (9,750) |
Repurchase of shares for taxes on restricted stock | (798) | (808) | (629) |
Purchase of treasury shares | (19,808) | (7,637) | 0 |
Cash dividends paid to common shareholders | (49,708) | (46,952) | (44,324) |
Net Cash Provided by (Used in) Financing Activities | (75,778) | (55,397) | (54,703) |
Net increase (decrease) in cash and due from banks | 6,916 | 3,048 | 4,184 |
Cash and due from banks at beginning of period | 13,817 | 10,769 | 6,585 |
Cash and Due From Banks at End of Period | $ 20,733 | $ 13,817 | $ 10,769 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Total trust preferred securities | $ 24 |
Junior subordinated debt, included in Tier 2 capital | $ 25 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Risk-Based Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
S&T | ||
Leverage Ratio, Amount | ||
Actual | $ 1,034,828 | $ 967,708 |
Minimum Regulatory Capital Requirements | 369,297 | 349,914 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 461,621 | $ 437,392 |
Leverage Ratio, Ratio | ||
Actual | 0.1121 | 0.1106 |
Minimum Regulatory Capital Requirements | 0.0400 | 0.0400 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0500 | 0.0500 |
Common Equity Tier 1 ratio, Amount | ||
Actual | $ 1,010,828 | $ 938,708 |
Minimum Regulatory Capital Requirements | 340,159 | 329,701 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 491,341 | $ 476,235 |
Common Equity Tier 1 ratio, Ratio | ||
Actual | 0.1337 | 0.1281 |
Minimum Regulatory Capital Requirements | 0.0450 | 0.0450 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0650 | 0.0650 |
Tier 1 Capital (to Risk-Weighted Assets), Amount | ||
Actual | $ 1,034,828 | $ 967,708 |
Minimum Regulatory Capital Requirements | 453,545 | 439,602 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 604,727 | $ 586,135 |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | ||
Actual | 0.1369 | 0.1321 |
Minimum Regulatory Capital Requirements | 0.0600 | 0.0600 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0800 | 0.0800 |
Total Capital (to Risk-Weighted Assets), Amount | ||
Actual | $ 1,154,376 | $ 1,078,897 |
Minimum Regulatory Capital Requirements | 604,727 | 586,135 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 755,909 | $ 732,669 |
Total Capital (to Risk-Weighted Assets), Ratio | ||
Actual | 0.1527 | 0.1473 |
Minimum Regulatory Capital Requirements | 0.0800 | 0.0800 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.1000 | 0.1000 |
S&T Bank | ||
Leverage Ratio, Amount | ||
Actual | $ 995,824 | $ 938,377 |
Minimum Regulatory Capital Requirements | 369,133 | 349,746 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 461,416 | $ 437,182 |
Leverage Ratio, Ratio | ||
Actual | 0.1079 | 0.1073 |
Minimum Regulatory Capital Requirements | 0.0400 | 0.0400 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0500 | 0.0500 |
Common Equity Tier 1 ratio, Amount | ||
Actual | $ 995,824 | $ 938,377 |
Minimum Regulatory Capital Requirements | 339,954 | 329,565 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 491,045 | $ 476,038 |
Common Equity Tier 1 ratio, Ratio | ||
Actual | 0.1318 | 0.1281 |
Minimum Regulatory Capital Requirements | 0.0450 | 0.0450 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0650 | 0.0650 |
Tier 1 Capital (to Risk-Weighted Assets), Amount | ||
Actual | $ 995,824 | $ 938,377 |
Minimum Regulatory Capital Requirements | 453,272 | 439,420 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 604,362 | $ 585,893 |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | ||
Actual | 0.1318 | 0.1281 |
Minimum Regulatory Capital Requirements | 0.0600 | 0.0600 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.0800 | 0.0800 |
Total Capital (to Risk-Weighted Assets), Amount | ||
Actual | $ 1,115,315 | $ 1,049,566 |
Minimum Regulatory Capital Requirements | 604,362 | 585,893 |
To be Well Capitalized Under Prompt Corrective Action Provisions | $ 755,453 | $ 732,367 |
Total Capital (to Risk-Weighted Assets), Ratio | ||
Actual | 0.1476 | 0.1433 |
Minimum Regulatory Capital Requirements | 0.0800 | 0.0800 |
To be Well Capitalized Under Prompt Corrective Action Provisions | 0.1000 | 0.1000 |
Share Repurchase Plan - Narrati
Share Repurchase Plan - Narrative (Details) - USD ($) | Jan. 24, 2024 | Dec. 31, 2023 | Jan. 25, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||
Stock repurchase program, remaining authorized amount | $ 9,808,000 | $ 29,805,000 | $ 37,442,000 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 |
Share Repurchase Plan - Schedul
Share Repurchase Plan - Schedule of Repurchase Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 25, 2023 | Dec. 31, 2021 | |
Equity [Abstract] | ||||
Value of shares authorized to repurchase | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |
Remaining plan capacity | $ 9,808,000 | $ 29,805,000 | $ 37,442,000 | |
Total shares repurchased (in shares) | 739,426 | 268,503 | ||
Average share price for the period (in dollars per share) | $ 27.05 | $ 28.44 | ||
Total cost of repurchases | $ 19,998,000 | $ 7,637,000 |