Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 06, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CCNE | |
Entity Registrant Name | CNB FINANCIAL CORP/PA | |
Entity Central Index Key | 736,772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,247,411 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 34,637 | $ 33,146 |
Interest bearing deposits with other banks | 1,863 | 2,199 |
Total cash and cash equivalents | 36,500 | 35,345 |
Securities available for sale | 522,334 | 409,709 |
Trading securities | 8,887 | 7,150 |
Loans held for sale | 775 | 852 |
Loans | 2,391,463 | 2,149,848 |
Less: unearned discount | (4,508) | (3,889) |
Less: allowance for loan losses | (22,510) | (19,693) |
Net loans | 2,364,445 | 2,126,266 |
FHLB, other equity, and restricted equity interests | 23,836 | 21,517 |
Premises and equipment, net | 49,301 | 50,715 |
Bank owned life insurance | 56,108 | 55,035 |
Mortgage servicing rights | 1,492 | 1,387 |
Goodwill | 38,730 | 38,730 |
Core deposit intangible | 907 | 1,625 |
Accrued interest receivable and other assets | 25,998 | 20,442 |
Total Assets | 3,129,313 | 2,768,773 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Non-interest bearing deposits | 345,154 | 321,858 |
Interest bearing deposits | 2,177,225 | 1,845,957 |
Total deposits | 2,522,379 | 2,167,815 |
Short-term borrowings | 2,211 | 34,416 |
FHLB and other long term borrowings | 250,211 | 222,943 |
Subordinated debentures | 70,620 | 70,620 |
Accrued interest payable and other liabilities | 29,516 | 29,069 |
Total liabilities | 2,874,937 | 2,524,863 |
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,308,378 shares at September 30, 2018 and December 31, 2017 | 0 | 0 |
Additional paid in capital | 97,328 | 97,042 |
Retained earnings | 165,427 | 148,298 |
Treasury stock, at cost (22,948 shares at September 30, 2018 and 43,638 shares at December 31, 2017) | (608) | (1,087) |
Accumulated other comprehensive loss | (7,771) | (343) |
Total shareholders’ equity | 254,376 | 243,910 |
Total Liabilities and Shareholders’ Equity | $ 3,129,313 | $ 2,768,773 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,308,378 | 15,308,378 |
Treasury stock, shares (in shares) | 22,948 | 43,638 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans including fees | $ 30,385 | $ 25,215 | $ 85,817 | $ 71,100 |
Securities: | ||||
Taxable | 2,698 | 1,970 | 6,862 | 6,286 |
Tax-exempt | 677 | 692 | 2,054 | 2,266 |
Dividends | 280 | 192 | 793 | 524 |
Total interest and dividend income | 34,040 | 28,069 | 95,526 | 80,176 |
INTEREST EXPENSE: | ||||
Deposits | 4,812 | 2,345 | 11,423 | 6,709 |
Borrowed funds | 1,334 | 1,225 | 4,426 | 2,819 |
Subordinated debentures | 1,016 | 982 | 2,873 | 2,940 |
Total interest expense | 7,162 | 4,552 | 18,722 | 12,468 |
NET INTEREST INCOME | 26,878 | 23,517 | 76,804 | 67,708 |
PROVISION FOR LOAN LOSSES | 1,095 | 1,400 | 4,631 | 3,550 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 25,783 | 22,117 | 72,173 | 64,158 |
NON-INTEREST INCOME: | ||||
Service charges on deposit accounts | 1,584 | 1,244 | 4,102 | 3,499 |
Other service charges and fees | 732 | 587 | 2,073 | 1,675 |
Wealth and asset management fees | 1,031 | 952 | 3,151 | 2,775 |
Net realized gains on available-for-sale securities | 0 | 5 | 0 | 1,543 |
Net realized and unrealized gains on trading securities | 421 | 160 | 672 | 475 |
Mortgage banking | 283 | 237 | 801 | 668 |
Bank owned life insurance | 335 | 592 | 1,074 | 1,308 |
Card processing and interchange income | 1,066 | 942 | 3,140 | 2,790 |
Gain on sale of branch | 0 | 536 | ||
Other | 481 | 313 | 1,277 | 625 |
Total non-interest income | 5,933 | 5,032 | 16,290 | 15,894 |
NON-INTEREST EXPENSES: | ||||
Salaries and benefits | 11,429 | 9,101 | 31,095 | 27,008 |
Net occupancy expense | 2,650 | 2,219 | 7,780 | 7,016 |
Amortization of core deposit intangible | 222 | 305 | 718 | 967 |
Data processing | 1,149 | 1,031 | 3,370 | 3,011 |
State and local taxes | 808 | 710 | 2,494 | 2,063 |
Legal, professional, and examination fees | 603 | 561 | 1,661 | 1,776 |
Advertising | 554 | 495 | 1,732 | 1,527 |
FDIC insurance premiums | 361 | 295 | 1,037 | 869 |
Card processing and interchange expenses | 767 | 541 | 2,139 | 1,577 |
Other | 2,251 | 2,360 | 7,310 | 6,635 |
Total non-interest expenses | 20,794 | 17,618 | 59,336 | 52,449 |
INCOME BEFORE INCOME TAXES | 10,922 | 9,531 | 29,127 | 27,603 |
INCOME TAX EXPENSE | 1,686 | 2,285 | 4,353 | 7,194 |
NET INCOME | $ 9,236 | $ 7,246 | $ 24,774 | $ 20,409 |
EARNINGS PER SHARE: | ||||
Basic (in dollars per share) | $ 0.60 | $ 0.47 | $ 1.62 | $ 1.34 |
Diluted (in dollars per share) | 0.60 | 0.47 | 1.62 | 1.34 |
DIVIDENDS PER SHARE: | ||||
Cash dividends per share (in dollars per share) | $ 0.17 | $ 0.165 | $ 0.5 | $ 0.495 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements | $ 44 | $ 71 | $ 149 | $ 220 |
Accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities | 0 | 5 | 0 | 1,543 |
Income tax expense from reclassification | $ (9) | $ (23) | $ (31) | $ 463 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 9,236 | $ 7,246 | $ 24,774 | $ 20,409 |
Net change in fair value of interest rate swap agreements designated as cash flow hedges: | ||||
Unrealized gain (loss) on interest rate swaps, net of tax of $0 for the three months ended September 30, 2018 and 2017, and ($4) and $1 for the nine months ended September 30, 2018 and 2017 | 1 | 0 | 16 | (2) |
Reclassification adjustment for losses recognized in earnings, net of tax of ($9) and ($25) for the three months ended September 30, 2018 and 2017, and ($31) and ($77) for the nine months ended September 30, 2018 and 2017 | 35 | 46 | 118 | 143 |
Net change in fair value of interest rate swap agreements designated as cash flow hedges | 36 | 46 | 134 | 141 |
Unrealized gains on other-than-temporarily impaired securities available for sale: | ||||
Unrealized losses arising during the period, net of tax of $0 for the three months ended September 30, 2018 and 2017, and $0 and ($47) for the nine months ended September 30, 2018 and 2017 | 0 | 0 | 0 | 87 |
Reclassification adjustment for realized gains included in net income, net of tax of $0 for the three months ended September 30, 2018 and 2017, and $0 and $484 for the nine months ended September 30, 2018 and 2017 | 0 | 0 | 0 | (899) |
Unrealized gains on other-than-temporarily impaired securities available for sale net of reclassification adjustment for realized gains (losses) included in net income | 0 | 0 | 0 | (812) |
Unrealized gains on other securities available for sale: | ||||
Unrealized (losses) gains arising during the period, net of tax of $653 and $433 for the three months ended September 30, 2018 and 2017, and $2,010 and ($1,111) for the nine months ended September 30, 2018 and 2017 | (2,459) | (814) | (7,562) | 2,059 |
Reclassification adjustment for realized gains included in net income, net of tax of $0 and $2 for the three months ended September 30, 2018 and 2017, and $0 and $56 for the nine months ended September 30, 2018 and 2017 | 0 | (3) | 0 | (104) |
Unrealized gain on other securities available-for-sale | (2,459) | (817) | (7,562) | 1,955 |
Other comprehensive income (loss) | (2,423) | (771) | (7,428) | 1,284 |
COMPREHENSIVE INCOME | $ 6,813 | $ 6,475 | $ 17,346 | $ 21,693 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on interest rate swaps, tax | $ 0 | $ 0 | $ (4) | $ 1 |
Reclassification adjustment for losses recognized in earnings, tax | (9) | (25) | (31) | (77) |
Unrealized gains (losses) on other-than-temporarily impaired securities available for sale arising during the period, tax | 0 | 0 | 0 | (47) |
Reclassification adjustment for realized gains included in net income, tax | 0 | 0 | 0 | 484 |
Unrealized (losses) gains on other securities available for sale arising during the period, tax | 653 | 433 | 2,010 | (1,111) |
Reclassification adjustment for available for sale realized gains included in net income, tax | $ 0 | $ 2 | $ 0 | $ 56 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 24,774 | $ 20,409 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Provision for loan losses | 4,631 | 3,550 |
Depreciation and amortization of premises and equipment, core deposit intangible, and mortgage servicing rights | 3,661 | 3,974 |
Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (472) | (980) |
Net realized gains on sales of available-for-sale securities | 0 | (1,543) |
Net realized and unrealized gains on trading securities | (672) | (475) |
Proceeds from sale of trading securities | 434 | 402 |
Purchase of trading securities | (1,499) | (1,050) |
Gain on sale of branch | 0 | (536) |
Gain on sale of loans | (510) | (253) |
Net gains on dispositions of premises and equipment and foreclosed assets | (285) | (64) |
Proceeds from sale of loans | 18,811 | 17,978 |
Origination of loans held for sale | (18,404) | (20,001) |
Income on bank owned life insurance | (1,074) | (1,308) |
Stock-based compensation expense | 1,219 | 600 |
Changes in: | ||
Accrued interest receivable and other assets | (5,756) | 2,829 |
Accrued interest payable and other liabilities | 2,627 | (3,604) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 27,485 | 19,928 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities, prepayments and calls of available-for-sale securities | 44,605 | 59,347 |
Proceeds from sales of available-for-sale securities | 0 | 15,374 |
Purchase of available-for-sale securities | (167,473) | (3,620) |
Purchase of BOLI policies | 0 | (10,000) |
Proceeds from death benefit of BOLI policies | 0 | 893 |
Net cash received from sale of branch | 0 | 1,079 |
Loan origination and payments, net | (241,895) | (226,078) |
Purchase of FHLB, other equity, and restricted equity interests | (2,319) | (6,959) |
Purchase of premises and equipment | (1,373) | (3,718) |
Proceeds from the sale of premises and equipment and foreclosed assets | 597 | 563 |
NET CASH USED IN INVESTING ACTIVITIES | (367,858) | (173,119) |
Net change in: | ||
Checking, money market and savings accounts | 329,925 | 35,303 |
Certificates of deposit | 24,639 | 8,864 |
Purchase of treasury stock | (454) | (1,360) |
Cash dividends paid | (7,645) | (7,572) |
Proceeds from stock offering, net of issuance costs | 0 | 19,294 |
Repayment of long-term borrowings | (22,732) | (42,505) |
Proceeds from long-term borrowings | 50,000 | 140,000 |
Net change in short-term borrowings | (32,205) | 7,659 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 341,528 | 159,683 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,155 | 6,492 |
CASH AND CASH EQUIVALENTS, Beginning | 35,345 | 29,183 |
CASH AND CASH EQUIVALENTS, Ending | 36,500 | 35,675 |
Cash paid during the period for: | ||
Interest | 18,456 | 12,699 |
Income taxes | 4,250 | 6,000 |
SUPPLEMENTAL NONCASH DISCLOSURES: | ||
Transfers to other real estate owned | 228 | 239 |
Grant of restricted stock awards from treasury stock | 933 | 943 |
Net assets transferred for sale of branch, excluding cash and cash equivalents | $ 0 | $ 543 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with accounting principles generally accepted in the United States of America (“GAAP”). Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management of the registrant, the accompanying consolidated financial statements as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for CNB Financial Corporation (the “Corporation”) for the three and nine month periods ended September 30, 2018 is not necessarily indicative of the results to be expected for the full year. This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2017 (the “ 2017 Form 10-K”). All dollar amounts are stated in thousands, except share and per share data and other amounts as indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION The Corporation has a stock incentive plan for key employees and independent directors. The stock incentive plan, which is administered by a committee of the Board of Directors, provides for aggregate grants of up to 500,000 shares of common stock in the form of non-qualified options or restricted stock. For key employees, the plan vesting is either one-third or one-fourth of the granted options or restricted stock per year, beginning one year after the grant date, with 100% vesting on the third or fourth anniversary of the grant date, respectively. Prior to 2018, for independent directors, the vesting schedule was one-third of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the third anniversary of the grant date. Beginning in 2018, stock compensation received by independent directors vests immediately. At September 30, 2018 , there was no unrecognized compensation cost related to nonvested stock options granted under this plan and no stock options were granted during the three and nine month periods ended September 30, 2018 and 2017 . In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. In 2018 , awards with a maximum of 15,702 shares in aggregate were granted to key employees. In 2017 , an award with a maximum of 10,000 shares was granted to a key employee. Compensation expense for the restricted stock awards is recognized over the requisite service period noted above based on the fair value of the shares at the date of grant. Nonvested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from these restricted stock awards was $268 and $1,219 for the three and nine months ended September 30, 2018 , and $204 and $600 for the three and nine months ended September 30, 2017 . As of September 30, 2018 , there was $1,042 of total unrecognized compensation cost related to unvested restricted stock awards. A summary of changes in time-based nonvested restricted stock awards for the three months ended September 30, 2018 follows: Shares Per Share Nonvested at beginning of period 76,045 $ 23.09 Vested (250 ) 18.58 Nonvested at end of period 75,795 $ 23.11 A summary of changes in time-based nonvested restricted stock awards for the nine months ended September 30, 2018 follows: Shares Per Share Nonvested at beginning of period 94,472 $ 20.79 Granted 22,108 26.92 Forfeited (130 ) 26.29 Vested (40,655 ) 19.66 Nonvested at end of period 75,795 $ 23.11 The above tables exclude 15,600 shares that were granted and immediately vested. Compensation expense resulting from the immediately vested shares was $0 and $385 for the three and nine months ended September 30, 2018 , and is included in the previously disclosed $1,219 of stock-based compensation expense for the nine months ended September 30, 2018 . The fair value of shares vested was $8 and $1,479 during the three and nine months ended September 30, 2018 , and $6 and $929 during the three and nine months ended September 30, 2017 . |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a 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. A fair value hierarchy has also been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs are used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity 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; or 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 fair values of most trading securities and securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Corporation’s derivative instruments are interest rate swaps that are similar to those that trade in liquid markets. As such, significant fair value inputs can generally be verified and do not typically involve significant management judgments (Level 2 inputs). The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2018 and December 31, 2017 : Fair Value Measurements at September 30, 2018 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 145,509 $ — $ 145,509 $ — States and political subdivisions 138,395 — 138,395 — Residential and multi-family mortgage 194,635 — 194,635 — Corporate notes and bonds 12,036 — 12,036 — Pooled SBA 30,833 — 30,833 — Other 926 926 — — Total Securities Available For Sale $ 522,334 $ 926 $ 521,408 $ — Interest Rate swaps $ 191 $ — $ 191 $ — Trading Securities: Corporate equity securities $ 6,643 $ 6,643 — — Mutual funds 1,687 1,687 — — Certificates of deposit 228 228 — — Corporate notes and bonds 278 278 — — U.S. Government sponsored entities 51 — 51 — Total Trading Securities $ 8,887 $ 8,836 $ 51 $ — Liabilities, Interest rate swaps $ (182 ) $ — $ (182 ) $ — Fair Value Measurements at December 31, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 108,148 $ — $ 108,148 $ — States and political subdivisions 137,723 — 137,723 — Residential and multi-family mortgage 109,636 — 109,636 — Corporate notes and bonds 17,200 — 17,200 — Pooled SBA 36,040 — 36,040 — Other 962 962 — — Total Securities Available For Sale $ 409,709 $ 962 $ 408,747 $ — Interest Rate swaps $ 149 $ — $ 149 $ — Trading Securities: Corporate equity securities 5,125 5,125 — — Mutual funds 1,499 1,499 — — Certificates of deposit 220 220 — — Corporate notes and bonds 254 254 — — U.S. Government sponsored entities 52 — 52 — Total Trading Securities $ 7,150 $ 7,098 52 — Liabilities, Interest rate swaps $ (310 ) $ — $ (310 ) $ — The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2018 and 2017 : 2018 2017 Balance, January 1 $ — $ 2,049 Total gains: Included in other comprehensive income (unrealized) — 134 Sale of available-for-sale securities — (2,183 ) Balance, September 30 $ — $ — The Corporation did not have any Level 3 securities during the three months ended September 30, 2018 and 2017 . Assets and liabilities measured at fair value on a non-recurring basis are as follows at September 30, 2018 and December 31, 2017 : Fair Value Measurements at September 30, 2018 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 324 — — $ 324 Fair Value Measurements at December 31, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 11 — — $ 11 Impaired loans, measured for impairment using the fair value of collateral for collateral dependent loans, had a recorded investment of $1,310 with a valuation allowance of $986 as of September 30, 2018 , resulting in a provision (benefit) for loan losses of $(634) and $352 for the corresponding three and nine month periods ended September 30, 2018 . Impaired loans had a recorded investment of $646 with a valuation allowance of $635 as of December 31, 2017 . Impaired loans carried at fair value resulted in a negative provision for loan losses of $(22) and $(395) for the three and nine month periods ended September 30, 2017 . The estimated fair values of impaired collateral dependent loans such as commercial or residential mortgages are determined primarily through third-party appraisals. When a collateral dependent loan, such as a commercial or residential mortgage loan, becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal, and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral and a further reduction for estimated costs to sell the property is applied, which results in an amount that is considered to be the estimated fair value. If a loan becomes impaired and the appraisal of related loan collateral is outdated, management applies an appropriate adjustment factor based on its experience with current valuations of similar collateral in determining the loan’s estimated fair value and resulting allowance for loan losses. Third-party appraisals are not customarily obtained in respect of unimpaired loans, unless in management’s view changes in circumstances warrant obtaining an updated appraisal. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2018 : Fair value Valuation Technique Unobservable Inputs Weighted Average (Range) Impaired loans – commercial mortgages $ 324 Valuation of third party appraisal on underlying collateral Loss severity rates 15% (10-15%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2017 : Fair value Valuation Technique Unobservable Inputs Weighted Average (Range) Impaired loans – commercial mortgages $ 11 Valuation of third party appraisal on underlying collateral Loss severity rates 10% (10%) Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments at September 30, 2018 : Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 36,500 $ 36,500 $ — $ — $ 36,500 Securities available for sale 522,334 926 521,408 — 522,334 Trading securities 8,887 8,836 51 — 8,887 Loans held for sale 775 — 775 — 775 Net loans 2,364,445 — — 2,334,576 2,334,576 FHLB and other restricted interests 16,885 n/a n/a n/a n/a Other equity interests 6,951 6,951 Interest rate swaps 191 — 191 — 191 Accrued interest receivable 11,221 7 3,748 7,466 11,221 LIABILITIES Deposits $ (2,522,379 ) $ (2,132,769 ) $ (391,848 ) $ — $ (2,524,617 ) FHLB and other borrowings (252,422 ) — (248,986 ) — (248,986 ) Subordinated debentures (70,620 ) — (68,202 ) — (68,202 ) Interest rate swaps (182 ) — (182 ) — (182 ) Accrued interest payable (820 ) — (820 ) — (820 ) The following table presents the carrying amount and fair value of financial instruments at December 31, 2017 : Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 35,345 $ 35,345 $ — $ — $ 35,345 Securities available for sale 409,709 962 408,747 — 409,709 Trading securities 7,150 7,098 52 — 7,150 Loans held for sale 852 — 853 — 853 Net loans 2,126,266 — — 2,126,824 2,126,824 FHLB and other restricted interests 17,035 n/a n/a n/a n/a Other equity interests 4,482 4,482 Interest rate swaps 149 — 149 — 149 Accrued interest receivable 9,254 6 2,651 6,597 9,254 LIABILITIES Deposits $ (2,167,815 ) $ (1,802,844 ) $ (362,756 ) $ — $ (2,165,600 ) FHLB and other borrowings (257,359 ) — (257,361 ) — (257,361 ) Subordinated debentures (70,620 ) — (63,575 ) — (63,575 ) Interest rate swaps (310 ) — (310 ) — (310 ) Accrued interest payable (554 ) — (554 ) — (554 ) The methods utilized to estimate the fair value of financial instruments at December 31, 2017 did not necessarily represent an exit price. In accordance with our adoption of ASU 2016-01 in 2018, the methods utilized to measure the fair value of financial instruments at September 30, 2018 represent an approximation of exit price; however, an actual exit price may differ. While estimates of fair value are based on management’s judgment of the most appropriate factors as of the balance sheet date, there is no assurance that the estimated fair values would have been realized if the assets had been disposed of or the liabilities settled at that date, since market values may differ depending on various circumstances. The estimated fair values would also not apply to subsequent dates. Other equity interests fair value is based on the net asset values provided by underlying investment partnership. ASU 2015-7 removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. In addition, other assets and liabilities that are not financial instruments, such as premises and equipment, are not included in the disclosures. Also, non-financial assets such as, among other things, the estimated earnings power of core deposits, the earnings potential of trust accounts, the trained workforce, and customer goodwill, which typically are not recognized on the balance sheet, may have value but are not included in the fair value disclosures. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Securities available for sale at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. gov’t sponsored entities $ 148,034 $ 178 $ (2,703 ) $ 145,509 $ 108,578 $ 478 $ (908 ) $ 108,148 State & political subdivisions 137,848 1,643 (1,096 ) 138,395 134,428 3,609 (314 ) 137,723 Residential & multi-family mortgage 199,968 76 (5,409 ) 194,635 111,214 304 (1,882 ) 109,636 Corporate notes & bonds 12,358 31 (353 ) 12,036 17,610 52 (462 ) 17,200 Pooled SBA 32,079 66 (1,312 ) 30,833 36,260 355 (575 ) 36,040 Other 1,020 — (94 ) 926 1,020 — (58 ) 962 Total $ 531,307 $ 1,994 $ (10,967 ) $ 522,334 $ 409,110 $ 4,798 $ (4,199 ) $ 409,709 At September 30, 2018 and December 31, 2017 , there were no holdings of securities of any one issuer, other than the U.S. government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities. Trading securities at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Corporate equity securities $ 6,643 $ 5,125 Mutual funds 1,687 1,499 Certificates of deposit 228 220 Corporate notes and bonds 278 254 U.S. government sponsored entities 51 52 Total $ 8,887 $ 7,150 Securities with unrealized losses at September 30, 2018 and December 31, 2017 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: September 30, 2018 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. gov’t sponsored entities $ 63,025 $ (736 ) $ 70,211 $ (1,967 ) $ 133,236 $ (2,703 ) State & political subdivisions 45,113 (617 ) 7,907 (479 ) 53,020 (1,096 ) Residential & multi-family mortgage 106,762 (2,196 ) 62,880 (3,213 ) 169,642 (5,409 ) Corporate notes & bonds 5,229 (29 ) 4,676 (324 ) 9,905 (353 ) Pooled SBA 7,326 (106 ) 19,377 (1,206 ) 26,703 (1,312 ) Other — — 926 (94 ) 926 (94 ) $ 227,455 $ (3,684 ) $ 165,977 $ (7,283 ) $ 393,432 $ (10,967 ) December 31, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. gov’t sponsored entities $ 55,696 $ (540 ) $ 34,754 $ (368 ) $ 90,450 $ (908 ) State & political subdivisions 15,890 (69 ) 4,104 (245 ) 19,994 (314 ) Residential and multi-family mortgage 30,144 (153 ) 63,699 (1,729 ) 93,843 (1,882 ) Corporate notes & bonds 5,005 (9 ) 9,042 (453 ) 14,047 (462 ) Pooled SBA — — 22,270 (575 ) 22,270 (575 ) Other — — 962 (58 ) 962 (58 ) $ 106,735 $ (771 ) $ 134,831 $ (3,428 ) $ 241,566 $ (4,199 ) The Corporation evaluates securities for other-than-temporary impairment on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. A roll-forward of the other-than-temporary impairment amount related to credit losses for the three and nine months ended September 30, 2018 and 2017 is as follows: 2018 2017 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period $ — $ 2,071 Credit losses previously recognized on securities sold during the period — (2,071 ) Additional credit loss for which other-than-temporary impairment was not previously recognized — — Additional credit loss for which other-than-temporary impairment was previously recognized — — Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period $ — $ — For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the SEC, in order to evaluate the securities for other-than-temporary impairment. For financial institution issuers, management monitors information from quarterly “call” report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations: When reviewing securities for other-than-temporary impairment, management considers the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Management also considers the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. As of September 30, 2018 and December 31, 2017 , management concluded that the securities described in the previous paragraph were not other-than-temporarily impaired for the following reasons: • There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities. • All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received. The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. On September 30, 2018 and December 31, 2017 , securities carried at $311,336 and $319,575 , respectively, were pledged to secure public deposits and for other purposes as provided by law. Information pertaining to security sales on available for sale securities is as follows: Proceeds Gross Gains Gross Losses Three months ended September 30, 2018 $ — $ — $ — Three months ended September 30, 2017 $ 7,757 $ 76 $ (71 ) Nine months ended September 30, 2018 $ — $ — $ — Nine months ended September 30, 2017 $ 15,374 $ 1,614 $ (71 ) The tax provision related to these net realized gains was $2 and $540 during the three and nine months ended September 30, 2017 . The following is a schedule of the contractual maturity of securities available for sale, at September 30, 2018 : Amortized Cost Fair Value 1 year or less $ 58,844 $ 58,554 1 year – 5 years 164,854 163,471 5 years – 10 years 70,767 70,223 After 10 years 3,775 3,692 298,240 295,940 Residential and multi-family mortgage 199,968 194,635 Pooled SBA 32,079 30,833 Other securities 1,020 926 Total securities $ 531,307 $ 522,334 Mortgage and asset backed securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
LOANS | LOANS Total net loans at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 Commercial, industrial, and agricultural $ 853,495 $ 749,138 Commercial mortgages 683,979 600,065 Residential real estate 760,342 713,347 Consumer 85,888 80,193 Credit cards 7,434 6,753 Overdrafts 325 352 Less: unearned discount (4,508 ) (3,889 ) allowance for loan losses (22,510 ) (19,693 ) Loans, net $ 2,364,445 $ 2,126,266 At September 30, 2018 and December 31, 2017 , net unamortized loan fees of $3,331 and $2,574 , respectively, have been included in the carrying value of loans. The Corporation’s outstanding loans and related unfunded commitments are primarily concentrated within Central and Western Pennsylvania, Central and Northeastern Ohio, and Western New York. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and ratified annually by the Corporation’s Board of Directors. Pursuant to the Corporation’s lending policies, management considers a variety of factors when determining whether to extend credit to a customer, including loan-to-value ratios, FICO scores, quality of the borrower’s financial statements, and the ability to obtain personal guarantees. Commercial, industrial, and agricultural loans comprised 36% and 35% of the Corporation’s total loan portfolio at September 30, 2018 and December 31, 2017 , respectively. Commercial mortgage loans comprised 29% and 28% of the Corporation’s total loan portfolio at September 30, 2018 and December 31, 2017 , respectively. Management assigns a risk rating to all commercial loans at loan origination. The loan-to-value policy guidelines for commercial, industrial, and agricultural loans are generally a maximum of 80% of the value of business equipment, a maximum of 75% of the value of accounts receivable, and a maximum of 60% of the value of business inventory at loan origination. The loan-to-value policy guideline for commercial mortgage loans is generally a maximum of 85% of the appraised value of the real estate. Residential real estate loans comprised 32% and 33% of the Corporation’s total loan portfolio at September 30, 2018 and December 31, 2017 , respectively. The loan-to-value policy guidelines for residential real estate loans vary depending on the collateral position and the specific type of loan. Higher loan-to-value terms may be approved with the appropriate private mortgage insurance coverage. The Corporation also originates and prices loans for sale into the secondary market. Loans so originated are classified as loans held for sale and are excluded from residential real estate loans reported above. The rationale for these sales is to mitigate interest rate risk associated with holding lower rate, long-term residential mortgages in the loan portfolio and to generate fee revenue from sales and servicing the loan. The Corporation also offers a variety of unsecured and secured consumer loan and credit card products which represented less than 10% of the total loan portfolio at both September 30, 2018 and December 31, 2017 . Terms and collateral requirements vary depending on the size and nature of the loan. Transactions in the allowance for loan losses for the three months ended September 30, 2018 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, July 1, 2018 $ 7,143 $ 10,615 $ 1,900 $ 2,156 $ 101 $ 207 $ 22,122 Charge-offs (30 ) — (212 ) (469 ) (8 ) (94 ) (813 ) Recoveries 3 — 55 28 3 17 106 Provision (benefit) for loan losses (536 ) 682 235 608 11 95 1,095 Allowance for loan losses, September 30, 2018 $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Transactions in the allowance for loan losses for the nine months ended September 30, 2018 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, January 1, 2018 $ 6,160 $ 9,007 $ 2,033 $ 2,179 $ 120 $ 194 $ 19,693 Charge-offs (61 ) — (289 ) (1,610 ) (53 ) (236 ) (2,249 ) Recoveries 165 — 67 112 27 64 435 Provision for loan losses 316 2,290 167 1,642 13 203 4,631 Allowance for loan losses, September 30, 2018 $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Transactions in the allowance for loan losses for the three months ended September 30, 2017 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, July 1, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Charge-offs (20 ) (22 ) (130 ) (703 ) (39 ) (63 ) (977 ) Recoveries 36 3 — 96 8 14 157 Provision (benefit) for loan losses (223 ) 472 468 627 — 56 1,400 Allowance for loan losses, September 30, 2017 $ 5,356 $ 8,094 $ 2,008 $ 2,088 $ 111 $ 192 $ 17,849 Transactions in the allowance for loan losses for the nine months ended September 30, 2017 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, January 1, 2017 $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Charge-offs (50 ) (22 ) (328 ) (1,969 ) (111 ) (192 ) (2,672 ) Recoveries 167 197 73 110 23 71 641 Provision (benefit) for loan losses (189 ) 1,166 610 1,732 106 125 3,550 Allowance for loan losses, September 30, 2017 $ 5,356 $ 8,094 $ 2,008 $ 2,088 $ 111 $ 192 $ 17,849 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of September 30, 2018 and December 31, 2017 . The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. September 30, 2018 Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ 1 $ — $ — $ — $ — $ 1 Collectively evaluated for impairment 6,343 5,062 1,978 2,323 107 225 16,038 Acquired with deteriorated credit quality — — — — — — — Modified in a troubled debt restructuring 237 6,234 — — — — 6,471 Total ending allowance balance $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Loans: Individually evaluated for impairment $ 1,500 $ 467 $ — $ — $ — $ — $ 1,967 Collectively evaluated for impairment 847,197 669,989 760,342 85,888 7,434 325 2,371,175 Acquired with deteriorated credit quality — 577 — — — — 577 Modified in a troubled debt restructuring 4,798 12,946 — — — — 17,744 Total ending loans balance $ 853,495 $ 683,979 $ 760,342 $ 85,888 $ 7,434 $ 325 $ 2,391,463 December 31, 2017 Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 47 $ — $ — $ — $ — $ — $ 47 Collectively evaluated for impairment 5,868 3,563 2,033 2,179 120 194 13,957 Acquired with deteriorated credit quality — — — — — — — Modified in a troubled debt restructuring 245 5,444 — — — — 5,689 Total ending allowance balance $ 6,160 $ 9,007 $ 2,033 $ 2,179 $ 120 $ 194 $ 19,693 Loans: Individually evaluated for impairment $ 1,187 $ 51 $ — $ — $ — $ — $ 1,238 Collectively evaluated for impairment 742,738 586,845 713,347 80,193 6,753 352 2,130,228 Acquired with deteriorated credit quality — 1,079 — — — — 1,079 Modified in a troubled debt restructuring 5,213 12,090 — — — — 17,303 Total ending loans balance $ 749,138 $ 600,065 $ 713,347 $ 80,193 $ 6,753 $ 352 $ 2,149,848 The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 : September 30, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: Commercial, industrial, and agricultural $ 1,096 $ 1,096 $ 237 Commercial mortgage 9,717 8,991 6,235 Residential real estate — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,918 5,202 — Commercial mortgage 5,464 4,422 — Residential real estate — — — Total $ 22,195 $ 19,711 $ 6,472 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: Commercial, industrial, and agricultural $ 1,915 $ 1,915 $ 292 Commercial mortgage 9,940 9,731 5,444 Residential real estate — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,264 4,485 — Commercial mortgage 3,211 2,410 — Residential real estate — — — Total $ 20,330 $ 18,541 $ 5,736 The unpaid principal balance of impaired loans includes the Corporation’s recorded investment in the loan and amounts that have been charged off. Three months ended September 30, 2018 Three months ended September 30, 2017 Average Interest Cash Basis Average Interest Cash Basis With an allowance recorded: Commercial, industrial, and agricultural $ 3,460 $ 11 $ 11 $ 1,190 $ 20 $ 20 Commercial mortgage 9,042 37 37 9,724 77 77 Residential real estate — — — — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,569 69 69 2,142 23 23 Commercial mortgage 5,153 20 20 4,981 33 33 Residential real estate — — — — — — Total $ 23,224 $ 137 $ 137 $ 18,037 $ 153 $ 153 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Average Interest Cash Basis Average Interest Cash Basis With an allowance recorded: Commercial, industrial, and agricultural $ 2,672 $ 54 $ 54 $ 1,413 $ 56 $ 56 Commercial mortgage 9,147 111 111 12,497 293 293 Residential real estate — — — — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,084 160 160 1,927 73 73 Commercial mortgage 4,511 66 66 2,490 100 100 Residential real estate — — — — — — Total $ 21,414 $ 391 $ 391 $ 18,327 $ 522 $ 522 The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still accruing interest by class of loans as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Non-accrual Past Due Over 90 Days Still on Accrual Non-accrual Past Due Over 90 Days Still on Accrual Commercial, industrial, and agricultural $ 3,824 $ 265 $ 1,869 $ 78 Commercial mortgages 10,151 — 11,065 — Residential real estate 4,767 1,488 5,470 338 Consumer 140 82 828 17 Credit cards — 26 — 44 Total $ 18,882 $ 1,861 $ 19,232 $ 477 Non-accrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of September 30, 2018 and December 31, 2017 by class of loans. September 30, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total Commercial, industrial, and agricultural $ 76 $ 587 $ 1,557 $ 2,220 $ 851,275 $ 853,495 Commercial mortgages 614 — 58 672 683,307 683,979 Residential real estate 2,039 844 4,937 7,820 752,522 760,342 Consumer 526 605 830 1,961 83,927 85,888 Credit cards 30 33 26 89 7,345 7,434 Overdrafts — — — — 325 325 Total $ 3,285 $ 2,069 $ 7,408 $ 12,762 $ 2,378,701 $ 2,391,463 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total Commercial, industrial, and agricultural $ 2,745 $ 646 $ 748 $ 4,139 $ 744,999 $ 749,138 Commercial mortgages 233 — 292 525 599,540 600,065 Residential real estate 2,290 1,494 4,655 8,439 704,908 713,347 Consumer 454 307 812 1,573 78,620 80,193 Credit cards 31 10 44 85 6,668 6,753 Overdrafts — — — — 352 352 Total $ 5,753 $ 2,457 $ 6,551 $ 14,761 $ 2,135,087 $ 2,149,848 Troubled Debt Restructurings A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. All loans modified in troubled debt restructurings are performing in accordance with their modified terms as of September 30, 2018 and December 31, 2017 and no principal balances were forgiven in connection with the loan restructurings. In order to determine whether a borrower is experiencing financial difficulty, the Corporation performs an evaluation using its internal underwriting policies of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without a loan modification. The Corporation has no further loan commitments to customers whose loans are classified as a troubled debt restructuring. Generally, non-performing troubled debt restructurings 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 (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The terms of certain loans have been modified as troubled debt restructurings. The modification of the terms of such loans included either or both of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Number of Loans Loan Balance Specific Reserve Number of Loans Loan Balance Specific Reserve Commercial, industrial, and agricultural 11 $ 4,798 $ 237 11 $ 5,213 $ 245 Commercial mortgages 13 12,946 6,234 9 12,090 5,444 Residential real estate — — — — — — Consumer — — — — — — Credit cards — — — — — — Total 24 $ 17,744 $ 6,471 20 $ 17,303 $ 5,689 The following table presents information associated with the loans that were modified as troubled debt restructurings during the nine months ended September 30, 2018 and the three and nine months ended September 30, 2017 . There were no loans modified as troubled debt restructurings during the three months ended September 30, 2018 . Nine months ended September 30, 2018 Three and Nine months ended September 30, 2017 Number of Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial, industrial, and agricultural — $ — $ — 2 $ 324 $ 379 Commercial mortgages 4 1,091 1,091 2 6,227 6,276 Residential real estate — — — — — — Consumer — — — — — — Credit cards — — — — — — Total 4 $ 1,091 $ 1,091 4 $ 6,551 $ 6,655 The troubled debt restructurings described above increased the allowance for loan losses by $113 and resulted in charge-offs of zero during the nine months ended September 30, 2018 . The troubled debt restructurings described above increased the allowance for loan losses by $169 and $1,324 during the three and nine months ended September 30, 2017 , respectively. Credit Quality Indicators The Corporation classifies commercial, industrial, and agricultural loans and commercial mortgage loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans with outstanding balances greater than $1 million are analyzed at least semiannually and loans with outstanding balances of less than $1 million are analyzed at least annually. The Corporation uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not rated as special mention, substandard, or doubtful are considered to be pass rated loans. All loans included in the following tables have been assigned a risk rating within 12 months of the balance sheet date. September 30, 2018 Pass Special Mention Substandard Doubtful Total Commercial, industrial, and agricultural $ 827,425 $ 10,304 $ 15,766 $ — $ 853,495 Commercial mortgages 665,896 3,309 14,774 — 683,979 Total $ 1,493,321 $ 13,613 $ 30,540 $ — $ 1,537,474 December 31, 2017 Pass Special Mention Substandard Doubtful Total Commercial, industrial, and agricultural $ 713,102 $ 16,726 $ 19,310 $ — $ 749,138 Commercial mortgages 581,631 4,419 14,015 — 600,065 Total $ 1,294,733 $ 21,145 $ 33,325 $ — $ 1,349,203 The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential real estate, consumer, and credit card loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Residential Real Estate Consumer Credit Cards Residential Real Estate Consumer Credit Cards Performing $ 754,087 $ 85,666 $ 7,408 $ 707,539 $ 79,348 $ 6,709 Nonperforming 6,255 222 26 5,808 845 44 Total $ 760,342 $ 85,888 $ 7,434 $ 713,347 $ 80,193 $ 6,753 The Corporation’s portfolio of consumer loans maintained within Holiday Financial Services Corporation (“Holiday”) are considered to be subprime loans. Holiday is a subsidiary that offers small balance unsecured and secured loans, primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics than are typical in the Bank’s consumer loan portfolio. Holiday’s loan portfolio is summarized as follows at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Consumer $ 25,242 $ 23,428 Less: unearned discount (4,508 ) (3,889 ) Total $ 20,734 $ 19,539 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
DEPOSITS | DEPOSITS Total deposits at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 Percentage Change Checking, non-interest bearing $ 345,154 $ 321,858 7.2 % Checking, interest bearing 599,668 565,399 6.1 % Savings accounts 1,187,947 915,587 29.7 % Certificates of deposit 389,610 364,971 6.8 % $ 2,522,379 $ 2,167,815 16.4 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and nine months ended September 30, 2018 and 2017 , there were no outstanding stock options to include in the diluted earnings per share calculations. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding unvested stock awards are participating securities. The computation of basic and diluted earnings per share is shown below: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Basic earnings per common share computation: Net income per consolidated statements of income $ 9,236 $ 7,246 $ 24,774 $ 20,409 Net earnings allocated to participating securities (40 ) (40 ) (113 ) (120 ) Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Distributed earnings allocated to common stock $ 2,586 $ 2,506 $ 7,607 $ 7,521 Undistributed earnings allocated to common stock 6,610 4,700 17,054 12,768 Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Weighted average common shares outstanding, including shares considered participating securities 15,285 15,285 15,281 15,188 Less: Average participating securities (60 ) (78 ) (67 ) (84 ) Weighted average shares 15,225 15,207 15,214 15,104 Basic earnings per common share $ 0.60 $ 0.47 $ 1.62 $ 1.34 Diluted earnings per common share computation: Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Weighted average shares and dilutive potential common shares 15,225 15,207 15,214 15,104 Diluted earnings per common share $ 0.60 $ 0.47 $ 1.62 $ 1.34 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS On September 7, 2018, the Corporation executed an interest rate swap agreement with a 5 year term and an effective date of September 15, 2018 in order to hedge cash flows associated with $10,000 of a subordinated note that was issued by the Corporation during 2007 and elected cash flow hedge accounting for the agreement. The Corporation's objective in using this derivative is to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2018 to September 15, 2023 without the exchange of the underlying notional amount. At September 30, 2018, the variable rate on the subordinated debt was 3.88% (LIBOR plus 155 basis points) and the Corporation was paying 4.53% ( 2.98% fixed rate plus 155 basis points). On May 3, 2011, the Corporation executed an interest rate swap agreement with a 5 year term and an effective date of September 15, 2013 in order to hedge cash flows associated with $10,000 of a subordinated note discussed above. The Corporation’s objective in using this derivative was to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2013 to September 15, 2018 without exchange of the underlying notional amount. As of September 30, 2018 and December 31, 2017 , no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Corporation does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 : Fair value as of Balance Sheet Location September 30, 2018 December 31, 2017 Interest rate contracts Accrued interest and other liabilities $ 9 $ (161 ) For the Three Months Ended September 30, 2018 (a) (b) (c) (d) (e) Interest rate contracts $ 36 Interest expense – $ (44 ) Other $ — For the Nine Months Ended September 30, 2018 (a) (b) (c) (d) (e) Interest rate contracts $ 134 Interest expense – $ (149 ) Other $ — For the Three Months Ended September 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 46 Interest expense – $ (71 ) Other $ — For the Nine Months Ended September 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 141 Interest expense – $ (220 ) Other $ — (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amounts reported in accumulated other comprehensive loss related to the interest rate swap will be reclassified to interest expense as interest payments are made on the subordinated debentures. Such amounts reclassified from accumulated other comprehensive loss to interest expense in the next twelve months are expected to be $65 . The Corporation has entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Corporation enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. Concurrently, the Corporation agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Corporation’s customers to effectively convert a variable rate loan to a fixed rate. Because the Corporation acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Corporation’s results of operations. The Corporation pledged cash collateral to another financial institution with a balance $750 as of both September 30, 2018 and December 31, 2017 . This balance is included in interest bearing deposits with other banks on the consolidated balance sheets. The Corporation does not require its customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is included in the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Corporation is permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Corporation may be required to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of September 30, 2018 and December 31, 2017 : Notional Amount Weighted Average Maturity (in years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value September 30, 2018 3rd Party interest rate swaps $ 22,278 7.7 3.88 % 1 month LIBOR + 1.23% $ (182 ) (a) Customer interest rate swaps (22,278 ) 7.7 3.88 % 1 month LIBOR + 1.23% 182 (b) December 31, 2017 3rd Party interest rate swaps $ 11,848 8.0 4.51 % 1 month LIBOR + 2.37% $ 149 (a) Customer interest rate swaps (11,848 ) 8.0 4.51 % 1 month LIBOR + 2.37% (149 ) (b) (a) Reported in accrued interest receivable and other assets within the consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the consolidated balance sheets |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The Corporation adopted Accounting Standards Update (ASU) 2014-9, “Revenue from Contracts with Customers (Topic 606)” using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-9 while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of ASU 2014-9 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. Management determined that the primary sources of revenue emanating from interest and dividend income on loans and investment securities along with non-interest revenue resulting from security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, gains (losses) on sale of other real estate owned not financed by the Corporation, is not within the scope of (ASU) 2014-9. As a result, no changes were made during the period related to these sources of revenue, which comprised 90.8% and 90.7% of the total revenue of the Corporation for the three and nine months ended September 30, 2018 , respectively. The following tables depict the disaggregation of revenue derived from contracts with customers to depict the nature, amount, timing, and uncertainty of revenue and cash flows for the three and nine months ended September 30, 2018 and 2017 . Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Non-interest Income Service charges on deposit accounts $ 1,584 $ 1,244 Wealth and asset management fees 1,031 952 Mortgage banking (1) 283 237 Card processing and interchange income 1,066 942 Net realized gains on available-for-sale securities (1) — 5 Other income 1,969 1,652 Total non-interest income $ 5,933 $ 5,032 (1) Not within scope of ASU 2014-9 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Non-interest Income Service charges on deposit accounts $ 4,102 $ 3,499 Wealth and asset management fees 3,151 2,775 Mortgage banking (1) 801 668 Card processing and interchange income 3,140 2,790 Net realized gains on available-for-sale securities (1) — 1,543 Other income 5,096 4,619 Total non-interest income $ 16,290 $ 15,894 (1) Not within scope of ASU 2014-9 The types of non-interest income within the scope of the standard that is material to the consolidated financial statements are services charges on deposit accounts, wealth and asset management fee income, and card processing and interchange income. Service charges on deposit accounts : The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed, as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Services charges on deposits are withdrawn from the customer’s account balance. Wealth and asset management fees : The Corporation earns wealth and asset management fees from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month end. Fees for these services are billed to customers on a monthly or quarterly basis and are recorded as revenue at the end of the period for which the wealth and asset management services have been performed. Other performance obligations, such as the delivery of account statements to customers, are generally considered immaterial to the overall transaction price. Card processing and interchange income : The Corporation earns interchange fees from check card and credit card transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Other income : The Corporation's other income includes sources such as bank owned life insurance, certain service fees, gains (losses) on sales of fixed assets, and gains (losses) on sale of other real estate owned. The service fees are recognized in the same manner as the service charges mentioned above. While gains on the sale of other real estate owned are generally within the scope of (ASU) 2014-9, the Corporation does not finance the sale of transactions and as such there is no change in revenue recognition. |
Contingency
Contingency | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCY | CONTINGENCY On March 28, 2018, the Corporation received a notice of assessment from the Pennsylvania Department of Revenue that reported a sales tax assessment amount of $824 plus interest and penalties of $339 resulting in a total assessed balance of $1,163 . The notice of assessment covers the period from January 1, 2013 through July 31, 2016. The Corporation has evaluated the specific items on which sales tax has been assessed in conjunction with its legal counsel and has determined that it is probable that the Corporation has some liability based on a review of the Pennsylvania tax laws that apply to the assessed items. The Corporation’s reasonable estimate of this liability is $96 , which has been accrued and reported in state and local tax expense in the accompanying consolidated statement of income for the nine months ended September 30, 2018 . The remaining balance that has not been accrued relates primarily to sales tax assessments associated with data processing and banking equipment maintenance, which the Corporation’s management and legal counsel have concluded were improperly assessed based on current Pennsylvania sales tax law. The ultimate resolution of this matter, which may take in excess of one year, could result in an additional expense up to the total amount assessed. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 amends ASC 715-20, "Compensation - Retirement Benefits - Defined Benefit Plans - General." The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated Other Comprehensive Income ("OCI") expected to be recognized in net periodic benefit costs over the next fiscal year, and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The update will be effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted for annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact of the adoption of ASU 2018-14 on the Corporation’s financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies disclosure requirements on fair value measurements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact of the adoption of ASU 2018-13 on the Corporation’s financial statements. In January 2017, the FASB issued an update (ASU 2017-04, Intangibles – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. A public business entity that is a U.S. Securities and Exchange Commission filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material effect on the Corporation’s financial statements. In August 2016, the FASB issued an update (ASU 2016-15, Statement of Cash Flows) which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update apply to all entities, including business entities and not-for-profit entities that are required to present a statement of cash flows, and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 did not have a material effect on the Corporation’s financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current GAAP. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Corporation has formed a committee comprised of individuals from different disciplines, including credit administration, finance, loan servicing and information technology, to evaluate the requirements of the new standard and the impact it will have on current processes. Management has performed a data gap analysis, and is developing analytical approaches to determine CECL model inputs. The Corporation has also engaged a software vendor to assist in implementing a CECL production platform. The new guidance is expected to be heavily influenced by an assessment of the composition, characteristics, and credit quality of the Corporation's loan and investment securities portfolio as well as the economic conditions in effect at the adoption date. The impact to the financial statements is yet to be determined. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The update will be effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact of the adoption of ASU 2016-02 on the Corporation’s financial statements and anticipates an increase in the Corporation’s assets and liabilities of approximately $15 million . In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 provides updated accounting and reporting requirements for both public and non-public entities. The most significant provisions that will impact the Corporation are: 1) equity securities available for sale will be measured at fair value, with the changes in fair value recognized in the income statement; 2) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments at amortized cost on the balance sheet; 3) utilization of exit price notion when measuring the fair value of financial instruments for disclosure purposes; 4) require separate presentation of both financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The update was effective on January 1, 2018, using a cumulative-effect adjustment to the balance sheet as of the beginning of the year, but resulted in the use of an exit price, rather than an entrance price, to determine fair value of loans not measured at fair value on a non-recurring basis. The adoption of ASU 2016-01 on January 1, 2018 did not have a material effect on the Corporation’s financial statements. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In January 2017, the FASB issued an update (ASU 2017-04, Intangibles – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. A public business entity that is a U.S. Securities and Exchange Commission filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material effect on the Corporation’s financial statements. In August 2016, the FASB issued an update (ASU 2016-15, Statement of Cash Flows) which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update apply to all entities, including business entities and not-for-profit entities that are required to present a statement of cash flows, and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 did not have a material effect on the Corporation’s financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current GAAP. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Corporation has formed a committee comprised of individuals from different disciplines, including credit administration, finance, loan servicing and information technology, to evaluate the requirements of the new standard and the impact it will have on current processes. Management has performed a data gap analysis, and is developing analytical approaches to determine CECL model inputs. The Corporation has also engaged a software vendor to assist in implementing a CECL production platform. The new guidance is expected to be heavily influenced by an assessment of the composition, characteristics, and credit quality of the Corporation's loan and investment securities portfolio as well as the economic conditions in effect at the adoption date. The impact to the financial statements is yet to be determined. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The update will be effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact of the adoption of ASU 2016-02 on the Corporation’s financial statements and anticipates an increase in the Corporation’s assets and liabilities of approximately $15 million . In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 provides updated accounting and reporting requirements for both public and non-public entities. The most significant provisions that will impact the Corporation are: 1) equity securities available for sale will be measured at fair value, with the changes in fair value recognized in the income statement; 2) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments at amortized cost on the balance sheet; 3) utilization of exit price notion when measuring the fair value of financial instruments for disclosure purposes; 4) require separate presentation of both financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The update was effective on January 1, 2018, using a cumulative-effect adjustment to the balance sheet as of the beginning of the year, but resulted in the use of an exit price, rather than an entrance price, to determine fair value of loans not measured at fair value on a non-recurring basis. The adoption of ASU 2016-01 on January 1, 2018 did not have a material effect on the Corporation’s financial statements. |
Stock Compensation (Tables)
Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Changes in Nonvested Restricted Stock Awards | A summary of changes in time-based nonvested restricted stock awards for the three months ended September 30, 2018 follows: Shares Per Share Nonvested at beginning of period 76,045 $ 23.09 Vested (250 ) 18.58 Nonvested at end of period 75,795 $ 23.11 A summary of changes in time-based nonvested restricted stock awards for the nine months ended September 30, 2018 follows: Shares Per Share Nonvested at beginning of period 94,472 $ 20.79 Granted 22,108 26.92 Forfeited (130 ) 26.29 Vested (40,655 ) 19.66 Nonvested at end of period 75,795 $ 23.11 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2018 and December 31, 2017 : Fair Value Measurements at September 30, 2018 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 145,509 $ — $ 145,509 $ — States and political subdivisions 138,395 — 138,395 — Residential and multi-family mortgage 194,635 — 194,635 — Corporate notes and bonds 12,036 — 12,036 — Pooled SBA 30,833 — 30,833 — Other 926 926 — — Total Securities Available For Sale $ 522,334 $ 926 $ 521,408 $ — Interest Rate swaps $ 191 $ — $ 191 $ — Trading Securities: Corporate equity securities $ 6,643 $ 6,643 — — Mutual funds 1,687 1,687 — — Certificates of deposit 228 228 — — Corporate notes and bonds 278 278 — — U.S. Government sponsored entities 51 — 51 — Total Trading Securities $ 8,887 $ 8,836 $ 51 $ — Liabilities, Interest rate swaps $ (182 ) $ — $ (182 ) $ — Fair Value Measurements at December 31, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 108,148 $ — $ 108,148 $ — States and political subdivisions 137,723 — 137,723 — Residential and multi-family mortgage 109,636 — 109,636 — Corporate notes and bonds 17,200 — 17,200 — Pooled SBA 36,040 — 36,040 — Other 962 962 — — Total Securities Available For Sale $ 409,709 $ 962 $ 408,747 $ — Interest Rate swaps $ 149 $ — $ 149 $ — Trading Securities: Corporate equity securities 5,125 5,125 — — Mutual funds 1,499 1,499 — — Certificates of deposit 220 220 — — Corporate notes and bonds 254 254 — — U.S. Government sponsored entities 52 — 52 — Total Trading Securities $ 7,150 $ 7,098 52 — Liabilities, Interest rate swaps $ (310 ) $ — $ (310 ) $ — |
Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2018 and 2017 : 2018 2017 Balance, January 1 $ — $ 2,049 Total gains: Included in other comprehensive income (unrealized) — 134 Sale of available-for-sale securities — (2,183 ) Balance, September 30 $ — $ — |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are as follows at September 30, 2018 and December 31, 2017 : Fair Value Measurements at September 30, 2018 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 324 — — $ 324 Fair Value Measurements at December 31, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 11 — — $ 11 |
