Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | CITY HOLDING CO | |
Entity Central Index Key | 726,854 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,007,221 | |
Trading Symbol | chco |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 57,233 | $ 58,829 |
Interest-bearing deposits in depository institutions | 7,576 | 11,284 |
Cash and Cash Equivalents | 64,809 | 70,113 |
Investment securities available for sale, at fair value | 434,717 | 369,466 |
Investment securities held-to-maturity, at amortized cost (approximate fair value at September 30, 2016 and December 31, 2015 - $82,993 and $90,810, respectively) | 79,499 | 88,937 |
Other securities | 11,895 | 12,915 |
Total Investment Securities | 526,111 | 471,318 |
Gross loans | 2,957,912 | 2,862,534 |
Allowance for loan losses | (19,550) | (19,251) |
Net Loans | 2,938,362 | 2,843,283 |
Bank owned life insurance | 100,293 | 97,919 |
Premises and equipment, net | 75,589 | 77,271 |
Accrued interest receivable | 7,986 | 7,432 |
Net deferred tax asset | 23,179 | 29,974 |
Goodwill and other intangible assets, net | 79,284 | 79,792 |
Other assets | 50,748 | 36,957 |
Total Assets | 3,866,361 | 3,714,059 |
Liabilities | ||
Noninterest-bearing | 669,865 | 621,073 |
Interest-bearing: | ||
Demand deposits | 713,642 | 679,735 |
Savings deposits | 765,195 | 765,611 |
Time deposits | 1,030,584 | 1,017,556 |
Total Deposits | 3,179,286 | 3,083,975 |
Federal funds purchased | 6,000 | 13,000 |
Customer repurchase agreements | 173,384 | 141,869 |
Long-term debt | 16,495 | 16,495 |
Other liabilities | 56,412 | 39,448 |
Total Liabilities | 3,431,577 | 3,294,787 |
Shareholders’ Equity | ||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 18,499,282 shares issued at September 30, 2016 and December 31, 2015, less 3,492,061 and 3,319,067 shares in treasury, respectively | 46,249 | 46,249 |
Capital surplus | 105,996 | 106,269 |
Retained earnings | 408,823 | 390,690 |
Cost of common stock in treasury | (127,538) | (120,104) |
Accumulated other comprehensive income (loss): | ||
Unrealized gain on securities available-for-sale | 6,013 | 927 |
Underfunded pension liability | (4,759) | (4,759) |
Total Accumulated Other Comprehensive Income (Loss) | 1,254 | (3,832) |
Total Shareholders’ Equity | 434,784 | 419,272 |
Total Liabilities and Shareholders’ Equity | $ 3,866,361 | $ 3,714,059 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, Estimated Fair Value | $ 82,993 | $ 90,810 |
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 18,499,282 | 18,499,282 |
Common stock, treasury shares (in shares) | 3,492,061 | 3,319,067 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Income | ||||
Interest and fees on loans | $ 29,444 | $ 27,875 | $ 88,011 | $ 86,075 |
Interest and dividends on investment securities: | ||||
Taxable | 3,183 | 2,621 | 9,115 | 7,974 |
Tax-exempt | 419 | 272 | 1,141 | 803 |
Total Interest Income | 33,046 | 30,768 | 98,267 | 94,852 |
Interest Expense | ||||
Interest on deposits | 3,006 | 2,686 | 8,915 | 8,126 |
Interest on short-term borrowings | 90 | 69 | 283 | 236 |
Interest on long-term debt | 172 | 155 | 503 | 458 |
Total Interest Expense | 3,268 | 2,910 | 9,701 | 8,820 |
Net Interest Income | 29,778 | 27,858 | 88,566 | 86,032 |
Provision for loan losses | 1,432 | 451 | 3,093 | 4,175 |
Net Interest Income After Provision for Loan Losses | 28,346 | 27,407 | 85,473 | 81,857 |
Non-Interest Income | ||||
Net gains on sale of investment securities | 2,668 | 0 | 3,513 | 2,130 |
Service charges | 6,842 | 6,907 | 19,709 | 19,423 |
Bankcard revenue | 4,216 | 3,895 | 12,373 | 11,971 |
Trust and investment management fee income | 1,329 | 1,176 | 3,976 | 3,577 |
Bank owned life insurance | 846 | 929 | 2,374 | 2,476 |
Gain on sale of insurance division | 0 | 0 | 0 | 11,084 |
Other income | 846 | 799 | 2,510 | 2,471 |
Total Non-Interest Income | 16,747 | 13,706 | 44,455 | 53,132 |
Non-Interest Expense | ||||
Salaries and employee benefits | 12,993 | 12,179 | 38,456 | 36,551 |
Occupancy and equipment | 2,759 | 2,575 | 8,303 | 7,694 |
Depreciation | 1,585 | 1,522 | 4,719 | 4,549 |
FDIC insurance expense | 508 | 456 | 1,485 | 1,351 |
Advertising | 667 | 777 | 2,161 | 2,182 |
Bankcard expenses | 1,081 | 785 | 2,839 | 2,485 |
Postage, delivery, and statement mailings | 517 | 523 | 1,588 | 1,591 |
Office supplies | 325 | 384 | 1,044 | 1,077 |
Legal and professional fees | 976 | 620 | 1,975 | 1,729 |
Telecommunications | 459 | 418 | 1,318 | 1,356 |
Repossessed asset losses, net of expenses | 305 | 492 | 646 | 1,047 |
Merger related expenses | 0 | 175 | 0 | 283 |
Other expenses | 3,109 | 4,471 | 9,173 | 9,891 |
Total Non-Interest Expense | 25,284 | 25,377 | 73,707 | 71,786 |
Income Before Income Taxes | 19,809 | 15,736 | 56,221 | 63,203 |
Income tax expense | 6,577 | 5,129 | 18,745 | 22,621 |
Net Income Available to Common Shareholders | 13,232 | 10,607 | 37,476 | 40,582 |
Total Comprehensive Income | $ 12,449 | $ 11,939 | $ 42,562 | $ 41,181 |
Average common shares outstanding (in shares) | 14,899 | 15,178 | 14,902 | 15,111 |
Effect of dilutive securities, employee stock awards and warrants outstanding (in shares) | 11 | 20 | 11 | 58 |
Effect of dilutive securities: | ||||
Shares for diluted earnings per share (in shares) | 14,910 | 15,198 | 14,913 | 15,169 |
Basic earnings per common share (in dollars per share) | $ 0.88 | $ 0.69 | $ 2.48 | $ 2.66 |
Diluted earnings per common share (in dollars per share) | 0.88 | 0.69 | 2.48 | 2.65 |
Dividends declared per common share (in dollars per share) | $ 0.43 | $ 0.42 | $ 1.29 | $ 1.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,232 | $ 10,607 | $ 37,476 | $ 40,582 |
Unrealized gains (losses) on available-for-sale securities arising during the period | 1,427 | 2,111 | 11,575 | 3,079 |
Reclassification adjustment for gains | (2,668) | 0 | (3,513) | (2,130) |
Other comprehensive income (loss) before income taxes | (1,241) | 2,111 | 8,062 | 949 |
Tax effect | 458 | (779) | (2,976) | (350) |
Other comprehensive income (loss), net of tax | (783) | 1,332 | 5,086 | 599 |
Comprehensive Income, Net of Tax | $ 12,449 | $ 11,939 | $ 42,562 | $ 41,181 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus[Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2014 | $ 390,853 | $ 46,249 | $ 107,370 | $ 362,211 | $ (120,818) | $ (4,159) |
Net income | 40,582 | 40,582 | ||||
Other comprehensive income (loss) | 599 | 599 | ||||
Cash dividends declared | (19,242) | (19,242) | ||||
Stock-based compensation expense, net | 1,430 | (38) | 1,468 | |||
Exercise of stock options | 2,649 | (459) | 3,108 | |||
Exercise of 61,796 warrants | 1,896 | (765) | 2,661 | |||
Ending balance at Sep. 30, 2015 | 418,767 | 46,249 | 106,108 | 383,551 | (113,581) | (3,560) |
Beginning Balance at Dec. 31, 2015 | 419,272 | 46,249 | 106,269 | 390,690 | (120,104) | (3,832) |
Net income | 37,476 | 37,476 | ||||
Other comprehensive income (loss) | 5,086 | 5,086 | ||||
Cash dividends declared | (19,343) | (19,343) | ||||
Stock-based compensation expense, net | 1,606 | (59) | 1,665 | |||
Exercise of stock options | 705 | (214) | 919 | |||
Purchase of 231,132 treasury shares | (10,018) | (10,018) | ||||
Ending balance at Sep. 30, 2016 | $ 434,784 | $ 46,249 | $ 105,996 | $ 408,823 | $ (127,538) | $ 1,254 |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 1.29 | $ 1.26 |
Exercise of stock options (in shares) | 21,000 | 71,750 |
Exercise of warrants (in shares) | 0 | 61,796 |
Purchase of treasury shares (in shares) | 231,132 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net income | $ 37,476 | $ 40,582 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Accretion and amortization | 436 | (3,612) |
Provision for loan losses | 3,093 | 4,175 |
Depreciation | 4,719 | 4,549 |
Deferred income tax expense | 3,998 | 3,479 |
Net periodic employee benefit cost | 386 | 625 |
Realized investment securities gains | 3,978 | 2,130 |
Investment securities impairment losses | 465 | 0 |
Stock-compensation expense | 1,606 | 1,430 |
Proceeds from bank-owned life insurance | 0 | 435 |
Increase in value of bank-owned life insurance | (2,374) | (2,476) |
Loans originated for sale | (11,537) | (13,994) |
Proceeds from the sale of loans originated for sale | 11,637 | 14,533 |
Gain on sale of loans | (268) | (279) |
Gain on sale of insurance division | 0 | (11,084) |
Change in accrued interest receivable | (554) | (864) |
Impairment of Long-Lived Assets to be Disposed of | 444 | 1,449 |
Change in other assets | (14,068) | (288) |
Change in other liabilities | 16,338 | 7,805 |
Net Cash Provided by Operating Activities | 47,819 | 44,335 |
Investing Activities | ||
Proceeds from sales of securities available-for-sale | 30,850 | 290 |
Proceeds from maturities and calls of securities available-for-sale | 55,565 | 45,158 |
Proceeds from maturities and calls of securities held-to-maturity | 9,194 | 10,640 |
Purchases of securities available-for-sale | (141,271) | (91,190) |
Net increase in loans | (96,007) | (43,411) |
Purchases of premises and equipment | (3,553) | (1,729) |
Disposals of premises and equipment | 408 | 133 |
Proceeds from sale of insurance division | 0 | 15,250 |
Net Cash Used in Investing Activities | (144,814) | (64,859) |
Financing Activities | ||
Net increase (decrease) in non-interest-bearing deposits | 48,792 | (3,288) |
Net increase (decrease) in interest-bearing deposits | 46,963 | (3,489) |
Net increase in short-term borrowings | 24,515 | 12,105 |
Purchases of treasury stock | (10,018) | 0 |
Proceeds from exercise of stock options, net of tax benefit | 705 | 2,649 |
Proceeds from exercise of warrants | 0 | 1,896 |
Dividends paid | (19,266) | (18,869) |
Net Cash Provided by (Used in) Financing Activities | 91,691 | (8,996) |
Decrease in Cash and Cash Equivalents | (5,304) | (29,520) |
Cash and cash equivalents at beginning of period | 70,113 | 148,228 |
Cash and Cash Equivalents at End of Period | $ 64,809 | $ 118,708 |
Background and Basis of Present
Background and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation City Holding Company ("City Holding"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia ("City National"). City National is a retail and consumer-oriented community bank with 85 banking offices in West Virginia ( 57 ), Virginia ( 14 ), Kentucky ( 11 ) and Ohio ( 3 ). City National provides credit, deposit, and trust and investment management services to its customers. In addition to its branch network, City National's delivery channels include ATMs, mobile banking, debit cards, interactive voice response systems, and Internet technology. The Company’s business activities are currently limited to one reportable business segment, which is community banking. On January 9, 2015, the Company sold its insurance operations, CityInsurance, to The Hilb Group effective January 1, 2015. As a result of this sale, the Company recognized a one-time after tax gain of $5.8 million from this transaction in the first quarter of 2015. On November 6, 2015, the Company consummated the acquisition of three branch locations from American Founders Bank, Inc. (“AFB”) located in Lexington, Kentucky. The Company acquired approximately $119 million in performing loans and and assumed deposit liabilities of approximately $145 million. The Company paid AFB a deposit premium of 5.5% on non-time deposits acquired, and a loan premium of 1.0% on loan balances acquired. The accompanying consolidated financial statements, which are unaudited, include all of the accounts of the City Holding Company and its wholly-owned subsidiaries (collectively, the "Company”). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition for each of the periods presented. Such adjustments are of a normal recurring nature. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2016 . The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Such policies require management to make estimates and develop assumptions that affect the amounts reported in the consolidated financial statements and related footnotes. Actual results could differ from management’s estimates. The consolidated balance sheet as of December 31, 2015 has been derived from audited financial statements included in the Company’s 2015 Annual Report to Shareholders. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the 2015 Annual Report of the Company. Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, " Presentation of Financial Statements - Going Concern." ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern in connection with preparing the entity's financial statements. This ASU will become effective for the Company on December 31, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, " Consolidation (Topic 810) - Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. This ASU became effective for the Company on January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-03, " Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU became effective for the Company on January 1, 2016. The adoption of ASU 2015-03 did not have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-05, " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." ASU 2015-05 provides guidance to clarify the customer’s accounting for fees paid in a cloud computing arrangement. This ASU became effective for the Company on January 1, 2016. The adoption of ASU 2015-05 did not have a material impact on the Company's financial statements. In May 2015, the FASB issued ASU No. 2015-07, " Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This ASU became effective for the Company on January 1, 2016. The adoption of ASU 2015-07 did not have a material impact on the Company's financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 85): Simplifying the Accounting for Measurement-Period Adjustments." The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of the adjustments as a result of the change to the provisional amounts will be calculated as if the accounting had been completed at the acquisition date. The amount that would've been recorded in the previous reporting periods will be presented separately on the face of the income statement or disclosed in the notes to the financial statements. This ASU became effective for the Company on January 1, 2016. The adoption of ASU 2015-16 did not have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This standard requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. This ASU will become effective for the Company for interim and annual periods on January 1, 2017 and early adoption is permitted. The adoption of ASU No. 2015-17 is not expected to have a material impact on the Company's financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This standard makes several modifications to Subtopic 825-10 including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income. This ASU will become effective for the Company for interim and annual periods on January 1, 2018. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This standard requires organizations to recognizing lease assets and lease liabilities on the balance sheet and disclose key information about leasing requirements for leases that were historically classified as operating leases under previous generally accepted accounting principals. This ASU will become effective for the Company for interim and annual periods on January 1, 2019. Management is currently assessing the impact of the adoption of ASU No. 2016-02. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share Based Accounting.” This standard makes several modifications to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU will become effective for the Company for interim and annual periods on January 1, 2017. The adoption of ASU No. 2016-09 is not expected to have a material impact on the Company’s financial statements. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” The amendments in this standard clarify identifying performance obligations and the licensing implementation guidance under Topic 606. This ASU will become effective for the Company for interim and annual periods on January 1, 2018. Management is currently assessing the impact of the adoption of ASU No. 2016-10. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This standard replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new current expected credit losses model (CECL) will apply to the allowance for loan losses, available-for-sale and held to maturity debt securities, purchased financial assets with credit deterioration and certain off-balance sheet credit exposures. This ASU will become effective for the Company for interim and annual periods on January 1, 2020. Management is currently evaluating the potential impact of ASU No. 2016-13 on the Company's financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." This amendment addresses existing diversity in practice regarding how certain receipts and payments are presented in the statement of cash flows. Issues addressed in this amendment include debt prepayment and extinguishment costs, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance policies, and separately identifiable cash flows and application of the predominance principle and their classifications in the statement of cash flows. This ASU will become effective for the Company for interim and annual periods on January 1, 2018. The adoption of ASU No. 2016-15 is not expected to have a material impact on the Company's financial statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Investments | Investments The amortized cost and estimated fair values of the Company's securities are shown in the following table (in thousands): September 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ 4 $ — $ — $ 4 $ 5 $ — $ — $ 5 Obligations of states and political subdivisions 62,845 1,669 79 64,435 49,725 979 7 50,697 Mortgage-backed securities: U.S. government agencies 327,608 5,896 302 333,202 287,933 2,285 2,021 288,197 Private label 1,000 2 — 1,002 1,222 9 — 1,231 Trust preferred securities 6,049 1,206 844 6,411 6,550 463 1,155 5,858 Corporate securities 23,927 613 126 24,414 18,793 221 321 18,693 Total Debt Securities 421,433 9,386 1,351 429,468 364,228 3,957 3,504 364,681 Marketable equity securities 2,136 1,577 — 3,713 2,131 1,142 — 3,273 Investment funds 1,525 11 — 1,536 1,525 — 13 1,512 Total Securities Available-for-Sale $ 425,094 $ 10,974 $ 1,351 $ 434,717 $ 367,884 $ 5,099 $ 3,517 $ 369,466 September 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities held-to-maturity: Mortgage-backed securities U.S. government agencies $ 75,499 $ 3,494 $ — $ 78,993 $ 84,937 $ 1,949 $ 76 $ 86,810 Trust preferred securities 4,000 — — 4,000 4,000 — — 4,000 Total Securities Held-to-Maturity $ 79,499 $ 3,494 $ — $ 82,993 $ 88,937 $ 1,949 $ 76 $ 90,810 Other investment securities: Non-marketable equity securities $ 11,895 $ — $ — $ 11,895 $ 12,915 $ — $ — $ 12,915 Total Other Investment Securities $ 11,895 $ — $ — $ 11,895 $ 12,915 $ — $ — $ 12,915 Marketable equity securities consist of investments made by the Company in equity positions of various regional community banks. Included within this portfolio are ownership positions in the following community bank holding companies: First National Corporation (FXNC) ( 4% ) and Eagle Financial Services, Inc. (EFSI) ( 1.5% ). Securities with limited marketability, such as stock in the Federal Reserve Bank ("Federal Reserve") and the Federal Home Loan Bank ("FHLB"), are carried at cost and are reported as non-marketable equity securities in the table above. Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities). The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): September 30, 2016 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 12,879 $ 79 $ — $ — $ 12,879 $ 79 Mortgage-backed securities: U.S. Government agencies 70,593 146 9,237 156 79,830 302 Trust preferred securities — — 4,678 844 4,678 844 Corporate securities 2,273 126 — — 2,273 126 Total $ 85,745 $ 351 $ 13,915 $ 1,000 $ 99,660 $ 1,351 December 31, 2015 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 2,406 $ 5 $ 128 $ 2 $ 2,534 $ 7 Mortgage-backed securities: U.S. Government agencies 129,612 688 34,044 1,333 163,656 2,021 Trust preferred securities — — 4,769 1,155 4,769 1,155 Corporate securities 10,856 174 2,231 147 13,087 321 Investment funds — — 1,488 13 1,488 13 Total $ 142,874 $ 867 $ 42,660 $ 2,650 $ 185,534 $ 3,517 During the nine months ended September 30, 2016 , the Company had $0.4 million in investment impairment losses. For the nine months ended September 30, 2015 and the year ended December 31, 2015 , the Company had no investment impairment losses. At September 30, 2016 , the cumulative amount of credit-related investment impairment losses that have been recognized by the Company on investments that remain in the Company's investment portfolio as of that date was $10.5 million ( $8.9 million related to the Company's debt securities and $1.6 million related to the Company's equity securities). Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other-than-temporary would be reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition, capital strength, and near-term (within 12 months) prospects of the issuer, including any specific events which may influence the operations of the issuer such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may affect the future earnings potential; (iii) the historical volatility in the market value of the investment and/or the liquidity or illiquidity of the investment; (iv) adverse conditions specifically related to the security, an industry, or a geographic area; and (v) the intent to sell the investment security and if it’s more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, management also employs a continuous monitoring process in regards to its marketable equity securities, specifically its portfolio of regional community bank holdings. Although the regional community bank stocks that are owned by the Company are publicly traded, the trading activity for these stocks is minimal, with trading volumes of less than 0.2% of each respective company being traded on a daily basis. As part of management’s review process for these securities, management reviews the financial condition of each respective regional community bank for any indications of financial weakness. Management has the ability and intent to hold the securities classified as held-to-maturity until they mature, at which time the Company expects to receive full value for the securities. Furthermore, as of September 30, 2016 , management generally does not intend to sell an impaired security and it is not more than likely that it will be required to sell the security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage related securities, general financial market uncertainty and unprecedented market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. As of September 30, 2016 , management believes the unrealized losses detailed in the table above are temporary and no additional impairment loss has been recognized in the Company’s consolidated income statement. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. The amortized cost and estimated fair value of debt securities at September 30, 2016 , by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Amortized Cost Estimated Fair Value Securities Available-for-Sale Due in one year or less $ 3,640 $ 3,662 Due after one year through five years 25,215 17,395 Due after five years through ten years 59,193 68,514 Due after ten years 333,385 339,897 $ 421,433 $ 429,468 Securities Held-to-Maturity Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 79,499 82,993 $ 79,499 $ 82,993 Gross gains and gross losses realized by the Company from investment security transactions are summarized in the table below (in thousands). Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Gross realized gains $ 2,722 $ — $ 3,978 $ 2,130 Gross realized losses (54 ) — (465 ) — Net investment security gains $ 2,668 $ — $ 3,513 $ 2,130 The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $285 million and $273 million at September 30, 2016 and December 31, 2015 , respectively. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
Loans Receivable, Net [Abstract] | |
Loans | Loans The following summarizes the Company’s major classifications for loans (in thousands): September 30, 2016 December 31, 2015 Residential real estate $ 1,445,242 $ 1,383,133 Home equity 141,616 147,036 Commercial and industrial 176,387 165,340 Commercial real estate 1,158,088 1,127,581 Consumer 33,614 36,083 DDA overdrafts 2,965 3,361 Gross loans 2,957,912 2,862,534 Allowance for loan losses (19,550 ) (19,251 ) Net loans $ 2,938,362 $ 2,843,283 Construction loans of $12.3 million and $13.1 million are included within residential real estate loans at September 30, 2016 and December 31, 2015 , respectively. Construction loans of $7.3 million and $12.6 million are included within commercial real estate loans at September 30, 2016 and December 31, 2015 , respectively. The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets. These loans were originated under the Company’s loan policy, which is focused on the risk characteristics of residential and commercial real estate lending, including specific risks related to construction lending. Adequate consideration has been given to these loans in establishing the Company’s allowance for loan losses. The following table details the loans acquired in conjunction with the Virginia Savings Bancorp, Inc. ("Virginia Savings"), Community Financial Corporation ("Community") and American Founders Bank ("AFB") acquisitions (in thousands): Virginia Savings Community AFB Total September 30, 2016 Outstanding loan balance $ 25,520 $ 154,832 $ 95,457 $ 275,809 Credit-impaired loans: Carrying value 1,707 9,712 — 11,419 Contractual principal and interest 1,908 12,091 — 13,999 December 31, 2015 Outstanding loan balance $ 28,914 $ 181,545 $ 112,862 $ 323,321 Credit-impaired loans: Carrying value 1,707 12,899 — 14,606 Contractual principal and interest 1,965 16,362 — 18,327 Changes in the accretable yield of the credit-impaired loans for the nine months ended September 30, 2016 is as follows (in thousands): Virginia Savings Community Total Carrying Carrying Carrying Accretable Amount Accretable Amount Accretable Amount Yield of Loans Yield of Loans Yield of Loans Balance at the beginning of the period $ 374 $ 1,707 $ 6,266 $ 12,899 $ 6,640 $ 14,606 Accretion (114 ) 114 (744 ) 744 (858 ) 858 Net reclassifications to accretable yield from non-accretable yield 51 — (38 ) — 13 — Payments received, net — (114 ) — (3,197 ) — (3,311 ) Disposals — — (1 ) (734 ) (1 ) (734 ) Balance at the end of period $ 311 $ 1,707 $ 5,483 $ 9,712 $ 5,794 $ 11,419 Increases in expected cash flow subsequent to the acquisition are recognized first as a reduction of any previous impairment, then prospectively through adjustment of the yield on the loans or pools over its remaining life, while decreases in expected cash flows are recognized as impairment through a provision for loan loss and an increase in the allowance for purchased credit-impaired loans. |
Allowance For Loan Losses
Allowance For Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Allowance For Loan Losses | Allowance For Loan Losses Management systematically monitors the loan portfolio and the adequacy of the allowance for loan losses on a quarterly basis to provide for probable losses inherent in the portfolio. Management assesses the risk in each loan type based on historical trends, the general economic environment of its local markets, individual loan performance and other relevant factors. Individual credits are selected throughout the year for detailed loan reviews, which are utilized by management to assess the risk in the portfolio and the adequacy of the allowance. Due to the nature of commercial lending, evaluation of the adequacy of the allowance as it relates to these loan types is often based more upon specific credit reviews, with consideration given to the potential impairment of certain credits and historical loss rates, adjusted for economic conditions and other inherent risk factors. The following table summarizes the activity in the allowance for loan loss, by portfolio segment, for the nine months ended September 30, 2016 and 2015 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments. The following table also presents the balance in the allowance for loan loss disaggregated on the basis of the Company’s impairment measurement method and the related recorded investment in loans, by portfolio segment, as of September 30, 2016 and December 31, 2015 (in thousands). Commercial & Commercial Residential DDA Industrial Real Estate Real Estate Home Equity Consumer Overdrafts Total Nine months ended September 30, 2016 Allowance for loan loss Beginning balance $ 3,271 $ 6,985 $ 6,778 $ 1,463 $ 97 $ 657 $ 19,251 Charge-offs (148 ) (1,213 ) (1,281 ) (300 ) (102 ) (1,017 ) (4,061 ) Recoveries 13 447 113 — 109 585 1,267 Provision for acquired loans — 164 — — — — 164 Provision 918 (112 ) 1,414 284 (29 ) 454 2,929 Ending balance $ 4,054 $ 6,271 $ 7,024 $ 1,447 $ 75 $ 679 $ 19,550 Nine months ended September 30, 2015 Allowance for loan loss Beginning balance $ 1,582 $ 8,845 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,074 Charge-offs (2,620 ) (277 ) (758 ) (236 ) (171 ) (1,038 ) (5,100 ) Recoveries 72 49 130 — 155 593 999 Provision for acquired loans — 521 — — — — 521 Provision 3,747 (1,441 ) 681 249 27 391 3,654 Ending balance $ 2,781 $ 7,697 $ 7,261 $ 1,508 $ 96 $ 805 $ 20,148 As of September 30, 2016 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 4,051 6,147 6,932 1,447 75 679 19,331 Acquired with deteriorated credit quality 3 124 92 — — — 219 Total $ 4,054 $ 6,271 $ 7,024 $ 1,447 $ 75 $ 679 $ 19,550 Loans Evaluated for impairment: Individually $ 1,939 $ 3,428 $ — $ — $ — $ — $ 5,367 Collectively 174,131 1,146,316 1,442,599 141,616 33,499 2,965 2,941,126 Acquired with deteriorated credit quality 317 8,344 2,643 — 115 — 11,419 Total $ 176,387 $ 1,158,088 $ 1,445,242 $ 141,616 $ 33,614 $ 2,965 $ 2,957,912 As of December 31, 2015 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 3,267 6,173 6,765 1,463 97 657 18,422 Acquired with deteriorated credit quality 4 812 13 — — — 829 Total $ 3,271 $ 6,985 $ 6,778 $ 1,463 $ 97 $ 657 $ 19,251 Loans Evaluated for impairment: Individually $ 2,349 $ 6,133 $ — $ — $ — $ — $ 8,482 Collectively 162,662 1,109,327 1,381,064 147,036 35,997 3,361 2,839,447 Acquired with deteriorated credit quality 329 12,121 2,069 — 86 — 14,605 Total $ 165,340 $ 1,127,581 $ 1,383,133 $ 147,036 $ 36,083 $ 3,361 $ 2,862,534 During the second quarter of 2016, parts of West Virginia were impacted by tragic flooding. As a result of this flooding, the Company recognized $0.3 million of loan charge-offs in the third quarter of 2016 and its quarterly provision for loan losses reflects the impact of these losses. Credit Quality Indicators All commercial loans within the portfolio are subject to internal risk grading. All non-commercial loans are evaluated based on payment history. The Company’s internal risk ratings for commercial loans are: Pass, Special Mention, Substandard and Doubtful. Each internal risk rating is defined in the loan policy using the following criteria: balance sheet yields; ratios and leverage; cash flow spread and coverage; prior history; capability of management; market position/industry; potential impact of changing economic, legal, regulatory or environmental conditions; purpose; structure; collateral support; and guarantor support. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of probable loss. The Company categorizes loans into risk categories based on relevant information regarding the customer’s debt service ability, capacity, overall collateral position along with other economic trends, and historical payment performance. The risk grades for each credit are updated when the Company receives current financial information, the loan is reviewed by the Company’s internal loan review/credit administration departments, or the loan becomes delinquent or impaired. The risk grades are updated a minimum of annually for loans rated exceptional, good, acceptable, or pass/watch. Loans rated special mention, substandard or doubtful are reviewed at least quarterly. The Company uses the following definitions for its risk ratings: Risk Rating Description Pass ratings: (a) Exceptional Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank. (b) Good Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans in this category generally have a low chance of loss to the bank. (c) Acceptable Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank. (d) Pass/watch Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank. Special mention Loans classified as special mention have a potential weakness(es) that deserves management’s close attention. The potential weakness could result in deterioration of the loan repayment or the bank’s credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank. Substandard Loans classified as substandard reflect a customer with a well defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank’s collateral value is weakened by the financial deterioration of the borrower. Doubtful Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position. The following table presents the Company’s commercial loans by credit quality indicators, by class (in thousands): Commercial and industrial Commercial real estate Total September 30, 2016 Pass $ 167,493 $ 1,105,229 $ 1,272,722 Special mention 2,027 14,951 16,978 Substandard 6,867 37,908 44,775 Doubtful — — — Total $ 176,387 $ 1,158,088 $ 1,334,475 December 31, 2015 Pass $ 156,664 $ 1,070,506 $ 1,227,170 Special mention 4,099 20,942 25,041 Substandard 4,539 36,133 40,672 Doubtful 38 — 38 Total $ 165,340 $ 1,127,581 $ 1,292,921 The following table presents the Company's non-commercial loans by payment performance, by class (in thousands): Performing Non-Performing Total September 30, 2016 Residential real estate $ 1,441,109 $ 4,133 $ 1,445,242 Home equity 141,462 154 141,616 Consumer 33,614 — 33,614 DDA overdrafts 2,691 274 2,965 Total $ 1,618,876 $ 4,561 $ 1,623,437 December 31, 2015 Residential real estate $ 1,379,797 $ 3,336 $ 1,383,133 Home equity 146,877 159 147,036 Consumer 36,049 34 36,083 DDA overdrafts 3,361 — 3,361 Total $ 1,566,084 $ 3,529 $ 1,569,613 Aging Analysis of Accruing and Non-Accruing Loans Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return. Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan. The accrual of interest generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types. However, any loan may be placed on non-accrual if the Company receives information that indicates a borrower is unable to meet the contractual terms of its respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in the process of collection. Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured. Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Generally, all loan types are considered past due when the contractual terms of a loan are not met and the borrower is 30 days or more past due on a payment. Furthermore, residential and home equity loans are generally subject to charge-off when the loan becomes 120 days past due, depending on the estimated fair value of the collateral less cost to dispose, versus the outstanding loan balance. Commercial loans are generally charged off when the loan becomes 120 days past due. Open-end consumer loans are generally charged off when the loan becomes 180 days past due. A loan acquired and accounted for under ASC Topic 310-30 is reported as an accruing loan and a performing asset provided that the loan is performing in accordance with the initial expectations. The loan would be considered non-performing if the loan's performance deteriorates below the initial expectations. The following table presents an aging analysis of the Company’s accruing and non-accruing loans, by class (in thousands): September 30, 2016 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,435,610 $ 4,612 $ 886 $ 215 $ — $ 3,919 $ 1,445,242 Home equity 140,537 889 36 — — 154 141,616 Commercial and industrial 173,547 291 108 — — 2,441 176,387 Commercial real estate 1,148,737 668 — 80 526 8,077 1,158,088 Consumer 33,510 91 13 — — — 33,614 DDA overdrafts 2,411 276 4 274 — — 2,965 Total $ 2,934,352 $ 6,827 $ 1,047 $ 569 $ 526 $ 14,591 $ 2,957,912 December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,373,604 $ 5,261 $ 932 $ 418 $ — $ 2,918 $ 1,383,133 Home equity 146,493 318 65 24 — 136 147,036 Commercial and industrial 162,435 141 — 19 — 2,745 165,340 Commercial real estate 1,114,953 762 211 — 506 11,149 1,127,581 Consumer 35,886 154 9 34 — — 36,083 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,836,419 $ 6,946 $ 1,220 $ 495 $ 506 $ 16,948 $ 2,862,534 The following table presents the Company’s impaired loans, by class (in thousands). The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. There are no impaired residential, home equity, or consumer loans. September 30, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Commercial and industrial $ 1,939 $ 4,104 $ — $ 2,349 $ 7,547 $ — Commercial real estate 3,428 5,253 — 6,133 9,502 — Total $ 5,367 $ 9,357 $ — $ 8,482 $ 17,049 $ — With an allowance recorded: Commercial and industrial $ — $ — $ — $ — $ — $ — Commercial real estate — — — — — — Total $ — $ — $ — $ — $ — $ — The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands): Nine months ended September 30, 2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 2,234 — $ 1,807 $ — Commercial real estate 4,286 9 5,321 3 Total $ 6,520 $ 9 $ 7,128 $ 3 With an allowance recorded: Commercial and industrial $ — $ — $ 1,350 $ — Commercial real estate — — — — Total $ — $ — $ 1,350 $ — Approximately $0.3 million and $0.6 million of interest income would have been recognized during the nine months ended September 30, 2016 and 2015 , respectively, if such loans had been current in accordance