DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Washington Trust Bancorp Inc | |
Entity Central Index Key | 737,468 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,061,017 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Cash and due from banks | $ 89,966 | $ 93,222 | |
Short-term investments | 4,931 | 4,409 | |
Mortgage loans held for sale | 22,895 | 38,554 | |
Securities: | |||
Available for sale, at fair value | 411,352 | 375,044 | |
Held to maturity, at amortized cost | 19,040 | 20,023 | |
Total securities | 430,392 | 395,067 | |
Federal Home Loan Bank stock, at cost | 26,515 | 24,316 | |
Loans: | |||
Commercial | 1,698,811 | 1,654,547 | |
Residential real estate | 1,004,349 | 1,013,555 | |
Consumer | 343,833 | 345,025 | |
Total loans | [1] | 3,046,993 | 3,013,127 |
Less allowance for loan losses | 26,137 | 27,069 | |
Net loans | 3,020,856 | 2,986,058 | |
Premises and equipment, net | 29,882 | 29,593 | |
Investment in bank-owned life insurance | 66,000 | 65,501 | |
Goodwill | 64,059 | 64,059 | |
Identifiable intangible assets, net | 11,137 | 11,460 | |
Other assets | 71,577 | 59,365 | |
Total assets | 3,838,210 | 3,771,604 | |
Liabilities: | |||
Demand deposits | 539,119 | 537,298 | |
NOW accounts | 394,873 | 412,602 | |
Money market accounts | 763,565 | 823,490 | |
Savings accounts | 331,800 | 326,967 | |
Time deposits | 850,294 | 833,898 | |
Total deposits | 2,879,651 | 2,934,255 | |
Federal Home Loan Bank advances | 487,189 | 378,973 | |
Junior subordinated debentures | 22,681 | 22,681 | |
Other liabilities | 67,409 | 60,307 | |
Total liabilities | $ 3,456,930 | $ 3,396,216 | |
Commitments and contingencies | |||
Shareholders' Equity: | |||
Common stock | $ 1,064 | $ 1,064 | |
Paid-in capital | 111,641 | 110,949 | |
Retained earnings | 277,810 | 273,074 | |
Accumulated other comprehensive loss | (9,235) | (9,699) | |
Total shareholders' equity | 381,280 | 375,388 | |
Total liabilities and shareholders’ equity | $ 3,838,210 | $ 3,771,604 | |
[1] | Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand, respectively, at March 31, 2016 and December 31, 2015. |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale, measured at fair value | $ 19,994 | $ 33,969 |
Securities held to maturity, fair value | $ 19,664 | $ 20,516 |
Common stock, par value | $ 0.0625 | $ 0.0625 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 17,023,749 | 17,019,578 |
Common stock, shares outstanding | 17,023,749 | 17,019,578 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Interest and fees on loans | $ 29,998 | $ 28,353 |
Interest on securities: Taxable | 2,370 | 2,259 |
Interest on securities: Nontaxable | 327 | 435 |
Dividends on Federal Home Loan Bank stock | 210 | 165 |
Other interest income | 64 | 25 |
Total interest and dividend income | 32,969 | 31,237 |
Interest expense: | ||
Deposits | 2,968 | 3,389 |
Federal Home Loan Bank advances | 2,152 | 1,902 |
Junior subordinated debentures | 112 | 241 |
Other interest expense | 2 | 3 |
Total interest expense | 5,234 | 5,535 |
Net interest income | 27,735 | 25,702 |
Provision for loan losses | 500 | 0 |
Net interest income after provision for loan losses | 27,235 | 25,702 |
Noninterest income: | ||
Wealth management revenues | 9,174 | 8,435 |
Mortgage banking revenues | 2,198 | 2,585 |
Service charges on deposit accounts | 907 | 935 |
Card interchange fees | 797 | 714 |
Income from bank-owned life insurance | 499 | 490 |
Loan related derivative income | 645 | 645 |
Equity in earnings (losses) of unconsolidated subsidiaries | (88) | (86) |
Other income | 502 | 302 |
Total noninterest income | 14,634 | 14,020 |
Noninterest expense: | ||
Salaries and employee benefits | 16,380 | 15,494 |
Net occupancy | 1,807 | 1,886 |
Equipment | 1,501 | 1,340 |
Outsourced services | 1,363 | 1,247 |
Legal, audit and professional fees | 629 | 676 |
FDIC deposit insurance costs | 493 | 473 |
Advertising and promotion | 265 | 267 |
Amortization of intangibles | 323 | 155 |
Debt prepayment penalties | 431 | 0 |
Other expenses | 2,258 | 1,993 |
Total noninterest expense | 25,450 | 23,531 |
Income before income taxes | 16,419 | 16,191 |
Income tax expense | 5,484 | 5,181 |
Net income | $ 10,935 | $ 11,010 |
Weighted average common shares outstanding - basic | 17,023 | 16,759 |
Weighted average common shares outstanding - diluted | 17,157 | 16,939 |
Per share information: | ||
Basic earnings per common share | $ 0.64 | $ 0.65 |
Diluted earnings per common share | 0.64 | 0.65 |
Cash dividends declared per share | $ 0.36 | $ 0.34 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 10,935 | $ 11,010 | |
Other comprehensive income, net of tax: | |||
Net change in fair value of securities available for sale | 364 | 664 | |
Cash flow hedges: | |||
Change in fair value of cash flow hedges | (66) | (8) | |
Net cash flow hedge losses reclassified into earnings | [1] | 0 | 93 |
Net change in fair value of cash flow hedges | (66) | 85 | |
Defined benefit plan obligation adjustment | [2] | 166 | 235 |
Total other comprehensive income (loss), net of tax | 464 | 984 | |
Total comprehensive income | $ 11,399 | $ 11,994 | |
[1] | Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. | ||
[2] | Included in salaries and employee benefits expense in the Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2014 | 16,746,000 | ||||
Shareholders' Equity, Beginning Balance at Dec. 31, 2014 | $ 346,279 | $ 1,047 | $ 101,204 | $ 252,837 | $ (8,809) |
Net income | 11,010 | 11,010 | |||
Total other comprehensive income (loss), net of tax | 984 | 984 | |||
Cash dividends declared | (5,778) | (5,778) | |||
Share-based compensation | 580 | 580 | |||
Exercise of stock options, issuance of other compensation-related equity instruments and related tax benefit, shares | 27,000 | ||||
Exercise of stock options, issuance of other compensation-related equity instruments and related tax benefit | 804 | $ 1 | 803 | ||
Common Stock, Shares Outstanding, Ending Balance at Mar. 31, 2015 | 16,773,000 | ||||
Shareholders' Equity, Ending Balance at Mar. 31, 2015 | $ 353,879 | $ 1,048 | 102,587 | 258,069 | (7,825) |
Common Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2015 | 17,019,578 | 17,020,000 | |||
Shareholders' Equity, Beginning Balance at Dec. 31, 2015 | $ 375,388 | $ 1,064 | 110,949 | 273,074 | (9,699) |
Net income | 10,935 | 10,935 | |||
Total other comprehensive income (loss), net of tax | 464 | 464 | |||
Cash dividends declared | (6,199) | (6,199) | |||
Share-based compensation | 592 | 592 | |||
Exercise of stock options, issuance of other compensation-related equity instruments and related tax benefit, shares | 4,000 | ||||
Exercise of stock options, issuance of other compensation-related equity instruments and related tax benefit | $ 100 | $ 0 | 100 | ||
Common Stock, Shares Outstanding, Ending Balance at Mar. 31, 2016 | 17,023,749 | 17,024,000 | |||
Shareholders' Equity, Ending Balance at Mar. 31, 2016 | $ 381,280 | $ 1,064 | $ 111,641 | $ 277,810 | $ (9,235) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 10,935 | $ 11,010 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 500 | 0 |
Depreciation of premises and equipment | 888 | 882 |
Net amortization of premium and discount | 390 | 358 |
Amortization of intangibles | 323 | 155 |
Share-based compensation | 592 | 580 |
Income from bank-owned life insurance | (499) | (490) |
Net gains on loan sales and commissions on loans originated for others | (2,134) | (2,585) |
Net gain on sale of portfolio loans | (135) | 0 |
Equity in earnings (losses) of unconsolidated subsidiaries | 88 | 86 |
Proceeds from sales of loans | 96,741 | 117,571 |
Loans originated for sale | (79,498) | (116,502) |
(Increase) decrease in other assets | (11,971) | 169 |
Increase (decrease) in other liabilities | 6,872 | (1,948) |
Net cash provided by operating activities | 23,092 | 9,286 |
Cash flows from investing activities: | ||
Purchases of mortgage-backed securities available for sale | (31,055) | 0 |
Purchases of other investment securities available for sale | (19,995) | 0 |
Maturities and principal payments of mortgage-backed securities available for sale | 10,548 | 12,533 |
Maturities and principal payments of other investment securities available for sale | 4,501 | 4,986 |
Maturities and principal payments of mortgage-backed securities held to maturity | 935 | 1,137 |
Purchases of Federal Home Loan Bank Stock | (2,199) | 0 |
Net increase in loans | (35,705) | (20,620) |
Net Proceeds from Sale of Portfolio Loans | 510 | 0 |
Purchases of loans, including purchased interest | (98) | (856) |
Purchases of premises and equipment | (1,177) | (1,226) |
Net cash used in investing activities | (73,735) | (4,046) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | (54,604) | 28,325 |
Proceeds from Federal Home Loan Bank advances | 272,500 | 120,000 |
Repayment of Federal Home Loan Bank advances | (164,284) | (140,305) |
Proceeds from stock option exercises and issuance of other equity instruments | 75 | 698 |
Tax benefit from stock option exercises and other equity instruments | 25 | 106 |
Cash dividends paid | (5,803) | (5,381) |
Net cash provided by financing activities | 47,909 | 3,443 |
Net (decrease) increase in cash and cash equivalents | (2,734) | 8,683 |
Cash and cash equivalents at beginning of period | 97,631 | 80,350 |
Cash and cash equivalents at end of period | 94,897 | 89,033 |
Noncash Investing and Financing Activities: | ||
Loans charged off | 1,475 | 321 |
Loans transferred to property acquired through foreclosure or repossession | 610 | 230 |
Supplemental Disclosures: | ||
Interest payments | 4,986 | 5,459 |
Income tax payments | $ 706 | $ 310 |
General Information
General Information | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information Washington Trust Bancorp, Inc. (the “Bancorp”) is a publicly-owned registered bank holding company and financial holding company. The Bancorp owns all of the outstanding common stock of The Washington Trust Company, of Westerly (the “Bank”), a Rhode Island chartered commercial bank founded in 1800. Through its subsidiaries, the Bancorp offers a complete product line of financial services including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management services through its offices in Rhode Island, eastern Massachusetts and Connecticut. The consolidated financial statements include the accounts of the Bancorp and its subsidiaries (collectively, the “Corporation” or “Washington Trust”). All significant intercompany transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to current year’s presentation. The accounting and reporting policies of the Corporation conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices of the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The unaudited consolidated financial statements of the Corporation presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue from Contracts with Customers - Topic 606 Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), was issued in May 2014 and provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, Accounting Standards Update No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”) was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. In March 2016, Accounting Standards Update No. 2016-08, “Principal versus Agent Considerations” (“ASU 2016-08”), was issued. In April 2016, Accounting Standards Update No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), was issued. Both ASU 2016-08 and ASU 2016-10 do not change the core principle for revenue recognition in Topic 606, instead the amendments provide more detailed guidance in a few areas and additional implementation guidance and examples, which are expected to reduce the degree of judgment necessary to comply with Topic 606. The effective date and transition requirements for both ASU 2016-08 and ASU 2016-10 are the same as those provided by ASU 2015-14. The Corporation is currently evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Corporation has not yet selected a transition method nor has it determined the effect of ASU 2014-09 on its ongoing financial reporting. Business Combinations - Topic 805 Accounting Standards Update No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), was issued in September 2015 and eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU 2015-16 is not expected to have a material impact on the Corporation’s consolidated financial statements. Financial Instruments - Topic 825 Accounting Standards Update No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), was issued in January 2016 and provides revised guidance related to the accounting for and reporting of financial instruments. Some of the main provisions include: requiring most equity securities to be reported at fair value with unrealized gains and losses reported in the income statement; requiring separate presentation of financial assets and liabilities by measurement category and form (i.e. securities or loans); clarifying that entities must assess valuation allowances on a deferred tax asset related to available for sale debt securities in combination with their other deferred tax assets; and eliminating the requirement to disclose the method and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Corporation has not yet determined the effect of ASU 2016-01 on its ongoing financial reporting. Leases - Topic 842 Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”), was issued in February 2016 and provides revised guidance related to the accounting and reporting of leases. ASU 2016-02 requires lessees to recognize most leases on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 requires a modified retrospective transition, with a number of practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Corporation has not yet determined the effect of ASU 2016-02 on its ongoing financial reporting. Stock Compensation - Topic 718 Accounting Standards Update No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), was issued in March 2016. ASU 2016-09 includes multiple provisions intended to simplify several aspects of the accounting for share-based payment transactions, including income tax consequences and the classification of certain tax-related transactions on the statement of cash flows. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted in any interim or annual period. Amendments should be applied using the appropriate transition method as detailed by the provisions of ASU 2016-09. The Corporation has not yet determined the effect of ASU 2016-09 on its ongoing financial reporting. |
Cash and Due from Banks
Cash and Due from Banks | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from Banks The Bank maintains certain average reserve balances to meet the requirements of the Board of Governors of the Federal Reserve System (“FRB”). Some or all of these reserve requirements may be satisfied with vault cash. Reserve balances am ounted to $9.6 million at March 31, 2016 and $10.5 million at December 31, 2015 and were included in cash and due from banks in the Consolidated Balance Sheets. As of March 31, 2016 and December 31, 2015 , cash and due from banks included interest-bearing deposits in other banks of $49.6 million and $48.2 million , respectively. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security: (Dollars in thousands) March 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities Available for Sale: Obligations of U.S. government-sponsored enterprises $97,151 $160 ($26 ) $97,285 Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 249,141 8,322 — 257,463 Obligations of states and political subdivisions 31,025 511 — 31,536 Individual name issuer trust preferred debt securities 29,824 — (6,743 ) 23,081 Corporate bonds 1,965 32 (10 ) 1,987 Total securities available for sale $409,106 $9,025 ($6,779 ) $411,352 Held to Maturity: Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises $19,040 $624 $— $19,664 Total securities held to maturity $19,040 $624 $— $19,664 Total securities $428,146 $9,649 ($6,779 ) $431,016 (Dollars in thousands) December 31, 2015 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities Available for Sale: Obligations of U.S. government-sponsored enterprises $77,330 $73 ($388 ) $77,015 Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 228,908 6,398 (450 ) 234,856 Obligations of states and political subdivisions 35,353 727 — 36,080 Individual name issuer trust preferred debt securities 29,815 — (4,677 ) 25,138 Corporate bonds 1,970 5 (20 ) 1,955 Total securities available for sale $373,376 $7,203 ($5,535 ) $375,044 Held to Maturity: Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises $20,023 $493 $— $20,516 Total securities held to maturity $20,023 $493 $— $20,516 Total securities $393,399 $7,696 ($5,535 ) $395,560 At March 31, 2016 and December 31, 2015 , securities available for sale and held to maturity with a fair value of $357.5 million and $346.1 million , respectively, were pledged as collateral for Federal Home Loan Bank of Boston (“FHLBB”) borrowings, potential borrowings with the FRB, certain public deposits and for other purposes. See Note 7 for additional disclosure on FHLBB borrowings. The schedule of maturities of debt securities available for sale and held to maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Available for Sale Held to Maturity March 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $42,724 $44,084 $2,473 $2,554 Due after one year to five years 143,155 147,073 7,650 7,901 Due after five years to ten years 157,073 159,571 5,978 6,174 Due after ten years 66,154 60,624 2,939 3,035 Total securities $409,106 $411,352 $19,040 $19,664 Included in the above table are debt securities with an amortized cost balance of $155.0 million and a fair value of $148.9 million at March 31, 2016 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 11 months to 21 years, with call features ranging from 1 month to 5 years. Other-Than-Temporary Impairment Assessment Washington Trust assesses whether the decline in fair value of investment securities is other-than-temporary on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates impairments in value both qualitatively and quantitatively to assess whether they are other-than-temporary. The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position: (Dollars in thousands) Less than 12 Months 12 Months or Longer Total March 31, 2016 # Fair Unrealized # Fair Value Unrealized Losses # Fair Value Unrealized Losses Obligations of U.S. government-sponsored enterprises 1 $9,974 ($26 ) — $— $— 1 $9,974 ($26 ) Individual name issuer trust preferred debt securities — — — 10 23,081 (6,743 ) 10 23,081 (6,743 ) Corporate bonds 1 491 (10 ) — — — 1 491 (10 ) Total temporarily impaired securities 2 $10,465 ($36 ) 10 $23,081 ($6,743 ) 12 $33,546 ($6,779 ) (Dollars in thousands) Less than 12 Months 12 Months or Longer Total December 31, 2015 # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Obligations of U.S. government-sponsored enterprises 4 $34,767 ($388 ) — $— $— 4 $34,767 ($388 ) Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 9 61,764 (450 ) — — — 9 61,764 (450 ) Individual name issuer trust preferred debt securities — — — 10 25,138 (4,677 ) 10 25,138 (4,677 ) Corporate bonds 3 1,235 (20 ) — — — 3 1,235 (20 ) Total temporarily impaired securities 16 $97,766 ($858 ) 10 $25,138 ($4,677 ) 26 $122,904 ($5,535 ) Further deterioration in credit quality of the underlying issuers of the securities, further deterioration in the condition of the financial services industry, a continuation or worsening of the current economic environment, or additional declines in real estate values, among other things, may further affect the fair value of these securities and increase the potential that certain unrealized losses be designated as other-than-temporary in future periods, and the Corporation may incur write-downs. Unrealized losses on temporarily impaired securities as of March 31, 2016 and December 31, 2015 were concentrated in variable rate trust preferred debt securities. Trust Preferred Debt Securities of Individual Name Issuers Included in debt securities in an unrealized loss position at March 31, 2016 were 10 trust preferred security holdings issued by 7 individual companies in the banking sector. Management believes the unrealized loss position in these holdings was attributable to the general widening of spreads for this category of debt securities issued by financial services companies since the time these securities were purchased. Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities held in our portfolio continue to accrue and make payments as expected with no payment deferrals or defaults on the part of the issuers. As of March 31, 2016 , individual name issuer trust preferred debt securities with an amortized cost of $10.9 million and unrealized losses of $2.4 million were rated below investment grade by Standard & Poors, Inc. (“S&P”). Management reviewed the collectibility of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date as well as credit rating changes between the reporting period date and the filing date of this report, and other information. We noted no additional downgrades to below investment grade between December 31, 2015 and the filing date of this report. Based on these analyses, management concluded that it expects to recover the entire amortized cost basis of these securities. Furthermore, Washington Trust does not intend to sell these securities and it is not more‑likely‑than‑not that Washington Trust will be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, management does not consider these investments to be other-than-temporarily impaired at March 31, 2016 . |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | Loans The following is a summary of loans: (Dollars in thousands) March 31, 2016 December 31, 2015 Amount % Amount % Commercial: Mortgages (1) $976,931 32 % $931,953 31 % Construction & development (2) 123,032 4 122,297 4 Commercial & industrial (3) 598,848 20 600,297 20 Total commercial 1,698,811 56 1,654,547 55 Residential real estate: Mortgages 980,274 32 984,437 33 Homeowner construction 24,075 1 29,118 1 Total residential real estate 1,004,349 33 1,013,555 34 Consumer: Home equity lines 258,513 8 255,565 8 Home equity loans 45,499 1 46,649 2 Other (4) 39,821 2 42,811 1 Total consumer 343,833 11 345,025 11 Total loans (5) $3,046,993 100 % $3,013,127 100 % (1) Loans primarily secured by income producing property. (2) Loans for construction of commercial properties, loans to developers for construction of residential properties and loans for land development. (3) Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. (4) Loans to individuals secured by general aviation aircraft and other personal installment loans. (5) Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand , respectively, at March 31, 2016 and December 31, 2015 . At March 31, 2016 and December 31, 2015 , there were $1.51 billion and $1.27 billion , respectively, of loans pledged as collateral to the FHLBB under a blanket pledge agreement and to the FRB for the discount window. See Note 7 for additional disclosure regarding borrowings. Nonaccrual Loans Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. Interest previously accrued but not collected on such loans is reversed against current period income. Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest for approximately 6 months, the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible. The following is a summary of nonaccrual loans, segregated by class of loans: (Dollars in thousands) Mar 31, Dec 31, Commercial: Mortgages $4,054 $5,711 Construction & development — — Commercial & industrial 2,659 3,018 Residential real estate: Mortgages 9,367 10,666 Homeowner construction — — Consumer: Home equity lines 316 528 Home equity loans 1,025 1,124 Other 4 — Total nonaccrual loans $17,425 $21,047 Accruing loans 90 days or more past due $— $— As of March 31, 2016 and December 31, 2015 , loans secured by one- to four-family residential property amounting to $2.1 million and $2.6 million , respectively, were in process of foreclosure. Nonaccrual loans of $3.4 million and $7.4 million , respectively, were current as to the payment of principal and interest at March 31, 2016 and December 31, 2015 . There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2016 . Past Due Loans Past due status is based on the contractual payment terms of the loan. The following tables present an age analysis of past due loans, segregated by class of loans: (Dollars in thousands) Days Past Due March 31, 2016 30-59 60-89 Over 90 Total Past Due Current Total Loans Commercial: Mortgages $510 $— $4,054 $4,564 $972,367 $976,931 Construction & development — — — — 123,032 123,032 Commercial & industrial 268 1,568 1,070 2,906 595,942 598,848 Residential real estate: Mortgages 2,695 2,026 3,982 8,703 971,571 980,274 Homeowner construction — — — — 24,075 24,075 Consumer: Home equity lines 441 174 206 821 257,692 258,513 Home equity loans 436 373 463 1,272 44,227 45,499 Other 27 2 — 29 39,792 39,821 Total loans $4,377 $4,143 $9,775 $18,295 $3,028,698 $3,046,993 (Dollars in thousands) Days Past Due December 31, 2015 30-59 60-89 Over 90 Total Past Due Current Total Loans Commercial: Mortgages $51 $— $4,504 $4,555 $927,398 $931,953 Construction & development — — — — 122,297 122,297 Commercial & industrial 405 9 48 462 599,835 600,297 Residential real estate: Mortgages 3,028 2,964 3,294 9,286 975,151 984,437 Homeowner construction — — — — 29,118 29,118 Consumer: Home equity lines 883 373 518 1,774 253,791 255,565 Home equity loans 748 490 222 1,460 45,189 46,649 Other 22 — — 22 42,789 42,811 Total loans $5,137 $3,836 $8,586 $17,559 $2,995,568 $3,013,127 Included in past due loans as of March 31, 2016 and December 31, 2015 , were nonaccrual loans of $14.0 million and $13.6 million , respectively. All loans 90 days or more past due at March 31, 2016 and December 31, 2015 were classified as nonaccrual. Impaired Loans Impaired loans are loans for which it is probable that the Corporation will not be able to collect all amounts due according to the contractual terms of the loan agreements and loans restructured in a troubled debt restructuring. The following is a summary of impaired loans: (Dollars in thousands) Recorded Investment (1) Unpaid Principal Related Allowance Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, No Related Allowance Recorded: Commercial: Mortgages $4,054 $4,292 $4,898 $5,101 $— $— Construction & development — — — — — — Commercial & industrial 1,323 1,849 1,430 1,869 — — Residential real estate: Mortgages 8,049 8,441 8,167 8,826 — — Homeowner construction — — — — — — Consumer: Home equity lines 271 6 271 64 — — Home equity loans 673 530 685 539 — — Other — — — — — — Subtotal 14,370 15,118 15,451 16,399 — — With Related Allowance Recorded: Commercial: Mortgages $9,452 $10,873 $9,427 $10,855 $586 $1,633 Construction & development — — — — — — Commercial & industrial 2,176 2,024 2,320 2,248 757 771 Residential real estate: Mortgages 1,967 2,895 2,024 2,941 133 156 Homeowner construction — — — — — — Consumer: Home equity lines 45 522 45 522 — 2 Home equity loans 436 679 440 783 1 21 Other 147 145 147 144 — — Subtotal 14,223 17,138 14,403 17,493 1,477 2,583 Total impaired loans $28,593 $32,256 $29,854 $33,892 $1,477 $2,583 Total: Commercial $17,005 $19,038 $18,075 $20,073 $1,343 $2,404 Residential real estate 10,016 11,336 10,191 11,767 133 156 Consumer 1,572 1,882 1,588 2,052 1 23 Total impaired loans $28,593 $32,256 $29,854 $33,892 $1,477 $2,583 (1) The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. The following table presents the average recorded investment balance of impaired loans and interest income recognized on impaired loans segregated by loan class. Prior to the third quarter of 2015, the Corporation had defined impaired loans to include nonaccrual commercial loans, troubled debt restructured loans and certain other loans that were individually evaluated for impairment. In the third quarter of 2015, the Corporation redefined impaired loans to include nonaccrual loans and troubled debt restructured loans. The redefinition of impaired loans resulted in well-secured nonaccrual residential real estate mortgage loans and consumer loans being classified as impaired loans in the third quarter of 2015. See further discussion on the redefinition of impaired loans in Washington Trust’s Form 10-K for the fiscal year ended December 31, 2015 . (Dollars in thousands) Average Recorded Investment Interest Income Recognized Three months ended March 31, 2016 2015 2016 2015 Commercial: Mortgages $14,740 $14,942 $93 $79 Construction & development — — — — Commercial & industrial 3,800 3,036 11 19 Residential real estate: Mortgages 11,069 3,457 69 16 Homeowner construction — — — — Consumer: Home equity lines 671 247 2 — Home equity loans 1,175 74 13 — Other 145 146 2 3 Totals $31,600 $21,902 $190 $117 Troubled Debt Restructurings Loans are considered restructured in a troubled debt restructuring when the Corporation has granted concessions to a borrower due to the borrower’s financial condition that it otherwise would not have considered. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. Debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring a loan in lieu of aggressively enforcing the collection of the loan may benefit the Corporation by increasing the ultimate probability of collection. Restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectibility of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately 6 months before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term. Troubled debt restructurings are reported as such for at least one year from the date of the restructuring. In years after the restructuring, troubled debt restructured loans are removed from this classification if the restructuring did not involve a below-market rate concession and the loan is not deemed to be impaired based on the terms specified in the restructuring agreement. Troubled debt restructurings are classified as impaired loans. The Corporation identifies loss allocations for impaired loans on an individual loan basis. The recorded investment in troubled debt restructurings was $16.7 million and $18.5 million , respectively, at March 31, 2016 and December 31, 2015 . These amounts included insignificant balances of accrued interest. The allowance for loan losses included specific reserves for these troubled debt restructurings of $746 thousand and $1.8 million , respectively, at March 31, 2016 and December 31, 2015 . As of March 31, 2016 , there were no significant commitments to lend additional funds to borrowers whose loans had been restructured. In the three months ended March 31, 2016 , there were no loans modified as a troubled debt restructuring. The pre- and post-modification recorded investment of loans modified as a troubled debt restructuring in the three months ended March 31, 2015 , amounted to $428 thousand . The 2015 restructurings involved below market rate concessions and payment deferrals. The following table presents loans modified in a troubled debt restructuring within the previous twelve months for which there was a payment default: (Dollars in thousands) # of Loans Recorded Investment (1) Three months ended March 31, 2016 2015 2016 2015 Commercial: Mortgages — — $— $— Construction & development — — — — Commercial & industrial 5 2 743 11 Residential real estate: Mortgages — 2 — 338 Homeowner construction — — — — Consumer: Home equity lines — — — — Home equity loans 1 — 66 — Other — — — — Totals 6 4 $809 $349 (1) The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest. Credit Quality Indicators Commercial The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees and other credit quality characteristics. The weighted average risk rating of the Corporation’s commercial loan portfolio was 4.68 at both March 31, 2016 and December 31, 2015 . For non-impaired loans, the Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate allowance for loan losses. See Note 6 for additional information. A description of the commercial loan categories are as follows: Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality but exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, secondary sources of repayment, or performance inconsistency or may be in an industry or of a loan type known to have a higher degree of risk. Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate and frequent delinquencies. Classified - Loans identified as “substandard”, “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectibility. A “doubtful” loan is placed on non-accrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value but rather it is not practical or desirable to continue to carry the asset. The Corporation’s procedures call for loan ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. The criticized loan portfolio, which consists of commercial loans that are risk rated special mention or worse, are reviewed by management on a quarterly basis, focusing on the current status and strategies to improve the credit. An annual loan review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio. The following table presents the commercial loan portfolio, segregated by category of credit quality indicator: (Dollars in thousands) Pass Special Mention Classified Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mortgages $963,155 $914,774 $787 $3,035 $12,989 $14,144 Construction & development 123,032 122,297 — — — — Commercial & industrial 573,177 577,036 14,871 12,012 10,800 11,249 Total commercial loans $1,659,364 $1,614,107 $15,658 $15,047 $23,789 $25,393 Residential and Consumer The residential and consumer portfolios are monitored on an ongoing basis by the Corporation using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed on an aggregate basis in these relatively homogeneous portfolios. For non-impaired loans, the Corporation assigns loss allocation factors to each respective loan type. See Note 6 for additional information. Various other techniques are utilized to monitor indicators of credit deterioration in the portfolios of residential real estate mortgages and home equity lines and loans. Among these techniques is the periodic tracking of loans with an updated FICO score and an estimated loan to value (“LTV”) ratio. LTV ratio is determined via statistical modeling analyses. The indicated LTV levels are estimated based on such factors as the location, the original LTV ratio, and the date of origination of the loan and do not reflect actual appraisal amounts. The results of these analyses and other loan review procedures are taken into consideration in the determination of loss allocation factors for residential mortgage and home equity consumer credits. See Note 6 for additional information. The following table presents the residential and consumer loan portfolios, segregated by category of credit quality indicator: (Dollars in thousands) Current and Under 90 Days Past Due Over 90 Days Past Due Mar 31, Dec 31, Mar 31, Dec 31, Residential real estate: Accruing mortgages $970,907 $973,771 $— $— Nonaccrual mortgages 5,385 7,372 3,982 3,294 Homeowner construction 24,075 29,118 — — Total residential loans $1,000,367 $1,010,261 $3,982 $3,294 Consumer: Home equity lines $258,307 $255,047 $206 $518 Home equity loans 45,036 46,427 463 222 Other 39,821 42,811 — — Total consumer loans $343,164 $344,285 $669 $740 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is management’s best estimate of inherent risk of loss in the loan portfolio as of the balance sheet date. The Corporation uses a methodology to systematically measure the amount of estimated loan loss exposure inherent in the loan portfolio for purposes of establishing a sufficient allowance for loan losses. The methodology includes: (1) the identification of loss allocations for individual loans deemed to be impaired and (2) the application of loss allocation factors for non-impaired loans based on historical loss experience and estimated loss emergence period, with adjustments for various exposures that management believes are not adequately represented by historical loss experience. Prior to December 31, 2015, an unallocated allowance was maintained for measurement imprecision associated with impaired and nonaccrual loans. As a result of further enhancement and refinement of the allowance methodology to provide a more precise quantification of probable losses in the loan portfolio, management concluded that the potential risks anticipated by the unallocated allowance have been incorporated into the allocated component of the methodology, eliminating the need for the unallocated allowance in the fourth quarter of 2015. The following table presents the activity in the allowance for loan losses for the three months ended March 31, 2016 : (Dollars in thousands) Commercial Mortgages Construction C&I (1) Total Commercial Residential Consumer Un-allocated Total Beginning Balance $9,140 $1,758 $8,202 $19,100 $5,460 $2,509 $— $27,069 Charge-offs (1,253 ) — (8 ) (1,261 ) (136 ) (78 ) — (1,475 ) Recoveries 4 — 26 30 2 11 — 43 Provision 695 (115 ) 41 621 37 (158 ) — 500 Ending Balance $8,586 $1,643 $8,261 $18,490 $5,363 $2,284 $— $26,137 (1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the three months ended March 31, 2015 : (Dollars in thousands) Commercial Mortgages Construction C&I (1) Total Commercial Residential Consumer Un-allocated Total Beginning Balance $8,202 $1,300 $7,987 $17,489 $5,430 $2,713 $2,391 $28,023 Charge-offs (200 ) — (7 ) (207 ) (48 ) (66 ) — (321 ) Recoveries 80 — 14 94 2 12 — 108 Provision 249 (71 ) (191 ) (13 ) (29 ) 72 (30 ) — Ending Balance $8,331 $1,229 $7,803 $17,363 $5,355 $2,731 $2,361 $27,810 (1) Commercial & industrial loans. The following table presents the Corporation’s loan portfolio and associated allowance for loan loss by portfolio segment and by impairment methodology. (Dollars in thousands) March 31, 2016 December 31, 2015 Loans Related Allowance Loans Related Allowance Loans Individually Evaluated for Impairment: Commercial: Mortgages $13,480 $586 $15,141 $1,633 Construction & development — — — — Commercial & industrial 3,496 757 3,871 771 Residential real estate 10,013 133 11,333 156 Consumer 1,573 1 1,881 23 Subtotal $28,562 $1,477 $32,226 $2,583 Loans Collectively Evaluated for Impairment: Commercial: Mortgages $963,451 $8,000 $916,812 $7,507 Construction & development 123,032 1,643 122,297 1,758 Commercial & industrial 595,352 7,504 596,426 7,431 Residential real estate 994,336 5,230 1,002,222 5,304 Consumer 342,260 2,283 343,144 2,486 Subtotal $3,018,431 $24,660 $2,980,901 $24,486 Total $3,046,993 $26,137 $3,013,127 $27,069 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Federal Home Loan Bank Advances Advances payable to the FHLBB amounted to $487.2 million and $379.0 million , respectively, at March 31, 2016 and December 31, 2015 . The following table presents maturities and weighted average interest rates on FHLBB advances outstanding as of March 31, 2016 : (Dollars in thousands) Total Outstanding Weighted Average Rate April 1, 2016 to December 31, 2016 $239,508 0.70 % 2017 27,575 2.24 % 2018 43,134 1.53 % 2019 28,258 3.14 % 2020 32,733 2.36 % 2021 and thereafter 115,981 3.30 % Balance at March 31, 2016 $487,189 1.74 % As of March 31, 2016 and December 31, 2015 , the Bank had access to a $40.0 million unused line of credit with the FHLBB and also had remaining available borrowing capacity of $676.7 million and $644.8 million . The Bank pledges certain qualified investment securities and loans as collateral to the FHLBB. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Shareholders’ Equity Regulatory Capital Requirements Capital levels at March 31, 2016 and December 31, 2015 exceeded the regulatory minimum levels to be considered well-capitalized. The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods: (Dollars in thousands) Actual For Capital Adequacy Purposes To Be “Well Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Total Capital (to Risk-Weighted Assets): Corporation $370,559 12.45 % $238,171 8.00 % N/A N/A Bank 370,254 12.44 238,110 8.00 297,638 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 344,233 11.56 178,628 6.00 N/A N/A Bank 343,928 11.56 178,583 6.00 238,110 8.00 Common Equity Tier 1 Capital (to Risk-Weighted Assets): Corporation 322,234 10.82 133,971 4.50 N/A N/A Bank 343,928 11.56 133,937 4.50 193,464 6.50 Tier 1 Capital (to Average Assets): (1) Corporation 344,233 9.31 147,911 4.00 N/A N/A Bank 343,928 9.31 147,834 4.00 184,793 5.00 December 31, 2015 Total Capital (to Risk-Weighted Assets): Corporation 367,443 12.58 233,739 8.00 N/A N/A Bank 366,676 12.55 233,676 8.00 292,095 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 340,130 11.64 175,304 6.00 N/A N/A Bank 339,363 11.62 175,257 6.00 233,676 8.00 Common Equity Tier 1 Capital (to Risk-Weighted Assets): Corporation 318,131 10.89 131,478 4.50 N/A N/A Bank 339,363 11.62 131,443 4.50 189,861 6.50 Tier 1 Capital (to Average Assets): (1) Corporation 340,130 9.37 145,191 4.00 N/A N/A Bank 339,363 9.36 145,103 4.00 181,378 5.00 (1) Leverage ratio. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally to manage the Corporation’s interest rate risk. Additionally, the Corporation enters into interest rate derivatives to accommodate the business requirements of its customers. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair v alue of derivatives depends on the intended use of the derivative and resulting designation. Interest Rate Risk Management Agreements Interest rate swaps and caps are used from time to time as part of the Corporation’s interest rate risk management strategy. Interest rate swaps are agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments) computed on a notional principal amount. Interest rate caps represent options purchased by the Corporation to manage the interest rate paid throughout the term of the option contract. The credit risk associated with these transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure. Cash Flow Hedging Instruments As of March 31, 2016 and December 31, 2015 , the Bancorp had two interest rate caps designated as cash flow hedges to hedge the interest rate risk associated with $22.7 million of variable rate junior subordinated debentures. In the fourth quarter of 2015, the Corporation paid a premium totaling $257 thousand to obtain the right to receive the difference between 3-month LIBOR and a 4.5% strike for both of the interest rate caps. The caps mature in the fourth quarter of 2020. Prior to December 31, 2015 , the Bancorp had two interest rate swap contracts designated as cash flow hedges to hedge the interest rate risk associated with the junior subordinated debentures noted above. During 2015 , both interest rate swaps contracts matured. The effective portion of the changes in fair value of derivatives designated as cash flow hedges is recorded in other comprehensive income and subsequently reclassified to earnings when gains or losses are realized. The ineffective portion of changes in fair value of the derivatives is recognized directly in earnings as interest expense. Loan Related Derivative Contracts Interest Rate Swap Contracts with Customers The Corporation has entered into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert floating-rate loan payments to fixed-rate loan payments. When we enter into an interest rate swap contract with a commercial loan borrower, we simultaneously enter into a “mirror” swap contract with a third party. The third party exchanges the client’s fixed-rate loan payments for floating-rate loan payments. We retain the risk that is associated with the potential failure of counterparties and the risk inherent in originating loans. As of March 31, 2016 and December 31, 2015 , Washington Trust had interest rate swap contracts with commercial loan borrowers with notional amounts of $344.9 million and $ 302.1 million , respectively, and equal amounts of “mirror” swap contracts with third-party financial institutions. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Risk Participation Agreements The Corporation has entered into risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Under a risk participation-out agreement, a derivative asset, the Corporation participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower, for a fee received from the other bank. At both March 31, 2016 and December 31, 2015 , the notional amounts of risk participation-out agreements were $25.3 million . The notional amounts of risk participation-in agreements at both March 31, 2016 and December 31, 2015 were $21.5 million . Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of residential real estate mortgage loans held for sale. To mitigate the interest rate risk inherent in these rate locks, as well as closed residential real estate mortgage loans held for sale, forward commitments are established to sell individual residential real estate mortgage loans. Both interest rate lock commitments and commitments to sell residential real estate mortgage loans are derivative financial instruments, but do not meet criteria for hedge accounting and, as such are treated as derivatives not designated as hedging instruments. The changes in fair value of these commitments are reflected in earnings in the period of change. The Corporation elected to carry certain closed residential real estate mortgage loans held for sale at fair value, as changes in fair value in these loans held for sale generally offset changes in interest rate lock and forward sale commitments. The following table presents the fair values of derivative instruments in the Corporation’s Consolidated Balance Sheets: (Dollars in thousands) Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location Mar 31, 2016 Dec 31, 2015 Balance Sheet Location Mar 31, 2016 Dec 31, 2015 Derivatives Designated as Cash Flow Hedging Instruments: Interest rate risk management contracts: Interest rate caps Other assets $83 $187 Other liabilities $— $— Derivatives not Designated as Hedging Instruments: Forward loan commitments: Interest rate lock commitments Other assets 2,466 1,220 Other liabilities 1 — Commitments to sell mortgage loans Other assets 1 — Other liabilities 3,020 2,012 Loan related derivative contracts: Interest rate swaps with customers Other assets 16,616 8,027 Other liabilities — — Mirror swaps with counterparties Other assets — — Other liabilities 17,314 8,266 Risk participation agreements Other assets 100 56 Other liabilities 117 69 Total $19,266 $9,490 $20,452 $10,347 The following tables present the effect of derivative instruments in the Corporation’s Consolidated Statements of Income and Changes in Shareholders’ Equity: (Dollars in thousands) Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) Location of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Gain (Loss) Recognized in Income (Ineffective Portion) Three months ended March 31, 2016 2015 2016 2015 Derivatives Designated as Cash Flow Hedging Instruments: Interest rate risk management contracts: Interest rate swap contracts $— $85 Interest Expense $— $— Interest rate caps (66 ) — Interest Expense — — Total ($66 ) $85 $— $— (Dollars in thousands) Amount of Gain (Loss) Recognized in Income on Derivative Three months ended March 31, Statement of Income Location 2016 2015 Derivatives not Designated as Hedging Instruments: Forward loan commitments: Interest rate lock commitments Mortgage banking revenues $1,245 $572 Commitments to sell mortgage loans Mortgage banking revenues (1,007 ) (941 ) Customer related derivative contracts: Interest rate swaps with customers Loan related derivative income 9,901 3,633 Mirror swaps with counterparties Loan related derivative income (9,251 ) (2,836 ) Risk participation agreements Loan related derivative income (5 ) (152 ) Total $883 $276 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. As of March 31, 2016 and December 31, 2015 , securities available for sale, certain residential real estate mortgage loans held for sale, derivatives and the contingent consideration liability are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent impaired loans, property acquired through foreclosure or repossession, certain residential real estate mortgage loans held for sale and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value is a market-based measurement, not an entity-specific measurement. Fair value measurements are determined based on the assumptions the market participants would use in pricing the asset or liability. In addition, GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Corporation’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1 – Quoted prices for identical assets or liabilities in active markets. • Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions. Fair Value Option Election GAAP allows for the irrevocable option to elect fair value accounting for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation elected the fair value option for certain residential real estate mortgage loans held for sale to better match changes in fair value of the loans with changes in the fair value of the derivative loan sale contracts used to economically hedge them. The aggregate principal amount of the residential real estate mortgage loans held for sale recorded at fair value was $19.4 million and $33.2 million , respectively, at March 31, 2016 and December 31, 2015 . The aggregate fair value of these loans as of the same dates was $20.0 million and $34.0 million , respectively. As of March 31, 2016 and December 31, 2015 , the aggregate fair value of residential real estate mortgage loans held for sale exceeded the aggregate principal amount by $568 thousand and $731 thousand , respectively. There were no residential real estate mortgage loans held for sale 90 days or more past due as of March 31, 2016 and December 31, 2015 . The following table presents the changes in fair value related to mortgage loans held for sale, interest rate lock commitments and commitments to sell residential real estate mortgage loans, for which the fair value option was elected. Changes in fair values are reported as a component of mortgage banking revenues in the Consolidated Statements of Income. (Dollars in thousands) Three months ended March 31, 2016 2015 Mortgage loans held for sale ($163 ) $341 Interest rate lock commitments 1,245 572 Commitments to sell mortgage loans (1,007 ) (941 ) Total changes in fair value $75 ($28 ) Valuation Techniques Securities Securities available for sale are recorded at fair value on a recurring basis. When available, the Corporation uses quoted market prices to determine the fair value of securities; such items are classified as Level 1. There were no Level 1 securities held at March 31, 2016 and December 31, 2015 . Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of U.S. government-sponsored enterprises, mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises, obligations of states and political subdivisions, individual name issuer trust preferred debt securities and corporate bonds. Securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 securities held at March 31, 2016 and December 31, 2015 . Mortgage Loans Held for Sale The fair value of mortgage loans held for sale is estimated based on current market prices for similar loans in the secondary market and therefore are classified as Level 2 assets. Collateral Dependent Impaired Loans Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. For collateral dependent loans for which repayment is dependent on the sale of the collateral, management adjusts the fair value for estimated costs to sell. For collateral dependent loans for which repayment is dependent on the operation of the collateral, such as accruing troubled debt restructured loans, estimated costs to sell are not incorporated into the measurement. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3. Property Acquired Through Foreclosure or Repossession Property acquired through foreclosure or repossession included in other assets in the Consolidated Balance Sheets is adjusted to fair value less costs to sell upon transfer out of loans through a charge to allowance for loan losses. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Such subsequent valuation charges are charged through earnings. Fair value is generally based upon appraised values of the collateral. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3. Derivatives Interest rate swap and cap contracts are traded in over-the-counter markets where quoted market prices are not readily available. Fair value measurements are determined using independent pricing models that utilize primarily market observable inputs, such as swap rates of different maturities and LIBOR rates and, accordingly, are classified as Level 2. The Corporation also evaluates the credit risk of its counterparties as well as that of the Corporation. Accordingly, Washington Trust considers factors such as the likelihood of default by the Corporation and its counterparties, its net exposures and remaining contractual life, among other factors, in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position. Fair value measurements of forward loan commitments (interest rate lock commitments and commitments to sell residential real estate mortgages) are estimated based on current market prices for similar assets in the secondary market and therefore are classified as Level 2 assets. Contingent Consideration Liability A contingent consideration liability was recognized upon the completion of the Halsey Associates, Inc. (“Halsey”) acquisition on August 1, 2015 and represents the estimated present value of future earn-outs to be paid based on the future revenue growth of the acquired business during the 5 -year period following the acquisition. The liability's valuation is based upon unobservable inputs, therefore, the contingent liability is classified within Level 3 of the fair value hierarchy. The unobservable inputs include probability estimates regarding the likelihood of achieving revenue growth targets and the discount rates utilized the discounted cash flow calculations applied to the estimates earn-outs to be paid. The discount rates used ranged from 3% to 4% . The fair value of the contingency represents the estimated price to transfer the liability between market participants at the measurement date under current market conditions. Items Recorded at Fair Value on a Recurring Basis The following tables present the balances of assets and liabilities reported at fair value on a recurring basis: (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Assets: Securities available for sale: Obligations of U.S. government-sponsored enterprises $97,285 $— $97,285 $— Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 257,463 — 257,463 — Obligations of states and political subdivisions 31,536 — 31,536 — Individual name issuer trust preferred debt securities 23,081 — 23,081 — Corporate bonds 1,987 — 1,987 — Mortgage loans held for sale 19,994 — 19,994 — Derivative assets (1) 19,266 — 19,266 — Total assets at fair value on a recurring basis $450,612 $— $450,612 $— Liabilities: Derivative liabilities (2) $20,452 $— $20,452 $— Contingent consideration liability (3) 2,969 — — 2,969 Total liabilities at fair value on a recurring basis $23,421 $— $20,452 $2,969 (1) Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. (2) Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. (3) The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 Assets: Securities available for sale: Obligations of U.S. government-sponsored enterprises $77,015 $— $77,015 $— Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 234,856 — 234,856 — Obligations of states and political subdivisions 36,080 — 36,080 — Individual name issuer trust preferred debt securities 25,138 — 25,138 — Corporate bonds 1,955 — 1,955 — Mortgage loans held for sale 33,969 — 33,969 — Derivative assets (1) 9,490 — 9,490 — Total assets at fair value on a recurring basis $418,503 $— $418,503 $— Liabilities: Derivative liabilities (2) $10,347 $— $10,347 $— Contingent Consideration Liability (3) 2,945 — — 2,945 Total liabilities at fair value on a recurring basis $13,292 $— $10,347 $2,945 (1) Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. (2) Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. (3) The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. It is the Corporation’s policy to review and reflect transfers between Levels as of the financial statement reporting date. During the three months ended March 31, 2016 and 2015 , there were no transfers in and/or out of Level 1, 2 or 3. Items Recorded at Fair Value on a Nonrecurring Basis The following table presents the carrying value of assets held at March 31, 2016 , which were written down to fair value during the three months ended March 31, 2016 : (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Collateral dependent impaired loans $8,441 $— $— $8,441 Property acquired through foreclosure or repossession 610 — — 610 Total assets at fair value on a nonrecurring basis $9,051 $— $— $9,051 The allowance for loan losses on collateral dependent impaired loans amounted to $631 thousand at March 31, 2016 . The following table presents the carrying value of assets held at December 31, 2015 , which were written down to fair value during the year ended December 31, 2015 : (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Collateral dependent impaired loans $10,545 $— $— $10,545 Property acquired through foreclosure or repossession 270 — — 270 Total assets at fair value on a nonrecurring basis $10,815 $— $— $10,815 The allowance for loan losses on collateral dependent impaired loans amounted to $2.4 million at December 31, 2015 . The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value: (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized (Weighted Average) March 31, 2016 Collateral dependent impaired loans $8,441 Appraisals of collateral Discount for costs to sell 0% - 10% (1%) Property acquired through foreclosure or repossession $610 Appraisals of collateral Discount for costs to sell 10% - 12% (11%) Appraisal adjustments (1) 6% - 32% (22%) (1) Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized (Weighted Average) December 31, 2015 Collateral dependent impaired loans $10,545 Appraisals of collateral Discount for costs to sell 0% - 20% (2%) Property acquired through foreclosure or repossession $270 Appraisals of collateral Discount for costs to sell 12% Appraisal adjustments (1) 32% (1) Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. Valuation of Other Financial Instruments The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or nonrecurring basis are discussed above. The methodologies for other financial instruments are discussed below. Loans Fair values are estimated for categories of loans with similar financial characteristics. Loans are segregated by type and are then further segmented into fixed-rate and adjustable-rate interest terms to determine their fair value. The fair value of fixed-rate commercial and consumer loans is calculated by discounting scheduled cash flows through the estimated maturity of the loan using interest rates offered at the measurement date that reflect the credit and interest rate risk inherent in the loan. The estimate of maturity is based on the Corporation’s historical repayment experience. For residential mortgages, fair value is estimated by using market prices for sales of similar loans on the secondary market. The fair value of floating rate commercial and consumer loans approximates carrying value. Fair value for impaired loans is estimated using a discounted cash flow method based upon the loan’s contractual effective interest rate, or at the loan’s observable market price, or if the loan is collateral dependent, at the fair value of the collateral. Loans are classified within Level 3 of the fair value hierarchy. Time Deposits The discounted values of cash flows using the rates currently offered for deposits of similar remaining maturities were used to estimate the fair value of time deposits. Time deposits are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances Rates currently available to the Corporation for advances with similar terms and remaining maturities are used to estimate fair value of existing advances. FHLBB advances are categorized as Level 2. Junior Subordinated Debentures The fair value of the junior subordinated debentures is estimated using rates currently available to the Corporation for debentures with similar terms and maturities. Junior subordinated debentures are categorized as Level 2. The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy of the Corporation’s financial instruments. The tables exclude financial instruments for which the carrying value approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB stock, accrued interest receivable and bank-owned life insurance. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits and accrued interest payable. (Dollars in thousands) March 31, 2016 Carrying Amount Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Securities held to maturity $19,040 $19,664 $— $19,664 $— Loans, net of allowance for loan losses 3,020,856 3,042,372 — — 3,042,372 Financial Liabilities: Time deposits $850,294 $853,465 $— $853,465 $— FHLBB advances 487,189 501,140 — 501,140 — Junior subordinated debentures 22,681 15,720 — 15,720 — (Dollars in thousands) December 31, 2015 Carrying Amount Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Securities held to maturity $20,023 $20,516 $— $20,516 $— Loans, net of allowance for loan losses 2,986,058 3,004,782 — — 3,004,782 Financial Liabilities: Time deposits $833,898 $834,574 $— $834,574 $— FHLBB advances 378,973 388,275 — 388,275 — Junior subordinated debentures 22,681 16,468 — 16,468 — |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Pension Plans | Defined Benefit Pension Plans The Corporation maintains a tax-qualified defined benefit pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. The Corporation also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. The defined benefit pension plans were previously amended to freeze benefit accruals after a 10 -year transition period ending in December 2023. The defined benefit pension plan is funded on a current basis, in compliance with the requirements of ERISA. Pension benefit costs and benefit obligations incorporate various actuarial and other assumptions, including discount rates, mortality, rates of return on plan assets and compensation increases. Washington Trust evaluates these assumptions annually. In 2015 and prior to 2015, a single weighted-average discount rate was used to calculate interest and service cost components of net periodic benefit cost. For 2016, Washington Trust utilizes a "spot rate approach" in the calculation of interest and service cost. The spot rate approach applies separate discount rates for each projected benefit payment in the calculation of interest and service cost. This approach provides a more precise measurement of interest and service cost by improving the correlation between projected benefit cash flows and their corresponding spot rates. This change was made in conjunction with the annual evaluation of assumptions and did not affect the measurement of the Corporation’s defined benefit obligations at December 31, 2015 . It is considered a change in accounting estimate and, accordingly, was accounted for prospectively starting in 2016. The composition of net periodic benefit cost was as follows: (Dollars in thousands) Qualified Pension Plan Non-Qualified Retirement Plans Three months ended March 31, 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $537 $615 $30 $20 Interest cost 644 732 108 122 Expected return on plan assets (1,158 ) (1,129 ) — — Amortization of prior service (credit) cost (6 ) (6 ) — — Recognized net actuarial loss 207 312 62 61 Net periodic benefit cost $224 $524 $200 $203 The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost: Qualified Pension Plan Non-Qualified Retirement Plans Three months ended March 31, 2016 2015 2016 2015 Measurement date Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Discount rate N/A 4.125% N/A 3.90% Equivalent single discount rate for benefit obligations 4.48% N/A 4.19% N/A Equivalent single discount rate for service cost 4.63 N/A 4.59 N/A Equivalent single discount rate for interest cost 3.88 N/A 3.44 N/A Expected long-term return on plan assets 6.75 7.25 N/A N/A Rate of compensation increase 3.75 3.75 3.75 3.75 |