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2018 : Fair value Valuation Technique Unobservable Inputs Weighted Average (Range) Impaired loans – commercial mortgages $ 324 Valuation of third party appraisal on underlying collateral Loss severity rates 15% (10-15%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2017 : Fair value Valuation Technique Unobservable Inputs Weighted Average (Range) Impaired loans – commercial mortgages $ 11 Valuation of third party appraisal on underlying collateral Loss severity rates 10% (10%) |
Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at September 30, 2018 : Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 36,500 $ 36,500 $ — $ — $ 36,500 Securities available for sale 522,334 926 521,408 — 522,334 Trading securities 8,887 8,836 51 — 8,887 Loans held for sale 775 — 775 — 775 Net loans 2,364,445 — — 2,334,576 2,334,576 FHLB and other restricted interests 16,885 n/a n/a n/a n/a Other equity interests 6,951 6,951 Interest rate swaps 191 — 191 — 191 Accrued interest receivable 11,221 7 3,748 7,466 11,221 LIABILITIES Deposits $ (2,522,379 ) $ (2,132,769 ) $ (391,848 ) $ — $ (2,524,617 ) FHLB and other borrowings (252,422 ) — (248,986 ) — (248,986 ) Subordinated debentures (70,620 ) — (68,202 ) — (68,202 ) Interest rate swaps (182 ) — (182 ) — (182 ) Accrued interest payable (820 ) — (820 ) — (820 ) The following table presents the carrying amount and fair value of financial instruments at December 31, 2017 : Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 35,345 $ 35,345 $ — $ — $ 35,345 Securities available for sale 409,709 962 408,747 — 409,709 Trading securities 7,150 7,098 52 — 7,150 Loans held for sale 852 — 853 — 853 Net loans 2,126,266 — — 2,126,824 2,126,824 FHLB and other restricted interests 17,035 n/a n/a n/a n/a Other equity interests 4,482 4,482 Interest rate swaps 149 — 149 — 149 Accrued interest receivable 9,254 6 2,651 6,597 9,254 LIABILITIES Deposits $ (2,167,815 ) $ (1,802,844 ) $ (362,756 ) $ — $ (2,165,600 ) FHLB and other borrowings (257,359 ) — (257,361 ) — (257,361 ) Subordinated debentures (70,620 ) — (63,575 ) — (63,575 ) Interest rate swaps (310 ) — (310 ) — (310 ) Accrued interest payable (554 ) — (554 ) — (554 ) |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Securities available for sale at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. gov’t sponsored entities $ 148,034 $ 178 $ (2,703 ) $ 145,509 $ 108,578 $ 478 $ (908 ) $ 108,148 State & political subdivisions 137,848 1,643 (1,096 ) 138,395 134,428 3,609 (314 ) 137,723 Residential & multi-family mortgage 199,968 76 (5,409 ) 194,635 111,214 304 (1,882 ) 109,636 Corporate notes & bonds 12,358 31 (353 ) 12,036 17,610 52 (462 ) 17,200 Pooled SBA 32,079 66 (1,312 ) 30,833 36,260 355 (575 ) 36,040 Other 1,020 — (94 ) 926 1,020 — (58 ) 962 Total $ 531,307 $ 1,994 $ (10,967 ) $ 522,334 $ 409,110 $ 4,798 $ (4,199 ) $ 409,709 Information pertaining to security sales on available for sale securities is as follows: Proceeds Gross Gains Gross Losses Three months ended September 30, 2018 $ — $ — $ — Three months ended September 30, 2017 $ 7,757 $ 76 $ (71 ) Nine months ended September 30, 2018 $ — $ — $ — Nine months ended September 30, 2017 $ 15,374 $ 1,614 $ (71 ) |
Trading Securities | Trading securities at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 Corporate equity securities $ 6,643 $ 5,125 Mutual funds 1,687 1,499 Certificates of deposit 228 220 Corporate notes and bonds 278 254 U.S. government sponsored entities 51 52 Total $ 8,887 $ 7,150 |
Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | Securities with unrealized losses at September 30, 2018 and December 31, 2017 , aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: September 30, 2018 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. gov’t sponsored entities $ 63,025 $ (736 ) $ 70,211 $ (1,967 ) $ 133,236 $ (2,703 ) State & political subdivisions 45,113 (617 ) 7,907 (479 ) 53,020 (1,096 ) Residential & multi-family mortgage 106,762 (2,196 ) 62,880 (3,213 ) 169,642 (5,409 ) Corporate notes & bonds 5,229 (29 ) 4,676 (324 ) 9,905 (353 ) Pooled SBA 7,326 (106 ) 19,377 (1,206 ) 26,703 (1,312 ) Other — — 926 (94 ) 926 (94 ) $ 227,455 $ (3,684 ) $ 165,977 $ (7,283 ) $ 393,432 $ (10,967 ) December 31, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. gov’t sponsored entities $ 55,696 $ (540 ) $ 34,754 $ (368 ) $ 90,450 $ (908 ) State & political subdivisions 15,890 (69 ) 4,104 (245 ) 19,994 (314 ) Residential and multi-family mortgage 30,144 (153 ) 63,699 (1,729 ) 93,843 (1,882 ) Corporate notes & bonds 5,005 (9 ) 9,042 (453 ) 14,047 (462 ) Pooled SBA — — 22,270 (575 ) 22,270 (575 ) Other — — 962 (58 ) 962 (58 ) $ 106,735 $ (771 ) $ 134,831 $ (3,428 ) $ 241,566 $ (4,199 ) |
Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses | A roll-forward of the other-than-temporary impairment amount related to credit losses for the three and nine months ended September 30, 2018 and 2017 is as follows: 2018 2017 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period $ — $ 2,071 Credit losses previously recognized on securities sold during the period — (2,071 ) Additional credit loss for which other-than-temporary impairment was not previously recognized — — Additional credit loss for which other-than-temporary impairment was previously recognized — — Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period $ — $ — |
Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities | The following is a schedule of the contractual maturity of securities available for sale, at September 30, 2018 : Amortized Cost Fair Value 1 year or less $ 58,844 $ 58,554 1 year – 5 years 164,854 163,471 5 years – 10 years 70,767 70,223 After 10 years 3,775 3,692 298,240 295,940 Residential and multi-family mortgage 199,968 194,635 Pooled SBA 32,079 30,833 Other securities 1,020 926 Total securities $ 531,307 $ 522,334 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Net Loans | Total net loans at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 Commercial, industrial, and agricultural $ 853,495 $ 749,138 Commercial mortgages 683,979 600,065 Residential real estate 760,342 713,347 Consumer 85,888 80,193 Credit cards 7,434 6,753 Overdrafts 325 352 Less: unearned discount (4,508 ) (3,889 ) allowance for loan losses (22,510 ) (19,693 ) Loans, net $ 2,364,445 $ 2,126,266 |
Allowance for Loan Losses | Transactions in the allowance for loan losses for the three months ended September 30, 2018 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, July 1, 2018 $ 7,143 $ 10,615 $ 1,900 $ 2,156 $ 101 $ 207 $ 22,122 Charge-offs (30 ) — (212 ) (469 ) (8 ) (94 ) (813 ) Recoveries 3 — 55 28 3 17 106 Provision (benefit) for loan losses (536 ) 682 235 608 11 95 1,095 Allowance for loan losses, September 30, 2018 $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Transactions in the allowance for loan losses for the nine months ended September 30, 2018 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, January 1, 2018 $ 6,160 $ 9,007 $ 2,033 $ 2,179 $ 120 $ 194 $ 19,693 Charge-offs (61 ) — (289 ) (1,610 ) (53 ) (236 ) (2,249 ) Recoveries 165 — 67 112 27 64 435 Provision for loan losses 316 2,290 167 1,642 13 203 4,631 Allowance for loan losses, September 30, 2018 $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Transactions in the allowance for loan losses for the three months ended September 30, 2017 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, July 1, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Charge-offs (20 ) (22 ) (130 ) (703 ) (39 ) (63 ) (977 ) Recoveries 36 3 — 96 8 14 157 Provision (benefit) for loan losses (223 ) 472 468 627 — 56 1,400 Allowance for loan losses, September 30, 2017 $ 5,356 $ 8,094 $ 2,008 $ 2,088 $ 111 $ 192 $ 17,849 Transactions in the allowance for loan losses for the nine months ended September 30, 2017 were as follows: Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses, January 1, 2017 $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Charge-offs (50 ) (22 ) (328 ) (1,969 ) (111 ) (192 ) (2,672 ) Recoveries 167 197 73 110 23 71 641 Provision (benefit) for loan losses (189 ) 1,166 610 1,732 106 125 3,550 Allowance for loan losses, September 30, 2017 $ 5,356 $ 8,094 $ 2,008 $ 2,088 $ 111 $ 192 $ 17,849 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of September 30, 2018 and December 31, 2017 . The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. September 30, 2018 Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ 1 $ — $ — $ — $ — $ 1 Collectively evaluated for impairment 6,343 5,062 1,978 2,323 107 225 16,038 Acquired with deteriorated credit quality — — — — — — — Modified in a troubled debt restructuring 237 6,234 — — — — 6,471 Total ending allowance balance $ 6,580 $ 11,297 $ 1,978 $ 2,323 $ 107 $ 225 $ 22,510 Loans: Individually evaluated for impairment $ 1,500 $ 467 $ — $ — $ — $ — $ 1,967 Collectively evaluated for impairment 847,197 669,989 760,342 85,888 7,434 325 2,371,175 Acquired with deteriorated credit quality — 577 — — — — 577 Modified in a troubled debt restructuring 4,798 12,946 — — — — 17,744 Total ending loans balance $ 853,495 $ 683,979 $ 760,342 $ 85,888 $ 7,434 $ 325 $ 2,391,463 December 31, 2017 Commercial, Industrial, and Agricultural Commercial Mortgages Residential Real Estate Consumer Credit Cards Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 47 $ — $ — $ — $ — $ — $ 47 Collectively evaluated for impairment 5,868 3,563 2,033 2,179 120 194 13,957 Acquired with deteriorated credit quality — — — — — — — Modified in a troubled debt restructuring 245 5,444 — — — — 5,689 Total ending allowance balance $ 6,160 $ 9,007 $ 2,033 $ 2,179 $ 120 $ 194 $ 19,693 Loans: Individually evaluated for impairment $ 1,187 $ 51 $ — $ — $ — $ — $ 1,238 Collectively evaluated for impairment 742,738 586,845 713,347 80,193 6,753 352 2,130,228 Acquired with deteriorated credit quality — 1,079 — — — — 1,079 Modified in a troubled debt restructuring 5,213 12,090 — — — — 17,303 Total ending loans balance $ 749,138 $ 600,065 $ 713,347 $ 80,193 $ 6,753 $ 352 $ 2,149,848 |
Loans Individually Evaluated for Impairment Including Loans Modified in Troubled Debt Restructurings by Portfolio Segment | The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 : September 30, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: Commercial, industrial, and agricultural $ 1,096 $ 1,096 $ 237 Commercial mortgage 9,717 8,991 6,235 Residential real estate — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,918 5,202 — Commercial mortgage 5,464 4,422 — Residential real estate — — — Total $ 22,195 $ 19,711 $ 6,472 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: Commercial, industrial, and agricultural $ 1,915 $ 1,915 $ 292 Commercial mortgage 9,940 9,731 5,444 Residential real estate — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,264 4,485 — Commercial mortgage 3,211 2,410 — Residential real estate — — — Total $ 20,330 $ 18,541 $ 5,736 |
Impaired Financing Receivables with Related and not Related Allowances | Three months ended September 30, 2018 Three months ended September 30, 2017 Average Interest Cash Basis Average Interest Cash Basis With an allowance recorded: Commercial, industrial, and agricultural $ 3,460 $ 11 $ 11 $ 1,190 $ 20 $ 20 Commercial mortgage 9,042 37 37 9,724 77 77 Residential real estate — — — — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,569 69 69 2,142 23 23 Commercial mortgage 5,153 20 20 4,981 33 33 Residential real estate — — — — — — Total $ 23,224 $ 137 $ 137 $ 18,037 $ 153 $ 153 Nine months ended September 30, 2018 Nine months ended September 30, 2017 Average Interest Cash Basis Average Interest Cash Basis With an allowance recorded: Commercial, industrial, and agricultural $ 2,672 $ 54 $ 54 $ 1,413 $ 56 $ 56 Commercial mortgage 9,147 111 111 12,497 293 293 Residential real estate — — — — — — With no related allowance recorded: Commercial, industrial, and agricultural 5,084 160 160 1,927 73 73 Commercial mortgage 4,511 66 66 2,490 100 100 Residential real estate — — — — — — Total $ 21,414 $ 391 $ 391 $ 18,327 $ 522 $ 522 |
Nonaccrual Loans and Loans Past Due over 90 Days Still Accruing Interest by Class of Loans | The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still accruing interest by class of loans as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Non-accrual Past Due Over 90 Days Still on Accrual Non-accrual Past Due Over 90 Days Still on Accrual Commercial, industrial, and agricultural $ 3,824 $ 265 $ 1,869 $ 78 Commercial mortgages 10,151 — 11,065 — Residential real estate 4,767 1,488 5,470 338 Consumer 140 82 828 17 Credit cards — 26 — 44 Total $ 18,882 $ 1,861 $ 19,232 $ 477 |
Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2018 and December 31, 2017 by class of loans. September 30, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total Commercial, industrial, and agricultural $ 76 $ 587 $ 1,557 $ 2,220 $ 851,275 $ 853,495 Commercial mortgages 614 — 58 672 683,307 683,979 Residential real estate 2,039 844 4,937 7,820 752,522 760,342 Consumer 526 605 830 1,961 83,927 85,888 Credit cards 30 33 26 89 7,345 7,434 Overdrafts — — — — 325 325 Total $ 3,285 $ 2,069 $ 7,408 $ 12,762 $ 2,378,701 $ 2,391,463 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Loans Not Past Due Total Commercial, industrial, and agricultural $ 2,745 $ 646 $ 748 $ 4,139 $ 744,999 $ 749,138 Commercial mortgages 233 — 292 525 599,540 600,065 Residential real estate 2,290 1,494 4,655 8,439 704,908 713,347 Consumer 454 307 812 1,573 78,620 80,193 Credit cards 31 10 44 85 6,668 6,753 Overdrafts — — — — 352 352 Total $ 5,753 $ 2,457 $ 6,551 $ 14,761 $ 2,135,087 $ 2,149,848 |
Restructured in Troubled Debt | The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Number of Loans Loan Balance Specific Reserve Number of Loans Loan Balance Specific Reserve Commercial, industrial, and agricultural 11 $ 4,798 $ 237 11 $ 5,213 $ 245 Commercial mortgages 13 12,946 6,234 9 12,090 5,444 Residential real estate — — — — — — Consumer — — — — — — Credit cards — — — — — — Total 24 $ 17,744 $ 6,471 20 $ 17,303 $ 5,689 The following table presents information associated with the loans that were modified as troubled debt restructurings during the nine months ended September 30, 2018 and the three and nine months ended September 30, 2017 . There were no loans modified as troubled debt restructurings during the three months ended September 30, 2018 . Nine months ended September 30, 2018 Three and Nine months ended September 30, 2017 Number of Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial, industrial, and agricultural — $ — $ — 2 $ 324 $ 379 Commercial mortgages 4 1,091 1,091 2 6,227 6,276 Residential real estate — — — — — — Consumer — — — — — — Credit cards — — — — — — Total 4 $ 1,091 $ 1,091 4 $ 6,551 $ 6,655 |
Schedule of Loan Assigned Risk Rating within 12 Months of Balance Sheet Date | September 30, 2018 Pass Special Mention Substandard Doubtful Total Commercial, industrial, and agricultural $ 827,425 $ 10,304 $ 15,766 $ — $ 853,495 Commercial mortgages 665,896 3,309 14,774 — 683,979 Total $ 1,493,321 $ 13,613 $ 30,540 $ — $ 1,537,474 December 31, 2017 Pass Special Mention Substandard Doubtful Total Commercial, industrial, and agricultural $ 713,102 $ 16,726 $ 19,310 $ — $ 749,138 Commercial mortgages 581,631 4,419 14,015 — 600,065 Total $ 1,294,733 $ 21,145 $ 33,325 $ — $ 1,349,203 |
Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity | The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Residential Real Estate Consumer Credit Cards Residential Real Estate Consumer Credit Cards Performing $ 754,087 $ 85,666 $ 7,408 $ 707,539 $ 79,348 $ 6,709 Nonperforming 6,255 222 26 5,808 845 44 Total $ 760,342 $ 85,888 $ 7,434 $ 713,347 $ 80,193 $ 6,753 |