with their original terms. There were no commitments to provide additional funds on non-accrual, impaired or other potential problem loans at September 30, 2016 . Loan Modifications The Company’s policy on loan modifications typically does not allow for modifications that would be considered a concession from the Company. However, when there is a modification, the Company evaluates each modification to determine if the modification constitutes a troubled debt restructuring (“TDR”) in accordance with ASU 2011-2, whereby a modification of a loan would be considered a TDR when both of the following conditions are met: (1) a borrower is experiencing financial difficulty and (2) the modification constitutes a concession. When determining whether the borrower is experiencing financial difficulties, the Company reviews whether the borrower is currently in payment default on any of its debt or whether it is probable that the borrower would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the borrower has declared or is in the process of declaring bankruptcy, the borrower’s ability to continue as a going concern, and the borrower’s projected cash flow to service its debt (including principal and interest) in accordance with the contractual terms for the foreseeable future, without a modification. Regulatory guidance requires loans to be accounted for as collateral-dependent loans when borrowers have filed Chapter 7 bankruptcy, the debt has been discharged by the bankruptcy court, and the borrower has not reaffirmed the debt. The filing of bankruptcy is deemed to be evidence that the borrower is in financial difficulty and the discharge of the debt by the bankruptcy court is deemed to be a concession granted to the borrower. The following tables set forth the Company’s TDRs (in thousands): September 30, 2016 December 31, 2015 Non- Non- Accruing Accruing Total Accruing Accruing Total Commercial and industrial $ 46 $ — $ 46 $ 58 $ — $ 58 Commercial real estate 2,718 — 2,718 1,746 — 1,746 Residential real estate 19,944 452 20,396 17,796 191 17,987 Home equity 3,159 85 3,244 2,659 34 2,693 Consumer — — — — — — $ 25,867 $ 537 $ 26,404 $ 22,259 $ 225 $ 22,484 New TDRs Nine months ended September 30, 2016 2015 Pre Post Pre Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — Commercial real estate 1 2,207 2,207 — — — Residential real estate 30 2,924 2,924 35 2,431 2,431 Home equity 7 190 190 14 368 368 Consumer — — — — — — 38 $ 5,321 $ 5,321 49 $ 2,799 $ 2,799 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt The components of long-term debt are summarized below (in thousands): September 30, 2016 December 31, 2015 Junior subordinated debentures owed to City Holding Capital Trust III, due 2038, interest at a rate of 4.35% and 4.01%, respectively $ 16,495 $ 16,495 The Company formed a statutory business trust, City Holding Capital Trust III (“Capital Trust III”), under the laws of Delaware. Capital Trust III was created for the exclusive purpose of (i) issuing trust-preferred capital securities (“Capital Securities”), which represent preferred undivided beneficial interests in the assets of the trust, (ii) using the proceeds from the sale of the Capital Securities to acquire junior subordinated debentures (“Debentures”) issued by the Company, and (iii) engaging in only those activities necessary or incidental thereto. The trust is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, the accounts of the trust are not included in the Company’s consolidated financial statements. Distributions on the Debentures are cumulative and will be payable quarterly at an interest rate of 3.50% over the three month LIBOR rate, reset quarterly. Interest payments are due in March, June, September and December. The Debentures are redeemable prior to maturity at the option of the Company (i) in whole at any time or in part from time-to-time, or (ii) in whole, but not in part, at any time within 90 days following the occurrence and during the continuation of certain predefined events. Payments of distributions on the Capital Securities and payments on redemption of the Capital Securities are guaranteed by the Company. The Company also entered into an agreement as to expenses and liabilities with the trust pursuant to which it agreed, on a subordinated basis, to pay any cost, expenses or liabilities of the trust other than those arising under the Capital Securities. The obligations of the Company under the Debentures, the related indentures, the trust agreement establishing the trust, the guarantees and the agreements as to expenses and liabilities, in the aggregate, constitute a full and unconditional guarantee by the Company of the trust’s obligations under the Capital Securities. The Capital Securities issued by the statutory business trust qualify as Tier 1 capital for the Company under current Federal Reserve Board guidelines. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities on future cash flows. As of September 30, 2016 and December 31, 2015 , the Company has derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps and floors used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. For the majority of these instruments the Company acts as an intermediary for its customers. Changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company's results of operations. The Company also has an interest rate swap for the purpose of hedging changes in LIBOR related to commercial real estate loans. Hedge ineffectiveness is assessed quarterly and any ineffectiveness is recorded as non-interest expense. For the three and nine months ended September 30, 2016 and 2015 , hedge ineffectiveness was less than $0.1 million for each respective period. The following table summarizes the notional and fair value of these derivative instruments (in thousands): September 30, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Other Assets $ 407,714 $ 27,459 $ 372,995 $ 10,811 Other Liabilities 415,071 27,725 380,995 10,872 Derivatives designated as hedges of fair value: Other Liabilities 4,734 191 5,475 61 The following table summarizes the change in fair value of these derivative instruments (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Change in fair value non-hedging interest rate derivatives: Other income - derivative asset $ 2,244 $ 6,922 $ (15,846 ) $ 4,494 Other income - derivative liability (2,317 ) (7,028 ) 16,181 (4,613 ) Change in fair value hedging interest rate derivatives: Hedged item - derivative asset (45 ) 101 119 89 Other income - derivative liability 6 5 10 6 Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with financial institution counterparties are generally executed under International Swaps and Derivative Association ("ISDA") master agreements which include "right of setoff" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset financial instruments for financial reporting purposes. Information about financial instruments that are eligible for offset in the consolidated balance sheet as of September 30, 2016 is presented in the following tables (in thousands): Gross Amounts Not Offset in the Balance Sheet Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Assets per Netting Gross Offset in the Presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Assets Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) * Non-hedging derivative assets: Interest rate swap agreements $ 27,459 $ — $ 27,459 $ — $ 27,459 $ 27,459 $ — Gross Amounts Not Offset in the Balance Sheet Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Liabilities per Netting Gross Offset in the Presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Liabilities Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) * Non-hedging derivative liabilities: Interest rate swap agreements $ 27,725 $ — $ 27,725 $ — $ 33,067 $ 33,067 $ — Hedging derivative liabilities: Interest rate swap agreements $ 191 $ — $ 191 $ — $ 227 $ 227 $ — * For instances where the fair value of financial collateral meets or exceeds the amounts presented in the Statement of Financial Position, no value is displayed to represent full collateralization. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pursuant to the terms of the City Holding Company 2003 Incentive Plan and the City Holding Company 2013 Incentive Plan (the "2003 Plan” and "2013 Plan", respectively), the Compensation Committee of the Board of Directors, or its delegate, may, from time to time, grant stock options, stock appreciation rights (“SARs”), or restricted stock awards to employees, directors and individuals who provide service to the Company (collectively, "Plan Participants"). The 2003 Plan expired in April of 2013 and the 2013 Plan was approved by the Company's shareholders in April 2013. A maximum of 750,000 shares of the Company’s common stock may be issued upon the exercise of stock options, SARs and stock awards under the 2013 Plan. These limitations may be adjusted in the event of a change in the number of outstanding shares of common stock by reason of a stock dividend, stock split or other similar event. Specific terms of options and SARs awarded, including vesting periods, exercise prices (stock price at date of grant) and expiration dates are determined at the date of grant and are evidenced by agreements between the Company and the awardee. The exercise price of the option grants equals the market price of the Company’s common stock on the date of grant. All incentive stock options and SARs will be exercisable up to 10 years from the date granted and all options and SARs are exercisable for the period specified in the individual agreement. As of September 30, 2016 , under the 2003 Plan and 2013 Plan, 462,863 stock options had been awarded and 271,797 restricted stock awards had been awarded, respectively. Each award from the 2003 Plan and 2013 Plan is evidenced by an award agreement that specifies the option price, the duration of the option, the number of shares to which the option pertains, and such other provisions as the Compensation Committee, or its delegate, determines. The option price for each grant is equal to the fair market value of a share of the Company’s common stock on the date of the grant. Options granted expire at such time as the Compensation Committee, or its delegate, determines at the date of the grant and in no event does the exercise period exceed a maximum of ten years. Upon a change-in-control of the Company, as defined in the 2003 Plan and 2013 Plan, all outstanding options and awards shall immediately vest. Certain stock options and restricted stock awards granted pursuant to the 2013 Plan have performance-based vesting requirements. These shares will vest in three separate annual installments of approximately 33.33% per installment on the third, fourth and fifth anniversaries of the grant date, subject further to performance-based vesting requirements. The performance-based vesting requirements are as follows: * First Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the three years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. * Second Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the four years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. * Third Installment – the mean return on average assets of the Company (excluding merger and acquisition expenses and other nonrecurring items as determined by the Board of Directors of the Company) of the five years immediately prior to the vesting date is equal to or exceeds the median return on average assets over the 20 year period immediately preceding the vesting date of all FDIC insured depository institutions. Stock Options A summary of the Company’s stock option activity and related information is presented below: Nine months ended September 30, 2016 2015 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 95,015 $ 38.38 167,554 $ 36.74 Granted 24,348 43.73 12,961 46.41 Exercised (21,000 ) 33.57 (71,750 ) 37.01 Forfeited — — (4,000 ) 31.66 Outstanding at September 30 98,363 $ 40.76 104,765 $ 37.95 Exerciseable at September 30 14,750 $ 36.53 29,500 $ 34.30 Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands): Nine months ended September 30, 2016 2015 Proceeds from stock option exercises $ 705 $ 2,649 Intrinsic value of stock options exercised 317 724 Stock-based compensation expense associated with stock options $ 180 $ 160 At period-end: September 30, 2016 Unrecognized stock-based compensation expense associated with stock options $ 440 Weighted average period (in years) in which the above amount is expected to be recognized 2.6 Shares issued in connection with stock option exercises are issued from available treasury shares. If no treasury shares are available, new shares would be issued from available authorized shares. During the nine months ended September 30, 2016 and 2015 , all shares issued in connection with stock option exercises were issued from available treasury stock. Additional information regarding stock options outstanding and exercisable at September 30, 2016 , is provided in the following table: Ranges of Exercise Prices No. of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) No. of Options Currently Exercisable Weighted-Average Exercise Price of Options Currently Exercisable Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) $25.00 - $29.99 1,250 $ 28.15 2.5 $ 28 1,250 $ 28.15 2.5 $ 28 30.00 - 34.99 2,250 30.38 2.2 45 2,250 30.38 2.2 45 35.00 - 39.99 36,601 36.35 5.8 510 4,250 35.09 4.5 65 40.00 - 44.99 45,301 43.51 7.6 307 7,000 40.88 1.5 66 45.00 - 50.00 12,961 46.61 8.4 48 — — — — 98,363 $ 938 14,750 $ 204 The fair value of the options is estimated at the date of grant using a Black-Scholes option-pricing model. The following weighted average assumptions were used to estimate the fair value of options granted: Nine months ended September 30, 2016 2015 Risk-free interest rate 1.43 % 1.95 % Expected dividend yield 3.86 % 3.50 % Volatility factor 30.76 % 45.40 % Expected life of option 7.0 years 7.0 years Restricted Shares The Company records compensation expense with respect to restricted shares in an amount equal to the fair value of the common stock covered by each award on the date of grant. The restricted shares awarded become fully vested after various periods of continued employment from the respective dates of grant. The Company is entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Compensation is being charged to expense over the respective vesting periods. Restricted shares are forfeited if the awardee officer or employee terminates his employment with the Company prior to the lapsing of restrictions. The Company records forfeitures of restricted stock as treasury share repurchases and any compensation cost previously recognized is reversed in the period of forfeiture. Recipients of restricted shares do not pay any cash consideration to the Company for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. A summary of the Company’s restricted shares activity and related information is presented below: Nine months ended September 30, 2016 2015 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 172,921 $ 37.38 163,431 $ 35.50 Granted 28,801 46.16 25,440 46.35 Forfeited (500 ) 46.54 (500 ) 37.50 Vested (22,200 ) 33.81 (16,550 ) 33.51 Outstanding at September 30 179,022 $ 39.21 171,821 $ 37.29 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Nine months ended September 30, 2016 2015 Stock-based compensation expense associated with restricted shares $ 1,010 $ 933 At period-end: September 30, 2016 Unrecognized stock-based compensation expense associated with restricted shares $ 3,215 Weighted average period (in years) in which the above amount is expected to be recognized 3.2 Shares issued in connection with restricted stock awards are issued from available treasury shares. If no treasury shares are available, new shares would be issued from available authorized shares. During the nine months ended September 30, 2016 and 2015 , all shares issued in connection with restricted stock awards were issued from available treasury stock. Benefit Plans The Company provides retirement benefits to its employees through the City Holding Company 401(k) Plan and Trust (the “401(k) Plan”), which is intended to be compliant with Employee Retirement Income Security Act (ERISA) section 404(c). The Company also maintains two frozen defined benefit pension plans (the “Defined Benefit Plans”), which were inherited from the Company's acquisition of the plan sponsors (Horizon Bancorp, Inc. and Community Financial Corporation). The following table presents details of the Company's activities pursuant to these plans (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Interest cost $ 205 $ 203 $ 615 $ 668 Expected return on plan assets (288 ) (234 ) (865 ) (757 ) Net amortization and deferral 212 244 636 714 Net Periodic Pension Cost $ 129 $ 213 $ 386 $ 625 401(k) Plan expense $ 197 $ 166 $ 615 $ 578 Defined benefit plan contributions $ — $ 143 $ — $ 313 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The Company has entered into agreements with certain customers to extend credit or provide a conditional commitment to provide payment on drafts presented in accordance with the terms of the underlying credit documents. The Company also provides overdraft protection to certain demand deposit customers that represent an unfunded commitment. Overdraft protection commitments, which are included with other commitments below, are uncollateralized and are paid at the Company’s discretion. Conditional commitments generally include standby and commercial letters of credit. Standby letters of credit represent an obligation of the Company to a designated third party contingent upon the failure of a customer of the Company to perform under the terms of the underlying contract between the customer and the third party. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, drafts will be drawn when the underlying transaction is consummated, as intended, between the customer and a third party. The funded portion of these financial instruments is reflected in the Company’s balance sheet, while the unfunded portion of these commitments is not reflected in the balance sheet. The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): September 30, 2016 December 31, 2015 Commitments to extend credit: Home equity lines $ 186,423 $ 183,017 Commercial real estate 155,629 84,672 Other commitments 202,277 177,491 Standby letters of credit 4,815 5,086 Commercial letters of credit 1,862 2,312 Loan commitments and standby and commercial letters of credit have credit risks essentially the same as those involved in extending loans to customers and are subject to the Company’s standard credit policies. Collateral is obtained based on management’s credit assessment of the customer. Management does not anticipate any material losses as a result of these commitments. The Company is engaged in various legal actions that it deems to be in the ordinary course of business. As these legal actions are resolved, the Company could realize positive and/or negative impact to its financial performance in the period in which these legal actions are ultimately resolved. There can be no assurance that current legal actions will have an immaterial impact on financial results, either positive or negative, or that no material legal actions may be presented in the future. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 37% . Accumulated Other Comprehensive Income (Loss) Unrealized Gains (Losses) on Defined Benefit Securities Pension Plans Available-for-Sale Total Balance at December 31, 2014 $ (5,349 ) $ 1,190 $ (4,159 ) Other comprehensive income before reclassifications — 1,943 1,943 Amounts reclassified from other comprehensive loss — (1,344 ) (1,344 ) — 599 599 Balance at September 30, 2015 $ (5,349 ) $ 1,789 $ (3,560 ) Balance at December 31, 2015 $ (4,759 ) $ 927 $ (3,832 ) Other comprehensive income before reclassifications — 7,301 7,301 Amounts reclassified from other comprehensive loss — (2,215 ) (2,215 ) — 5,086 5,086 Balance at September 30, 2016 $ (4,759 ) $ 6,013 $ 1,254 Amount reclassified from Other Comprehensive Loss Three months ended Nine months ended Affected line item September 30, September 30, in the Statements 2016 2015 2016 2015 of Income Securities available-for-sale: Net securities gains reclassified into earnings $ (2,668 ) $ — $ (3,513 ) $ (2,130 ) Security gains (losses) Related income tax expense 985 — 1,298 786 Income tax expense Net effect on accumulated other comprehensive loss $ (1,683 ) $ — $ (2,215 ) $ (1,344 ) |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Distributed earnings allocated to common stock $ 6,376 $ 6,362 $ 19,128 $ 19,086 Undistributed earnings allocated to common stock 6,699 4,125 17,901 21,040 Net earnings allocated to common shareholders $ 13,075 $ 10,487 $ 37,029 $ 40,126 Average shares outstanding 14,899 15,178 14,902 15,111 Effect of dilutive securities: Warrants outstanding — — — 37 Employee stock awards 11 20 11 21 Shares for diluted earnings per share 14,910 15,198 14,913 15,169 Basic earnings per share $ 0.88 $ 0.69 $ 2.48 $ 2.66 Diluted earnings per share $ 0.88 $ 0.69 $ 2.48 $ 2.65 During the three and nine months ended September 30, 2015 there were no anti-dilutive options outstanding. Options to purchase approximately 3,000 shares and 5,000 shares of common stock were outstanding during the three and nine months ended September 30, 2016 , respectively, but were not included in the computation of diluted earnings per share because the effect of the options' exercises would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company bases fair value of assets and liabilities on quoted market prices, prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. If such information is not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amount presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Financial Assets and Liabilities The Company used the following methods and significant assumptions to estimate fair value for financial assets and liabilities measured on a recurring basis. Securities Available for Sale . Securities available for sale are reported at fair value utilizing Level 1, Level 2, and Level 3 inputs. The fair value of securities available for sale is determined by utilizing a market approach by obtaining quoted prices on nationally recognized securities exchanges (other than forced or distressed transactions) that occur in sufficient volume or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. If such measurements are unavailable, the security is classified as Level 3. Significant judgment is required to make this determination. The Company utilizes a third party pricing service provider to value its Level 1 and Level 2 investment securities. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over investment securities. Although no control deficiencies were noted, the report did contain caveats and disclaimers regarding the pricing information, such as the Company should review fair values for reasonableness. On a quarterly basis, the Company selects a sample of its debt securities and reprices those securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. In addition, the Company selects a sample of securities and reviews the underlying support from the primary pricing service provider. The Company has determined that its pooled trust preferred securities should be priced using Level 3 inputs in accordance with ASC Topic 820 and guidance issued by the SEC. The Company has determined that there are few observable transactions and market quotations available for pooled trust preferred securities and they are not reliable for purposes of determining fair value at September 30, 2016 . Due to these circumstances, the Company has elected to utilize an income valuation approach produced by a third party pricing source. This third party model utilizes deferral and default probabilities for the underlying issuers, estimated prepayment rates and assumes no future recoveries of any defaults or deferrals. The Company then compares the values provided by the third party model with other external sources. At such time as there are observable transactions or quoted prices that are associated with an orderly and active market for pooled trust preferred securities, the Company will incorporate such market values in its estimate of fair values for these securities. Derivatives . Derivatives are reported at fair value utilizing Level 2 inputs. The Company utilizes a market approach by obtaining dealer quotations to value its customer interest rate swaps. The Company’s derivatives are included within its Other Assets and Other Liabilities in the accompanying consolidated balance sheets. Derivative assets are typically secured through securities with financial counterparties or cross collateralization with a borrowing customer. Derivative liabilities are typically secured through the Company pledging securities to financial counterparties or, in the case of a borrowing customer, by the right of setoff. The Company considers factors such as the likelihood of default by itself and its counterparties, right of setoff, and remaining maturities in determining the appropriate fair value adjustments. All derivative counterparties approved by the Company's Asset and Liability Committee ("ALCO") are regularly reviewed, and appropriate business action is taken to adjust the exposure to certain counterparties, if necessary. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of marketable collateral securing the position. This approach used to estimate impacted exposures to counterparties is also used by the Company to estimate its own credit risk in derivative liability positions. To date, no material losses have been incurred due to a counterparty's inability to pay any undercollateralized position. There was no significant change in the value of derivative assets and liabilities attributed to credit risk that would have resulted in a derivative credit risk valuation adjustment at September 30, 2016 . The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis. Financial assets measured at fair value on a nonrecurring basis include impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based on observable market data for real estate collateral or Level 3 inputs for non-real estate collateral. The following table presents assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2016 Recurring fair value measurements Financial Assets U.S. Government agencies $ 4 $ — $ 4 $ — Obligations of states and political subdivisions 64,435 — 64,435 — Mortgage-backed securities: U.S. Government agencies 333,202 — 333,202 — Private label 1,002 — 1,002 — Trust preferred securities 6,411 — 3,787 2,624 Corporate securities 24,414 — 24,414 — Marketable equity securities 3,713 3,713 — — Investment funds 1,536 1,536 — — Derivative assets 27,459 — 27,459 — Financial Liabilities Derivative liabilities 27,916 — 27,916 — Nonrecurring fair value measurements Impaired loans $ 5,367 $ — $ — $ 5,367 $ — Other real estate owned 5,491 — — 5,491 (399 ) December 31, 2015 Recurring fair value measurements Financial Assets U.S. Government agencies $ 5 $ — $ 5 $ — Obligations of states and political subdivisions 50,697 — 50,697 — Mortgage-backed securities: U.S. Government agencies 288,197 — 288,197 — Private label 1,231 — 1,231 — Trust preferred securities 5,858 — 3,762 2,096 Corporate securities 18,693 — 18,693 — Marketable equity securities 3,273 3,273 — — Investment funds 1,512 1,512 — — Derivative assets 10,811 — 10,811 — Financial Liabilities Derivative liabilities 10,933 — 10,933 — Nonrecurring fair value measurements Impaired loans $ 8,482 $ — $ — $ 8,482 $ — Other real estate owned 6,518 — — 6,518 (937 ) The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which consist solely of trust preferred securities (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 2,096 $ 1,871 Impairment losses on investment securities (465 ) — Gains on sale of investment securities 3,978 — Included in other comprehensive income (2,985 ) 220 Dispositions — — Transfers into Level 3 — — Ending balance $ 2,624 $ 2,091 The Company utilizes a third party model to compute the present value of expected cash flows which considers the structure and term of each of the five respective pooled trust preferred securities and the financial condition of the underlying issuers. Specifically, the third party model details interest rates, principal balances of note classes and underlying issuers, the timing and amount of interest and principal payments of the underlying issuers, and the allocation of the payments to the note classes. The current estimate of expected cash flows is based on the most recent trustee reports and any other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred securities. For issuing banks that have defaulted, management generally assumes no recovery. For issuing banks that have deferred interest payments, management excludes the collateral balance associated with these banks and assumes no recoveries of such collateral balance in the future. The exclusion of such issuing banks in a current deferral position is based on such bank experiencing a certain level of financial difficulty that raises doubt about its ability to satisfy its contractual debt obligation, and accordingly, the Company excludes the associated collateral balance from its estimate of expected cash flows. Other assumptions used in the estimate of expected cash flows include expected future default rates and prepayments. Specifically, the model assumes annual prepayments of 1.0% with 100% at maturity and assumes 150 basis points of additional annual defaults from banks that are currently not in default or deferral. In addition, the model assumes no recoveries except for one trust preferred security which assumes that one of the banks currently deferring or in default will cure such positions. The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During the nine months ended September 30, 2016 and 2015 , collateral discounts ranged from 20% to 30% . During the nine months ended September 30, 2016 and 2015 , the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Nine months ended September 30, 2016 2015 Beginning balance $ 8,482 $ 6,517 Loans classified as impaired during the period — 799 Specific valuation allowance allocations — — — 799 (Additional) reduction in specific valuation allowance allocations — (22 ) Paydowns, payoffs, other activity (3,115 ) (172 ) Ending balance $ 5,367 $ 7,122 Non-Financial Assets and Liabilities The Company has no non-financial assets or liabilities measured at fair value on a recurring basis. Certain non-financial assets measured at fair value on a non-recurring basis include other real estate owned (“OREO”), which is measured at the lower of cost or fair value, and goodwill and other intangible assets, which are measured at fair value for impairment assessments. The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 6,518 $ 8,179 OREO remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement 2,528 2,356 Charge-offs recognized in the allowance for loan losses — — Fair value 2,528 2,356 OREO remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement 1,228 3,601 Fair value 829 2,819 Write-downs included in other non-interest expense (399 ) (782 ) Disposed (3,156 ) (3,727 ) Ending balance $ 5,491 $ 6,026 ASC Topic 825 “Financial Instruments”, as amended, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including discount rate and estimate of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions were used in estimating fair value for financial instruments: Cash and cash equivalents: Due to their short-term nature, the carrying amounts reported in the consolidated balance sheets approximate fair value. Securities: The fair value of securities, both available-for-sale and held-to-maturity, are generally based on quoted market prices or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Net loans: The fair value of the loan portfolio is estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers for the same remaining maturities. Loans were first segregated by type such as commercial, real estate and consumer, and were then further segmented into fixed, adjustable and variable rate categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. Deposits: The fair values of demand deposits (i.e., interest and noninterest-bearing deposits, regular savings and other money market demand accounts) are, by definition, equal to their carrying values. The fair values of time deposits were estimated using discounted cash flow analyses. The discount rates used were based on rates currently offered for deposits with similar remaining maturities. The fair values of the time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Short-term debt: Securities sold under agreements to repurchase represent borrowings with original maturities of less than 90 days. The carrying amount of borrowings under purchase agreements approximate their fair value. Long-term debt: The fair value of long-term borrowings is estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements and market conditions of similar debt instruments. Commitments and letters of credit: The fair values of commitments are estimated based on fees currently charged to enter into similar agreements, taking into consideration the remaining terms of the agreements and the counterparties’ credit standing. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The amounts of fees currently charged on commitments and letters of credit are deemed insignificant, and therefore, the estimated fair values and carrying values have not been reflected in the table below. The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Amount Fair Value Level 1 Level 2 Level 3 September 30, 2016 Assets: Cash and cash equivalents $ 64,809 $ 64,809 $ 64,809 $ — $ — Securities available-for-sale 434,717 434,717 5,249 426,844 2,624 Securities held-to-maturity 79,499 82,993 — 82,993 — Other securities 11,895 11,895 — 11,895 — Net loans 2,938,362 2,949,827 — — 2,949,827 Accrued interest receivable 7,986 7,986 7,986 — — Derivative assets 27,459 27,459 — 27,459 — Liabilities: Deposits 3,179,286 3,186,387 2,148,702 1,037,685 — Short-term debt 179,384 179,384 — 179,384 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 27,916 27,916 — 27,916 — December 31, 2015 Assets: Cash and cash equivalents 70,113 70,113 70,113 — — Securities available-for-sale 369,466 369,466 4,785 362,585 2,096 Securities held-to-maturity 88,937 90,810 — 90,810 — Other securities 12,915 12,915 — 12,915 — Net loans 2,843,283 2,843,973 — — 2,843,973 Accrued interest receivable 7,432 7,432 7,432 — — Derivative assets 10,811 10,811 — 10,811 — Liabilities: Deposits 3,083,975 3,085,908 2,066,419 1,019,489 — Short-term debt 154,869 154,872 — 154,872 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 10,933 10,933 — 10,933 — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities | The amortized cost and estimated fair values of the Company's securities are shown in the following table (in thousands): September 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ 4 $ — $ — $ 4 $ 5 $ — $ — $ 5 Obligations of states and political subdivisions 62,845 1,669 79 64,435 49,725 979 7 50,697 Mortgage-backed securities: U.S. government agencies 327,608 5,896 302 333,202 287,933 2,285 2,021 288,197 Private label 1,000 2 — 1,002 1,222 9 — 1,231 Trust preferred securities 6,049 1,206 844 6,411 6,550 463 1,155 5,858 Corporate securities 23,927 613 126 24,414 18,793 221 321 18,693 Total Debt Securities 421,433 9,386 1,351 429,468 364,228 3,957 3,504 364,681 Marketable equity securities 2,136 1,577 — 3,713 2,131 1,142 — 3,273 Investment funds 1,525 11 — 1,536 1,525 — 13 1,512 Total Securities Available-for-Sale $ 425,094 $ 10,974 $ 1,351 $ 434,717 $ 367,884 $ 5,099 $ 3,517 $ 369,466 |
Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities | September 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities held-to-maturity: Mortgage-backed securities U.S. government agencies $ 75,499 $ 3,494 $ — $ 78,993 $ 84,937 $ 1,949 $ 76 $ 86,810 Trust preferred securities 4,000 — — 4,000 4,000 — — 4,000 Total Securities Held-to-Maturity $ 79,499 $ 3,494 $ — $ 82,993 $ 88,937 $ 1,949 $ 76 $ 90,810 Other investment securities: Non-marketable equity securities $ 11,895 $ — $ — $ 11,895 $ 12,915 $ — $ — $ 12,915 Total Other Investment Securities $ 11,895 $ — $ — $ 11,895 $ 12,915 $ — $ — $ 12,915 |
Gross Unrealized Losses And Fair Value Of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): September 30, 2016 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 12,879 $ 79 $ — $ — $ 12,879 $ 79 Mortgage-backed securities: U.S. Government agencies 70,593 146 9,237 156 79,830 302 Trust preferred securities — — 4,678 844 4,678 844 Corporate securities 2,273 126 — — 2,273 126 Total $ 85,745 $ 351 $ 13,915 $ 1,000 $ 99,660 $ 1,351 December 31, 2015 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 2,406 $ 5 $ 128 $ 2 $ 2,534 $ 7 Mortgage-backed securities: U.S. Government agencies 129,612 688 34,044 1,333 163,656 2,021 Trust preferred securities — — 4,769 1,155 4,769 1,155 Corporate securities 10,856 174 2,231 147 13,087 321 Investment funds — — 1,488 13 1,488 13 Total $ 142,874 $ 867 $ 42,660 $ 2,650 $ 185,534 $ 3,517 |
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at September 30, 2016 , by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Amortized Cost Estimated Fair Value Securities Available-for-Sale Due in one year or less $ 3,640 $ 3,662 Due after one year through five years 25,215 17,395 Due after five years through ten years 59,193 68,514 Due after ten years 333,385 339,897 $ 421,433 $ 429,468 Securities Held-to-Maturity Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 79,499 82,993 $ 79,499 $ 82,993 |