Share-Based Compensation Arrang
Share-Based Compensation Arrangements | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Arrangements | Share-Based Compensation Arrangements During the three months ended March 31, 2016 , the Corporation granted equity awards, which included performance share awards. The performance share awards were granted to certain executive officers providing the opportunity to earn shares of common stock of the Corporation. These awards were valued at fair market value as of January 20, 2016 (the award date), or $36.11 , and will be earned over a 3 -year performance period. The number of shares earned will range from zero to 200% of the target number of shares dependent upon the Corporation’s core return on equity and core earnings per share growth ranking compared to an industry peer group. The current assumption based on the most recent peer group information available results in shares earned at 150% of the target, or 54,450 shares. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Washington Trust segregates financial information in assessing its results among its Commercial Banking and Wealth Management Services operating segments. The amounts in the Corporate unit include activity not related to the segments. Management uses certain methodologies to allocate income and expenses to the business lines. A funds transfer pricing methodology is used to assign interest income and interest expense to each interest-earning asset and interest-bearing liability on a matched maturity funding basis. Certain indirect expenses are allocated to segments. These include support unit expenses such as technology, operations and other support functions. Commercial Banking The Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships; mortgage banking activities; deposit generation; cash management activities; and direct banking activities, which include the operation of ATMs, telephone and Internet banking services and customer support and sales. Wealth Management Services Wealth Management Services includes investment management; financial planning; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; and settlement of decedents’ estates. Institutional trust services are also provided, including fiduciary services. Corporate Corporate includes the Treasury Unit, which is responsible for managing the wholesale investment portfolio and wholesale funding needs. It also includes income from bank-owned life insurance, as well as administrative and executive expenses not allocated to the operating segments and the residual impact of methodology allocations such as funds transfer pricing offsets. The following table presents the statement of operations and total assets for Washington Trust’s reportable segments: (Dollars in thousands) Commercial Banking Wealth Management Services Corporate Consolidated Total Three months ended March 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income (expense) $22,607 $20,625 ($18 ) ($14 ) $5,146 $5,091 $27,735 $25,702 Provision for loan losses 500 — — — — — 500 — Net interest income (expense) after provision for loan losses 22,107 20,625 (18 ) (14 ) 5,146 5,091 27,235 25,702 Noninterest income 4,940 5,078 9,174 8,435 520 507 14,634 14,020 Noninterest expenses: Depreciation and amortization expense 687 671 469 306 55 60 1,211 1,037 Other noninterest expenses 13,991 13,587 6,799 5,915 3,449 2,992 24,239 22,494 Total noninterest expenses 14,678 14,258 7,268 6,221 3,504 3,052 25,450 23,531 Income before income taxes 12,369 11,445 1,888 2,200 2,162 2,546 16,419 16,191 Income tax expense 4,255 3,730 733 844 496 607 5,484 5,181 Net income $8,114 $7,715 $1,155 $1,356 $1,666 $1,939 $10,935 $11,010 Total assets at period end $3,178,248 $3,015,691 $64,496 $52,568 $595,466 $534,255 $3,838,210 $3,602,514 Expenditures for long-lived assets $1,019 $1,067 $84 $114 $74 $45 $1,177 $1,226 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (Loss) The following table presents the activity in other comprehensive income (loss): Three months ended March 31, 2016 2015 (Dollars in thousands) Pre-tax Amounts Income Taxes Net of Tax Pre-tax Amounts Income Taxes Net of Tax Securities available for sale: Net change in fair value of securities available for sale $578 $214 $364 $1,053 $389 $664 Cash flow hedges: Change in fair value of cash flow hedges (124 ) (58 ) (66 ) (32 ) (24 ) (8 ) Net cash flow hedge losses reclassified into earnings (1) — — — 145 52 93 Net change in fair value of cash flow hedges (124 ) (58 ) (66 ) 113 28 85 Defined benefit plan obligation adjustment (2) 263 97 166 367 132 235 Total other comprehensive income $717 $253 $464 $1,533 $549 $984 (1) Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. (2) Included in salaries and employee benefits expense in the Consolidated Statements of Income. The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax: (Dollars in thousands) Net Unrealized Gains on Available For Sale Securities Net Unrealized Losses on Cash Flow Hedges Pension Benefit Adjustment Total Balance at December 31, 2015 $1,051 ($43 ) ($10,707 ) ($9,699 ) Other comprehensive income (loss) before reclassifications 364 (66 ) — 298 Amounts reclassified from accumulated other comprehensive income — — 166 166 Net other comprehensive income (loss) 364 (66 ) 166 464 Balance at March 31, 2016 $1,415 ($109 ) ($10,541 ) ($9,235 ) (Dollars in thousands) Net Unrealized Gains on Available For Sale Securities Net Unrealized Losses on Cash Flow Hedges Pension Benefit Adjustment Total Balance at December 31, 2014 $4,222 ($287 ) ($12,744 ) ($8,809 ) Other comprehensive income (loss) before reclassifications 664 (8 ) — 656 Amounts reclassified from accumulated other comprehensive income — 93 235 328 Net other comprehensive income 664 85 235 984 Balance at March 31, 2015 $4,886 ($202 ) ($12,509 ) ($7,825 ) |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table presents the calculation of earnings per common share: (Dollars and shares in thousands, except per share amounts) Three months ended March 31, 2016 2015 Earnings per common share - basic: Net income $10,935 $11,010 Less dividends and undistributed earnings allocated to participating securities (25 ) (39 ) Net income applicable to common shareholders $10,910 $10,971 Weighted average common shares 17,023 16,759 Earnings per common share - basic $0.64 $0.65 Earnings per common share - diluted: Net income $10,935 $11,010 Less dividends and undistributed earnings allocated to participating securities (25 ) (39 ) Net income applicable to common shareholders $10,910 $10,971 Weighted average common shares 17,023 16,759 Dilutive effect of common stock equivalents 134 180 Weighted average diluted common shares 17,157 16,939 Earnings per common share - diluted $0.64 $0.65 Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 69,025 and 77,450 , respectively, for the three months ended March 31, 2016 and 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporation’s exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit, interest rate swap agreements and interest rate lock commitments and commitments to sell residential real estate mortgage loans. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Corporation’s Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. The Corporation’s credit policies with respect to interest rate swap agreements with commercial borrowers, commitments to extend credit and financial guarantees are similar to those used for loans. The interest rate swaps with other counterparties are generally subject to bilateral collateralization terms. The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk: (Dollars in thousands) Mar 31, Dec 31, Financial instruments whose contract amounts represent credit risk: Commitments to extend credit: Commercial loans $386,305 $360,795 Home equity lines 219,175 219,427 Other loans 46,667 44,164 Standby letters of credit 5,706 5,629 Financial instruments whose notional amounts exceed the amount of credit risk: Forward loan commitments: Interest rate lock commitments 89,090 49,712 Commitments to sell mortgage loans 111,395 87,498 Loan related derivative contracts: Interest rate swaps with customers 344,874 302,142 Mirror swaps with counterparties 344,874 302,142 Risk participation-in agreements 21,474 21,474 See Note 9 for additional disclosure pertaining to derivative financial instruments. Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Each borrower’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the borrower. Standby Letters of Credit Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support the financing needs of the Bank’s commercial customers. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The collateral supporting those commitments is essentially the same as for other commitments. Most standby letters of credit extend for 1 year. As of March 31, 2016 and December 31, 2015 , the maximum potential amount of undiscounted future payments, not reduced by amounts that may be recovered, totaled $5.7 million and $5.6 million , respectively. At March 31, 2016 and December 31, 2015 , there were no liabilities to beneficiaries resulting from standby letters of credit. Fee income on standby letters of credit was insignificant for the three months ended March 31, 2016 and 2015 . Forward Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of residential real estate mortgage loans held for sale. To mitigate the interest rate risk inherent in these rate locks, as well as closed residential real estate mortgage loans held for sale, forward commitments are established to sell individual residential real estate mortgage loans. Both interest rate lock commitments and commitments to sell residential real estate mortgage loans are derivative financial instruments. Leases At March 31, 2016 , the Corporation was committed to rent premises used in banking operations under non-cancellable operating leases. Rental expense under the operating leases amounted to $973 thousand for the three months ended March 31, 2016 , compared to $790 thousand for the same period in 2015 . The following table presents the minimum annual lease payments under the terms of these leases, exclusive of renewal provisions: (Dollars in thousands) April 1, 2016 to December 31, 2016 $2,513 2017 3,182 2018 2,896 2019 2,622 2020 2,007 2021 and thereafter 27,176 Total minimum lease payments $40,396 Lease expiration dates range from 4 months to 25 years, with renewal options on certain leases of 6 months to 25 years. |
General Information (Policies)
General Information (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of the Bancorp and its subsidiaries (collectively, the “Corporation” or “Washington Trust”). All significant intercompany transactions have been eliminated. |
Basis of Accounting | Certain previously reported amounts have been reclassified to conform to current year’s presentation. The accounting and reporting policies of the Corporation conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices of the banking industry. |
Use of Estimates | In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments | The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security: (Dollars in thousands) March 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities Available for Sale: Obligations of U.S. government-sponsored enterprises $97,151 $160 ($26 ) $97,285 Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 249,141 8,322 — 257,463 Obligations of states and political subdivisions 31,025 511 — 31,536 Individual name issuer trust preferred debt securities 29,824 — (6,743 ) 23,081 Corporate bonds 1,965 32 (10 ) 1,987 Total securities available for sale $409,106 $9,025 ($6,779 ) $411,352 Held to Maturity: Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises $19,040 $624 $— $19,664 Total securities held to maturity $19,040 $624 $— $19,664 Total securities $428,146 $9,649 ($6,779 ) $431,016 (Dollars in thousands) December 31, 2015 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Securities Available for Sale: Obligations of U.S. government-sponsored enterprises $77,330 $73 ($388 ) $77,015 Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 228,908 6,398 (450 ) 234,856 Obligations of states and political subdivisions 35,353 727 — 36,080 Individual name issuer trust preferred debt securities 29,815 — (4,677 ) 25,138 Corporate bonds 1,970 5 (20 ) 1,955 Total securities available for sale $373,376 $7,203 ($5,535 ) $375,044 Held to Maturity: Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises $20,023 $493 $— $20,516 Total securities held to maturity $20,023 $493 $— $20,516 Total securities $393,399 $7,696 ($5,535 ) $395,560 |
Securities by Contractual Maturity | The schedule of maturities of debt securities available for sale and held to maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Available for Sale Held to Maturity March 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $42,724 $44,084 $2,473 $2,554 Due after one year to five years 143,155 147,073 7,650 7,901 Due after five years to ten years 157,073 159,571 5,978 6,174 Due after ten years 66,154 60,624 2,939 3,035 Total securities $409,106 $411,352 $19,040 $19,664 |
Securities in a Continuous Unrealized Loss Position | The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position: (Dollars in thousands) Less than 12 Months 12 Months or Longer Total March 31, 2016 # Fair Unrealized # Fair Value Unrealized Losses # Fair Value Unrealized Losses Obligations of U.S. government-sponsored enterprises 1 $9,974 ($26 ) — $— $— 1 $9,974 ($26 ) Individual name issuer trust preferred debt securities — — — 10 23,081 (6,743 ) 10 23,081 (6,743 ) Corporate bonds 1 491 (10 ) — — — 1 491 (10 ) Total temporarily impaired securities 2 $10,465 ($36 ) 10 $23,081 ($6,743 ) 12 $33,546 ($6,779 ) (Dollars in thousands) Less than 12 Months 12 Months or Longer Total December 31, 2015 # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Obligations of U.S. government-sponsored enterprises 4 $34,767 ($388 ) — $— $— 4 $34,767 ($388 ) Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 9 61,764 (450 ) — — — 9 61,764 (450 ) Individual name issuer trust preferred debt securities — — — 10 25,138 (4,677 ) 10 25,138 (4,677 ) Corporate bonds 3 1,235 (20 ) — — — 3 1,235 (20 ) Total temporarily impaired securities 16 $97,766 ($858 ) 10 $25,138 ($4,677 ) 26 $122,904 ($5,535 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans | The following is a summary of loans: (Dollars in thousands) March 31, 2016 December 31, 2015 Amount % Amount % Commercial: Mortgages (1) $976,931 32 % $931,953 31 % Construction & development (2) 123,032 4 122,297 4 Commercial & industrial (3) 598,848 20 600,297 20 Total commercial 1,698,811 56 1,654,547 55 Residential real estate: Mortgages 980,274 32 984,437 33 Homeowner construction 24,075 1 29,118 1 Total residential real estate 1,004,349 33 1,013,555 34 Consumer: Home equity lines 258,513 8 255,565 8 Home equity loans 45,499 1 46,649 2 Other (4) 39,821 2 42,811 1 Total consumer 343,833 11 345,025 11 Total loans (5) $3,046,993 100 % $3,013,127 100 % (1) Loans primarily secured by income producing property. (2) Loans for construction of commercial properties, loans to developers for construction of residential properties and loans for land development. (3) Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. (4) Loans to individuals secured by general aviation aircraft and other personal installment loans. (5) Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand , respectively, at March 31, 2016 and December 31, 2015 . |
Nonaccrual Loans | The following is a summary of nonaccrual loans, segregated by class of loans: (Dollars in thousands) Mar 31, Dec 31, Commercial: Mortgages $4,054 $5,711 Construction & development — — Commercial & industrial 2,659 3,018 Residential real estate: Mortgages 9,367 10,666 Homeowner construction — — Consumer: Home equity lines 316 528 Home equity loans 1,025 1,124 Other 4 — Total nonaccrual loans $17,425 $21,047 Accruing loans 90 days or more past due $— $— |
Past Due Loans | Past due status is based on the contractual payment terms of the loan. The following tables present an age analysis of past due loans, segregated by class of loans: (Dollars in thousands) Days Past Due March 31, 2016 30-59 60-89 Over 90 Total Past Due Current Total Loans Commercial: Mortgages $510 $— $4,054 $4,564 $972,367 $976,931 Construction & development — — — — 123,032 123,032 Commercial & industrial 268 1,568 1,070 2,906 595,942 598,848 Residential real estate: Mortgages 2,695 2,026 3,982 8,703 971,571 980,274 Homeowner construction — — — — 24,075 24,075 Consumer: Home equity lines 441 174 206 821 257,692 258,513 Home equity loans 436 373 463 1,272 44,227 45,499 Other 27 2 — 29 39,792 39,821 Total loans $4,377 $4,143 $9,775 $18,295 $3,028,698 $3,046,993 (Dollars in thousands) Days Past Due December 31, 2015 30-59 60-89 Over 90 Total Past Due Current Total Loans Commercial: Mortgages $51 $— $4,504 $4,555 $927,398 $931,953 Construction & development — — — — 122,297 122,297 Commercial & industrial 405 9 48 462 599,835 600,297 Residential real estate: Mortgages 3,028 2,964 3,294 9,286 975,151 984,437 Homeowner construction — — — — 29,118 29,118 Consumer: Home equity lines 883 373 518 1,774 253,791 255,565 Home equity loans 748 490 222 1,460 45,189 46,649 Other 22 — — 22 42,789 42,811 Total loans $5,137 $3,836 $8,586 $17,559 $2,995,568 $3,013,127 |
Impaired Loans | The following is a summary of impaired loans: (Dollars in thousands) Recorded Investment (1) Unpaid Principal Related Allowance Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, No Related Allowance Recorded: Commercial: Mortgages $4,054 $4,292 $4,898 $5,101 $— $— Construction & development — — — — — — Commercial & industrial 1,323 1,849 1,430 1,869 — — Residential real estate: Mortgages 8,049 8,441 8,167 8,826 — — Homeowner construction — — — — — — Consumer: Home equity lines 271 6 271 64 — — Home equity loans 673 530 685 539 — — Other — — — — — — Subtotal 14,370 15,118 15,451 16,399 — — With Related Allowance Recorded: Commercial: Mortgages $9,452 $10,873 $9,427 $10,855 $586 $1,633 Construction & development — — — — — — Commercial & industrial 2,176 2,024 2,320 2,248 757 771 Residential real estate: Mortgages 1,967 2,895 2,024 2,941 133 156 Homeowner construction — — — — — — Consumer: Home equity lines 45 522 45 522 — 2 Home equity loans 436 679 440 783 1 21 Other 147 145 147 144 — — Subtotal 14,223 17,138 14,403 17,493 1,477 2,583 Total impaired loans $28,593 $32,256 $29,854 $33,892 $1,477 $2,583 Total: Commercial $17,005 $19,038 $18,075 $20,073 $1,343 $2,404 Residential real estate 10,016 11,336 10,191 11,767 133 156 Consumer 1,572 1,882 1,588 2,052 1 23 Total impaired loans $28,593 $32,256 $29,854 $33,892 $1,477 $2,583 (1) The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. The following table presents the average recorded investment balance of impaired loans and interest income recognized on impaired loans segregated by loan class. Prior to the third quarter of 2015, the Corporation had defined impaired loans to include nonaccrual commercial loans, troubled debt restructured loans and certain other loans that were individually evaluated for impairment. In the third quarter of 2015, the Corporation redefined impaired loans to include nonaccrual loans and troubled debt restructured loans. The redefinition of impaired loans resulted in well-secured nonaccrual residential real estate mortgage loans and consumer loans being classified as impaired loans in the third quarter of 2015. See further discussion on the redefinition of impaired loans in Washington Trust’s Form 10-K for the fiscal year ended December 31, 2015 . (Dollars in thousands) Average Recorded Investment Interest Income Recognized Three months ended March 31, 2016 2015 2016 2015 Commercial: Mortgages $14,740 $14,942 $93 $79 Construction & development — — — — Commercial & industrial 3,800 3,036 11 19 Residential real estate: Mortgages 11,069 3,457 69 16 Homeowner construction — — — — Consumer: Home equity lines 671 247 2 — Home equity loans 1,175 74 13 — Other 145 146 2 3 Totals $31,600 $21,902 $190 $117 |