Summary of Holiday's Loan Portfolio | Holiday’s loan portfolio is summarized as follows at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Consumer $ 25,242 $ 23,428 Less: unearned discount (4,508 ) (3,889 ) Total $ 20,734 $ 19,539 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Total Deposits | Total deposits at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 Percentage Change Checking, non-interest bearing $ 345,154 $ 321,858 7.2 % Checking, interest bearing 599,668 565,399 6.1 % Savings accounts 1,187,947 915,587 29.7 % Certificates of deposit 389,610 364,971 6.8 % $ 2,522,379 $ 2,167,815 16.4 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per share is shown below: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Basic earnings per common share computation: Net income per consolidated statements of income $ 9,236 $ 7,246 $ 24,774 $ 20,409 Net earnings allocated to participating securities (40 ) (40 ) (113 ) (120 ) Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Distributed earnings allocated to common stock $ 2,586 $ 2,506 $ 7,607 $ 7,521 Undistributed earnings allocated to common stock 6,610 4,700 17,054 12,768 Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Weighted average common shares outstanding, including shares considered participating securities 15,285 15,285 15,281 15,188 Less: Average participating securities (60 ) (78 ) (67 ) (84 ) Weighted average shares 15,225 15,207 15,214 15,104 Basic earnings per common share $ 0.60 $ 0.47 $ 1.62 $ 1.34 Diluted earnings per common share computation: Net earnings allocated to common stock $ 9,196 $ 7,206 $ 24,661 $ 20,289 Weighted average shares and dilutive potential common shares 15,225 15,207 15,214 15,104 Diluted earnings per common share $ 0.60 $ 0.47 $ 1.62 $ 1.34 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income | The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 : Fair value as of Balance Sheet Location September 30, 2018 December 31, 2017 Interest rate contracts Accrued interest and other liabilities $ 9 $ (161 ) For the Three Months Ended September 30, 2018 (a) (b) (c) (d) (e) Interest rate contracts $ 36 Interest expense – $ (44 ) Other $ — For the Nine Months Ended September 30, 2018 (a) (b) (c) (d) (e) Interest rate contracts $ 134 Interest expense – $ (149 ) Other $ — For the Three Months Ended September 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 46 Interest expense – $ (71 ) Other $ — For the Nine Months Ended September 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 141 Interest expense – $ (220 ) Other $ — (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
Amounts and Locations of Activity Related to Back-to-Back Interest Rate Swaps within Corporation's Consolidated Balance Sheet | The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of September 30, 2018 and December 31, 2017 : Notional Amount Weighted Average Maturity (in years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value September 30, 2018 3rd Party interest rate swaps $ 22,278 7.7 3.88 % 1 month LIBOR + 1.23% $ (182 ) (a) Customer interest rate swaps (22,278 ) 7.7 3.88 % 1 month LIBOR + 1.23% 182 (b) December 31, 2017 3rd Party interest rate swaps $ 11,848 8.0 4.51 % 1 month LIBOR + 2.37% $ 149 (a) Customer interest rate swaps (11,848 ) 8.0 4.51 % 1 month LIBOR + 2.37% (149 ) (b) (a) Reported in accrued interest receivable and other assets within the consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the consolidated balance sheets |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue Derived from Contracts with Customers | The following tables depict the disaggregation of revenue derived from contracts with customers to depict the nature, amount, timing, and uncertainty of revenue and cash flows for the three and nine months ended September 30, 2018 and 2017 . Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Non-interest Income Service charges on deposit accounts $ 1,584 $ 1,244 Wealth and asset management fees 1,031 952 Mortgage banking (1) 283 237 Card processing and interchange income 1,066 942 Net realized gains on available-for-sale securities (1) — 5 Other income 1,969 1,652 Total non-interest income $ 5,933 $ 5,032 (1) Not within scope of ASU 2014-9 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Non-interest Income Service charges on deposit accounts $ 4,102 $ 3,499 Wealth and asset management fees 3,151 2,775 Mortgage banking (1) 801 668 Card processing and interchange income 3,140 2,790 Net realized gains on available-for-sale securities (1) — 1,543 Other income 5,096 4,619 Total non-interest income $ 16,290 $ 15,894 (1) Not within scope of ASU 2014-9 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of nonqualified options or restricted stock for key employees and independent directors (up to) (in shares) | 500,000 | 500,000 | |||
Unrecognized compensation cost related to nonvested stock options granted | $ 0 | $ 0 | |||
Shares, granted (in shares) | 0 | 0 | 0 | 0 | |
Compensation expense restricted stock awards | $ 268,000 | $ 204,000 | $ 1,219,000 | $ 600,000 | |
Vested (in shares) | 250 | 40,655 | |||
Performance Based Restricted Stock Awards | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares, granted (in shares) | 15,702 | 10,000 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested restricted stock | $ 1,042,000 | $ 1,042,000 | |||
Fair value of shares vesting during period | 8,000 | $ 6,000 | $ 1,479,000 | $ 929,000 | |
Restricted Stock Units (RSUs) | Vested Immediately | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested (in shares) | 15,600 | ||||
Compensation expense | $ 0 | $ 385,000 | |||
Key Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive plan, vesting per year | 25.00% | ||||
Award vesting period | 4 years | ||||
Starting period of vesting of stock based award | 1 year | ||||
Aggregate percentage of stock based awards to be matured | 100.00% | ||||
Independent Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive plan, vesting per year | 33.00% | ||||
Award vesting period | 3 years | ||||
Starting period of vesting of stock based award | 1 year | ||||
Aggregate percentage of stock based awards to be matured | 100.00% |
Stock Compensation - Summary of
Stock Compensation - Summary of Restricted Stock Awards (Detail) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Shares | ||
Nonvested at beginning of period (in shares) | 76,045 | 94,472 |
Granted (in shares) | 22,108 | |
Forfeited (in shares) | (130) | |
Vested (in shares) | (250) | (40,655) |
Nonvested at end of period (in shares) | 75,795 | 75,795 |
Per Share Weighted Average Grant Date Fair Value | ||
Nonvested at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ 23.09 | $ 20.79 |
Granted, Weighted-average Grant Date Fair Value (in dollars per share) | 26.92 | |
Forfeited, Weighted-average Grant Date Fair Value (in dollars per share) | 26.29 | |
Vested, Weighted-average Grant Date Fair Value (in dollars per share) | 18.58 | 19.66 |
Nonvested at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ 23.11 | $ 23.11 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Securities Available For Sale: | ||
Securities available for sale | $ 522,334 | $ 409,709 |
Fair Value Measurement on Recurring Basis | ||
Securities Available For Sale: | ||
Securities available for sale | 522,334 | 409,709 |
Interest Rate swaps | 191 | 149 |
Trading Securities: | ||
Trading securities | 8,887 | 7,150 |
LIABILITIES | ||
Interest rate swaps | (182) | (310) |
Fair Value Measurement on Recurring Basis | U.S. Government sponsored entities | ||
Securities Available For Sale: | ||
Securities available for sale | 145,509 | 108,148 |
Trading Securities: | ||
Trading securities | 51 | 52 |
Fair Value Measurement on Recurring Basis | States and political subdivisions | ||
Securities Available For Sale: | ||
Securities available for sale | 138,395 | 137,723 |
Fair Value Measurement on Recurring Basis | Residential and multi-family mortgage | ||
Securities Available For Sale: | ||
Securities available for sale | 194,635 | 109,636 |
Fair Value Measurement on Recurring Basis | Corporate notes and bonds | ||
Securities Available For Sale: | ||
Securities available for sale | 12,036 | 17,200 |
Trading Securities: | ||
Trading securities | 278 | 254 |
Fair Value Measurement on Recurring Basis | Pooled SBA | ||
Securities Available For Sale: | ||
Securities available for sale | 30,833 | 36,040 |
Fair Value Measurement on Recurring Basis | Other | ||
Securities Available For Sale: | ||
Securities available for sale | 926 | 962 |
Fair Value Measurement on Recurring Basis | Corporate equity securities | ||
Trading Securities: | ||
Trading securities | 6,643 | 5,125 |
Fair Value Measurement on Recurring Basis | Mutual funds | ||
Trading Securities: | ||
Trading securities | 1,687 | 1,499 |
Fair Value Measurement on Recurring Basis | Certificates of deposit | ||
Trading Securities: | ||
Trading securities | 228 | 220 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available For Sale: | ||
Securities available for sale | 926 | 962 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 8,836 | 7,098 |
LIABILITIES | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government sponsored entities | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential and multi-family mortgage | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate notes and bonds | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 278 | 254 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled SBA | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Securities Available For Sale: | ||
Securities available for sale | 926 | 962 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate equity securities | ||
Trading Securities: | ||
Trading securities | 6,643 | 5,125 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ||
Trading Securities: | ||
Trading securities | 1,687 | 1,499 |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit | ||
Trading Securities: | ||
Trading securities | 228 | 220 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available For Sale: | ||
Securities available for sale | 521,408 | 408,747 |
Interest Rate swaps | 191 | 149 |
Trading Securities: | ||
Trading securities | 51 | 52 |
LIABILITIES | ||
Interest rate swaps | (182) | (310) |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. Government sponsored entities | ||
Securities Available For Sale: | ||
Securities available for sale | 145,509 | 108,148 |
Trading Securities: | ||
Trading securities | 51 | 52 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | States and political subdivisions | ||
Securities Available For Sale: | ||
Securities available for sale | 138,395 | 137,723 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Residential and multi-family mortgage | ||
Securities Available For Sale: | ||
Securities available for sale | 194,635 | 109,636 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Corporate notes and bonds | ||
Securities Available For Sale: | ||
Securities available for sale | 12,036 | 17,200 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Pooled SBA | ||
Securities Available For Sale: | ||
Securities available for sale | 30,833 | 36,040 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Other | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Corporate equity securities | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Mutual funds | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | Certificates of deposit | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
LIABILITIES | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | U.S. Government sponsored entities | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | States and political subdivisions | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Residential and multi-family mortgage | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Corporate notes and bonds | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Pooled SBA | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Other | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Corporate equity securities | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Mutual funds | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | Certificates of deposit | ||
Trading Securities: | ||
Trading securities | $ 0 | $ 0 |
Fair Value - Securities Availab
Fair Value - Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 0 | $ 2,049 |
Total gains: | ||
Included in other comprehensive income (unrealized) | 0 | 134 |
Sale of available-for-sale securities | 0 | (2,183) |
Ending Balance | $ 0 | $ 0 |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Commercial mortgages - Fair Value Measurement on Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Impaired loans: | ||
Impaired loans – commercial mortgages | $ 324 | $ 11 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired loans: | ||
Impaired loans – commercial mortgages | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Impaired loans: | ||
Impaired loans – commercial mortgages | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Impaired loans: | ||
Impaired loans – commercial mortgages | $ 324 | $ 11 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impaired loans, recorded investment | $ 19,711 | $ 19,711 | $ 18,541 | ||
Impaired loans allowance | 6,472 | 6,472 | 5,736 | ||
Collateral Dependent Loans | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impaired loans, recorded investment | 1,310 | 1,310 | 646 | ||
Impaired loans allowance | 986 | 986 | $ 635 | ||
Provision for loan losses | $ (634) | $ (22) | $ 352 | $ (395) |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Level 3 (Detail) - Commercial mortgages - Fair Value Measurement on Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans – commercial mortgages | $ 324 | $ 11 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans – commercial mortgages | $ 324 | $ 11 |
Measurement Input, Loss Severity | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 10.00% | |
Measurement Input, Loss Severity | Significant Unobservable Inputs (Level 3) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 15.00% | 10.00% |
Measurement Input, Loss Severity | Significant Unobservable Inputs (Level 3) | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 10.00% | |
Measurement Input, Loss Severity | Significant Unobservable Inputs (Level 3) | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 15.00% |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Securities available for sale | $ 522,334 | $ 409,709 |
Net loans | 2,364,445 | 2,126,266 |
LIABILITIES | ||
Deposits | (2,522,379) | (2,167,815) |
Subordinated debentures | (70,620) | (70,620) |
Carrying Amount | ||
ASSETS | ||
Cash and cash equivalents | 36,500 | 35,345 |
Securities available for sale | 522,334 | 409,709 |
Trading securities | 8,887 | 7,150 |
Loans held for sale | 775 | 852 |
Net loans | 2,364,445 | 2,126,266 |
FHLB and other restricted interests | 16,885 | 17,035 |
Other equity interests | 6,951 | 4,482 |
Interest rate swaps | 191 | 149 |
Accrued interest receivable | 11,221 | 9,254 |
LIABILITIES | ||
Deposits | (2,522,379) | (2,167,815) |
FHLB and other borrowings | (252,422) | (257,359) |
Subordinated debentures | (70,620) | (70,620) |
Interest rate swaps | (182) | (310) |
Accrued interest payable | (820) | (554) |
Fair Value | ||
ASSETS | ||
Cash and cash equivalents | 36,500 | 35,345 |
Securities available for sale | 522,334 | 409,709 |
Trading securities | 8,887 | 7,150 |
Loans held for sale | 775 | 853 |
Net loans | 2,334,576 | 2,126,824 |
Other equity interests | 6,951 | 4,482 |
Interest rate swaps | 191 | 149 |
Accrued interest receivable | 11,221 | 9,254 |
LIABILITIES | ||
Deposits | (2,524,617) | (2,165,600) |
FHLB and other borrowings | (248,986) | (257,361) |
Subordinated debentures | (68,202) | (63,575) |
Interest rate swaps | (182) | (310) |
Accrued interest payable | (820) | (554) |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Cash and cash equivalents | 36,500 | 35,345 |
Securities available for sale | 926 | 962 |
Trading securities | 8,836 | 7,098 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest receivable | 7 | 6 |
LIABILITIES | ||