Gross Gains And Losses Realized | Gross gains and gross losses realized by the Company from investment security transactions are summarized in the table below (in thousands). Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Gross realized gains $ 2,722 $ — $ 3,978 $ 2,130 Gross realized losses (54 ) — (465 ) — Net investment security gains $ 2,668 $ — $ 3,513 $ 2,130 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans Receivable, Net [Abstract] | |
Summary Of Major Classifications For Loans | The following summarizes the Company’s major classifications for loans (in thousands): September 30, 2016 December 31, 2015 Residential real estate $ 1,445,242 $ 1,383,133 Home equity 141,616 147,036 Commercial and industrial 176,387 165,340 Commercial real estate 1,158,088 1,127,581 Consumer 33,614 36,083 DDA overdrafts 2,965 3,361 Gross loans 2,957,912 2,862,534 Allowance for loan losses (19,550 ) (19,251 ) Net loans $ 2,938,362 $ 2,843,283 |
Composition Of Loans Acquired At Acquisition | The following table details the loans acquired in conjunction with the Virginia Savings Bancorp, Inc. ("Virginia Savings"), Community Financial Corporation ("Community") and American Founders Bank ("AFB") acquisitions (in thousands): Virginia Savings Community AFB Total September 30, 2016 Outstanding loan balance $ 25,520 $ 154,832 $ 95,457 $ 275,809 Credit-impaired loans: Carrying value 1,707 9,712 — 11,419 Contractual principal and interest 1,908 12,091 — 13,999 December 31, 2015 Outstanding loan balance $ 28,914 $ 181,545 $ 112,862 $ 323,321 Credit-impaired loans: Carrying value 1,707 12,899 — 14,606 Contractual principal and interest 1,965 16,362 — 18,327 |
Activity For The Accretable Yield | Changes in the accretable yield of the credit-impaired loans for the nine months ended September 30, 2016 is as follows (in thousands): Virginia Savings Community Total Carrying Carrying Carrying Accretable Amount Accretable Amount Accretable Amount Yield of Loans Yield of Loans Yield of Loans Balance at the beginning of the period $ 374 $ 1,707 $ 6,266 $ 12,899 $ 6,640 $ 14,606 Accretion (114 ) 114 (744 ) 744 (858 ) 858 Net reclassifications to accretable yield from non-accretable yield 51 — (38 ) — 13 — Payments received, net — (114 ) — (3,197 ) — (3,311 ) Disposals — — (1 ) (734 ) (1 ) (734 ) Balance at the end of period $ 311 $ 1,707 $ 5,483 $ 9,712 $ 5,794 $ 11,419 |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule Of Allowance For Loan Loss By Portfolio Segment | The following table summarizes the activity in the allowance for loan loss, by portfolio segment, for the nine months ended September 30, 2016 and 2015 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments. The following table also presents the balance in the allowance for loan loss disaggregated on the basis of the Company’s impairment measurement method and the related recorded investment in loans, by portfolio segment, as of September 30, 2016 and December 31, 2015 (in thousands). Commercial & Commercial Residential DDA Industrial Real Estate Real Estate Home Equity Consumer Overdrafts Total Nine months ended September 30, 2016 Allowance for loan loss Beginning balance $ 3,271 $ 6,985 $ 6,778 $ 1,463 $ 97 $ 657 $ 19,251 Charge-offs (148 ) (1,213 ) (1,281 ) (300 ) (102 ) (1,017 ) (4,061 ) Recoveries 13 447 113 — 109 585 1,267 Provision for acquired loans — 164 — — — — 164 Provision 918 (112 ) 1,414 284 (29 ) 454 2,929 Ending balance $ 4,054 $ 6,271 $ 7,024 $ 1,447 $ 75 $ 679 $ 19,550 Nine months ended September 30, 2015 Allowance for loan loss Beginning balance $ 1,582 $ 8,845 $ 7,208 $ 1,495 $ 85 $ 859 $ 20,074 Charge-offs (2,620 ) (277 ) (758 ) (236 ) (171 ) (1,038 ) (5,100 ) Recoveries 72 49 130 — 155 593 999 Provision for acquired loans — 521 — — — — 521 Provision 3,747 (1,441 ) 681 249 27 391 3,654 Ending balance $ 2,781 $ 7,697 $ 7,261 $ 1,508 $ 96 $ 805 $ 20,148 As of September 30, 2016 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 4,051 6,147 6,932 1,447 75 679 19,331 Acquired with deteriorated credit quality 3 124 92 — — — 219 Total $ 4,054 $ 6,271 $ 7,024 $ 1,447 $ 75 $ 679 $ 19,550 Loans Evaluated for impairment: Individually $ 1,939 $ 3,428 $ — $ — $ — $ — $ 5,367 Collectively 174,131 1,146,316 1,442,599 141,616 33,499 2,965 2,941,126 Acquired with deteriorated credit quality 317 8,344 2,643 — 115 — 11,419 Total $ 176,387 $ 1,158,088 $ 1,445,242 $ 141,616 $ 33,614 $ 2,965 $ 2,957,912 As of December 31, 2015 Allowance for loan loss Evaluated for impairment: Individually $ — $ — $ — $ — $ — $ — $ — Collectively 3,267 6,173 6,765 1,463 97 657 18,422 Acquired with deteriorated credit quality 4 812 13 — — — 829 Total $ 3,271 $ 6,985 $ 6,778 $ 1,463 $ 97 $ 657 $ 19,251 Loans Evaluated for impairment: Individually $ 2,349 $ 6,133 $ — $ — $ — $ — $ 8,482 Collectively 162,662 1,109,327 1,381,064 147,036 35,997 3,361 2,839,447 Acquired with deteriorated credit quality 329 12,121 2,069 — 86 — 14,605 Total $ 165,340 $ 1,127,581 $ 1,383,133 $ 147,036 $ 36,083 $ 3,361 $ 2,862,534 |
Schedule Of Credit Quality Indicators | The Company uses the following definitions for its risk ratings: Risk Rating Description Pass ratings: (a) Exceptional Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank. (b) Good Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans in this category generally have a low chance of loss to the bank. (c) Acceptable Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank. (d) Pass/watch Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank. Special mention Loans classified as special mention have a potential weakness(es) that deserves management’s close attention. The potential weakness could result in deterioration of the loan repayment or the bank’s credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank. Substandard Loans classified as substandard reflect a customer with a well defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank’s collateral value is weakened by the financial deterioration of the borrower. Doubtful Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position. The following table presents the Company’s commercial loans by credit quality indicators, by class (in thousands): Commercial and industrial Commercial real estate Total September 30, 2016 Pass $ 167,493 $ 1,105,229 $ 1,272,722 Special mention 2,027 14,951 16,978 Substandard 6,867 37,908 44,775 Doubtful — — — Total $ 176,387 $ 1,158,088 $ 1,334,475 December 31, 2015 Pass $ 156,664 $ 1,070,506 $ 1,227,170 Special mention 4,099 20,942 25,041 Substandard 4,539 36,133 40,672 Doubtful 38 — 38 Total $ 165,340 $ 1,127,581 $ 1,292,921 |
Schedule Of Noncommercial Loans By Payment Performance | The following table presents the Company's non-commercial loans by payment performance, by class (in thousands): Performing Non-Performing Total September 30, 2016 Residential real estate $ 1,441,109 $ 4,133 $ 1,445,242 Home equity 141,462 154 141,616 Consumer 33,614 — 33,614 DDA overdrafts 2,691 274 2,965 Total $ 1,618,876 $ 4,561 $ 1,623,437 December 31, 2015 Residential real estate $ 1,379,797 $ 3,336 $ 1,383,133 Home equity 146,877 159 147,036 Consumer 36,049 34 36,083 DDA overdrafts 3,361 — 3,361 Total $ 1,566,084 $ 3,529 $ 1,569,613 |
Schedule Of Aging Analysis Of Accruing And Non-Accruing Loans | The following table presents an aging analysis of the Company’s accruing and non-accruing loans, by class (in thousands): September 30, 2016 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,435,610 $ 4,612 $ 886 $ 215 $ — $ 3,919 $ 1,445,242 Home equity 140,537 889 36 — — 154 141,616 Commercial and industrial 173,547 291 108 — — 2,441 176,387 Commercial real estate 1,148,737 668 — 80 526 8,077 1,158,088 Consumer 33,510 91 13 — — — 33,614 DDA overdrafts 2,411 276 4 274 — — 2,965 Total $ 2,934,352 $ 6,827 $ 1,047 $ 569 $ 526 $ 14,591 $ 2,957,912 December 31, 2015 Accruing Current 30-59 days 60-89 days Over 90 days Purchased-Credit Impaired Non-accrual Total Residential real estate $ 1,373,604 $ 5,261 $ 932 $ 418 $ — $ 2,918 $ 1,383,133 Home equity 146,493 318 65 24 — 136 147,036 Commercial and industrial 162,435 141 — 19 — 2,745 165,340 Commercial real estate 1,114,953 762 211 — 506 11,149 1,127,581 Consumer 35,886 154 9 34 — — 36,083 DDA overdrafts 3,048 310 3 — — — 3,361 Total $ 2,836,419 $ 6,946 $ 1,220 $ 495 $ 506 $ 16,948 $ 2,862,534 |
Schedule Of Impaired Loans | The following table presents the Company’s impaired loans, by class (in thousands). The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. There are no impaired residential, home equity, or consumer loans. September 30, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Commercial and industrial $ 1,939 $ 4,104 $ — $ 2,349 $ 7,547 $ — Commercial real estate 3,428 5,253 — 6,133 9,502 — Total $ 5,367 $ 9,357 $ — $ 8,482 $ 17,049 $ — With an allowance recorded: Commercial and industrial $ — $ — $ — $ — $ — $ — Commercial real estate — — — — — — Total $ — $ — $ — $ — $ — $ — |
Schedule Of Information Related To Average Recorded Investment And Interest Income Recognized On Impaired Loans | The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands): Nine months ended September 30, 2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 2,234 — $ 1,807 $ — Commercial real estate 4,286 9 5,321 3 Total $ 6,520 $ 9 $ 7,128 $ 3 With an allowance recorded: Commercial and industrial $ — $ — $ 1,350 $ — Commercial real estate — — — — Total $ — $ — $ 1,350 $ — |
Schedule Of Troubled Debt Restructurings | The following tables set forth the Company’s TDRs (in thousands): September 30, 2016 December 31, 2015 Non- Non- Accruing Accruing Total Accruing Accruing Total Commercial and industrial $ 46 $ — $ 46 $ 58 $ — $ 58 Commercial real estate 2,718 — 2,718 1,746 — 1,746 Residential real estate 19,944 452 20,396 17,796 191 17,987 Home equity 3,159 85 3,244 2,659 34 2,693 Consumer — — — — — — $ 25,867 $ 537 $ 26,404 $ 22,259 $ 225 $ 22,484 New TDRs Nine months ended September 30, 2016 2015 Pre Post Pre Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — Commercial real estate 1 2,207 2,207 — — — Residential real estate 30 2,924 2,924 35 2,431 2,431 Home equity 7 190 190 14 368 368 Consumer — — — — — — 38 $ 5,321 $ 5,321 49 $ 2,799 $ 2,799 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | The components of long-term debt are summarized below (in thousands): September 30, 2016 December 31, 2015 Junior subordinated debentures owed to City Holding Capital Trust III, due 2038, interest at a rate of 4.35% and 4.01%, respectively $ 16,495 $ 16,495 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments | The following table summarizes the notional and fair value of these derivative instruments (in thousands): September 30, 2016 December 31, 2015 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Other Assets $ 407,714 $ 27,459 $ 372,995 $ 10,811 Other Liabilities 415,071 27,725 380,995 10,872 Derivatives designated as hedges of fair value: Other Liabilities 4,734 191 5,475 61 |
Change In Fair Value Of Derivative Instruments | The following table summarizes the change in fair value of these derivative instruments (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Change in fair value non-hedging interest rate derivatives: Other income - derivative asset $ 2,244 $ 6,922 $ (15,846 ) $ 4,494 Other income - derivative liability (2,317 ) (7,028 ) 16,181 (4,613 ) Change in fair value hedging interest rate derivatives: Hedged item - derivative asset (45 ) 101 119 89 Other income - derivative liability 6 5 10 6 |
Derivative Assets Offset in The Consolidated Balance Sheets | Information about financial instruments that are eligible for offset in the consolidated balance sheet as of September 30, 2016 is presented in the following tables (in thousands): Gross Amounts Not Offset in the Balance Sheet Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Assets per Netting Gross Offset in the Presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Assets Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) * Non-hedging derivative assets: Interest rate swap agreements $ 27,459 $ — $ 27,459 $ — $ 27,459 $ 27,459 $ — |
Derivative Liabilities Offset in The Consolidated Balance Sheets | Gross Amounts Not Offset in the Balance Sheet Total of Gross Amounts Not Offset in the Statement of Financial Position Netting Including Gross Net Amounts Adjustment Applicable Amounts of Liabilities per Netting Gross Offset in the Presented in Applicable Agreement Amounts of Statement of the Statement Master Fair Value and Fair Recognized Financial of Financial Netting of Financial Value of Description Liabilities Position Position Arrangements Collateral Collateral Net Amount (a) (b) (c)=(a)-(b) (d) (c)-(d) * Non-hedging derivative liabilities: Interest rate swap agreements $ 27,725 $ — $ 27,725 $ — $ 33,067 $ 33,067 $ — Hedging derivative liabilities: Interest rate swap agreements $ 191 $ — $ 191 $ — $ 227 $ 227 $ — * For instances where the fair value of financial collateral meets or exceeds the amounts presented in the Statement of Financial Position, no value is displayed to represent full collateralization. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Summary Of Stock Option Activity | A summary of the Company’s stock option activity and related information is presented below: Nine months ended September 30, 2016 2015 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 95,015 $ 38.38 167,554 $ 36.74 Granted 24,348 43.73 12,961 46.41 Exercised (21,000 ) 33.57 (71,750 ) 37.01 Forfeited — — (4,000 ) 31.66 Outstanding at September 30 98,363 $ 40.76 104,765 $ 37.95 Exerciseable at September 30 14,750 $ 36.53 29,500 $ 34.30 Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands): Nine months ended September 30, 2016 2015 Proceeds from stock option exercises $ 705 $ 2,649 Intrinsic value of stock options exercised 317 724 Stock-based compensation expense associated with stock options $ 180 $ 160 At period-end: September 30, 2016 Unrecognized stock-based compensation expense associated with stock options $ 440 Weighted average period (in years) in which the above amount is expected to be recognized 2.6 |
Stock Options Outstanding And Exercisable | Additional information regarding stock options outstanding and exercisable at September 30, 2016 , is provided in the following table: Ranges of Exercise Prices No. of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) No. of Options Currently Exercisable Weighted-Average Exercise Price of Options Currently Exercisable Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) $25.00 - $29.99 1,250 $ 28.15 2.5 $ 28 1,250 $ 28.15 2.5 $ 28 30.00 - 34.99 2,250 30.38 2.2 45 2,250 30.38 2.2 45 35.00 - 39.99 36,601 36.35 5.8 510 4,250 35.09 4.5 65 40.00 - 44.99 45,301 43.51 7.6 307 7,000 40.88 1.5 66 45.00 - 50.00 12,961 46.61 8.4 48 — — — — 98,363 $ 938 14,750 $ 204 |
Weighted Average Assumptions Estimate The Fair Value Of Options Granted | The following weighted average assumptions were used to estimate the fair value of options granted: Nine months ended September 30, 2016 2015 Risk-free interest rate 1.43 % 1.95 % Expected dividend yield 3.86 % 3.50 % Volatility factor 30.76 % 45.40 % Expected life of option 7.0 years 7.0 years |
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below: Nine months ended September 30, 2016 2015 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 172,921 $ 37.38 163,431 $ 35.50 Granted 28,801 46.16 25,440 46.35 Forfeited (500 ) 46.54 (500 ) 37.50 Vested (22,200 ) 33.81 (16,550 ) 33.51 Outstanding at September 30 179,022 $ 39.21 171,821 $ 37.29 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Nine months ended September 30, 2016 2015 Stock-based compensation expense associated with restricted shares $ 1,010 $ 933 At period-end: September 30, 2016 Unrecognized stock-based compensation expense associated with restricted shares $ 3,215 Weighted average period (in years) in which the above amount is expected to be recognized 3.2 |
Net Periodic Pension Cost Of The Defined Benefit Plan | The following table presents details of the Company's activities pursuant to these plans (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Interest cost $ 205 $ 203 $ 615 $ 668 Expected return on plan assets (288 ) (234 ) (865 ) (757 ) Net amortization and deferral 212 244 636 714 Net Periodic Pension Cost $ 129 $ 213 $ 386 $ 625 401(k) Plan expense $ 197 $ 166 $ 615 $ 578 Defined benefit plan contributions $ — $ 143 $ — $ 313 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contractual Obligations From Significant Commitments | The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): September 30, 2016 December 31, 2015 Commitments to extend credit: Home equity lines $ 186,423 $ 183,017 Commercial real estate 155,629 84,672 Other commitments 202,277 177,491 Standby letters of credit 4,815 5,086 Commercial letters of credit 1,862 2,312 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of Changes In Each Component of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive loss is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 37% . Accumulated Other Comprehensive Income (Loss) Unrealized Gains (Losses) on Defined Benefit Securities Pension Plans Available-for-Sale Total Balance at December 31, 2014 $ (5,349 ) $ 1,190 $ (4,159 ) Other comprehensive income before reclassifications — 1,943 1,943 Amounts reclassified from other comprehensive loss — (1,344 ) (1,344 ) — 599 599 Balance at September 30, 2015 $ (5,349 ) $ 1,789 $ (3,560 ) Balance at December 31, 2015 $ (4,759 ) $ 927 $ (3,832 ) Other comprehensive income before reclassifications — 7,301 7,301 Amounts reclassified from other comprehensive loss — (2,215 ) (2,215 ) — 5,086 5,086 Balance at September 30, 2016 $ (4,759 ) $ 6,013 $ 1,254 |
Schedule of Amounts Reclassified Out Of Accumulated Other Comprehensive Income | Amount reclassified from Other Comprehensive Loss Three months ended Nine months ended Affected line item September 30, September 30, in the Statements 2016 2015 2016 2015 of Income Securities available-for-sale: Net securities gains reclassified into earnings $ (2,668 ) $ — $ (3,513 ) $ (2,130 ) Security gains (losses) Related income tax expense 985 — 1,298 786 Income tax expense Net effect on accumulated other comprehensive loss $ (1,683 ) $ — $ (2,215 ) $ (1,344 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Distributed earnings allocated to common stock $ 6,376 $ 6,362 $ 19,128 $ 19,086 Undistributed earnings allocated to common stock 6,699 4,125 17,901 21,040 Net earnings allocated to common shareholders $ 13,075 $ 10,487 $ 37,029 $ 40,126 Average shares outstanding 14,899 15,178 14,902 15,111 Effect of dilutive securities: Warrants outstanding — — — 37 Employee stock awards 11 20 11 21 Shares for diluted earnings per share 14,910 15,198 14,913 15,169 Basic earnings per share $ 0.88 $ 0.69 $ 2.48 $ 2.66 Diluted earnings per share $ 0.88 $ 0.69 $ 2.48 $ 2.65 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis | The following table presents assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2016 Recurring fair value measurements Financial Assets U.S. Government agencies $ 4 $ — $ 4 $ — Obligations of states and political subdivisions 64,435 — 64,435 — Mortgage-backed securities: U.S. Government agencies 333,202 — 333,202 — Private label 1,002 — 1,002 — Trust preferred securities 6,411 — 3,787 2,624 Corporate securities 24,414 — 24,414 — Marketable equity securities 3,713 3,713 — — Investment funds 1,536 1,536 — — Derivative assets 27,459 — 27,459 — Financial Liabilities Derivative liabilities 27,916 — 27,916 — Nonrecurring fair value measurements Impaired loans $ 5,367 $ — $ — $ 5,367 $ — Other real estate owned 5,491 — — 5,491 (399 ) December 31, 2015 Recurring fair value measurements Financial Assets U.S. Government agencies $ 5 $ — $ 5 $ — Obligations of states and political subdivisions 50,697 — 50,697 — Mortgage-backed securities: U.S. Government agencies 288,197 — 288,197 — Private label 1,231 — 1,231 — Trust preferred securities 5,858 — 3,762 2,096 Corporate securities 18,693 — 18,693 — Marketable equity securities 3,273 3,273 — — Investment funds 1,512 1,512 — — Derivative assets 10,811 — 10,811 — Financial Liabilities Derivative liabilities 10,933 — 10,933 — Nonrecurring fair value measurements Impaired loans $ 8,482 $ — $ — $ 8,482 $ — Other real estate owned 6,518 — — 6,518 (937 ) |
Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets | The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which consist solely of trust preferred securities (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 2,096 $ 1,871 Impairment losses on investment securities (465 ) — Gains on sale of investment securities 3,978 — Included in other comprehensive income (2,985 ) 220 Dispositions — — Transfers into Level 3 — — Ending balance $ 2,624 $ 2,091 |
Schedule Of Level 3 Financial Assets And Liabilities Measured On A Non-Recurring Basis | The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During the nine months ended September 30, 2016 and 2015 , collateral discounts ranged from 20% to 30% . During the nine months ended September 30, 2016 and 2015 , the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Nine months ended September 30, 2016 2015 Beginning balance $ 8,482 $ 6,517 Loans classified as impaired during the period — 799 Specific valuation allowance allocations — — — 799 (Additional) reduction in specific valuation allowance allocations — (22 ) Paydowns, payoffs, other activity (3,115 ) (172 ) Ending balance $ 5,367 $ 7,122 |
Schedule Of Level 3 Non-Financial Assets and Liabilities Measured On a Non-Recurring Basis | The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands): Nine months ended September 30, 2016 2015 Beginning balance $ 6,518 $ 8,179 OREO remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement 2,528 2,356 Charge-offs recognized in the allowance for loan losses — — Fair value 2,528 2,356 OREO remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement 1,228 3,601 Fair value 829 2,819 Write-downs included in other non-interest expense (399 ) (782 ) Disposed (3,156 ) (3,727 ) Ending balance $ 5,491 $ 6,026 |
Schedule Of Estimates Of Fair Value Of Financial Instruments | The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Amount Fair Value Level 1 Level 2 Level 3 September 30, 2016 Assets: Cash and cash equivalents $ 64,809 $ 64,809 $ 64,809 $ — $ — Securities available-for-sale 434,717 434,717 5,249 426,844 2,624 Securities held-to-maturity 79,499 82,993 — 82,993 — Other securities 11,895 11,895 — 11,895 — Net loans 2,938,362 2,949,827 — — 2,949,827 Accrued interest receivable 7,986 7,986 7,986 — — Derivative assets 27,459 27,459 — 27,459 — Liabilities: Deposits 3,179,286 3,186,387 2,148,702 1,037,685 — Short-term debt 179,384 179,384 — 179,384 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 27,916 27,916 — 27,916 — December 31, 2015 Assets: Cash and cash equivalents 70,113 70,113 70,113 — — Securities available-for-sale 369,466 369,466 4,785 362,585 2,096 Securities held-to-maturity 88,937 90,810 — 90,810 — Other securities 12,915 12,915 — 12,915 — Net loans 2,843,283 2,843,973 — — 2,843,973 Accrued interest receivable 7,432 7,432 7,432 — — Derivative assets 10,811 10,811 — 10,811 — Liabilities: Deposits 3,083,975 3,085,908 2,066,419 1,019,489 — Short-term debt 154,869 154,872 — 154,872 — Long-term debt 16,495 16,457 — 16,457 — Derivative liabilities 10,933 10,933 — 10,933 — |
Background and Basis of Prese31
Background and Basis of Presentation (Details) - City National [Member] | Sep. 30, 2016store |
Entity Location [Line Items] | |
Number of Stores | 85 |
WEST VIRGINIA | |
Entity Location [Line Items] | |
Number of Stores | 57 |
VIRGINIA | |
Entity Location [Line Items] | |
Number of Stores | 14 |
KENTUCKY | |
Entity Location [Line Items] | |
Number of Stores | 11 |
OHIO | |
Entity Location [Line Items] | |
Number of Stores | 3 |
Background and Basis of Prese32
Background and Basis of Presentation (Business Divestiture) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Proceeds from Divestiture of Businesses | $ 5.8 |
Background and Basis of Prese33
Background and Basis of Presentation (Business Combination) (Details) $ in Thousands | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 06, 2015USD ($)store |
Business Acquisition [Line Items] | |||
Gross loans | $ 2,957,912 | $ 2,862,534 | |
Deposits | 3,179,286 | 3,083,975 | |
Business Combination, Premium on Non-Time Deposits | 5.50% | ||
Business Combination, Premium on Loans | 1.00% | ||
American Founders Bank [Member] | |||
Business Acquisition [Line Items] | |||
Number of Stores | store | 3 | ||
Gross loans | $ 95,457 | $ 112,862 | $ 119,000 |
Deposits | $ 145,000 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Credit-related net investment impairment losses | $ 400,000 | $ 0 | $ 0 |
Credit-related investment impairment losses recognized in earnings | $ 10,500,000 | ||
Percent of average daily trading volume | 0.20% | 0.20% | |
Carrying value of securities pledged | $ 285,000,000 | $ 273,000,000 | |
Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Credit-related investment impairment losses recognized in earnings | 8,900,000 | ||
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Credit-related investment impairment losses recognized in earnings | $ 1,600,000 | ||
Maximum [Member] | First National Corporation (FXNC) [Member] | |||
Schedule of Investments [Line Items] | |||
Equity ownership positions in the community bank holding companies | 4.00% | 4.00% | |
Maximum [Member] | Eagle Financial Services, Inc. (EFSI) [Member] | |||
Schedule of Investments [Line Items] | |||
Equity ownership positions in the community bank holding companies | 1.50% | 1.50% |
Investments (Aggregate Carrying
Investments (Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | $ 425,094 | $ 367,884 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 10,974 | 5,099 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,351 | 3,517 |
Securities available-for-sale | 434,717 | 369,466 |
U.S Treasuries and U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 4 | 5 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale | 4 | 5 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 62,845 | 49,725 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,669 | 979 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 79 | 7 |
Securities available-for-sale | 64,435 | 50,697 |
U.S. Government Agencies Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 327,608 | 287,933 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 5,896 | 2,285 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 302 | 2,021 |
Securities available-for-sale | 333,202 | 288,197 |
Private Label [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 1,000 | 1,222 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2 | 9 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale | 1,002 | 1,231 |
Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 6,049 | 6,550 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,206 | 463 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 844 | 1,155 |
Securities available-for-sale | 6,411 | 5,858 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 23,927 | 18,793 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 613 | 221 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 126 | 321 |
Securities available-for-sale | 24,414 | 18,693 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 421,433 | 364,228 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 9,386 | 3,957 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,351 | 3,504 |
Securities available-for-sale | 429,468 | 364,681 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 2,136 | 2,131 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,577 | 1,142 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale | 3,713 | 3,273 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost | 1,525 | 1,525 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 11 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 13 |
Securities available-for-sale | $ 1,536 | $ 1,512 |
Investments (Aggregate Carryi36
Investments (Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held-to-maturity, Amortized Cost | $ 79,499 | $ 88,937 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,494 | 1,949 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 76 |
Securities held-to-maturity, Estimated Fair Value | 82,993 | 90,810 |
Other Investments and Securities, at Cost | 11,895 | 12,915 |
Other Investment Not Readily Marketable, Fair Value | 11,895 | 12,915 |
U.S. Government Agencies Mortgage-backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held-to-maturity, Amortized Cost | 75,499 | 84,937 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,494 | 1,949 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 76 |
Securities held-to-maturity, Estimated Fair Value | 78,993 | 86,810 |
Trust Preferred Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held-to-maturity, Amortized Cost | 4,000 | 4,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, Estimated Fair Value | 4,000 | 4,000 |
Non-Marketable Equity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Other Investments and Securities, at Cost | 11,895 | 12,915 |
Other Investment Not Readily Marketable, Fair Value | $ 11,895 | $ 12,915 |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses And Fair Value Of Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | $ 85,745 | $ 142,874 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 351 | 867 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 13,915 | 42,660 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 1,000 | 2,650 |
Securities available-for-sale, Total, Estimated Fair Value | 99,660 | 185,534 |
Securities available-for-sale, Total, Unrealized Loss | 1,351 | 3,517 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 12,879 | 2,406 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 79 | 5 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | 128 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | 2 |
Securities available-for-sale, Total, Estimated Fair Value | 12,879 | 2,534 |
Securities available-for-sale, Total, Unrealized Loss | 79 | 7 |
U.S. Government Agencies Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 70,593 | 129,612 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 146 | 688 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 9,237 | 34,044 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 156 | 1,333 |
Securities available-for-sale, Total, Estimated Fair Value | 79,830 | 163,656 |
Securities available-for-sale, Total, Unrealized Loss | 302 | 2,021 |
Corporate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 2,273 | 10,856 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 126 | 174 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | 2,231 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | 147 |
Securities available-for-sale, Total, Estimated Fair Value | 2,273 | 13,087 |
Securities available-for-sale, Total, Unrealized Loss | 126 | 321 |
Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 0 | |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 1,488 | |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 13 | |
Securities available-for-sale, Total, Estimated Fair Value | 1,488 | |
Securities available-for-sale, Total, Unrealized Loss | 13 | |
Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 0 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 0 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 4,678 | 4,769 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 844 | 1,155 |
Securities available-for-sale, Total, Estimated Fair Value | 4,678 | 4,769 |
Securities available-for-sale, Total, Unrealized Loss | $ 844 | $ 1,155 |
Investments (Amortized Cost And
Investments (Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Securities Available-for-Sale, Amortized Cost | ||
Securities Available-for-Sale, Due in one year or less, Cost | $ 3,640 | |
Securities Available-for-Sale, Due after one year through five years, Cost | 25,215 | |
Securities Available-for-Sale, Due after five years through ten years, Cost | 59,193 | |
Securities Available-for-Sale, Due after ten years, Cost | 333,385 | |
Securities Available-for-Sale, Cost, Total | 421,433 | |
Securities Available-for-Sale, Estimated Fair Value | ||
Securities Available-for-Sale, Due in one year or less, Estimated Fair Value | 3,662 | |
Securities Available-for-Sale, Due after one year through five years, Estimated Fair Value | 17,395 | |
Securities Available-for-Sale, Due after five years through ten years, Estimated Fair Value | 68,514 | |
Securities Available-for-Sale, Due after ten years, Estimated Fair Value | 339,897 | |
Securities Available-for-Sale, Estimated Fair Value, Total | 429,468 | |
Securities Held-to-Maturity, Amortized Cost | ||
Securities Held-to-Maturity, Due in one year or less, Cost | 0 | |
Securities Held-to-Maturity, Due after one year through five years, Cost | 0 | |
Securities Held-to-Maturity, Due after five years through ten years, Cost | 0 | |
Securities Held-to-Maturity, Due after ten years, Cost | 79,499 | |
Securities Held-to-Maturity, Amortized Cost | 79,499 | $ 88,937 |
Securities Held-to-Maturity, Estimated Fair Value | ||
Securities Held-to-Maturity, Due in one year or less, Estimated Fair Value | 0 | |
Securities Held-to-Maturity, Due after one year through five years, Estimated Fair Value | 0 | |
Securities Held-to-Maturity, Due after five years through ten years, Estimated Fair Value | 0 | |
Securities Held-to-Maturity, Due after ten years, Estimated Fair Value | 82,993 | |
Securities Held-to-Maturity, Estimated Fair Value | $ 82,993 | $ 90,810 |
Investments (Gross Gains And Lo
Investments (Gross Gains And Losses Realized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investments [Abstract] | ||||
Gross realized gains | $ 2,722 | $ 0 | $ 3,978 | $ 2,130 |
Gross realized losses | (54) | 0 | (465) | 0 |
Net investment security gains | $ 2,668 | $ 0 | $ 3,513 | $ 2,130 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Construction loans | $ 12.3 | $ 13.1 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Construction loans | $ 7.3 | $ 12.6 |
Loans (Summary Of Major Classif
Loans (Summary Of Major Classifications For Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 2,957,912 | $ 2,862,534 |
Allowance for loan losses | (19,550) | (19,251) |
Net Loans | 2,938,362 | 2,843,283 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,445,242 | 1,383,133 |
Allowance for loan losses | (7,024) | (6,778) |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 141,616 | 147,036 |
Allowance for loan losses | (1,447) | (1,463) |
Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 176,387 | 165,340 |
Allowance for loan losses | (4,054) | (3,271) |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,158,088 | 1,127,581 |
Allowance for loan losses | (6,271) | (6,985) |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 33,614 | 36,083 |
Allowance for loan losses | (75) | (97) |
Demand Deposit Account Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,965 | 3,361 |
Allowance for loan losses | $ (679) | $ (657) |
Loans (Composition Of Loans Acq
Loans (Composition Of Loans Acquired At Acquisition) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Nov. 06, 2015 |
Financing Receivable, Impaired [Line Items] | |||
Outstanding loan balance | $ 2,957,912 | $ 2,862,534 | |
Virginia Savings Bank [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Outstanding loan balance | 25,520 | 28,914 | |
Credit-impaired loans: | |||
Carrying value | 1,707 | 1,707 | |
Contractual principal and interest | 1,908 | 1,965 | |
Community Bank [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Outstanding loan balance | 154,832 | 181,545 | |
Credit-impaired loans: | |||
Carrying value | 9,712 | 12,899 | |
Contractual principal and interest | 12,091 | 16,362 | |
American Founders Bank [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Outstanding loan balance | 95,457 | 112,862 | $ 119,000 |
Credit-impaired loans: | |||
Carrying value | 0 | 0 | |
Contractual principal and interest | 0 | 0 | |
Virginia Savings Bank, Community Financial and American Founders Bank[Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Outstanding loan balance | 275,809 | 323,321 | |
Credit-impaired loans: | |||
Carrying value | 11,419 | 14,606 | |
Contractual principal and interest | $ 13,999 | $ 18,327 |
Loans (Activity For The Accreta
Loans (Activity For The Accretable Yield) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Virginia Savings Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | $ 374 |
Accretion | (114) |
Net reclassifications to accretable yield from non-accretable yield | 51 |
Disposals | 0 |
Balance at the end of period | 311 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 1,707 |
Accretion | 114 |
Payments received, net | (114) |
Disposals | 0 |
Balance at the end of period | 1,707 |
Community Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | 6,266 |
Accretion | (744) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | (38) |
Disposals | (1) |
Balance at the end of period | 5,483 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 12,899 |
Accretion | 744 |
Payments received, net | (3,197) |
Disposals | (734) |
Balance at the end of period | 9,712 |
Virginia Savings Bank and Community Bank [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at the beginning of the period | 6,640 |
Accretion | (858) |
Net reclassifications to accretable yield from non-accretable yield | 13 |
Disposals | (1) |
Balance at the end of period | 5,794 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Carrying Amount Net [Roll Forward] | |
Balance at the beginning of the period | 14,606 |
Accretion | 858 |
Payments received, net | (3,311) |
Disposals | (734) |
Balance at the end of period | $ 11,419 |
Allowance For Loan Losses (Narr
Allowance For Loan Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Past Due Threshold in Days | 30 days | ||
Threshold Period Past Due for Write-off of Financing Receivable | 30 days | ||