Troubled Debt Restructurings Subsequent Default | The following table presents loans modified in a troubled debt restructuring within the previous twelve months for which there was a payment default: (Dollars in thousands) # of Loans Recorded Investment (1) Three months ended March 31, 2016 2015 2016 2015 Commercial: Mortgages — — $— $— Construction & development — — — — Commercial & industrial 5 2 743 11 Residential real estate: Mortgages — 2 — 338 Homeowner construction — — — — Consumer: Home equity lines — — — — Home equity loans 1 — 66 — Other — — — — Totals 6 4 $809 $349 (1) The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest. |
Credit Quality Indicators - Commercial | The following table presents the commercial loan portfolio, segregated by category of credit quality indicator: (Dollars in thousands) Pass Special Mention Classified Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mortgages $963,155 $914,774 $787 $3,035 $12,989 $14,144 Construction & development 123,032 122,297 — — — — Commercial & industrial 573,177 577,036 14,871 12,012 10,800 11,249 Total commercial loans $1,659,364 $1,614,107 $15,658 $15,047 $23,789 $25,393 |
Credit Quality Indicators Residential & Consumer | The following table presents the residential and consumer loan portfolios, segregated by category of credit quality indicator: (Dollars in thousands) Current and Under 90 Days Past Due Over 90 Days Past Due Mar 31, Dec 31, Mar 31, Dec 31, Residential real estate: Accruing mortgages $970,907 $973,771 $— $— Nonaccrual mortgages 5,385 7,372 3,982 3,294 Homeowner construction 24,075 29,118 — — Total residential loans $1,000,367 $1,010,261 $3,982 $3,294 Consumer: Home equity lines $258,307 $255,047 $206 $518 Home equity loans 45,036 46,427 463 222 Other 39,821 42,811 — — Total consumer loans $343,164 $344,285 $669 $740 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses Rollforward Analysis | The following table presents the activity in the allowance for loan losses for the three months ended March 31, 2016 : (Dollars in thousands) Commercial Mortgages Construction C&I (1) Total Commercial Residential Consumer Un-allocated Total Beginning Balance $9,140 $1,758 $8,202 $19,100 $5,460 $2,509 $— $27,069 Charge-offs (1,253 ) — (8 ) (1,261 ) (136 ) (78 ) — (1,475 ) Recoveries 4 — 26 30 2 11 — 43 Provision 695 (115 ) 41 621 37 (158 ) — 500 Ending Balance $8,586 $1,643 $8,261 $18,490 $5,363 $2,284 $— $26,137 (1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the three months ended March 31, 2015 : (Dollars in thousands) Commercial Mortgages Construction C&I (1) Total Commercial Residential Consumer Un-allocated Total Beginning Balance $8,202 $1,300 $7,987 $17,489 $5,430 $2,713 $2,391 $28,023 Charge-offs (200 ) — (7 ) (207 ) (48 ) (66 ) — (321 ) Recoveries 80 — 14 94 2 12 — 108 Provision 249 (71 ) (191 ) (13 ) (29 ) 72 (30 ) — Ending Balance $8,331 $1,229 $7,803 $17,363 $5,355 $2,731 $2,361 $27,810 (1) Commercial & industrial loans. |
Schedule of Allowance for Loan Loss by Segment & Impairment Methodology | The following table presents the Corporation’s loan portfolio and associated allowance for loan loss by portfolio segment and by impairment methodology. (Dollars in thousands) March 31, 2016 December 31, 2015 Loans Related Allowance Loans Related Allowance Loans Individually Evaluated for Impairment: Commercial: Mortgages $13,480 $586 $15,141 $1,633 Construction & development — — — — Commercial & industrial 3,496 757 3,871 771 Residential real estate 10,013 133 11,333 156 Consumer 1,573 1 1,881 23 Subtotal $28,562 $1,477 $32,226 $2,583 Loans Collectively Evaluated for Impairment: Commercial: Mortgages $963,451 $8,000 $916,812 $7,507 Construction & development 123,032 1,643 122,297 1,758 Commercial & industrial 595,352 7,504 596,426 7,431 Residential real estate 994,336 5,230 1,002,222 5,304 Consumer 342,260 2,283 343,144 2,486 Subtotal $3,018,431 $24,660 $2,980,901 $24,486 Total $3,046,993 $26,137 $3,013,127 $27,069 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances Maturities | The following table presents maturities and weighted average interest rates on FHLBB advances outstanding as of March 31, 2016 : (Dollars in thousands) Total Outstanding Weighted Average Rate April 1, 2016 to December 31, 2016 $239,508 0.70 % 2017 27,575 2.24 % 2018 43,134 1.53 % 2019 28,258 3.14 % 2020 32,733 2.36 % 2021 and thereafter 115,981 3.30 % Balance at March 31, 2016 $487,189 1.74 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods: (Dollars in thousands) Actual For Capital Adequacy Purposes To Be “Well Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Total Capital (to Risk-Weighted Assets): Corporation $370,559 12.45 % $238,171 8.00 % N/A N/A Bank 370,254 12.44 238,110 8.00 297,638 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 344,233 11.56 178,628 6.00 N/A N/A Bank 343,928 11.56 178,583 6.00 238,110 8.00 Common Equity Tier 1 Capital (to Risk-Weighted Assets): Corporation 322,234 10.82 133,971 4.50 N/A N/A Bank 343,928 11.56 133,937 4.50 193,464 6.50 Tier 1 Capital (to Average Assets): (1) Corporation 344,233 9.31 147,911 4.00 N/A N/A Bank 343,928 9.31 147,834 4.00 184,793 5.00 December 31, 2015 Total Capital (to Risk-Weighted Assets): Corporation 367,443 12.58 233,739 8.00 N/A N/A Bank 366,676 12.55 233,676 8.00 292,095 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 340,130 11.64 175,304 6.00 N/A N/A Bank 339,363 11.62 175,257 6.00 233,676 8.00 Common Equity Tier 1 Capital (to Risk-Weighted Assets): Corporation 318,131 10.89 131,478 4.50 N/A N/A Bank 339,363 11.62 131,443 4.50 189,861 6.50 Tier 1 Capital (to Average Assets): (1) Corporation 340,130 9.37 145,191 4.00 N/A N/A Bank 339,363 9.36 145,103 4.00 181,378 5.00 (1) Leverage ratio. |
Derivative Financial Instrume30
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives by Balance Sheet Location | The following table presents the fair values of derivative instruments in the Corporation’s Consolidated Balance Sheets: (Dollars in thousands) Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location Mar 31, 2016 Dec 31, 2015 Balance Sheet Location Mar 31, 2016 Dec 31, 2015 Derivatives Designated as Cash Flow Hedging Instruments: Interest rate risk management contracts: Interest rate caps Other assets $83 $187 Other liabilities $— $— Derivatives not Designated as Hedging Instruments: Forward loan commitments: Interest rate lock commitments Other assets 2,466 1,220 Other liabilities 1 — Commitments to sell mortgage loans Other assets 1 — Other liabilities 3,020 2,012 Loan related derivative contracts: Interest rate swaps with customers Other assets 16,616 8,027 Other liabilities — — Mirror swaps with counterparties Other assets — — Other liabilities 17,314 8,266 Risk participation agreements Other assets 100 56 Other liabilities 117 69 Total $19,266 $9,490 $20,452 $10,347 |
Derivative Instruments Effect in Statements of Income and Changes in Shareholders' Equity | The following tables present the effect of derivative instruments in the Corporation’s Consolidated Statements of Income and Changes in Shareholders’ Equity: (Dollars in thousands) Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) Location of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Gain (Loss) Recognized in Income (Ineffective Portion) Three months ended March 31, 2016 2015 2016 2015 Derivatives Designated as Cash Flow Hedging Instruments: Interest rate risk management contracts: Interest rate swap contracts $— $85 Interest Expense $— $— Interest rate caps (66 ) — Interest Expense — — Total ($66 ) $85 $— $— (Dollars in thousands) Amount of Gain (Loss) Recognized in Income on Derivative Three months ended March 31, Statement of Income Location 2016 2015 Derivatives not Designated as Hedging Instruments: Forward loan commitments: Interest rate lock commitments Mortgage banking revenues $1,245 $572 Commitments to sell mortgage loans Mortgage banking revenues (1,007 ) (941 ) Customer related derivative contracts: Interest rate swaps with customers Loan related derivative income 9,901 3,633 Mirror swaps with counterparties Loan related derivative income (9,251 ) (2,836 ) Risk participation agreements Loan related derivative income (5 ) (152 ) Total $883 $276 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Change in Fair Value Mortgage Loans Held For Sale, Interest Rate Lock Commitments and Commitments to Sell Disclosures | The following table presents the changes in fair value related to mortgage loans held for sale, interest rate lock commitments and commitments to sell residential real estate mortgage loans, for which the fair value option was elected. Changes in fair values are reported as a component of mortgage banking revenues in the Consolidated Statements of Income. (Dollars in thousands) Three months ended March 31, 2016 2015 Mortgage loans held for sale ($163 ) $341 Interest rate lock commitments 1,245 572 Commitments to sell mortgage loans (1,007 ) (941 ) Total changes in fair value $75 ($28 ) |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities reported at fair value on a recurring basis: (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Assets: Securities available for sale: Obligations of U.S. government-sponsored enterprises $97,285 $— $97,285 $— Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 257,463 — 257,463 — Obligations of states and political subdivisions 31,536 — 31,536 — Individual name issuer trust preferred debt securities 23,081 — 23,081 — Corporate bonds 1,987 — 1,987 — Mortgage loans held for sale 19,994 — 19,994 — Derivative assets (1) 19,266 — 19,266 — Total assets at fair value on a recurring basis $450,612 $— $450,612 $— Liabilities: Derivative liabilities (2) $20,452 $— $20,452 $— Contingent consideration liability (3) 2,969 — — 2,969 Total liabilities at fair value on a recurring basis $23,421 $— $20,452 $2,969 (1) Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. (2) Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. (3) The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 Assets: Securities available for sale: Obligations of U.S. government-sponsored enterprises $77,015 $— $77,015 $— Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises 234,856 — 234,856 — Obligations of states and political subdivisions 36,080 — 36,080 — Individual name issuer trust preferred debt securities 25,138 — 25,138 — Corporate bonds 1,955 — 1,955 — Mortgage loans held for sale 33,969 — 33,969 — Derivative assets (1) 9,490 — 9,490 — Total assets at fair value on a recurring basis $418,503 $— $418,503 $— Liabilities: Derivative liabilities (2) $10,347 $— $10,347 $— Contingent Consideration Liability (3) 2,945 — — 2,945 Total liabilities at fair value on a recurring basis $13,292 $— $10,347 $2,945 (1) Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. (2) Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. (3) The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table presents the carrying value of assets held at March 31, 2016 , which were written down to fair value during the three months ended March 31, 2016 : (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Collateral dependent impaired loans $8,441 $— $— $8,441 Property acquired through foreclosure or repossession 610 — — 610 Total assets at fair value on a nonrecurring basis $9,051 $— $— $9,051 The allowance for loan losses on collateral dependent impaired loans amounted to $631 thousand at March 31, 2016 . The following table presents the carrying value of assets held at December 31, 2015 , which were written down to fair value during the year ended December 31, 2015 : (Dollars in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Collateral dependent impaired loans $10,545 $— $— $10,545 Property acquired through foreclosure or repossession 270 — — 270 Total assets at fair value on a nonrecurring basis $10,815 $— $— $10,815 The allowance for loan losses on collateral dependent impaired loans amounted to $2.4 million at December 31, 2015 . |
Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value: (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized (Weighted Average) March 31, 2016 Collateral dependent impaired loans $8,441 Appraisals of collateral Discount for costs to sell 0% - 10% (1%) Property acquired through foreclosure or repossession $610 Appraisals of collateral Discount for costs to sell 10% - 12% (11%) Appraisal adjustments (1) 6% - 32% (22%) (1) Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized (Weighted Average) December 31, 2015 Collateral dependent impaired loans $10,545 Appraisals of collateral Discount for costs to sell 0% - 20% (2%) Property acquired through foreclosure or repossession $270 Appraisals of collateral Discount for costs to sell 12% Appraisal adjustments (1) 32% (1) Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy of the Corporation’s financial instruments. The tables exclude financial instruments for which the carrying value approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB stock, accrued interest receivable and bank-owned life insurance. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits and accrued interest payable. (Dollars in thousands) March 31, 2016 Carrying Amount Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Securities held to maturity $19,040 $19,664 $— $19,664 $— Loans, net of allowance for loan losses 3,020,856 3,042,372 — — 3,042,372 Financial Liabilities: Time deposits $850,294 $853,465 $— $853,465 $— FHLBB advances 487,189 501,140 — 501,140 — Junior subordinated debentures 22,681 15,720 — 15,720 — (Dollars in thousands) December 31, 2015 Carrying Amount Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Securities held to maturity $20,023 $20,516 $— $20,516 $— Loans, net of allowance for loan losses 2,986,058 3,004,782 — — 3,004,782 Financial Liabilities: Time deposits $833,898 $834,574 $— $834,574 $— FHLBB advances 378,973 388,275 — 388,275 — Junior subordinated debentures 22,681 16,468 — 16,468 — |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The composition of net periodic benefit cost was as follows: (Dollars in thousands) Qualified Pension Plan Non-Qualified Retirement Plans Three months ended March 31, 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $537 $615 $30 $20 Interest cost 644 732 108 122 Expected return on plan assets (1,158 ) (1,129 ) — — Amortization of prior service (credit) cost (6 ) (6 ) — — Recognized net actuarial loss 207 312 62 61 Net periodic benefit cost $224 $524 $200 $203 |
Schedule of Assumptions Used for Net Periodic Benefit Cost | The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost: Qualified Pension Plan Non-Qualified Retirement Plans Three months ended March 31, 2016 2015 2016 2015 Measurement date Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Discount rate N/A 4.125% N/A 3.90% Equivalent single discount rate for benefit obligations 4.48% N/A 4.19% N/A Equivalent single discount rate for service cost 4.63 N/A 4.59 N/A Equivalent single discount rate for interest cost 3.88 N/A 3.44 N/A Expected long-term return on plan assets 6.75 7.25 N/A N/A Rate of compensation increase 3.75 3.75 3.75 3.75 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Statement of Operations and Total Assets by Reportable Segment | The following table presents the statement of operations and total assets for Washington Trust’s reportable segments: (Dollars in thousands) Commercial Banking Wealth Management Services Corporate Consolidated Total Three months ended March 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income (expense) $22,607 $20,625 ($18 ) ($14 ) $5,146 $5,091 $27,735 $25,702 Provision for loan losses 500 — — — — — 500 — Net interest income (expense) after provision for loan losses 22,107 20,625 (18 ) (14 ) 5,146 5,091 27,235 25,702 Noninterest income 4,940 5,078 9,174 8,435 520 507 14,634 14,020 Noninterest expenses: Depreciation and amortization expense 687 671 469 306 55 60 1,211 1,037 Other noninterest expenses 13,991 13,587 6,799 5,915 3,449 2,992 24,239 22,494 Total noninterest expenses 14,678 14,258 7,268 6,221 3,504 3,052 25,450 23,531 Income before income taxes 12,369 11,445 1,888 2,200 2,162 2,546 16,419 16,191 Income tax expense 4,255 3,730 733 844 496 607 5,484 5,181 Net income $8,114 $7,715 $1,155 $1,356 $1,666 $1,939 $10,935 $11,010 Total assets at period end $3,178,248 $3,015,691 $64,496 $52,568 $595,466 $534,255 $3,838,210 $3,602,514 Expenditures for long-lived assets $1,019 $1,067 $84 $114 $74 $45 $1,177 $1,226 |
Other Comprehensive Income (L34
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Activity in Other Comprehensive Income (Loss) | The following table presents the activity in other comprehensive income (loss): Three months ended March 31, 2016 2015 (Dollars in thousands) Pre-tax Amounts Income Taxes Net of Tax Pre-tax Amounts Income Taxes Net of Tax Securities available for sale: Net change in fair value of securities available for sale $578 $214 $364 $1,053 $389 $664 Cash flow hedges: Change in fair value of cash flow hedges (124 ) (58 ) (66 ) (32 ) (24 ) (8 ) Net cash flow hedge losses reclassified into earnings (1) — — — 145 52 93 Net change in fair value of cash flow hedges (124 ) (58 ) (66 ) 113 28 85 Defined benefit plan obligation adjustment (2) 263 97 166 367 132 235 Total other comprehensive income $717 $253 $464 $1,533 $549 $984 (1) Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. (2) Included in salaries and employee benefits expense in the Consolidated Statements of Income. |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax: (Dollars in thousands) Net Unrealized Gains on Available For Sale Securities Net Unrealized Losses on Cash Flow Hedges Pension Benefit Adjustment Total Balance at December 31, 2015 $1,051 ($43 ) ($10,707 ) ($9,699 ) Other comprehensive income (loss) before reclassifications 364 (66 ) — 298 Amounts reclassified from accumulated other comprehensive income — — 166 166 Net other comprehensive income (loss) 364 (66 ) 166 464 Balance at March 31, 2016 $1,415 ($109 ) ($10,541 ) ($9,235 ) (Dollars in thousands) Net Unrealized Gains on Available For Sale Securities Net Unrealized Losses on Cash Flow Hedges Pension Benefit Adjustment Total Balance at December 31, 2014 $4,222 ($287 ) ($12,744 ) ($8,809 ) Other comprehensive income (loss) before reclassifications 664 (8 ) — 656 Amounts reclassified from accumulated other comprehensive income — 93 235 328 Net other comprehensive income 664 85 235 984 Balance at March 31, 2015 $4,886 ($202 ) ($12,509 ) ($7,825 ) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | The following table presents the calculation of earnings per common share: (Dollars and shares in thousands, except per share amounts) Three months ended March 31, 2016 2015 Earnings per common share - basic: Net income $10,935 $11,010 Less dividends and undistributed earnings allocated to participating securities (25 ) (39 ) Net income applicable to common shareholders $10,910 $10,971 Weighted average common shares 17,023 16,759 Earnings per common share - basic $0.64 $0.65 Earnings per common share - diluted: Net income $10,935 $11,010 Less dividends and undistributed earnings allocated to participating securities (25 ) (39 ) Net income applicable to common shareholders $10,910 $10,971 Weighted average common shares 17,023 16,759 Dilutive effect of common stock equivalents 134 180 Weighted average diluted common shares 17,157 16,939 Earnings per common share - diluted $0.64 $0.65 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments with Off Balance Sheet Risk | The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk: (Dollars in thousands) Mar 31, Dec 31, Financial instruments whose contract amounts represent credit risk: Commitments to extend credit: Commercial loans $386,305 $360,795 Home equity lines 219,175 219,427 Other loans 46,667 44,164 Standby letters of credit 5,706 5,629 Financial instruments whose notional amounts exceed the amount of credit risk: Forward loan commitments: Interest rate lock commitments 89,090 49,712 Commitments to sell mortgage loans 111,395 87,498 Loan related derivative contracts: Interest rate swaps with customers 344,874 302,142 Mirror swaps with counterparties 344,874 302,142 Risk participation-in agreements 21,474 21,474 |
Schedule of Future Minimum Annual Lease Payments | The following table presents the minimum annual lease payments under the terms of these leases, exclusive of renewal provisions: (Dollars in thousands) April 1, 2016 to December 31, 2016 $2,513 2017 3,182 2018 2,896 2019 2,622 2020 2,007 2021 and thereafter 27,176 Total minimum lease payments $40,396 |
Cash and Due from Banks (Narrat
Cash and Due from Banks (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Average reserve deposited with the Board of Governors of the Federal Reserve Bank | $ 9.6 | $ 10.5 |
Interest-bearing deposits in other banks | $ 49.6 | $ 48.2 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | |
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Fair Value of Available for Sale and Held to Maturity securities pledged as collateral | $ 357.5 | $ 346.1 |
Amortized cost of callable debt securities | 155 | |
Fair value of callable debt securities | $ 148.9 | |
Number of securities in a continuous unrealized loss position total | security | 12 | 26 |
Individual name issuer trust preferred debt securities | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position total | security | 10 | 10 |
Securities in unrealized loss position, number of companies issuing securities | security | 7 | |
Amortized cost of trust preferred securities of individual name issuers that are below investment grade | $ 10.9 | |
Unrealized losses of trust preferred securities of individual name issuers that are below investment grade | $ (2.4) | |
Minimum [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Callable Debt Securities, Maturity Period | 11 months | |
Callable Debt Securities, Call Feature, Period | 1 month | |
Maximum [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Callable Debt Securities, Maturity Period | 21 years | |
Callable Debt Securities, Call Feature, Period | 5 years |
Securities (Summary of Investme
Securities (Summary of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | $ 409,106 | $ 373,376 |
Available for sale securities unrealized gains | 9,025 | 7,203 |
Available for sale securities unrealized losses | (6,779) | (5,535) |
Available for sale, at fair value | 411,352 | 375,044 |
Held to maturity securities | 19,040 | 20,023 |
Held to maturity securities unrealized gains | 624 | 493 |
Held to maturity securities unrealized losses | 0 | 0 |
Held to maturity securities fair value | 19,664 | 20,516 |
Total available for sale and held to maturity securities amortized cost | 428,146 | 393,399 |
Total available for sale and held to maturity securities unrealized gains | 9,649 | 7,696 |
Total available for sale and held to maturity securities unrealized losses | (6,779) | (5,535) |
Total available for sale and held to maturity securities fair value | 431,016 | 395,560 |
Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | 97,151 | 77,330 |
Available for sale securities unrealized gains | 160 | 73 |
Available for sale securities unrealized losses | (26) | (388) |
Available for sale, at fair value | 97,285 | 77,015 |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | 249,141 | 228,908 |
Available for sale securities unrealized gains | 8,322 | 6,398 |
Available for sale securities unrealized losses | 0 | (450) |
Available for sale, at fair value | 257,463 | 234,856 |
Held to maturity securities | 19,040 | 20,023 |
Held to maturity securities unrealized gains | 624 | 493 |
Held to maturity securities unrealized losses | 0 | 0 |
Held to maturity securities fair value | 19,664 | 20,516 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | 31,025 | 35,353 |
Available for sale securities unrealized gains | 511 | 727 |
Available for sale securities unrealized losses | 0 | 0 |
Available for sale, at fair value | 31,536 | 36,080 |
Individual name issuer trust preferred debt securities | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | 29,824 | 29,815 |
Available for sale securities unrealized gains | 0 | 0 |
Available for sale securities unrealized losses | (6,743) | (4,677) |
Available for sale, at fair value | 23,081 | 25,138 |
Corporate bonds [Member] | ||
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale securities amortized cost basis | 1,965 | 1,970 |
Available for sale securities unrealized gains | 32 | 5 |
Available for sale securities unrealized losses | (10) | (20) |
Available for sale, at fair value | $ 1,987 | $ 1,955 |
Securities (Securities by Contr
Securities (Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available for Sale and Held to Maturty Securities [Line Items] | ||
Available for sale debt securities maturities within 1 year amortized cost | $ 42,724 | |
Available for sale debt securities maturities 1-5 years amortized cost | 143,155 | |
Available for sale debt securities maturities 5-10 years amortized cost | 157,073 | |
Available for sale debt securities maturities after 10 years amortized cost | 66,154 | |
Available for sale debt securities maturities total amortized cost | 409,106 | |
Available for sale debt securities maturities within 1 year fair value | 44,084 | |
Available for sale debt securities maturities 1-5 years fair value | 147,073 | |
Available for sale debt securities maturities 5-10 years fair value | 159,571 | |
Available for sale debt securities maturities after 10 years fair value | 60,624 | |
Available for sale debt securities fair value | 411,352 | |
Held to maturity debt securities maturities within 1 year amortized cost | 2,473 | |
Held to maturity debt securities maturities 1-5 years amortized cost | 7,650 | |
Held to maturity debt securities maturities 5-10 years amortized cost | 5,978 | |
Held to maturity debt securities maturities after 10 years amortized cost | 2,939 | |
Held to maturity securities | 19,040 | $ 20,023 |
Held to maturity debt securities maturities within 1 year fair value | 2,554 | |
Held to maturity debt securities maturities 1-5 years fair value | 7,901 | |
Held to maturity debt securities maturities 5-10 years fair value | 6,174 | |
Held to maturity debt securities maturities after 10 years fair value | 3,035 | |
Held to maturity securities fair value | $ 19,664 | $ 20,516 |
Securities (Securities in a Con
Securities (Securities in a Continuous Unrealized Loss Position) (Details) $ in Thousands | Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position for less than 12 months | security | 2 | 16 |
Fair value of securities in a continuous unrealized loss position for less than 12 months | $ 10,465 | $ 97,766 |
Unrealized losses of securities in a continuous unrealized loss position for less than 12 months | $ (36) | $ (858) |
Number of securities in a continuous unrealized loss position for 12 months or longer | security | 10 | 10 |
Fair value of securities in a continuous unrealized loss position for 12 months or longer | $ 23,081 | $ 25,138 |
Unrealized losses of securities in a continuous unrealized loss position for 12 months or longer | $ (6,743) | $ (4,677) |
Number of securities in a continuous unrealized loss position total | security | 12 | 26 |
Fair value of securities in a continuous unrealized loss position total | $ 33,546 | $ 122,904 |
Unrealized losses of securities in a continuous unrealized loss position total | $ (6,779) | $ (5,535) |
Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position for less than 12 months | security | 1 | 4 |
Fair value of securities in a continuous unrealized loss position for less than 12 months | $ 9,974 | $ 34,767 |
Unrealized losses of securities in a continuous unrealized loss position for less than 12 months | $ (26) | $ (388) |
Number of securities in a continuous unrealized loss position for 12 months or longer | security | 0 | 0 |
Fair value of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 |
Unrealized losses of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 |
Number of securities in a continuous unrealized loss position total | security | 1 | 4 |
Fair value of securities in a continuous unrealized loss position total | $ 9,974 | $ 34,767 |
Unrealized losses of securities in a continuous unrealized loss position total | $ (26) | $ (388) |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position for less than 12 months | security | 9 | |
Fair value of securities in a continuous unrealized loss position for less than 12 months | $ 61,764 | |
Unrealized losses of securities in a continuous unrealized loss position for less than 12 months | $ (450) | |
Number of securities in a continuous unrealized loss position for 12 months or longer | security | 0 | |
Fair value of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | |
Unrealized losses of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | |
Number of securities in a continuous unrealized loss position total | security | 9 | |
Fair value of securities in a continuous unrealized loss position total | $ 61,764 | |
Unrealized losses of securities in a continuous unrealized loss position total | $ (450) | |
Individual name issuer trust preferred debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position for less than 12 months | security | 0 | 0 |
Fair value of securities in a continuous unrealized loss position for less than 12 months | $ 0 | $ 0 |
Unrealized losses of securities in a continuous unrealized loss position for less than 12 months | $ 0 | $ 0 |
Number of securities in a continuous unrealized loss position for 12 months or longer | security | 10 | 10 |
Fair value of securities in a continuous unrealized loss position for 12 months or longer | $ 23,081 | $ 25,138 |
Unrealized losses of securities in a continuous unrealized loss position for 12 months or longer | $ (6,743) | $ (4,677) |
Number of securities in a continuous unrealized loss position total | security | 10 | 10 |
Fair value of securities in a continuous unrealized loss position total | $ 23,081 | $ 25,138 |
Unrealized losses of securities in a continuous unrealized loss position total | $ (6,743) | $ (4,677) |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in a continuous unrealized loss position for less than 12 months | security | 1 | 3 |
Fair value of securities in a continuous unrealized loss position for less than 12 months | $ 491 | $ 1,235 |
Unrealized losses of securities in a continuous unrealized loss position for less than 12 months | $ (10) | $ (20) |
Number of securities in a continuous unrealized loss position for 12 months or longer | security | 0 | 0 |
Fair value of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 |
Unrealized losses of securities in a continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 |
Number of securities in a continuous unrealized loss position total | security | 1 | 3 |
Fair value of securities in a continuous unrealized loss position total | $ 491 | $ 1,235 |
Unrealized losses of securities in a continuous unrealized loss position total | $ (10) | $ (20) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Loans Receivable Net Deferred Cost Originated | $ 2,600 | $ 2,600 |
Loans Receivable Net Deferred Premium on Purchased Loans | 78 | 84 |
Loans Pledged as Collateral | 1,510,000 | 1,270,000 |
Mortgage Loans in Process of Foreclosure | 2,100 | 2,600 |
Past due loans included in nonaccrual loans | $ 14,000 | $ 13,600 |
Loans (Narrative - Troubled Deb
Loans (Narrative - Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Troubled Debt Restructuring, Recorded Investment | $ 16,700 | $ 18,500 | |
Specific Reserves on Troubled Debt Restructurings | 746 | $ 1,800 | |
Financing Receivable, Modifications [Line Items] | |||
Pre-Modification Recorded Investment | 0 | $ 428 | |
Post-Modification Recorded Investment | $ 0 | $ 428 |
Loans (Narrative - Credit Quali
Loans (Narrative - Credit Quality Indicators) (Details) - rating | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Weighted Average Commercial Loan Portfolio Risk Rating | 4.68 | 4.68 |
Loans (Summary of Loans) (Detai
Loans (Summary of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | $ 1,698,811 | $ 1,654,547 | |
Residential real estate | 1,004,349 | 1,013,555 | |
Consumer | 343,833 | 345,025 | |
Total loans | [1] | $ 3,046,993 | $ 3,013,127 |
Percent of Total Loans | [1] | 100.00% | 100.00% |
Commercial Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | [2] | $ 976,931 | $ 931,953 |
Total loans | $ 976,931 | $ 931,953 | |
Percent of Total Loans | [2] | 32.00% | 31.00% |
Commercial Construction & Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | [3] | $ 123,032 | $ 122,297 |
Total loans | $ 123,032 | $ 122,297 | |
Percent of Total Loans | [3] | 4.00% | 4.00% |
Commercial & Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | [4] | $ 598,848 | $ 600,297 |
Total loans | $ 598,848 | $ 600,297 | |
Percent of Total Loans | [4] | 20.00% | 20.00% |
Commercial Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | $ 1,698,811 | $ 1,654,547 | |
Percent of Total Loans | 56.00% | 55.00% | |
Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential real estate | $ 980,274 | $ 984,437 | |
Total loans | $ 980,274 | $ 984,437 | |
Percent of Total Loans | 32.00% | 33.00% | |
Homeowner Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential real estate | $ 24,075 | $ 29,118 | |
Total loans | $ 24,075 | $ 29,118 | |
Percent of Total Loans | 1.00% | 1.00% | |
Residential Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential real estate | $ 1,004,349 | $ 1,013,555 | |
Percent of Total Loans | 33.00% | 34.00% | |
Home Equity Lines [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer | $ 258,513 | $ 255,565 | |
Total loans | $ 258,513 | $ 255,565 | |
Percent of Total Loans | 8.00% | 8.00% | |
Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer | $ 45,499 | $ 46,649 | |
Total loans | $ 45,499 | $ 46,649 | |
Percent of Total Loans | 1.00% | 2.00% | |
Other Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer | [5] | $ 39,821 | $ 42,811 |
Total loans | $ 39,821 | $ 42,811 | |
Percent of Total Loans | [5] | 2.00% | 1.00% |
Consumer Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer | $ 343,833 | $ 345,025 | |
Percent of Total Loans | 11.00% | 11.00% | |
[1] | Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand, respectively, at March 31, 2016 and December 31, 2015. | ||
[2] | Loans primarily secured by income producing property. | ||
[3] | Loans for construction of commercial properties, loans to developers for construction of residential properties and loans for land development. | ||
[4] | Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. | ||
[5] | Loans to individuals secured by general aviation aircraft and other personal installment loans. |
Loans (Nonaccrual Loans) (Detai
Loans (Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 17,425 | $ 21,047 |
Accruing loans 90 days or more past due | 0 | 0 |
Current Payment Status [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans current on payment | 3,400 | 7,400 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 4,054 | 5,711 |
Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 2,659 | 3,018 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 9,367 | 10,666 |
Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 316 | 528 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 1,025 | 1,124 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 4 | $ 0 |
Loans (Past Due Loans) (Details
Loans (Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 18,295 | $ 17,559 | |
Current | 3,028,698 | 2,995,568 | |
Total loans | [1] | 3,046,993 | 3,013,127 |
Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,564 | 4,555 | |
Current | 972,367 | 927,398 | |
Total loans | 976,931 | 931,953 | |
Commercial Construction & Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
Current | 123,032 | 122,297 | |
Total loans | 123,032 | 122,297 | |
Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,906 | 462 | |
Current | 595,942 | 599,835 | |
Total loans | 598,848 | 600,297 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 8,703 | 9,286 | |
Current | 971,571 | 975,151 | |
Total loans | 980,274 | 984,437 | |
Homeowner Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
Current | 24,075 | 29,118 | |
Total loans | 24,075 | 29,118 | |
Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 821 | 1,774 | |
Current | 257,692 | 253,791 | |
Total loans | 258,513 | 255,565 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,272 | 1,460 | |
Current | 44,227 | 45,189 | |
Total loans | 45,499 | 46,649 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 29 | 22 | |
Current | 39,792 | 42,789 | |
Total loans | 39,821 | 42,811 | |
30-59 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,377 | 5,137 | |
30-59 | Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 510 | 51 | |
30-59 | Commercial Construction & Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
30-59 | Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 268 | 405 | |
30-59 | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,695 | 3,028 | |
30-59 | Homeowner Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
30-59 | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 441 | 883 | |
30-59 | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 436 | 748 | |
30-59 | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 27 | 22 | |
60-89 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,143 | 3,836 | |
60-89 | Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
60-89 | Commercial Construction & Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
60-89 | Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,568 | 9 | |
60-89 | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,026 | 2,964 | |
60-89 | Homeowner Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
60-89 | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 174 | 373 | |
60-89 | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 373 | 490 | |
60-89 | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2 | 0 | |
Over 90 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 9,775 | 8,586 | |
Over 90 | Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,054 | 4,504 | |
Over 90 | Commercial Construction & Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
Over 90 | Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,070 | 48 | |
Over 90 | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 3,982 | 3,294 | |
Over 90 | Homeowner Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
Over 90 | Home Equity Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 206 | 518 | |
Over 90 | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 463 | 222 | |
Over 90 | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 0 | $ 0 | |
[1] | Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand, respectively, at March 31, 2016 and December 31, 2015. |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | $ 14,370 | $ 15,118 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 14,223 | 17,138 |
Total Recorded Investment of Impaired Loans | [1] | 28,593 | 32,256 |
Unpaid Principal of Impaired Loans with No Related Allowance | 15,451 | 16,399 | |
Unpaid Principal of Impaired Loans with Related Allowance | 14,403 | 17,493 | |
Total Unpaid Principal of Impaired Loans | 29,854 | 33,892 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 1,477 | 2,583 | |
Commercial Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 4,054 | 4,292 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 9,452 | 10,873 |
Unpaid Principal of Impaired Loans with No Related Allowance | 4,898 | 5,101 | |
Unpaid Principal of Impaired Loans with Related Allowance | 9,427 | 10,855 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 586 | 1,633 | |
Commercial Construction & Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 0 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 0 | 0 |
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 0 | |
Unpaid Principal of Impaired Loans with Related Allowance | 0 | 0 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 0 | 0 | |
Commercial & Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 1,323 | 1,849 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 2,176 | 2,024 |
Unpaid Principal of Impaired Loans with No Related Allowance | 1,430 | 1,869 | |
Unpaid Principal of Impaired Loans with Related Allowance | 2,320 | 2,248 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 757 | 771 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 8,049 | 8,441 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 1,967 | 2,895 |
Unpaid Principal of Impaired Loans with No Related Allowance | 8,167 | 8,826 | |
Unpaid Principal of Impaired Loans with Related Allowance | 2,024 | 2,941 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 133 | 156 | |
Homeowner Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 0 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 0 | 0 |
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 0 | |
Unpaid Principal of Impaired Loans with Related Allowance | 0 | 0 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 0 | 0 | |
Home Equity Lines [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 271 | 6 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 45 | 522 |
Unpaid Principal of Impaired Loans with No Related Allowance | 271 | 64 | |
Unpaid Principal of Impaired Loans with Related Allowance | 45 | 522 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 0 | 2 | |
Home Equity Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 673 | 530 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 436 | 679 |
Unpaid Principal of Impaired Loans with No Related Allowance | 685 | 539 | |
Unpaid Principal of Impaired Loans with Related Allowance | 440 | 783 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 1 | 21 | |
Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 0 |
Recorded Investment of Impaired Loans with Related Allowance | [1] | 147 | 145 |
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 0 | |
Unpaid Principal of Impaired Loans with Related Allowance | 147 | 144 | |
No Related Allowance on Impaired Loans | 0 | 0 | |
Related Allowance on Impaired Loans | 0 | 0 | |
Commercial Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Recorded Investment of Impaired Loans | [1] | 17,005 | 19,038 |
Total Unpaid Principal of Impaired Loans | 18,075 | 20,073 | |
Related Allowance on Impaired Loans | 1,343 | 2,404 | |
Residential Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Recorded Investment of Impaired Loans | [1] | 10,016 | 11,336 |
Total Unpaid Principal of Impaired Loans | 10,191 | 11,767 | |
Related Allowance on Impaired Loans | 133 | 156 | |
Consumer Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Recorded Investment of Impaired Loans | [1] | 1,572 | 1,882 |
Total Unpaid Principal of Impaired Loans | 1,588 | 2,052 | |
Related Allowance on Impaired Loans | $ 1 | $ 23 | |
[1] | The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. |
Loans (Impaired Loans Interest
Loans (Impaired Loans Interest Income Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | $ 31,600 | $ 21,902 |
Interest Income Recognized on Impaired Loans | 190 | 117 |
Commercial Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 14,740 | 14,942 |
Interest Income Recognized on Impaired Loans | 93 | 79 |
Commercial Construction & Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 0 | 0 |
Interest Income Recognized on Impaired Loans | 0 | 0 |
Commercial & Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 3,800 | 3,036 |
Interest Income Recognized on Impaired Loans | 11 | 19 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 11,069 | 3,457 |
Interest Income Recognized on Impaired Loans | 69 | 16 |
Homeowner Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 0 | 0 |
Interest Income Recognized on Impaired Loans | 0 | 0 |
Home Equity Lines [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 671 | 247 |
Interest Income Recognized on Impaired Loans | 2 | 0 |
Home Equity Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 1,175 | 74 |
Interest Income Recognized on Impaired Loans | 13 | 0 |
Other Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment of Impaired Loans | 145 | 146 |
Interest Income Recognized on Impaired Loans | $ 2 | $ 3 |
Loans Loans (Troubled Debt Rest
Loans Loans (Troubled Debt Restructurings Subsequent Default) (Details) - Payment Default [Member] $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | ||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 6 | 4 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 809 | $ 349 |
Commercial Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 0 |
Commercial Construction & Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 0 |
Commercial & Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 5 | 2 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 743 | $ 11 |
Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 2 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 338 |
Homeowner Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 0 |
Home Equity Lines [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 0 |
Home Equity Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 1 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 66 | $ 0 |
Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | |
Amount of loans modified as troubled debt restructuring with payment defaults | $ | [1] | $ 0 | $ 0 |
[1] | The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest. |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicators - Commercial) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 1,659,364 | $ 1,614,107 |
Pass [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 963,155 | 914,774 |
Pass [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 123,032 | 122,297 |
Pass [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 573,177 | 577,036 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 15,658 | 15,047 |
Special Mention [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 787 | 3,035 |
Special Mention [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Special Mention [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 14,871 | 12,012 |
Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 23,789 | 25,393 |
Classified [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 12,989 | 14,144 |
Classified [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Classified [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 10,800 | $ 11,249 |
Loans (Credit Quality Indicat52
Loans (Credit Quality Indicators - Residential, Consumer) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Under 90 Days Past Due [Member] | Accruing Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 970,907 | $ 973,771 |
Under 90 Days Past Due [Member] | Nonaccrual Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 5,385 | 7,372 |
Under 90 Days Past Due [Member] | Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 24,075 | 29,118 |
Under 90 Days Past Due [Member] | Residential Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,000,367 | 1,010,261 |
Under 90 Days Past Due [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 258,307 | 255,047 |
Under 90 Days Past Due [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 45,036 | 46,427 |
Under 90 Days Past Due [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 39,821 | 42,811 |
Under 90 Days Past Due [Member] | Consumer Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 343,164 | 344,285 |
Over 90 Days Past Due [Member] | Accruing Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Over 90 Days Past Due [Member] | Nonaccrual Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3,982 | 3,294 |
Over 90 Days Past Due [Member] | Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Over 90 Days Past Due [Member] | Residential Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3,982 | 3,294 |
Over 90 Days Past Due [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 206 | 518 |
Over 90 Days Past Due [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 463 | 222 |
Over 90 Days Past Due [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Over 90 Days Past Due [Member] | Consumer Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 669 | $ 740 |
Allowance for Loan Losses Allow
Allowance for Loan Losses Allowance for Loan Losses (Allowance for Loan Losses Rollforward Analysis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | $ 27,069 | $ 28,023 |
Charge-offs | (1,475) | (321) |
Recoveries | 43 | 108 |
Provision | 500 | 0 |
Allowance, Ending Balance | 26,137 | 27,810 |
Commercial Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 9,140 | 8,202 |
Charge-offs | (1,253) | (200) |
Recoveries | 4 | 80 |
Provision | 695 | 249 |
Allowance, Ending Balance | 8,586 | 8,331 |
Commercial Construction & Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 1,758 | 1,300 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (115) | (71) |
Allowance, Ending Balance | 1,643 | 1,229 |
Commercial & Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 8,202 | 7,987 |
Charge-offs | (8) | (7) |
Recoveries | 26 | 14 |
Provision | 41 | (191) |
Allowance, Ending Balance | 8,261 | 7,803 |
Commercial Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 19,100 | 17,489 |
Charge-offs | (1,261) | (207) |
Recoveries | 30 | 94 |
Provision | 621 | (13) |
Allowance, Ending Balance | 18,490 | 17,363 |
Residential Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 5,460 | 5,430 |
Charge-offs | (136) | (48) |
Recoveries | 2 | 2 |
Provision | 37 | (29) |
Allowance, Ending Balance | 5,363 | 5,355 |
Consumer Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 2,509 | 2,713 |
Charge-offs | (78) | (66) |
Recoveries | 11 | 12 |
Provision | (158) | 72 |
Allowance, Ending Balance | 2,284 | 2,731 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance, Beginning Balance | 0 | 2,391 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | (30) |
Allowance, Ending Balance | $ 0 | $ 2,361 |
Allowance for Loan Losses (Allo
Allowance for Loan Losses (Allowance for Loan Losses by Segment & Impairment Methodology) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $ 28,562 | $ 32,226 | |
Loans related allowance individually evaluated for impairment | 1,477 | 2,583 | |
Loans collectively evaluated for impairment | 3,018,431 | 2,980,901 | |
Loans related allowance collectively evaluated for impairment | 24,660 | 24,486 | |
Total loans | [1] | 3,046,993 | 3,013,127 |
Allowance | 26,137 | 27,069 | |
Commercial Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 13,480 | 15,141 | |
Loans related allowance individually evaluated for impairment | 586 | 1,633 | |
Loans collectively evaluated for impairment | 963,451 | 916,812 | |
Loans related allowance collectively evaluated for impairment | 8,000 | 7,507 | |
Total loans | 976,931 | 931,953 | |
Commercial Construction & Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans related allowance individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 123,032 | 122,297 | |
Loans related allowance collectively evaluated for impairment | 1,643 | 1,758 | |
Total loans | 123,032 | 122,297 | |
Commercial & Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 3,496 | 3,871 | |
Loans related allowance individually evaluated for impairment | 757 | 771 | |
Loans collectively evaluated for impairment | 595,352 | 596,426 | |
Loans related allowance collectively evaluated for impairment | 7,504 | 7,431 | |
Total loans | 598,848 | 600,297 | |
Residential Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 10,013 | 11,333 | |
Loans related allowance individually evaluated for impairment | 133 | 156 | |
Loans collectively evaluated for impairment | 994,336 | 1,002,222 | |
Loans related allowance collectively evaluated for impairment | 5,230 | 5,304 | |
Consumer Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 1,573 | 1,881 | |
Loans related allowance individually evaluated for impairment | 1 | 23 | |
Loans collectively evaluated for impairment | 342,260 | 343,144 | |
Loans related allowance collectively evaluated for impairment | $ 2,283 | $ 2,486 | |
[1] | Includes net unamortized loan origination costs of $2.6 million at both at March 31, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $78 thousand and $84 thousand, respectively, at March 31, 2016 and December 31, 2015. |
Borrowings (Narrative Federal H
Borrowings (Narrative Federal Home Loan Bank Advances) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 487,189,000 | $ 378,973,000 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | 487,189,000 | 379,000,000 |
Unused line of credit with FHLBB | 40,000,000 | 40,000,000 |
Unused remaining available borrowing capacity with FHLBB | $ 676,700,000 | $ 644,800,000 |
Borrowings (Federal Home Loan B
Borrowings (Federal Home Loan Bank Advances Maturity Schedule) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 487,189 | $ 378,973 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Scheduled maturity through the end of the current year | $ 239,508 | |
Weighted average rate for scheduled maturity through the end of the current year | 0.70% | |
Scheduled maturity in year two | $ 27,575 | |
Weighted average rate for scheduled maturity in year two | 2.24% | |
Scheduled maturity in year three | $ 43,134 | |
Weighted average rate for scheduled maturity in year three | 1.53% | |
Scheduled maturity in year four | $ 28,258 | |
Weighted average rate for scheduled maturity in year four | 3.14% | |
Scheduled maturity in year five | $ 32,733 | |
Weighted average rate for scheduled maturity in year five | 2.36% | |
Scheduled maturity after year five | $ 115,981 | |
Weighted average rate for scheduled maturity after year five | 3.30% | |
Federal Home Loan Bank advances | $ 487,189 | $ 379,000 |
Total weighted average rate | 1.74% |
Shareholders' Equity (Regulator
Shareholders' Equity (Regulatory Captial Requirements) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Corporation [Member] | |||
Total Capital (to Risk-Weighted Assets): | |||
Total Capital | $ 370,559 | $ 367,443 | |
Total Capital to Risk-Weighted Assets | 12.45% | 12.58% | |
Total Capital for Capital Adequacy Purposes | $ 238,171 | $ 233,739 | |
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 8.00% | 8.00% | |
Tier 1 Capital (to Risk-Weighted Assets): | |||
Tier 1 Capital | $ 344,233 | $ 340,130 | |
Tier 1 Capital to Risk Weighted-Assets | 11.56% | 11.64% | |
Tier 1 Capital Required For Capital Adequacy Purposes | $ 178,628 | $ 175,304 | |
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 6.00% | 6.00% | |
Common Equity Tier 1 Capital [Abstract] | |||
Common Equity Tier 1 Capital | $ 322,234 | $ 318,131 | |
Common Equity Tier 1 Capital to Risk Weighted Assets | 10.82% | 10.89% | |
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 133,971 | $ 131,478 | |
Common Equity Tier 1 Capital for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | |
Tier 1 Capital (to Average Assets): | |||
Tier 1 Leverage Capital | [1] | $ 344,233 | $ 340,130 |
Tier 1 Leverage Capital to Average Assets | [1] | 9.31% | 9.37% |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 147,911 | $ 145,191 |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 4.00% | 4.00% |
Bank [Member] | |||
Total Capital (to Risk-Weighted Assets): | |||
Total Capital | $ 370,254 | $ 366,676 | |
Total Capital to Risk-Weighted Assets | 12.44% | 12.55% | |
Total Capital for Capital Adequacy Purposes | $ 238,110 | $ 233,676 | |
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 8.00% | 8.00% | |
Total Capital To Be Well Capitalized | $ 297,638 | $ 292,095 | |
Total Capital To Be Well Capitalized to Risk Weighted-Assets | 10.00% | 10.00% | |
Tier 1 Capital (to Risk-Weighted Assets): | |||
Tier 1 Capital | $ 343,928 | $ 339,363 | |
Tier 1 Capital to Risk Weighted-Assets | 11.56% | 11.62% | |
Tier 1 Capital Required For Capital Adequacy Purposes | $ 178,583 | $ 175,257 | |
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 6.00% | 6.00% | |
Tier 1 Capital Required To Be Well Capitalized | $ 238,110 | $ 233,676 | |
Tier 1 Capital Required To Be Well Capitalized to Risk Weighted-Assets | 8.00% | 8.00% | |
Common Equity Tier 1 Capital [Abstract] | |||
Common Equity Tier 1 Capital | $ 343,928 | $ 339,363 | |
Common Equity Tier 1 Capital to Risk Weighted Assets | 11.56% | 11.62% | |
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 133,937 | $ 131,443 | |
Common Equity Tier 1 Capital for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | |
Common Equity Tier 1 Capital Required to be Well Capitalized | $ 193,464 | $ 189,861 | |
Common Equity Tier 1 Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |
Tier 1 Capital (to Average Assets): | |||
Tier 1 Leverage Capital | [1] | $ 343,928 | $ 339,363 |
Tier 1 Leverage Capital to Average Assets | [1] | 9.31% | 9.36% |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 147,834 | $ 145,103 |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 4.00% | 4.00% |
Tier 1 Leverage Capital Required To Be Well Capitalized | [1] | $ 184,793 | $ 181,378 |
Tier 1 Leverage Capital Required To Be Well Capitalized to Average Assets | [1] | 5.00% | 5.00% |
[1] | Leverage ratio. |
Derivative Financial Instrume58
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Mar. 31, 2016USD ($)derivative_instrument | Dec. 31, 2015USD ($)derivative_instrument |
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 344,874 | $ 302,142 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,474 | $ 21,474 |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Number of Instruments Held | derivative_instrument | 2 | 2 |
Notional Amount | $ 22,700 | $ 22,700 |
Interest rate cap premium | $ 257 | |
Derivative, Cap Interest Rate | 4.50% | |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Number of Instruments Held | derivative_instrument | 2 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 344,874 | $ 302,142 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Not Designated as Hedging Instrument [Member] | Risk participation-out agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 25,300 | 25,300 |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,474 | $ 21,474 |
Derivative Financial Instrume59
Derivative Financial Instruments (Fair Value of Derivatives by Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | [1] | $ 19,266 | $ 9,490 |
Total derivative liabilities | [2] | 20,452 | 10,347 |
Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative assets | 19,266 | 9,490 | |
Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative liabilities | 20,452 | 10,347 | |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset designated as a cash flow hedge | 83 | 187 | |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability designated as a cash flow hedge | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset not designated | 2,466 | 1,220 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability not designated | 1 | 0 | |
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset not designated | 1 | 0 | |
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability not designated | 3,020 | 2,012 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset not designated | 16,616 | 8,027 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability not designated | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset not designated | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability not designated | 17,314 | 8,266 | |
Not Designated as Hedging Instrument [Member] | Risk participation-out agreement [Member] | Other assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset not designated | 100 | 56 | |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | Other liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability not designated | $ 117 | $ 69 | |
[1] | Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. | ||
[2] | Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. |
Derivative Financial Instrume60
Derivative Financial Instruments (Derivatives in Cash Flow Hedging Relationships, Effect in Statements of Income and Changes in Shareholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | $ (66) | $ 85 |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 |
Interest Rate Swaps [Member] | Cash Flow Hedge [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 |
Interest Rate Swaps [Member] | Cash Flow Hedge [Member] | Other Comprehensive Income (Loss) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | 0 | 85 |
Interest Rate Cap [Member] | Cash Flow Hedge [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 |
Interest Rate Cap [Member] | Cash Flow Hedge [Member] | Other Comprehensive Income (Loss) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | $ (66) | $ 0 |
Derivative Financial Instrume61
Derivative Financial Instruments (Derivatives not Designated as Hedging Instruments, Effect in Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | $ 0 | $ 0 |
Interest Rate Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | 1,245 | 572 |
Commitments to sell mortgage loans [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | (1,007) | (941) |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | 883 | 276 |
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Mortgage banking revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | 1,245 | 572 |
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Mortgage banking revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | (1,007) | (941) |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Loan related derivative income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | 9,901 | 3,633 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Loan related derivative income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | (9,251) | (2,836) |
Not Designated as Hedging Instrument [Member] | Risk participation agreements [Member] | Loan related derivative income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | $ (5) | $ (152) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Aug. 01, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allowance For Loan Loss Allocation on Collateral Dependent Impaired Loans | $ 631 | $ 2,400 | |
Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earn-out period post acquisition | 5 years | ||
Contingent Consideration [Member] | Minimum [Member] | Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 3.00% | ||
Contingent Consideration [Member] | Maximum [Member] | Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 4.00% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Mortgage loans held for sale, amortized cost | $ 19,400 | $ 33,200 |
Mortgage loans held for sale, measured at fair value | 19,994 | 33,969 |
Mortgage Loans Held for Sale Difference between Fair Value and Principal Amount | $ 568 | $ 731 |
Fair Value Measurements (Fair64
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale, Interest Rate Lock Commitments And Commitments to Sell Mortgage Loans Changes in Fair Value Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on mortgage loans held for sale | $ (163) | $ 341 |
Gain (Loss) Recognized in Income | 0 | 0 |
Total change in fair value | 75 | (28) |
Interest Rate Commitments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | 1,245 | 572 |
Commitments to sell mortgage loans [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | $ (1,007) | $ (941) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | $ 411,352 | $ 375,044 | |
Mortgage loans held for sale, measured at fair value | 19,994 | 33,969 | |
Derivative assets | [1] | 19,266 | 9,490 |
Derivative liabilities | [2] | 20,452 | 10,347 |
Contingent consideration liability | [3] | 2,969 | 2,945 |
Obligations of U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 97,285 | 77,015 | |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 257,463 | 234,856 | |
Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 31,536 | 36,080 | |
Individual name issuer trust preferred debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 23,081 | 25,138 | |
Corporate bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,987 | 1,955 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [1] | 0 | 0 |
Derivative liabilities | [2] | 0 | 0 |
Contingent consideration liability | [3] | 0 | 0 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [1] | 19,266 | 9,490 |
Derivative liabilities | [2] | 20,452 | 10,347 |
Contingent consideration liability | [3] | 0 | 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | [1] | 0 | 0 |
Derivative liabilities | [2] | 0 | 0 |
Contingent consideration liability | [3] | 2,969 | 2,945 |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held for sale, measured at fair value | 19,994 | 33,969 | |
Total assets at fair value on a recurring basis | 450,612 | 418,503 | |
Total liabilities at fair value on a recurring basis | 23,421 | 13,292 | |
Recurring [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 97,285 | 77,015 | |
Recurring [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 257,463 | 234,856 | |
Recurring [Member] | Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 31,536 | 36,080 | |
Recurring [Member] | Individual name issuer trust preferred debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 23,081 | 25,138 | |
Recurring [Member] | Corporate bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,987 | 1,955 | |
Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held for sale, measured at fair value | 0 | 0 | |
Total assets at fair value on a recurring basis | 0 | 0 | |
Total liabilities at fair value on a recurring basis | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Individual name issuer trust preferred debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held for sale, measured at fair value | 19,994 | 33,969 | |
Total assets at fair value on a recurring basis | 450,612 | 418,503 | |
Total liabilities at fair value on a recurring basis | 20,452 | 10,347 | |
Recurring [Member] | Level 2 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 97,285 | 77,015 | |
Recurring [Member] | Level 2 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 257,463 | 234,856 | |
Recurring [Member] | Level 2 [Member] | Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 31,536 | 36,080 | |
Recurring [Member] | Level 2 [Member] | Individual name issuer trust preferred debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 23,081 | 25,138 | |
Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,987 | 1,955 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held for sale, measured at fair value | 0 | 0 | |
Total assets at fair value on a recurring basis | 0 | 0 | |
Total liabilities at fair value on a recurring basis | 2,969 | 2,945 | |
Recurring [Member] | Level 3 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Obligations of states and political subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Individual name issuer trust preferred debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | $ 0 | $ 0 | |
[1] | Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. | ||
[2] | Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. | ||
[3] | The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. |
Fair Value Measurements (Asset
Fair Value Measurements (Asset and Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans | [1] | $ 14,223 | $ 17,138 |
Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans | 8,441 | 10,545 | |
Property acquired through foreclosure or repossession | 610 | 270 | |
Total assets at fair value on a nonrecurring basis | 9,051 | 10,815 | |
Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans | 0 | 0 | |
Property acquired through foreclosure or repossession | 0 | 0 | |
Total assets at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans | 0 | 0 | |
Property acquired through foreclosure or repossession | 0 | 0 | |
Total assets at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans | 8,441 | 10,545 | |
Property acquired through foreclosure or repossession | 610 | 270 | |
Total assets at fair value on a nonrecurring basis | $ 9,051 | $ 10,815 | |
[1] | The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. |
Fair Value Measurements (Qualit
Fair Value Measurements (Qualitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Collateral dependent impaired loans | [1] | $ 14,223 | $ 17,138 | |
Nonrecurring [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Collateral dependent impaired loans | 8,441 | 10,545 | ||
Property acquired through foreclosure or repossession | 610 | 270 | ||
Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Collateral dependent impaired loans | 8,441 | 10,545 | ||
Property acquired through foreclosure or repossession | $ 610 | $ 270 | ||
Nonrecurring [Member] | Minimum [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 0.00% | 0.00% | ||
Appraisal Adjustments | [2] | |||
Nonrecurring [Member] | Minimum [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 10.00% | 12.00% | ||
Appraisal Adjustments | [2] | 6.00% | 32.00% | |
Nonrecurring [Member] | Maximum [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 10.00% | 20.00% | ||
Nonrecurring [Member] | Maximum [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 12.00% | 12.00% | ||
Appraisal Adjustments | [2] | 32.00% | 32.00% | |
Nonrecurring [Member] | Weighted Average [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 1.00% | 2.00% | ||
Nonrecurring [Member] | Weighted Average [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount For Costs To Sell | 11.00% | 12.00% | ||
Appraisal Adjustments | [2] | 22.00% | 32.00% | |
[1] | The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. | |||
[2] | Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 19,040 | $ 20,023 |
Loans, net of allowance of loan losses | 3,020,856 | 2,986,058 |
Time deposits | 850,294 | 833,898 |
Federal Home Loan Bank advances | 487,189 | 378,973 |
Junior subordinated debentures | 22,681 | 22,681 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 19,040 | 20,023 |
Loans, net of allowance of loan losses | 3,020,856 | 2,986,058 |
Time deposits | 850,294 | 833,898 |
Federal Home Loan Bank advances | 487,189 | 378,973 |
Junior subordinated debentures | 22,681 | 22,681 |
Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 19,664 | 20,516 |
Loans, net of allowance of loan losses | 3,042,372 | 3,004,782 |
Time deposits | 853,465 | 834,574 |
Federal Home Loan Bank advances | 501,140 | 388,275 |
Junior subordinated debentures | 15,720 | 16,468 |
Fair Value Measurement [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 0 | 0 |
Loans, net of allowance of loan losses | 0 | 0 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 19,664 | 20,516 |
Loans, net of allowance of loan losses | 0 | 0 |
Time deposits | 853,465 | 834,574 |
Federal Home Loan Bank advances | 501,140 | 388,275 |
Junior subordinated debentures | 15,720 | 16,468 |
Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 0 | 0 |
Loans, net of allowance of loan losses | 3,042,372 | 3,004,782 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | $ 0 | $ 0 |
Defined Benefit Pension Plans69
Defined Benefit Pension Plans (Narrative) (Details) | 120 Months Ended |
Dec. 30, 2023 | |
Scenario, Forecast [Member] | |
Transition Period Pension Plan Amendment | 10 years |
Defined Benefit Pension Plans70
Defined Benefit Pension Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 537 | $ 615 |
Interest cost | 644 | 732 |
Expected return on plan assets | (1,158) | (1,129) |
Amortization of prior service (credit) cost | (6) | (6) |
Recognized net actuarial loss | 207 | 312 |
Net periodic benefit cost | 224 | 524 |
Non-Qualified Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 30 | 20 |
Interest cost | 108 | 122 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 |
Recognized net actuarial loss | 62 | 61 |
Net periodic benefit cost | $ 200 | $ 203 |
Defined Benefit Pension Plans71
Defined Benefit Pension Plans (Weighted-Average Assumptions Used) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Qualified Pension Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.125% | |
Equivalent single discount rate for benefit obligations | 4.48% | |
Equivalent single discount rate for service cost | 4.63% | |
Equivalent single discount rate for interest cost | 3.88% | |
Expected long-term return on plan assets | 6.75% | 7.25% |
Rate of compensation increase | 3.75% | 3.75% |
Non-Qualified Retirement Plans [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.90% | |
Equivalent single discount rate for benefit obligations | 4.19% | |
Equivalent single discount rate for service cost | 4.59% | |
Equivalent single discount rate for interest cost | 3.44% | |
Rate of compensation increase | 3.75% | 3.75% |
Share-Based Compensation Arra72
Share-Based Compensation Arrangements (Narrative) (Details) - Performance Based Nonvested Shares [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Period | 3 years |
Grant date fair value | $ / shares | $ 36.11 |
Equity Instruments Other than Options Minimum Shares Earned to Target Percentage | 0.00% |
Equity Instruments Other than Options Maximum Shares Earned to Target Percentage | 200.00% |
Performance share awards, shares vesting percentage | 150.00% |
Performance share awards, shares vesting | shares | 54,450 |
Business Segments (Statement of
Business Segments (Statement of Operations and Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | $ 27,735 | $ 25,702 | |
Provision for loan losses | 500 | 0 | |
Net interest income after provision for loan losses | 27,235 | 25,702 | |
Noninterest income | 14,634 | 14,020 | |
Depreciation and amortization expense | 1,211 | 1,037 | |
Other noninterest expenses related to segments | 24,239 | 22,494 | |
Total noninterest expense | 25,450 | 23,531 | |
Income before income taxes | 16,419 | 16,191 | |
Income tax expense | 5,484 | 5,181 | |
Net income | 10,935 | 11,010 | |
Total assets | 3,838,210 | 3,602,514 | $ 3,771,604 |
Expenditures for long-lived assets | 1,177 | 1,226 | |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 22,607 | 20,625 | |
Provision for loan losses | 500 | 0 | |
Net interest income after provision for loan losses | 22,107 | 20,625 | |
Noninterest income | 4,940 | 5,078 | |
Depreciation and amortization expense | 687 | 671 | |
Other noninterest expenses related to segments | 13,991 | 13,587 | |
Total noninterest expense | 14,678 | 14,258 | |
Income before income taxes | 12,369 | 11,445 | |
Income tax expense | 4,255 | 3,730 | |
Net income | 8,114 | 7,715 | |
Total assets | 3,178,248 | 3,015,691 | |
Expenditures for long-lived assets | 1,019 | 1,067 | |
Wealth Management Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | (18) | (14) | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | (18) | (14) | |
Noninterest income | 9,174 | 8,435 | |
Depreciation and amortization expense | 469 | 306 | |
Other noninterest expenses related to segments | 6,799 | 5,915 | |
Total noninterest expense | 7,268 | 6,221 | |
Income before income taxes | 1,888 | 2,200 | |
Income tax expense | 733 | 844 | |
Net income | 1,155 | 1,356 | |
Total assets | 64,496 | 52,568 | |
Expenditures for long-lived assets | 84 | 114 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 5,146 | 5,091 | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 5,146 | 5,091 | |
Noninterest income | 520 | 507 | |
Depreciation and amortization expense | 55 | 60 | |
Other noninterest expenses related to segments | 3,449 | 2,992 | |
Total noninterest expense | 3,504 | 3,052 | |
Income before income taxes | 2,162 | 2,546 | |
Income tax expense | 496 | 607 | |
Net income | 1,666 | 1,939 | |
Total assets | 595,466 | 534,255 | |
Expenditures for long-lived assets | $ 74 | $ 45 |
Other Comprehensive Income (L74
Other Comprehensive Income (Loss) (Activity in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Net change in fair value of securities available for sale, before tax | $ 578 | $ 1,053 | |
Net change in fair value of securities available for sale, tax | 214 | 389 | |
Net change in fair value of securities available for sale | 364 | 664 | |
Change in fair value of cash flow hedges, before tax | (124) | (32) | |
Change in fair value of cash flow hedges, tax | (58) | (24) | |
Change in fair value of cash flow hedges | (66) | (8) | |
Net cash flow hedge losses reclassified into earnings, before tax | [1] | 0 | 145 |
Net cash flow hedge losses reclassified into earnings, tax | [1] | 0 | 52 |
Net cash flow hedge losses reclassified into earnings | [1] | 0 | 93 |
Net change in fair value of cash flow hedges, before tax | (124) | 113 | |
Net change in fair value of cash flow hedges, tax | (58) | 28 | |
Net change in fair value of cash flow hedges | (66) | 85 | |
Defined benefit plan obligation adjustment, before tax | [2] | 263 | 367 |
Defined benefit plan obligation adjustment, tax | [2] | 97 | 132 |
Defined benefit plan obligation adjustment, net of tax | [2] | 166 | 235 |
Total other comprehensive income (loss), before tax | 717 | 1,533 | |
Total other comprehensive income (loss), tax | 253 | 549 | |
Total other comprehensive income (loss), net of tax | $ 464 | $ 984 | |
[1] | Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. | ||
[2] | Included in salaries and employee benefits expense in the Consolidated Statements of Income. |
Other Comprehensive Income (L75
Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated other comprehensive income (loss), beginning balance | $ (9,699) | |
Total other comprehensive income (loss), net of tax | 464 | $ 984 |
Accumulated other comprehensive income (loss), ending balance | (9,235) | |
Net Unrealized Gains on AFS Securities [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | 1,051 | 4,222 |
Other comprehensive income (loss) before reclassifications | 364 | 664 |
Amounts reclassed from accumulated other comprehensive income | 0 | 0 |
Total other comprehensive income (loss), net of tax | 364 | 664 |
Accumulated other comprehensive income (loss), ending balance | 1,415 | 4,886 |
Net Unrealized Losses on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (43) | (287) |
Other comprehensive income (loss) before reclassifications | (66) | (8) |
Amounts reclassed from accumulated other comprehensive income | 0 | 93 |
Total other comprehensive income (loss), net of tax | (66) | 85 |
Accumulated other comprehensive income (loss), ending balance | (109) | (202) |
Pension Benefit Adjustment [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (10,707) | (12,744) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassed from accumulated other comprehensive income | 166 | 235 |
Total other comprehensive income (loss), net of tax | 166 | 235 |
Accumulated other comprehensive income (loss), ending balance | (10,541) | (12,509) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (9,699) | (8,809) |
Other comprehensive income (loss) before reclassifications | 298 | 656 |
Amounts reclassed from accumulated other comprehensive income | 166 | 328 |
Total other comprehensive income (loss), net of tax | 464 | 984 |
Accumulated other comprehensive income (loss), ending balance | $ (9,235) | $ (7,825) |
Earning Per Common Share (Calcu
Earning Per Common Share (Calculation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 10,935 | $ 11,010 |
Less dividends and undistributed earnings allocated to participating securities | (25) | (39) |
Net income applicable to common shareholders | $ 10,910 | $ 10,971 |
Weighted average common shares outstanding - basic | 17,023,000 | 16,759,000 |
Basic earnings per common share | $ 0.64 | $ 0.65 |
Less dividends and undistributed earnings allocated to participating securities | $ (25) | $ (39) |
Net income available to common shareholders | $ 10,910 | $ 10,971 |
Dilutive effect of common stock equivalents | 134,000 | 180,000 |
Weighted average common shares outstanding - diluted | 17,157,000 | 16,939,000 |
Diluted earnings per common share | $ 0.64 | $ 0.65 |
Antidilutive common stock equivalents | 69,025 | 77,450 |
Commitments and Contingencies77
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Operating leases rental expense | $ 973 | $ 790 | |
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Lease Expiration Period | 4 months | ||
Lease Expiration Period, Renewal Option | 6 months | ||
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Lease Expiration Period | 25 years | ||
Lease Expiration Period, Renewal Option | 25 years | ||
Commitments to extend credit on standby letters of credit [Member] | Commitments to Extend Credit [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Contract amount | $ 5,706 | $ 5,629 |
Commitments and Contingencies78
Commitments and Contingencies (Financial Instruments with Off Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Interest Rate Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 89,090 | $ 49,712 |
Commitments to sell mortgage loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 111,395 | 87,498 |
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 21,474 | 21,474 |
Commitments to extend credit on commerical loans [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 386,305 | 360,795 |
Commitments to extend credit on home equity lines [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 219,175 | 219,427 |
Commitments to extend credit on other loans [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 46,667 | 44,164 |
Commitments to extend credit on standby letters of credit [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 5,706 | 5,629 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 344,874 | 302,142 |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,474 | $ 21,474 |
Commitments and Contingencies79
Commitments and Contingencies (Schedule of Future Minimum Operating Lease Payments) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, Future Minimum Payments Due Through End of Current Year | $ 2,513 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,182 |
Operating Leases, Future Minimum Payments, Due in Three Years | 2,896 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,622 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,007 |
Operating Leases, Future Minimum Payments, Due Thereafter | 27,176 |
Operating Leases, Future Minimum Payments Due | $ 40,396 |