Deposits | (2,132,769) | (1,802,844) |
FHLB and other borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 521,408 | 408,747 |
Trading securities | 51 | 52 |
Loans held for sale | 775 | 853 |
Net loans | 0 | 0 |
Interest rate swaps | 191 | 149 |
Accrued interest receivable | 3,748 | 2,651 |
LIABILITIES | ||
Deposits | (391,848) | (362,756) |
FHLB and other borrowings | (248,986) | (257,361) |
Subordinated debentures | (68,202) | (63,575) |
Interest rate swaps | (182) | (310) |
Accrued interest payable | (820) | (554) |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Trading securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 2,334,576 | 2,126,824 |
Interest rate swaps | 0 | 0 |
Accrued interest receivable | 7,466 | 6,597 |
LIABILITIES | ||
Deposits | 0 | 0 |
FHLB and other borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Securities - Available for Sale
Securities - Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 531,307 | $ 409,110 |
Unrealized Gain | 1,994 | 4,798 |
Unrealized Loss | (10,967) | (4,199) |
Securities available for sale | 522,334 | 409,709 |
U.S. gov’t sponsored entities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 148,034 | 108,578 |
Unrealized Gain | 178 | 478 |
Unrealized Loss | (2,703) | (908) |
Securities available for sale | 145,509 | 108,148 |
State & political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 137,848 | 134,428 |
Unrealized Gain | 1,643 | 3,609 |
Unrealized Loss | (1,096) | (314) |
Securities available for sale | 138,395 | 137,723 |
Residential & multi-family mortgage | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 199,968 | 111,214 |
Unrealized Gain | 76 | 304 |
Unrealized Loss | (5,409) | (1,882) |
Securities available for sale | 194,635 | 109,636 |
Corporate notes & bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,358 | 17,610 |
Unrealized Gain | 31 | 52 |
Unrealized Loss | (353) | (462) |
Securities available for sale | 12,036 | 17,200 |
Pooled SBA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,079 | 36,260 |
Unrealized Gain | 66 | 355 |
Unrealized Loss | (1,312) | (575) |
Securities available for sale | 30,833 | 36,040 |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,020 | 1,020 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (94) | (58) |
Securities available for sale | $ 926 | $ 962 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Shareholders' equity percentage (greater than) | 10.00% | 10.00% | ||
Securities pledged to secure public deposits | $ 311,336 | $ 319,575 | ||
Tax provision related to net realized gains | $ 2 | $ 540 |
Securities - Trading Securities
Securities - Trading Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 8,887 | $ 7,150 |
Corporate equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 6,643 | 5,125 |
Mutual funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,687 | 1,499 |
Corporate notes and bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 278 | 254 |
U.S. gov’t sponsored entities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 51 | 52 |
Certificates of deposit | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 228 | $ 220 |
Securities - Continuous Unreali
Securities - Continuous Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Less than 12 Months | ||
Fair Value | $ 227,455 | $ 106,735 |
Unrealized Loss | (3,684) | (771) |
12 Months or More | ||
Fair Value | 165,977 | 134,831 |
Unrealized Loss | (7,283) | (3,428) |
Fair Value | 393,432 | 241,566 |
Unrealized Loss | (10,967) | (4,199) |
U.S. gov’t sponsored entities | ||
Less than 12 Months | ||
Fair Value | 63,025 | 55,696 |
Unrealized Loss | (736) | (540) |
12 Months or More | ||
Fair Value | 70,211 | 34,754 |
Unrealized Loss | (1,967) | (368) |
Fair Value | 133,236 | 90,450 |
Unrealized Loss | (2,703) | (908) |
State & political subdivisions | ||
Less than 12 Months | ||
Fair Value | 45,113 | 15,890 |
Unrealized Loss | (617) | (69) |
12 Months or More | ||
Fair Value | 7,907 | 4,104 |
Unrealized Loss | (479) | (245) |
Fair Value | 53,020 | 19,994 |
Unrealized Loss | (1,096) | (314) |
Residential & multi-family mortgage | ||
Less than 12 Months | ||
Fair Value | 106,762 | 30,144 |
Unrealized Loss | (2,196) | (153) |
12 Months or More | ||
Fair Value | 62,880 | 63,699 |
Unrealized Loss | (3,213) | (1,729) |
Fair Value | 169,642 | 93,843 |
Unrealized Loss | (5,409) | (1,882) |
Corporate notes and bonds | ||
Less than 12 Months | ||
Fair Value | 5,229 | 5,005 |
Unrealized Loss | (29) | (9) |
12 Months or More | ||
Fair Value | 4,676 | 9,042 |
Unrealized Loss | (324) | (453) |
Fair Value | 9,905 | 14,047 |
Unrealized Loss | (353) | (462) |
Pooled SBA | ||
Less than 12 Months | ||
Fair Value | 7,326 | 0 |
Unrealized Loss | (106) | 0 |
12 Months or More | ||
Fair Value | 19,377 | 22,270 |
Unrealized Loss | (1,206) | (575) |
Fair Value | 26,703 | 22,270 |
Unrealized Loss | (1,312) | (575) |
Other | ||
Less than 12 Months | ||
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
12 Months or More | ||
Fair Value | 926 | 962 |
Unrealized Loss | (94) | (58) |
Fair Value | 926 | 962 |
Unrealized Loss | $ (94) | $ (58) |
Securities - Roll-Forward of Ot
Securities - Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period | $ 0 | $ 2,071 |
Credit losses previously recognized on securities sold during the period | 0 | (2,071) |
Additional credit loss for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Additional credit loss for which other-than-temporary impairment was previously recognized | 0 | 0 |
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period | $ 0 | $ 0 |
Securities - Information Pertai
Securities - Information Pertaining to Security Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 0 | $ 7,757 | $ 0 | $ 15,374 |
Gross Gains | 0 | 76 | 0 | 1,614 |
Gross Losses | $ 0 | $ (71) | $ 0 | $ (71) |
Securities - Contractual Maturi
Securities - Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
1 year or less | $ 58,844 | |
1 year – 5 years | 164,854 | |
5 years – 10 years | 70,767 | |
After 10 years | 3,775 | |
Total, Amortized Cost | 298,240 | |
Total debt securities, Amortized Cost | 531,307 | $ 409,110 |
Fair Value | ||
1 year or less | 58,554 | |
1 year – 5 years | 163,471 | |
5 years – 10 years | 70,223 | |
After 10 years | 3,692 | |
Total, Fair Value | 295,940 | |
Total debt securities, Fair Value | 522,334 | 409,709 |
Residential & multi-family mortgage | ||
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 199,968 | |
Total debt securities, Amortized Cost | 199,968 | 111,214 |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 194,635 | |
Total debt securities, Fair Value | 194,635 | 109,636 |
Pooled SBA | ||
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 32,079 | |
Total debt securities, Amortized Cost | 32,079 | 36,260 |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 30,833 | |
Total debt securities, Fair Value | 30,833 | 36,040 |
Other | ||
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 1,020 | |
Total debt securities, Amortized Cost | 1,020 | 1,020 |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 926 | |
Total debt securities, Fair Value | $ 926 | $ 962 |
Loans - Schedule of Net Loans (
Loans - Schedule of Net Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Loan Portfolio By Loan Grade [Line Items] | ||
Commercial, industrial, and agricultural | $ 853,495 | $ 749,138 |
Commercial mortgages | 683,979 | 600,065 |
Residential real estate | 760,342 | 713,347 |
Credit cards | 7,434 | 6,753 |
Overdrafts | 325 | 352 |
Less: unearned discount | (4,508) | (3,889) |
Less: allowance for loan losses | (22,510) | (19,693) |
Net loans | 2,364,445 | 2,126,266 |
Consumer Portfolio | ||
Loan Portfolio By Loan Grade [Line Items] | ||
Consumer | $ 85,888 | $ 80,193 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net unamortized loan fees | $ 3,331,000 | $ 3,331,000 | $ 2,574,000 | ||
Percentage of comprised loan, commercial, industrial and agricultural loans | 36.00% | 36.00% | 35.00% | ||
Percentage of comprised loan, commercial mortgage loans | 29.00% | 29.00% | 28.00% | ||
Percentage of loan-to-value to business equipment | 80.00% | ||||
Percentage of loan-to-value to accounts receivable | 75.00% | ||||
Percentage of loan-to-value to business inventory | 60.00% | ||||
Percentage of loan-to-value to real estate | 85.00% | ||||
Percentage of residential real estate loan in portfolio | 32.00% | 32.00% | 33.00% | ||
Principal balances forgiven in connection with loan restructuring | $ 0 | $ 0 | $ 0 | $ 0 | |
Increase in allowance for loans losses | 113,000 | ||||
Allowance for loan and lease losses write-offs | $ 0 | ||||
Increase in allowance for loan losses | $ 169,000 | $ 1,324,000 | |||
Number of loans | loan | 4 | 4 | 4 | 4 | |
Outstanding balance of semi annual loans (greater than) | $ 1,000,000 | $ 1,000,000 | |||
Outstanding balance of annual loans (less than) | $ 1,000,000 | $ 1,000,000 | |||
Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum percentage of consumer loan and credit card in portfolio (less than) | 10.00% | 10.00% | 10.00% |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | $ 22,122 | $ 17,269 | $ 19,693 | $ 16,330 |
Charge-offs | (813) | (977) | (2,249) | (2,672) |
Recoveries | 106 | 157 | 435 | 641 |
Provision for loan losses | 1,095 | 1,400 | 4,631 | 3,550 |
Allowance for loan losses, Ending Balance | 22,510 | 17,849 | 22,510 | 17,849 |
Commercial, Industrial, and Agricultural | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 7,143 | 5,563 | 6,160 | 5,428 |
Charge-offs | (30) | (20) | (61) | (50) |
Recoveries | 3 | 36 | 165 | 167 |
Provision for loan losses | (536) | (223) | 316 | (189) |
Allowance for loan losses, Ending Balance | 6,580 | 5,356 | 6,580 | 5,356 |
Commercial mortgages | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 10,615 | 7,641 | 9,007 | 6,753 |
Charge-offs | 0 | (22) | 0 | (22) |
Recoveries | 0 | 3 | 0 | 197 |
Provision for loan losses | 682 | 472 | 2,290 | 1,166 |
Allowance for loan losses, Ending Balance | 11,297 | 8,094 | 11,297 | 8,094 |
Residential Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 1,900 | 1,670 | 2,033 | 1,653 |
Charge-offs | (212) | (130) | (289) | (328) |
Recoveries | 55 | 0 | 67 | 73 |
Provision for loan losses | 235 | 468 | 167 | 610 |
Allowance for loan losses, Ending Balance | 1,978 | 2,008 | 1,978 | 2,008 |
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 2,156 | 2,068 | 2,179 | 2,215 |
Charge-offs | (469) | (703) | (1,610) | (1,969) |
Recoveries | 28 | 96 | 112 | 110 |
Provision for loan losses | 608 | 627 | 1,642 | 1,732 |
Allowance for loan losses, Ending Balance | 2,323 | 2,088 | 2,323 | 2,088 |
Credit Cards | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 101 | 142 | 120 | 93 |
Charge-offs | (8) | (39) | (53) | (111) |
Recoveries | 3 | 8 | 27 | 23 |
Provision for loan losses | 11 | 0 | 13 | 106 |
Allowance for loan losses, Ending Balance | 107 | 111 | 107 | 111 |
Overdrafts | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Balance | 207 | 185 | 194 | 188 |
Charge-offs | (94) | (63) | (236) | (192) |
Recoveries | 17 | 14 | 64 | 71 |
Provision for loan losses | 95 | 56 | 203 | 125 |
Allowance for loan losses, Ending Balance | $ 225 | $ 192 | $ 225 | $ 192 |
Loans - Allowance for Loan Lo_2
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | $ 1 | $ 47 | ||||
Collectively evaluated for impairment | 16,038 | 13,957 | ||||
Modified in a troubled debt restructuring | 6,471 | 5,689 | ||||
Ending allowance balance | 22,510 | $ 22,122 | 19,693 | $ 17,849 | $ 17,269 | $ 16,330 |
Loans: | ||||||
Individually evaluated for impairment | 1,967 | 1,238 | ||||
Collectively evaluated for impairment | 2,371,175 | 2,130,228 | ||||
Acquired with deteriorated credit quality | 1,537,474 | 1,349,203 | ||||
Modified in a troubled debt restructuring | 17,744 | 17,303 | ||||
Total ending loans balance | 2,391,463 | 2,149,848 | ||||
Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 577 | 1,079 | ||||
Commercial, Industrial, and Agricultural | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 47 | ||||
Collectively evaluated for impairment | 6,343 | 5,868 | ||||
Modified in a troubled debt restructuring | 237 | 245 | ||||
Ending allowance balance | 6,580 | 7,143 | 6,160 | 5,356 | 5,563 | 5,428 |
Loans: | ||||||
Individually evaluated for impairment | 1,500 | 1,187 | ||||
Collectively evaluated for impairment | 847,197 | 742,738 | ||||
Acquired with deteriorated credit quality | 853,495 | 749,138 | ||||
Modified in a troubled debt restructuring | 4,798 | 5,213 | ||||
Total ending loans balance | 853,495 | 749,138 | ||||
Commercial, Industrial, and Agricultural | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Commercial mortgages | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 1 | 0 | ||||
Collectively evaluated for impairment | 5,062 | 3,563 | ||||
Modified in a troubled debt restructuring | 6,234 | 5,444 | ||||
Ending allowance balance | 11,297 | 10,615 | 9,007 | 8,094 | 7,641 | 6,753 |
Loans: | ||||||
Individually evaluated for impairment | 467 | 51 | ||||
Collectively evaluated for impairment | 669,989 | 586,845 | ||||
Acquired with deteriorated credit quality | 683,979 | 600,065 | ||||
Modified in a troubled debt restructuring | 12,946 | 12,090 | ||||
Total ending loans balance | 683,979 | 600,065 | ||||
Commercial mortgages | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 577 | 1,079 | ||||
Residential Real Estate | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,978 | 2,033 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Ending allowance balance | 1,978 | 1,900 | 2,033 | 2,008 | 1,670 | 1,653 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 760,342 | 713,347 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 760,342 | 713,347 | ||||
Residential Real Estate | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,323 | 2,179 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Ending allowance balance | 2,323 | 2,156 | 2,179 | 2,088 | 2,068 | 2,215 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 85,888 | 80,193 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 85,888 | 80,193 | ||||
Consumer | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Credit Cards | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 107 | 120 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Ending allowance balance | 107 | 101 | 120 | 111 | 142 | 93 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 7,434 | 6,753 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 7,434 | 6,753 | ||||
Credit Cards | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Overdrafts | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 225 | 194 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Ending allowance balance | 225 | $ 207 | 194 | $ 192 | $ 185 | $ 188 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 325 | 352 | ||||
Modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 325 | 352 | ||||
Overdrafts | Acquired with deteriorated credit quality | ||||||
Ending allowance balance attributable to loans: | ||||||
Ending allowance balance | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans - Loans Individually Eval
Loans - Loans Individually Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
With an allowance recorded: | ||
Allowance for Loan Losses Allocated | $ 6,472 | $ 5,736 |
With no related allowance recorded: | ||
Unpaid Principal Balance, Total | 22,195 | 20,330 |
Recorded Investment, Total | 19,711 | 18,541 |
Commercial, Industrial, and Agricultural | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 1,096 | 1,915 |
Recorded Investment | 1,096 | 1,915 |
Allowance for Loan Losses Allocated | 237 | 292 |
With no related allowance recorded: | ||
Unpaid Principal Balance | 5,918 | 5,264 |
Recorded Investment | 5,202 | 4,485 |
Commercial mortgages | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 9,717 | 9,940 |
Recorded Investment | 8,991 | 9,731 |
Allowance for Loan Losses Allocated | 6,235 | 5,444 |
With no related allowance recorded: | ||
Unpaid Principal Balance | 5,464 | 3,211 |
Recorded Investment | 4,422 | 2,410 |
Residential Real Estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
With no related allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | $ 0 | $ 0 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables with Related Allowances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
With no related allowance recorded: | ||||
Average Recorded Investment, Total | $ 23,224 | $ 18,037 | $ 21,414 | $ 18,327 |
Interest Income Recognized, Total | 137 | 153 | 391 | 522 |
Cash Basis Interest Recognized, Total | 137 | 153 | 391 | 522 |
Commercial, Industrial, and Agricultural | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 3,460 | 1,190 | 2,672 | 1,413 |
Interest Income Recognized | 11 | 20 | 54 | 56 |
Cash Basis Interest Recognized | 11 | 20 | 54 | 56 |
With no related allowance recorded: | ||||
Average Recorded Investment | 5,569 | 2,142 | 5,084 | 1,927 |
Interest Income Recognized | 69 | 23 | 160 | 73 |
Cash Basis Interest Recognized | 69 | 23 | 160 | 73 |
Commercial mortgages | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 9,042 | 9,724 | 9,147 | 12,497 |
Interest Income Recognized | 37 | 77 | 111 | 293 |
Cash Basis Interest Recognized | 37 | 77 | 111 | 293 |
With no related allowance recorded: | ||||
Average Recorded Investment | 5,153 | 4,981 | 4,511 | 2,490 |
Interest Income Recognized | 20 | 33 | 66 | 100 |
Cash Basis Interest Recognized | 20 | 33 | 66 | 100 |
Residential Real Estate | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 | 0 |
With no related allowance recorded: | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Nonaccrual Loans and Lo
Loans - Nonaccrual Loans and Loans Past Due over 90 Days Still Accruing (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 18,882 | $ 19,232 |
Past Due Over 90 Days Still on Accrual | 1,861 | 477 |
Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,824 | 1,869 |
Past Due Over 90 Days Still on Accrual | 265 | 78 |
Commercial mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 10,151 | 11,065 |
Past Due Over 90 Days Still on Accrual | 0 | 0 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,767 | 5,470 |
Past Due Over 90 Days Still on Accrual | 1,488 | 338 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 140 | 828 |
Past Due Over 90 Days Still on Accrual | 82 | 17 |
Credit Cards | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Past Due Over 90 Days Still on Accrual | $ 26 | $ 44 |
Loans - Aging of Recorded Inves
Loans - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 12,762 | $ 14,761 |
Loans Not Past Due | 2,378,701 | 2,135,087 |
Total | 2,391,463 | 2,149,848 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,285 | 5,753 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,069 | 2,457 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,408 | 6,551 |
Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,220 | 4,139 |
Loans Not Past Due | 851,275 | 744,999 |
Total | 853,495 | 749,138 |
Commercial, Industrial, and Agricultural | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 76 | 2,745 |
Commercial, Industrial, and Agricultural | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 587 | 646 |
Commercial, Industrial, and Agricultural | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,557 | 748 |
Commercial mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 672 | 525 |
Loans Not Past Due | 683,307 | 599,540 |
Total | 683,979 | 600,065 |
Commercial mortgages | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 614 | 233 |
Commercial mortgages | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial mortgages | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58 | 292 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,820 | 8,439 |
Loans Not Past Due | 752,522 | 704,908 |
Total | 760,342 | 713,347 |
Residential Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,039 | 2,290 |
Residential Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 844 | 1,494 |
Residential Real Estate | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,937 | 4,655 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,961 | 1,573 |
Loans Not Past Due | 83,927 | 78,620 |
Total | 85,888 | 80,193 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 526 | 454 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 605 | 307 |
Consumer | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 830 | 812 |
Credit Cards | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 89 | 85 |
Loans Not Past Due | 7,345 | 6,668 |
Total | 7,434 | 6,753 |
Credit Cards | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 31 |
Credit Cards | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33 | 10 |
Credit Cards | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 26 | 44 |
Overdrafts | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Loans Not Past Due | 325 | 352 |
Total | 325 | 352 |
Overdrafts | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Overdrafts | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Overdrafts | Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans - Restructured in Trouble
Loans - Restructured in Troubled Debt (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 24 | 24 | 20 | ||
Number of loans, period of time | loan | 4 | 4 | 4 | 4 | |
Loan Balance | $ 17,744 | $ 17,744 | $ 17,303 | ||
Specific Reserve | 6,471 | 6,471 | $ 5,689 | ||
Pre-Modification Outstanding Recorded Investment | 1,091 | $ 6,551 | 1,091 | $ 6,551 | |
Post-Modification Outstanding Recorded Investment | $ 1,091 | $ 6,655 | $ 1,091 | $ 6,655 | |
Commercial, Industrial, and Agricultural | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 11 | 11 | 11 | ||
Number of loans, period of time | loan | 0 | 2 | 0 | 2 | |
Loan Balance | $ 4,798 | $ 4,798 | $ 5,213 | ||
Specific Reserve | 237 | 237 | $ 245 | ||
Pre-Modification Outstanding Recorded Investment | 0 | $ 324 | 0 | $ 324 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 379 | $ 0 | $ 379 | |
Commercial mortgages | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 13 | 13 | 9 | ||
Number of loans, period of time | loan | 4 | 2 | 4 | 2 | |
Loan Balance | $ 12,946 | $ 12,946 | $ 12,090 | ||
Specific Reserve | 6,234 | 6,234 | $ 5,444 | ||
Pre-Modification Outstanding Recorded Investment | 1,091 | $ 6,227 | 1,091 | $ 6,227 | |
Post-Modification Outstanding Recorded Investment | $ 1,091 | $ 6,276 | $ 1,091 | $ 6,276 | |
Residential Real Estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 0 | 0 | 0 | ||
Number of loans, period of time | loan | 0 | 0 | 0 | 0 | |
Loan Balance | $ 0 | $ 0 | $ 0 | ||
Specific Reserve | 0 | 0 | $ 0 | ||
Pre-Modification Outstanding Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Consumer | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 0 | 0 | 0 | ||
Number of loans, period of time | loan | 0 | 0 | 0 | 0 | |
Loan Balance | $ 0 | $ 0 | $ 0 | ||
Specific Reserve | 0 | 0 | $ 0 | ||
Pre-Modification Outstanding Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Credit Cards | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of loans at a point in time | loan | 0 | 0 | 0 | ||
Number of loans, period of time | loan | 0 | 0 | 0 | 0 | |
Loan Balance | $ 0 | $ 0 | $ 0 | ||
Specific Reserve | 0 | 0 | $ 0 | ||
Pre-Modification Outstanding Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Assigned Risk Rating wi
Loans - Assigned Risk Rating within 12 Months of Balance Sheet Date (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | $ 1,537,474 | $ 1,349,203 |
Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 853,495 | 749,138 |
Commercial mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 683,979 | 600,065 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 1,493,321 | 1,294,733 |
Pass | Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 827,425 | 713,102 |
Pass | Commercial mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 665,896 | 581,631 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 13,613 | 21,145 |
Special Mention | Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 10,304 | 16,726 |
Special Mention | Commercial mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 3,309 | 4,419 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 30,540 | 33,325 |
Substandard | Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 15,766 | 19,310 |
Substandard | Commercial mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 14,774 | 14,015 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 0 | 0 |
Doubtful | Commercial, Industrial, and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 0 | 0 |
Doubtful | Commercial mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | $ 0 | $ 0 |
Loans - Residential, Consumer a
Loans - Residential, Consumer and Credit Card Loans Based on Payment Activity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | $ 760,342 | $ 713,347 |
Credit cards | 7,434 | 6,753 |
Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | 85,888 | 80,193 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | 754,087 | 707,539 |
Credit cards | 7,408 | 6,709 |
Performing | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | 85,666 | 79,348 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | 6,255 | 5,808 |
Credit cards | 26 | 44 |
Nonperforming | Consumer Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | $ 222 | $ 845 |
Loans - Summary of Holiday's Lo
Loans - Summary of Holiday's Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less: unearned discount | $ (4,508) | $ (3,889) |
Holiday Financial Services Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer | 25,242 | 23,428 |
Less: unearned discount | (4,508) | (3,889) |
Total | $ 20,734 | $ 19,539 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | ||
Checking, non-interest bearing | $ 345,154 | $ 321,858 |
Checking, interest bearing | 599,668 | 565,399 |
Savings accounts | 1,187,947 | 915,587 |
Certificates of deposit | 389,610 | 364,971 |
Total deposits | $ 2,522,379 | $ 2,167,815 |
Percentage Change, Checking, non-interest bearing | 7.20% | |
Percentage Change, Checking, interest bearing | 6.10% | |
Percentage Change, Savings accounts | 29.70% | |
Percentage Change, Certificates of deposit | 6.80% | |
Percentage change, Total | 16.40% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Dilutive shares (in shares) | 0 | 0 | ||
Basic earnings per common share computation: | ||||
Net income per consolidated statements of income | $ 9,236 | $ 7,246 | $ 24,774 | $ 20,409 |
Net earnings allocated to participating securities | (40) | (40) | (113) | (120) |
Net earnings allocated to common stock | $ 9,196 | $ 7,206 | $ 24,661 | $ 20,289 |
Weighted average common shares outstanding, including shares considered participating securities (in shares) | 15,285,000 | 15,285,000 | 15,281,000 | 15,188,000 |
Less: Average participating securities (in shares) | (60,000) | (78,000) | (67,000) | (84,000) |
Weighted average shares (in shares) | 15,225,000 | 15,207,000 | 15,214,000 | 15,104,000 |
Basic earnings per common share (in dollars per share) | $ 0.60 | $ 0.47 | $ 1.62 | $ 1.34 |
Diluted earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 9,196 | $ 7,206 | $ 24,661 | $ 20,289 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 15,225,000 | 15,207,000 | 15,214,000 | 15,104,000 |
Diluted earnings per common share (in dollars per share) | $ 0.60 | $ 0.47 | $ 1.62 | $ 1.34 |
Distributed earnings allocated to common stock | ||||
Basic earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 2,586 | $ 2,506 | $ 7,607 | $ 7,521 |
Undistributed earnings allocated to common stock | ||||
Basic earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 6,610 | $ 4,700 | $ 17,054 | $ 12,768 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | Sep. 07, 2018 | May 03, 2011 | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Derivatives designated as fair value hedges | $ 0 | $ 0 | ||
Accumulated other comprehensive loss estimated | 65,000 | |||
Interest Rate Swaps | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Cash collateral pledged | $ 750,000 | $ 750,000 | ||
Unsecured Debt | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Term of agreement | 5 years | 5 years | ||
Subordinated note | $ 10,000 | $ 10,000 | ||
Unsecured Debt | LIBOR Plus 155 Basis Points | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Variable interest rate on subordinate debt | 3.88% | |||
Unsecured Debt | 2.98% Fixed Rate Plus 155 Basis Points | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Variable interest rate on subordinate debt | 4.53% | |||
Derivative fixed interest rate rate basis | 2.98% | |||
Unsecured Debt | LIBOR | LIBOR Plus 155 Basis Points | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Derivative basis spread on variable rate | 1.55% | |||
Unsecured Debt | LIBOR | 2.98% Fixed Rate Plus 155 Basis Points | ||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||
Derivative basis spread on variable rate | 1.55% |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Swaps Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Amount of gain recognized in other comprehensive loss on derivative (effective portion), net of tax | $ 36 | $ 46 | $ 134 | $ 141 | |
Accrued interest and other liabilities | |||||
Derivative [Line Items] | |||||
Interest rate contract, fair value | 9 | 9 | $ (161) | ||
Interest expense – subordinated debentures | |||||
Derivative [Line Items] | |||||
Amount of loss reclassified from accumulated other comprehensive loss into income (effective portion) | (44) | (71) | (149) | (220) | |
Other income | |||||
Derivative [Line Items] | |||||
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Inte_2
Derivative Instruments - Interest Rate Swaps within Balance Sheet (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
3rd Party interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Notional Amount, asset | $ 22,278 | $ 11,848 |
Weighted Average Maturity | 7 years 8 months 2 days | 8 years |
Weighted Average Fixed Rate | 3.88% | 4.51% |
Fair Value | $ (182) | $ 149 |
Customer interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Notional Amount, liability | $ (22,278) | $ (11,848) |
Weighted Average Maturity | 7 years 8 months 2 days | 8 years |
Weighted Average Fixed Rate | 3.88% | 4.51% |
Fair Value | $ 182 | $ (149) |
LIBOR | 3rd Party interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative basis spread on variable rate | 1.23% | 2.37% |
LIBOR | Customer interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative basis spread on variable rate | 1.23% | 2.37% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Percentage of primary source of revenue | 90.80% | 90.70% |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Non-interest Income | ||||
Service charges on deposit accounts | $ 1,584 | $ 1,244 | $ 4,102 | $ 3,499 |
Wealth and asset management fees | 1,031 | 952 | 3,151 | 2,775 |
Mortgage banking | 283 | 237 | 801 | 668 |
Card processing and interchange income | 1,066 | 942 | 3,140 | 2,790 |
Net realized gains on available-for-sale securities | 0 | 5 | 0 | 1,543 |
Other income | 1,969 | 1,652 | 5,096 | 4,619 |
Total non-interest income | $ 5,933 | $ 5,032 | $ 16,290 | $ 15,894 |
Contingency (Detail)
Contingency (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 28, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Sales tax examination excluding penalties and interest accrued | $ 824 | |
Sales tax examination penalties and interest accrued | 339 | |
Sales tax examination liability refund adjustment from settlement with tax authority | $ 1,163 | |
Sales tax contingent liabilities | $ 96 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) $ in Millions | Feb. 28, 2016USD ($) |
Accounting Standards Update 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Accounting for leases | $ 15 |