Interest income | $ 300,000 | $ 600,000 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days | 120 days | |
Commercial Industrial Loans And Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days | 120 days | |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold Period Past Due for Write-off of Financing Receivable | 180 days | 180 days | |
Flood [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 0.3 |
Allowance For Loan Losses (Sche
Allowance For Loan Losses (Schedule Of Allowance For Loan Loss By Portfolio Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | $ 19,251 | $ 20,074 | |
Allowance for loan loss, Charge-offs | (4,061) | (5,100) | |
Allowance for loan loss, Recoveries | 1,267 | 999 | |
Allowance for loan loss, Provision for acquired loans | 164 | 521 | |
Allowance for loan loss, Provision | 2,929 | 3,654 | |
Allowance for loan loss, Ending balance | 19,550 | 20,148 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | $ 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 19,331 | 18,422 | |
Allowance for loan loss, Total | 19,550 | 19,251 | |
Loans, Evaluated for impairment, Individually | 5,367 | 8,482 | |
Loans, Evaluated for impairment, Collectively | 2,941,126 | 2,839,447 | |
Total | 2,957,912 | 2,862,534 | |
Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 219 | 829 | |
Loans, Acquired with deteriorated credit quality | 11,419 | 14,605 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 3,271 | 1,582 | |
Allowance for loan loss, Charge-offs | (148) | (2,620) | |
Allowance for loan loss, Recoveries | 13 | 72 | |
Allowance for loan loss, Provision for acquired loans | 0 | 0 | |
Allowance for loan loss, Provision | 918 | 3,747 | |
Allowance for loan loss, Ending balance | 4,054 | 2,781 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 4,051 | 3,267 | |
Allowance for loan loss, Total | 4,054 | 3,271 | |
Loans, Evaluated for impairment, Individually | 1,939 | 2,349 | |
Loans, Evaluated for impairment, Collectively | 174,131 | 162,662 | |
Total | 176,387 | 165,340 | |
Commercial And Industrial [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 3 | 4 | |
Loans, Acquired with deteriorated credit quality | 317 | 329 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 6,985 | 8,845 | |
Allowance for loan loss, Charge-offs | (1,213) | (277) | |
Allowance for loan loss, Recoveries | 447 | 49 | |
Allowance for loan loss, Provision for acquired loans | 164 | 521 | |
Allowance for loan loss, Provision | (112) | (1,441) | |
Allowance for loan loss, Ending balance | 6,271 | 7,697 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 6,147 | 6,173 | |
Allowance for loan loss, Total | 6,271 | 6,985 | |
Loans, Evaluated for impairment, Individually | 3,428 | 6,133 | |
Loans, Evaluated for impairment, Collectively | 1,146,316 | 1,109,327 | |
Total | 1,158,088 | 1,127,581 | |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 124 | 812 | |
Loans, Acquired with deteriorated credit quality | 8,344 | 12,121 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 6,778 | 7,208 | |
Allowance for loan loss, Charge-offs | (1,281) | (758) | |
Allowance for loan loss, Recoveries | 113 | 130 | |
Allowance for loan loss, Provision for acquired loans | 0 | 0 | |
Allowance for loan loss, Provision | 1,414 | 681 | |
Allowance for loan loss, Ending balance | 7,024 | 7,261 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 6,932 | 6,765 | |
Allowance for loan loss, Total | 7,024 | 6,778 | |
Loans, Evaluated for impairment, Individually | 0 | 0 | |
Loans, Evaluated for impairment, Collectively | 1,442,599 | 1,381,064 | |
Total | 1,445,242 | 1,383,133 | |
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 92 | 13 | |
Loans, Acquired with deteriorated credit quality | 2,643 | 2,069 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 1,463 | 1,495 | |
Allowance for loan loss, Charge-offs | (300) | (236) | |
Allowance for loan loss, Recoveries | 0 | 0 | |
Allowance for loan loss, Provision for acquired loans | 0 | 0 | |
Allowance for loan loss, Provision | 284 | 249 | |
Allowance for loan loss, Ending balance | 1,447 | 1,508 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 1,447 | 1,463 | |
Allowance for loan loss, Total | 1,447 | 1,463 | |
Loans, Evaluated for impairment, Individually | 0 | 0 | |
Loans, Evaluated for impairment, Collectively | 141,616 | 147,036 | |
Total | 141,616 | 147,036 | |
Home Equity [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 0 | 0 | |
Loans, Acquired with deteriorated credit quality | 0 | 0 | |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 97 | 85 | |
Allowance for loan loss, Charge-offs | (102) | (171) | |
Allowance for loan loss, Recoveries | 109 | 155 | |
Allowance for loan loss, Provision for acquired loans | 0 | 0 | |
Allowance for loan loss, Provision | (29) | 27 | |
Allowance for loan loss, Ending balance | 75 | 96 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 75 | 97 | |
Allowance for loan loss, Total | 75 | 97 | |
Loans, Evaluated for impairment, Individually | 0 | 0 | |
Loans, Evaluated for impairment, Collectively | 33,499 | 35,997 | |
Total | 33,614 | 36,083 | |
Consumer Loan [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 0 | 0 | |
Loans, Acquired with deteriorated credit quality | 115 | 86 | |
Demand Deposit Account Overdrafts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for loan loss, Beginning balance | 657 | 859 | |
Allowance for loan loss, Charge-offs | (1,017) | (1,038) | |
Allowance for loan loss, Recoveries | 585 | 593 | |
Allowance for loan loss, Provision for acquired loans | 0 | 0 | |
Allowance for loan loss, Provision | 454 | 391 | |
Allowance for loan loss, Ending balance | 679 | $ 805 | |
Allowance for loan loss, Evaluated for impairment, Individually | 0 | 0 | |
Allowance for loan loss, Evaluated for impairment, Collectively | 679 | 657 | |
Allowance for loan loss, Total | 679 | 657 | |
Loans, Evaluated for impairment, Individually | 0 | 0 | |
Loans, Evaluated for impairment, Collectively | 2,965 | 3,361 | |
Total | 2,965 | 3,361 | |
Demand Deposit Account Overdrafts [Member] | Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Acquired with deteriorated credit quality | 0 | 0 | |
Loans, Acquired with deteriorated credit quality | $ 0 | $ 0 |
Allowance For Loan Losses (Sc46
Allowance For Loan Losses (Schedule Of Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,957,912 | $ 2,862,534 |
Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,334,475 | 1,292,921 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 176,387 | 165,340 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,158,088 | 1,127,581 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,272,722 | 1,227,170 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 167,493 | 156,664 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,105,229 | 1,070,506 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 16,978 | 25,041 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,027 | 4,099 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 14,951 | 20,942 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 44,775 | 40,672 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,867 | 4,539 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 37,908 | 36,133 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 38 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 38 |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 0 | $ 0 |
Allowance For Loan Losses (Sc47
Allowance For Loan Losses (Schedule Of Non-Commercial Loans By Payment Performance) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,957,912 | $ 2,862,534 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,445,242 | 1,383,133 |
Residential Real Estate [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,441,109 | 1,379,797 |
Residential Real Estate [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,133 | 3,336 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 141,616 | 147,036 |
Home Equity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 141,462 | 146,877 |
Home Equity [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 154 | 159 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 33,614 | 36,083 |
Consumer Loan [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 33,614 | 36,049 |
Consumer Loan [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 34 |
Demand Deposit Account Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,965 | 3,361 |
Demand Deposit Account Overdrafts [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,691 | 3,361 |
Demand Deposit Account Overdrafts [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 274 | 0 |
Noncommercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,623,437 | 1,569,613 |
Noncommercial Loans [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,618,876 | 1,566,084 |
Noncommercial Loans [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 4,561 | $ 3,529 |
Allowance For Loan Losses (Sc48
Allowance For Loan Losses (Schedule Of Aging Analysis Of Accruing And Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 2,934,352 | $ 2,836,419 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 526 | 506 |
Non-accrual | 14,591 | 16,948 |
Gross loans | 2,957,912 | 2,862,534 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,435,610 | 1,373,604 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 3,919 | 2,918 |
Gross loans | 1,445,242 | 1,383,133 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 140,537 | 146,493 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 154 | 136 |
Gross loans | 141,616 | 147,036 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 173,547 | 162,435 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 2,441 | 2,745 |
Gross loans | 176,387 | 165,340 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,148,737 | 1,114,953 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 526 | 506 |
Non-accrual | 8,077 | 11,149 |
Gross loans | 1,158,088 | 1,127,581 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 33,510 | 35,886 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 33,614 | 36,083 |
Demand Deposit Account Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,411 | 3,048 |
Financing Receivable, Acquired with Deteriorated Credit Quality, Recorded Investment, Past Due | 0 | 0 |
Non-accrual | 0 | 0 |
Gross loans | 2,965 | 3,361 |
Commercial Industrial Loans And Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans | 1,334,475 | 1,292,921 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,827 | 6,946 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,612 | 5,261 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 889 | 318 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 291 | 141 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 668 | 762 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 91 | 154 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Demand Deposit Account Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 276 | 310 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,047 | 1,220 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 886 | 932 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 36 | 65 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 108 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 211 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 13 | 9 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Demand Deposit Account Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4 | 3 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 569 | 495 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 215 | 418 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 24 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 19 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 80 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 34 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Demand Deposit Account Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 274 | $ 0 |
Allowance For Loan Losses (Sc49
Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | $ 5,367 | $ 8,482 |
With no related allowance recorded, Unpaid principal balance | 9,357 | 17,049 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 1,939 | 2,349 |
With no related allowance recorded, Unpaid principal balance | 4,104 | 7,547 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded investment | 3,428 | 6,133 |
With no related allowance recorded, Unpaid principal balance | 5,253 | 9,502 |
With an allowance recorded, Recorded investment | 0 | 0 |
With an allowance recorded, Unpaid principal balance | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Allowance For Loan Losses (Sc50
Allowance For Loan Losses (Schedule Of Information Related To Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | $ 6,520 | $ 7,128 |
With no related allowance recorded, Interest income recognized | 9 | 3 |
With an allowance recorded, Average recorded investment | 0 | 1,350 |
With an allowance recorded, Interest income recognized | 0 | 0 |
Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 2,234 | 1,807 |
With no related allowance recorded, Interest income recognized | 0 | 0 |
With an allowance recorded, Average recorded investment | 0 | 1,350 |
With an allowance recorded, Interest income recognized | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Average recorded investment | 4,286 | 5,321 |
With no related allowance recorded, Interest income recognized | 9 | 3 |
With an allowance recorded, Average recorded investment | 0 | 0 |
With an allowance recorded, Interest income recognized | $ 0 | $ 0 |
Allowance For Loan Losses (Sc51
Allowance For Loan Losses (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Accruing | $ 25,867 | $ 22,259 | |
Non-Accruing | 537 | 225 | |
Total | $ 26,404 | 22,484 | |
Number of Contracts | contract | 38 | 49 | |
Pre-Modification Outstanding Recorded Investment | $ 5,321 | $ 2,799 | |
Post Modification Outstanding Recorded Investment | 5,321 | $ 2,799 | |
Commercial And Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 46 | 58 | |
Non-Accruing | 0 | 0 | |
Total | $ 46 | 58 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 2,718 | 1,746 | |
Non-Accruing | 0 | 0 | |
Total | $ 2,718 | 1,746 | |
Number of Contracts | contract | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 2,207 | $ 0 | |
Post Modification Outstanding Recorded Investment | 2,207 | $ 0 | |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 19,944 | 17,796 | |
Non-Accruing | 452 | 191 | |
Total | $ 20,396 | 17,987 | |
Number of Contracts | contract | 30 | 35 | |
Pre-Modification Outstanding Recorded Investment | $ 2,924 | $ 2,431 | |
Post Modification Outstanding Recorded Investment | 2,924 | $ 2,431 | |
Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 3,159 | 2,659 | |
Non-Accruing | 85 | 34 | |
Total | $ 3,244 | 2,693 | |
Number of Contracts | contract | 7 | 14 | |
Pre-Modification Outstanding Recorded Investment | $ 190 | $ 368 | |
Post Modification Outstanding Recorded Investment | 190 | $ 368 | |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Non-Accruing | 0 | 0 | |
Total | $ 0 | $ 0 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | ||
Long-term debt | $ 16,495 | $ 16,495 |
Junior subordinated debentures, interest rate | 4.35% | 4.01% |
Junior subordinated debentures, due date | Dec. 31, 2038 | Dec. 31, 2038 |
Percent over three month LIBOR Rate | 3.50% | 3.50% |
Junior subordinated debenture, Threshold in days | 90 days | 90 days |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Loss on Fair Value Hedge Ineffectiveness | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 4,734 | $ 5,475 |
Fair Value | 191 | 61 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 407,714 | 372,995 |
Fair Value | 27,459 | 10,811 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 415,071 | 380,995 |
Fair Value | $ 27,725 | $ 10,872 |
Derivative Instruments (Change
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details) - Other Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Not Designated as Hedging Instrument [Member] | Derivative Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value | $ 2,244 | $ 6,922 | $ (15,846) | $ 4,494 |
Not Designated as Hedging Instrument [Member] | Derivative Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value | (2,317) | (7,028) | 16,181 | (4,613) |
Designated as Hedging Instrument [Member] | Derivative Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value | (45) | 101 | 119 | 89 |
Designated as Hedging Instrument [Member] | Derivative Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value | $ 6 | $ 5 | $ 10 | $ 6 |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Assets Offset in The Consolidated Balance Sheets) (Details) - Not Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Offsetting Assets [Line Items] | |
Gross amounts of recognized assets | $ 27,459 |
Net Amounts of Assets presented in the Statement of Financial Position | 27,459 |
Fair Value of collateral | 27,459 |
Total Gross amounts not offset in the statement of financial position including applicable netting agreement and fair value of collateral | 27,459 |
Net Amount | $ 0 |
Derivative Instruments (Deriv57
Derivative Instruments (Derivative Liabilities Offset in The consolidated Balance Sheets) (Details) - Interest Rate Swap [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Not Designated as Hedging Instrument [Member] | |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Recognized Liabilities | $ 27,725 |
Derivative liabilities | 27,725 |
Fair Value of collateral | 33,067 |
Total Gross amounts not offset in the statement of financial position including applicable netting agreement and fair value of collateral | 33,067 |
Net Amount | 0 |
Designated as Hedging Instrument [Member] | |
Offsetting Liabilities [Line Items] | |
Gross Amounts of Recognized Liabilities | 191 |
Derivative liabilities | 191 |
Fair Value of collateral | 227 |
Total Gross amounts not offset in the statement of financial position including applicable netting agreement and fair value of collateral | 227 |
Net Amount | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016shares | |
Employee Stock Option [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Incentive stock options and SARs exercisable period | 10 years |
Stock options awarded | 462,863 |
Restricted Stock [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Stock options awarded | 271,797 |
Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% |
Maximum [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Common stock issued upon the exercise of stock options, SARs and stock awards | 750,000 |
Share-based Compensation Award, Tranche One [Member] | Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years |
Share-based Compensation Award, Tranche Two [Member] | Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years |
Share-based Compensation Award, Tranche Three [Member] | Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Median Return on Average Assets of all FDIC Insured Depository Institutions Time Period | 20 years |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options Outstanding, beginning balance (in shares) | 95,015 | 167,554 |
Options, Granted (in shares) | 24,348 | 12,961 |
Options, Exercised (in shares) | (21,000) | (71,750) |
Options, Forfeited (in shares) | 0 | (4,000) |
Options Outstanding, ending balance (in shares) | 98,363 | 104,765 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Weighted-Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 38.38 | $ 36.74 |
Weighted-Average Exercise Price, Granted (in dollars per share) | 43.73 | 46.41 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 33.57 | 37.01 |
Weighted-Average Exercise Price, Forfeited (in dollars per share) | 0 | 31.66 |
Weighted-Average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 40.76 | $ 37.95 |
Exercisable (shares) | 14,750 | 29,500 |
Exercisable, Weighted average exercise price (US$ per share) | $ 36.53 | $ 34.30 |
Proceeds from Stock Options Exercised | $ 705 | $ 2,649 |
Intrinsic value of stock options exercised | 317 | 724 |
Allocated Share-based Compensation Expense | 180 | $ 160 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 440 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days |
Employee Benefit Plans (Stock O
Employee Benefit Plans (Stock Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 98,363 |
Aggregate Intrinsic Value (in thousands) | $ | $ 938 |
No. of Options Currently Exercisable (in shares) | shares | 14,750 |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 204 |
$25.00 - $29.99 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 1,250 |
Weighted-Average Exercise Price (in dollars per share) | $ 28.15 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 6 months |
Aggregate Intrinsic Value (in thousands) | $ | $ 28 |
No. of Options Currently Exercisable (in shares) | shares | 1,250 |
Weighted-Average Exercise Price of Options Currently Exercisable (in dollars per share) | $ 28.15 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 6 months |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 28 |
$25.00 - $29.99 | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 25 |
$25.00 - $29.99 | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 29.99 |
30.00 - 34.99 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 2,250 |
Weighted-Average Exercise Price (in dollars per share) | $ 30.38 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
Aggregate Intrinsic Value (in thousands) | $ | $ 45 |
No. of Options Currently Exercisable (in shares) | shares | 2,250 |
Weighted-Average Exercise Price of Options Currently Exercisable (in dollars per share) | $ 30.38 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 45 |
30.00 - 34.99 | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 30 |
30.00 - 34.99 | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 34.99 |
35.00 - 39.99 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 36,601 |
Weighted-Average Exercise Price (in dollars per share) | $ 36.35 |
Weighted-Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
Aggregate Intrinsic Value (in thousands) | $ | $ 510 |
No. of Options Currently Exercisable (in shares) | shares | 4,250 |
Weighted-Average Exercise Price of Options Currently Exercisable (in dollars per share) | $ 35.09 |
Weighted-Average Remaining Contractual Life (Years) | 4 years 6 months |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 65 |
35.00 - 39.99 | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 35 |
35.00 - 39.99 | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 39.99 |
40.00 - 44.99 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 45,301 |
Weighted-Average Exercise Price (in dollars per share) | $ 43.51 |
Weighted-Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
Aggregate Intrinsic Value (in thousands) | $ | $ 307 |
No. of Options Currently Exercisable (in shares) | shares | 7,000 |
Weighted-Average Exercise Price of Options Currently Exercisable (in dollars per share) | $ 40.88 |
Weighted-Average Remaining Contractual Life (Years) | 1 year 6 months |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 66 |
40.00 - 44.99 | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 40 |
40.00 - 44.99 | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 44.99 |
45.00 - 50.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
No. of Options Outstanding (in shares) | shares | 12,961 |
Weighted-Average Exercise Price (in dollars per share) | $ 46.61 |
Weighted-Average Remaining Contractual Life (Years) | 8 years 4 months 25 days |
Aggregate Intrinsic Value (in thousands) | $ | $ 48 |
No. of Options Currently Exercisable (in shares) | shares | 0 |
Weighted-Average Exercise Price of Options Currently Exercisable (in dollars per share) | $ 0 |
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands) | $ | $ 0 |
45.00 - 50.00 | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 45 |
45.00 - 50.00 | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ranges Of Exercise Prices (in dollars per share) | $ 50 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Estimate The Fair Value Of Options Granted) (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation [Abstract] | ||
Risk-free interest rate | 1.43% | 1.95% |
Expected dividend yield | 3.86% | 3.50% |
Volatility factor | 30.76% | 45.40% |
Expected life of option | 7 years | 7 years |
Employee Benefit Plans (Restric
Employee Benefit Plans (Restricted Shares Activity And Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,215 | |
Restricted Stock or Unit Expense | $ 1,010 | $ 933 |
Restricted Awards, Number of Awards [Roll Forward] | ||
Beginning Balance | 172,921 | 163,431 |
Granted | 28,801 | 25,440 |
Forfeited | (500) | (500) |
Vested | (22,200) | (16,550) |
Ending Balance | 179,022 | 171,821 |
Restricted Awards, Number of Awards, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at January 1 | $ 37.38 | $ 35.50 |
Granted | 46.16 | 46.35 |
Forfeited | 46.54 | 37.50 |
Vested | 33.81 | 33.51 |
Outstanding at September 30 | $ 39.21 | $ 37.29 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Pension Cost Of The Defined Benefit Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components of net periodic cost: | ||||
Interest cost | $ 205 | $ 203 | $ 615 | $ 668 |
Expected return on plan assets | (288) | (234) | (865) | (757) |
Net amortization and deferral | 212 | 244 | 636 | 714 |
Net Periodic Pension Cost | 129 | 213 | 386 | 625 |
Defined Contribution Plan, Cost Recognized | 197 | 166 | 615 | 578 |
Defined Benefit Plan, Contributions by Employer | $ 0 | $ 143 | $ 0 | $ 313 |
Commitments and Contingencies64
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments To Extend Credit [Member] | Home Equity [Member] | ||
Other Commitments [Line Items] | ||
Contractual obligations | $ 186,423 | $ 183,017 |
Commitments To Extend Credit [Member] | Commercial Real Estate [Member] | ||
Other Commitments [Line Items] | ||
Contractual obligations | 155,629 | 84,672 |
Commitments To Extend Credit [Member] | Other Commitments [Member] | ||
Other Commitments [Line Items] | ||
Contractual obligations | 202,277 | 177,491 |
Standby Letters Of Credit [Member] | ||
Other Commitments [Line Items] | ||
Contractual obligations | 4,815 | 5,086 |
Letter of Credit [Member] | ||
Other Commitments [Line Items] | ||
Contractual obligations | $ 1,862 | $ 2,312 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Loss (Schedule of Changes In Each Component of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | ||
Combined Federal and state income tax rate | 37.00% | 37.00% |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Roll Forward] | ||
Defined Benefit Pension Plans, Beginning Balance | $ (4,759) | $ (5,349) |
Defined Benefit Pension Plans, Ending Balance | (4,759) | (5,349) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Roll Forward] | ||
Unrealized Gains (Losses) on Securities Available-for-Sale, Beginning Balance | 927 | 1,190 |
Unrealized Gains (Losses) on Securities Available-for-Sale Securities, Other comprehensive income before reclassifications | 7,301 | 1,943 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Amounts reclassified from other comprehensive loss | (2,215) | (1,344) |
Unrealized Gain (Losses) on Securities Available-for-Sale Total | 5,086 | 599 |
Unrealized Gains (Losses) on Securities Available-for-Sale, Ending Balance | 6,013 | 1,789 |
Accumulated Other Comprehensive Income (Loss), Net of Income Tax [Roll Forward] | ||
Total, Beginning Balance | (3,832) | (4,159) |
Total, Other comprehensive income before reclassifications | 7,301 | 1,943 |
Total, Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,215) | (1,344) |
Total, Accumulated other comprehensive loss | 5,086 | 599 |
Total, Ending Balance | $ 1,254 | $ (3,560) |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Loss (Schedule Of Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | $ 3,978 | $ 2,130 | ||
Related income tax expense | $ (6,577) | $ (5,129) | (18,745) | (22,621) |
Other comprehensive income (loss), net of tax | (783) | 1,332 | 5,086 | 599 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | (2,668) | 0 | (3,513) | (2,130) |
Related income tax expense | 985 | 0 | 1,298 | 786 |
Other comprehensive income (loss), net of tax | $ (1,683) | $ 0 | $ (2,215) | $ (1,344) |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 6,376 | $ 6,362 | $ 19,128 | $ 19,086 |
Undistributed earnings allocated to common stock | 6,699 | 4,125 | 17,901 | 21,040 |
Net earnings allocated to common shareholders | $ 13,075 | $ 10,487 | $ 37,029 | $ 40,126 |
Average shares outstanding (in shares) | 14,899,000 | 15,178,000 | 14,902,000 | 15,111,000 |
Effect of dilutive securities: | ||||
Warrant outstanding | 0 | 0 | 0 | 37,000 |
Employee stock awards | 11,000 | 20,000 | 11,000 | 21,000 |
Shares for diluted earnings per share (in shares) | 14,910,000 | 15,198,000 | 14,913,000 | 15,169,000 |
Basic earnings per common share (in dollars per share) | $ 0.88 | $ 0.69 | $ 2.48 | $ 2.66 |
Diluted earnings per share (in dollars per share) | $ 0.88 | $ 0.69 | $ 2.48 | $ 2.65 |
Options to purchase shares of common stock, anti-dilutive (in shares) | 3,000 | 0 | 5,000 | 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | $ 0 | $ 0 | |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 0 | $ 0 | |
Fair Value Inputs, Prepayment Rate | 1.00% | 1.00% | |
Annual prepayments maturity | 100.00% | 100.00% | |
Additional basis points | 1.50% | 1.50% | |
Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Collateral discount | 30.00% | 30.00% | |
Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Collateral discount | 20.00% | 20.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment losses on investment securities | $ 465 | $ 0 | |
Obligations Of States And Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 64,435 | $ 50,697 | |
Obligations Of States And Political Subdivisions [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Obligations Of States And Political Subdivisions [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 64,435 | 50,697 | |
Obligations Of States And Political Subdivisions [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
U.S. Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 4 | 5 | |
U.S. Government Agencies [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
U.S. Government Agencies [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 4 | 5 | |
U.S. Government Agencies [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
U.S. Government Agencies Mortgage-backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 333,202 | 288,197 | |
U.S. Government Agencies Mortgage-backed Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
U.S. Government Agencies Mortgage-backed Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 333,202 | 288,197 | |
U.S. Government Agencies Mortgage-backed Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Private Label [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 1,002 | 1,231 | |
Private Label [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Private Label [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 1,002 | 1,231 | |
Private Label [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 6,411 | 5,858 | |
Trust Preferred Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Trust Preferred Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 3,787 | 3,762 | |
Trust Preferred Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 2,624 | 2,096 | |
Corporate Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 24,414 | 18,693 | |
Corporate Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Corporate Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 24,414 | 18,693 | |
Corporate Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 3,713 | 3,273 | |
Equity Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 3,713 | 3,273 | |
Equity Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Equity Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 1,536 | 1,512 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 1,536 | 1,512 | |
Money Market Funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Money Market Funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Derivative Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 27,459 | 10,811 | |
Derivative Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Derivative Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 27,459 | 10,811 | |
Derivative Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Recurring | 0 | 0 | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 5,367 | 8,482 | |
Provision For Loan Losses on Impaired Loans During Period | 0 | 0 | |
Impaired Loans [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 0 | 0 | |
Impaired Loans [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 0 | 0 | |
Impaired Loans [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 5,367 | 8,482 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 5,491 | 6,518 | |
Write-downs included in other non-interest expense | (399) | (937) | |
Other Real Estate Owned [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 0 | 0 | |
Other Real Estate Owned [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 0 | 0 | |
Other Real Estate Owned [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Assets, Nonrecurring | 5,491 | 6,518 | |
Derivative Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities, Recurring | 27,916 | 10,933 | |
Derivative Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities, Recurring | 0 | 0 | |
Derivative Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities, Recurring | 27,916 | 10,933 | |
Derivative Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities, Recurring | $ 0 | $ 0 |
Fair Value Measurements (Sche70
Fair Value Measurements (Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 2,096 | $ 1,871 |
Impairment losses on investment securities | (465) | 0 |
Realized Investment Gains (Losses) | 3,978 | 0 |
Included in other comprehensive income | (2,985) | 220 |
Dispositions | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Ending Balance | $ 2,624 | $ 2,091 |
Fair Value Measurements (Sche71
Fair Value Measurements (Schedule Of Level 2 Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - Impaired Loans [Member] - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value Measurement On Nonrecurring Basis Asset And Liabilities Value [Roll Forward] | ||
Beginning balance | $ 8,482 | $ 6,517 |
Loans classified as impaired during the period | 0 | 799 |
Specific valuation allowance allocations | 0 | 0 |
Fair Value | 0 | 799 |
(Additional) reduction in specific valuation allowance allocations | 0 | (22) |
Paydowns, payoffs, other activity | (3,115) | (172) |
Ending balance | $ 5,367 | $ 7,122 |
Fair Value Measurements (Sche72
Fair Value Measurements (Schedule Of OREO Measured And Reported At Fair Value) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Other Real Estate [Roll Forward] | |||
Beginning balance | $ 6,518 | $ 8,179 | $ 8,179 |
Disposed | (3,156) | (3,727) | |
Ending balance | 5,491 | 6,026 | $ 6,518 |
OREO Remeasured At Initial Recognition [Member] | |||
Other Real Estate [Roll Forward] | |||
Carrying value of foreclosed assets prior to remeasurement | 2,528 | 2,356 | |
Charge-offs recognized in the allowance for loan losses | 0 | 0 | |
Fair value | 2,528 | 2,356 | |
OREO Remeasured Subsequent To Initial Recognition [Member] | |||
Other Real Estate [Roll Forward] | |||
Carrying value of foreclosed assets prior to remeasurement | 1,228 | 3,601 | |
Fair value | 829 | 2,819 | |
Write-downs included in other non-interest expense | $ (399) | $ (782) |
Fair Value Measurements (Sche73
Fair Value Measurements (Schedule Of Estimates Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Securities available-for-sale | $ 434,717 | $ 369,466 |
Securities held-to-maturity | 79,499 | 88,937 |
Other securities | 11,895 | 12,915 |
Accrued interest receivable | 7,986 | 7,432 |
Liabilities: | ||
Deposits | 3,179,286 | 3,083,975 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and cash equivalents | 64,809 | 70,113 |
Securities available-for-sale | 434,717 | 369,466 |
Securities held-to-maturity | 79,499 | 88,937 |
Other securities | 11,895 | 12,915 |
Net loans | 2,938,362 | 2,843,283 |
Accrued interest receivable | 7,986 | 7,432 |
Derivative assets | 27,459 | 10,811 |
Liabilities: | ||
Deposits | 3,179,286 | 3,083,975 |
Short-term debt | 179,384 | 154,869 |
Long-term debt | 16,495 | 16,495 |
Derivative liabilities | 27,916 | 10,933 |
Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 64,809 | 70,113 |
Securities available-for-sale | 434,717 | 369,466 |
Securities held-to-maturity | 82,993 | 90,810 |
Other securities | 11,895 | 12,915 |
Net loans | 2,949,827 | 2,843,973 |
Accrued interest receivable | 7,986 | 7,432 |
Derivative assets | 27,459 | 10,811 |
Liabilities: | ||
Deposits | 3,186,387 | 3,085,908 |
Short-term debt | 179,384 | 154,872 |
Long-term debt | 16,457 | 16,457 |
Derivative liabilities | 27,916 | 10,933 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 64,809 | 70,113 |
Securities available-for-sale | 5,249 | 4,785 |
Securities held-to-maturity | 0 | 0 |
Other securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 7,986 | 7,432 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 2,148,702 | 2,066,419 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 426,844 | 362,585 |
Securities held-to-maturity | 82,993 | 90,810 |
Other securities | 11,895 | 12,915 |
Net loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 27,459 | 10,811 |
Liabilities: | ||
Deposits | 1,037,685 | 1,019,489 |
Short-term debt | 179,384 | 154,872 |
Long-term debt | 16,457 | 16,457 |
Derivative liabilities | 27,916 | 10,933 |
Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 2,624 | 2,096 |
Securities held-to-maturity | 0 | 0 |
Other securities | 0 | 0 |
Net loans | 2,949,827 | 2,843,973 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |